Soros: Double-Dip Global Recession Possible Oct 31, 2009
"The United States ought not to shy away from the wider use of Special Drawing Rights (SDRs). That should induce China to abandon its peg to the dollar and that would be the best way to reduce international imbalances.". Soros said China would emerge as the big winner of the global crisis, benefiting from an undervalued currency and a large trade surplus. (Newsmax)
Press Release: Statement at the Conclusion of an IMF Article IV Consultation with Kenya Oct 31, 2009
Later in the year, Kenya received about US$350 million through the general and special allocations of Special Drawing Rights (SDRs) to all IMF members. Economic performance is expected to improve gradually, but as risks remains, policies should aim at addressing emerging challenges and promoting sustainable high growth. (IMF News)
Soros: Dump Dollar for IMF Unit Oct 29, 2009
The special drawing rights do give you the makings of a system, Soros says. I think its ill-considered on the part of the United States to resist the wider use of special drawing rights. (Newsmax)
Africa: Broken Promises Litter the Aftermath of Global Crisis Oct 27, 2009
com: Africa: Broken Promises Litter the Aftermath of Global Crisis (Page 1 of 1). Broken Promises Litter the Aftermath of Global Crisis. (allAfrica.com)
Cognitive vs. Reptilian Brains: Reptilian wins (67) Oct 26, 2009
cedarchopper wrote on Oct 25, 2009 12:16 PM:" I think people are realizing that we are constantly lied to by both political party's (the one party two headed system). Obama campaigned as if he would end the wars, but the wars are being escalated and expanded into more counties (Pakistan, Sudan, and threatening Iran), all done quietly, with as little scrutiny and debate as possible.Obama campaigned as if he would bring the Wall Street financial criminals to justice, but, it has been just the... (Boerne Star, TX)
RMB may be included in Russia's forex reserves Oct 24, 2009
In a few years, the International Monetary Fund Special Drawing Rights may be included in the foreign exchange reserves. In light of gross domestic product (GDP), China is the world's second-largest economy. (People's Daily Online, China)
Banks see growth in loan lending Oct 24, 2009
In the other developments, total foreign exchange reserves, including gold and special drawing rights, rose $2. 9 billion to $284. (India Times)
Zimbabwe: New Twist to IMF Funds Saga Oct 23, 2009
It has also been established that the funds, the bulk of which were released in August under the IMF Special Drawing Rights support to members, were not a loan and Zimbabwe will only have to pay an annual fee of 0,26 percent of the principal amount (about US$1 million) ... "The bank shall establish and maintain an international reserve which shall consist of all or any of the following assets (i) the entitlement to make reserve tranche purchases from the International Monetary Fund and (ii) the... (allAfrica.com)
Bank of China's Zhu Min Appointed Deputy Governor at Nation's Central Bank Oct 20, 2009
In March, Chinese central bank governor urged the IMF to expand the use of its so-called Special Drawing Rights and move toward a super-sovereign reserve currency. China has signed currency-swap agreements with nations from Argentina to South Korea to promote the use of the yuan. (Bloomberg -- Asia)
TIMELINE: Unity government in tatters Oct 17, 2009
Sept. 4 - The IMF says it has transferred around $400 million in IMF special drawing rights to Zimbabwe as part of G20 agreement to help member states. Sept. 12 - Mugabe welcomes the first top-level EU delegation to visit Zimbabwe in seven years with "open arms" and say talks on implementing a power-sharing deal went well. (AlertNet)
Dollar May Fall to 50 Yen, Lose Reserve Status, Sumitomo Mitsui's Uno Says Oct 15, 2009
The International Monetary Funds special drawing rights may be used as a temporary measure, and global currency trading will shrink in the long run, he said. To contact the reporter on this story: in Tokyo at. (Bloomberg -- Japan)
'Hannity' Exclusive Oct 15, 2009
Now even the Obama administration has endorsed the plan to use the International Monetary Funds special drawing rights as an alternative to the dollar in international trade ... And President Obama at the G-20 meeting in London in April signed the agreements that we are going to put $250 billions into the special drawing rights of the International Monetary Fund ... We're putting money into the International Monetary Fund to create these special drawing rights, and the plan, according to China,... (Fox News)
Cedi - Preferred Currency on International market Oct 15, 2009
The finance minister said the governments strategies of tackling the economic challenges had fast won the approval of donor partners leading to the approval of US$535 million by the World Bank, a Special Drawing Rights (SDR) approval of US$387 million by the International Monetary Fund (IMF) approved and a US$1. 2 billion syndicated facility secured by COCOBOD.. (Ghana Web, Ghana)
UN calls for new reserve currency... Oct 7, 2009
He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said. The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily. (The Drudge Report)
Cracks emerge as IMF, World Bank work for recovery Oct 7, 2009
The Chinese UN official called for "greater use of a truly global reserve currency, such as the IMFs special drawing rights (SDRs)," the fund's reserve asset, would benefit global development. The delegates are to consider a shift of power of at least 5. (Yahoo! Asia News)
Dollar fears stalk IMF-World Bank meet Oct 7, 2009
" The market turbulence came as the United Nations called for a new global reserve currency to end dollar supremacy, which it said had contributed to global imbalances that helped stoke the global economic crisis. Top UN official Sha Zukang said that "greater use of a truly global reserve currency, such as the IMF's special drawing rights (SDRs)," the fund's international reserve asset, would benefit global development. Strauss-Kahn meanwhile called on the 186 member states of the IMF and World... (Channelnewsasia.com)
'Dollar demise': Inexorable but not sudden Oct 7, 2009
Treasury Secretary Timothy Geithner said he had not read the proposal but added, "As I understand it, it's a proposal designed to increase the use of the IMF's Special Drawing Rights. I am actually quite open to that suggestion." A masterful piece of political deflection but the market recognised the Chinese intent. Even more recently, in September, the United Nations Conference on Trade and Development issued a report calling for a new global reserve currency. (India Times)
Opening Address to the 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund Oct 7, 2009
We injected $283 billion of extra liquidity in Special Drawing Rights into the global economy. We scaled up concessional lending, up to $17 billion through 2014, including $8 billion in the next two years more than triple what was available before the crisis and will lend at zero interest to low-income countries through the end of 2011. (IMF News)
Brazil switches roles with helping hand for IMF Oct 6, 2009
In June, Brazil said it would buy 10 billion dollars' worth of the new bonds, which are denominated in special drawing rights (SDRs), the fund's asset unit based on a basket of four currencies -- the dollar, euro, pound and yen -- that is calculated daily. Brazil repaid 15. (Yahoo! Asia News)
* Britain, France mobilize US$4bn for poor countries Oct 5, 2009
The two countries said they would each donate US$2 billion in special drawing rights (SDRs), a special IMF asset, as loan resources to the fund to help support lending to low-income countries hit by the economic crisis. International aid agency Oxfam International has called for the worlds developed nations to transfer half of their SDRs X equivalent to around US$89 billion X to poor countries as part of broader development financing. (Taipei Times, Taiwan -- World Business)
Pledge for more IMF help for poor Oct 5, 2009
The allocation of special drawing rights (SDRs) was agreed by the G20 summit in April. IMF managing director Dominique Strauss-Kahn hailed the deal as "historic" and said he hoped other countries would follow suit. (BBC News -- Africa)
G24 nations urge significant IMF vote shift Oct 4, 2009
The G24 also called for an expanded role for IMF Special Drawing Rights, the fund's internal unit of account, in the international monetary system. - Reuters. (Business Report, South Africa)
Forex reserves down at $279.91 bn Oct 3, 2009
828-billion while Special Drawing Rights (SDRs) dropped marginally to USD 5. 220-billion from USD 5. (India Times)
Forex kitty shrinks to $280 bn Oct 3, 2009
The latest figures released by RBI on Friday indicate that the total foreign exchange reserves, including gold and special drawing rights (SDR reserves currency with the International Monetary Fund) dipped $860 million to touch $279. 9 billion during the week ended September 25. (India Times)
India owes $82.5bn to foreigners Oct 3, 2009
Among the external financial assets, reserve assets held by RBI, including foreign currency assets, IMF reserve position, special drawing rights and gold, increased by $13. 2 billion and stood at $265. (India Times, India -- Intl Business)
ADB calls for Asian currency Oct 1, 2009
The regional approach could be more realistic as it would take decades for special drawing rights, the IMFs internal unit of account, to become a truly international currency, he said. A more realistic approach is to develop a multiple reserve currency system, he said. (The Star Online, Malaysia -- Business)
China moves intoreserve position Oct 1, 2009
Monetary Fund to expand the basket of special drawing rights (SDRs). The next move occurred on May 3, when China, with Japan, South Korea, and the Association of Southeast Asian Nations, announced a US$120 billion regional currency stabilization fund, expected to be renamed the Asian Monetary Fund. (Asia Times Online)
Press Release: Statement at the Conclusion of an IMF Staff Mission in The Democratic Republic of São Tomé and Príncipe Sep 26, 2009
The BCSTP has accumulated substantial international reserves in preparation for the change, and the IMF s recent allocation of Special Drawing Rights to S. o Tom. (IMF News)
Obama Foolishly Disses America's Chinese Bankers Sep 26, 2009
This month, China also bought $50 billion in Special Drawing Rights, the International Monetary Fund s brand-new Esperanto currency that blends euros, pounds, yen, and dollars. The US spends tomorrow s money today, Siwei s bluntly added. (Human Events Online)
Government mitigates impact of global financial crisis Sep 25, 2009
It should also sell its gold reserves to release additional resources to help developing countries deal with the financial crisis and issue new special drawing rights. President Mills, who has held discussions with UN Secretary General Ban Ki-Moon, and is scheduled later to meet the Ghanaian community in Washington, said international trade had the potential to reduce poverty but the current global trading regime discriminated against the earning opportunities of farmers and rural communities in... (Ghana Web, Ghana)
Prez Mills' Speech To UN General Assembly Sep 25, 2009
Issuance of new special drawing rights. Mr. President, Prior to the onset of the global crisis, namely the food and oil price hikes, and the current financial crisis, a number of developing countries were making tremendous efforts and progress towards achieving the MDGs. (Ghana Web, Ghana)
Will the ringgit be drawn into the field of the yuan? Sep 22, 2009
Zhou said that the time had come to replace the US dollar with a super-sovereign reserve currency (he may have meant supra-sovereign), a proposal clearly linked to the IMFs Special Drawing Rights (SDR). His remarks were supported by Nobel Laureate Joseph Stiglitz, who is heading a UN commission of experts, due to release their report this week. (The Star Online, Malaysia -- Business)
Who runs global economy? Sep 22, 2009
Countries pledged an extra $500bn (300bn) in loans, and $250bn in Special Drawing Rights, a currency facility which countries can draw on without restrictions. The IMF was also given more authority to monitor the world economic situation and report to the G20 leaders. (BBC News -- Business)
The Global Financial Crisis and Low-Income Countries -- Domestic and International Policy Responses, Remarks by Dominique Strauss-Kahn, Managing Director, International Monetary Fund at the Resources for the Future Sep 18, 2009
The IMF s membership also supported a $250 billion increase in Special Drawing Rights reserve assets that can be tapped on demand. All our members get some of this, in proportion to quota. (IMF News)
* Global financial reform hinges on emerging markets Sep 18, 2009
China, Brazil and Russia have offered ambitious proposals, which may bear fruit in 10 or 20 years, to make the IMFs Special Drawing Rights a true international currency. But they have not said how they would reform financial systems and policies now. (Taipei Times, Taiwan -- Business)
Dollar flow lifts forex kitty Sep 12, 2009
According to the latest RBI data, total forex, including gold and special drawing rights (currency with IMF), rose $1,287 million to touch $277. 6 billion during the period. (India Times)
Ghana beats Sudan 2-0 in 2010 World Cup qualifierRwandan Army General takes over command of Darfur forceTwo UNAMID officials kidnapped in DarfurTwo international peacekeepers kidnapped in Darfur UN envoy welcomes UN delegation's visit to SomalilandAU Special Summit:UN official says financial interests prolonging Somali conflictEgypt to try pirates in local courtsICG warns of looming violence in Puntland Joseph Kabila assumes chairmanship of SADCBelgian Minister of Cooperation expected in DRCKabila appeals to Gabonese ?common sense?Organisation demands 'independent inquiry' into DRC journalists' murder Ivorian Prime Minister urges mutinous soldiers to remain calmGbagbo: "Whoever delays Ivorian elections is a criminal"Gbagbo reaffirms his desire for Ivorian peaceGbagbo signs Ivorian amnesty law ON THE WIRE Cash flush Namibia says will not borrow offshoreWindhoek, Namibia (PANA) - Namibia has said it will not seek external funding from multilateral lenders, citing a favourable liquidity condition on the domesticmarket. 11/09/2009 Full Text... Sep 11, 2009
4 million Special Drawing Rights (SDR) allocation, which was specially s e t up to provide liquidity to the global economic system by supplementing the Fun d. s member countries. (Panapress.com)
New world monetary system inevitable Sep 9, 2009
Some involve building on the International Monetary Fund s special drawing rights, or SDRs a kind of IMF money but making the issuance of this global reserve money annual and more predictable. (Currently, issuances of SDRs are small and episodic. (Atlanta Journal-Constitution -- Opinion)
UN wants new global currency to replace dollar... Sep 9, 2009
" based on something that has nothing to do with him. Dan on September 09, 2009 at 06:45 AM I think it's a cowardly thing to do...if U.S. buys into this! China & Russia are Communist countries...why should we follow their league? & what was the point of traveling 1000's of miles to be independent from Europe and all that...It's preposterous! Our finding fathers will roll over their grave...Find another way!!! Meryl on September 09, 2009 at 06:45 AM Why so much anger. Believe or not, Prez Obama... (The Drudge Report)
Report: U.N. Panel Wants to Ditch the Dollar Sep 9, 2009
The role of the dollar reserve's status has been criticized of late, notably by Russia and China, which have called for the International Monetary Fund's special drawing rights to be used instead, a proposal that many see as impractical given the lack of availability or purchase power outside of settling international obligations. The U.N. sees the impracticalities of the SDRs but also highlighted problems with the current system. (Fox News)
Japan's foreign reserves rise to new high in August Sep 7, 2009
A rise in its holdings of special drawing rights at the International Monetary Fund (IMF) was a key factor behind the hike in the nation's foreign reserves, according to the ministry ... Japan's foreign exchange reserves, the world's second largest following China, consist mainly of securities and deposits denominated in foreign currencies, International Monetary Fund reserve positions, IMF special drawing rights and gold. (Xinhuanet, China)
India agrees to lend $10 b to IMF Sep 5, 2009
20 million in Special Drawing Rights, a corpus used to give overdraft facility to any of its 185 members facing a balance of payment crisis. India, however, does not require any assistance from this corpus now. (India Times)
Forex kitty swells $4.4 b Sep 5, 2009
8-billion larges 00004000 se by the International Monetary Fund (IMF), by way of general allocation of special drawing rights (SDR) reserve currency with IMF used for paying IMF loans has helped push India's foreign exchange reserves up by $4. 4 billion during the week ended August 28. (India Times)
Zimbabwe receives boost from IMF Sep 5, 2009
The IMF said it made a deposit of 262m Special Drawing Rights ($409m), the IMF's own unit of currency, to Zimbabwe's account with the IMF.. It said there would be no conditions attached to this allocation of funds. (BBC News -- Africa)
Press Release: Statement at the Conclusion of an IMF Staff Mission to Zambia Sep 5, 2009
The authorities and the mission had a preliminary discussion on the IMF s recent allocation to Zambia of Special Drawing Rights (SDR) in an amount equivalent to about US$600 million, which, in the first instance, greatly expands Zambia s international reserves and provides a stronger foundation for exchange rate stability going forward. The mission will return to Lusaka in mid-October to conduct the discussions for the 2009 Article IV consultation and the third review of the Poverty Reduction... (IMF News)
Zimbabwe: Country Receives U.S.$500 Million for Economy Sep 4, 2009
However, the implication of Zimbabwe's continued membership in the IMF is that it is now benefiting from the current interventions under which member countries can make explicit requests for conversion of their Special Drawing Rights (SDRs) allocations, into foreign exchange reserves. Zimbabwe last received financial assistance from the IMF in 1999 when it approved a standby facility of US$193 million of which only US$24 million was disbursed. (allAfrica.com)
IMF chief sees global recovery, urges exit strategies Sep 4, 2009
Recent proposals have called for the creation of a new world reserve currency, possibly based on the IMF's composite currency, the SDR, or special drawing rights. "Another possibility, and perhaps the least unlikely alternative, is for a multi-reserve currency system to emerge, with currencies like the euro, the yen and even the renminbi (Chinese yuan) serving as co-equal anchors," Strauss-Kahn said. (Sydney Morning Herald -- Opinion)
China agrees to buy $50 bln IMF bonds Sep 3, 2009
According to the agreement, China would purchase up to 32 billion (around 50 billion dollars) SDR, or Special Drawing Rights, in IMF notes. "The note purchase agreement is the first in the history of the fund, and follows the endorsement by the Executive Board on July 1,2009 of the framework for issuing notes to the official sector," said the 186-nation institution. (Xinhuanet, China)
Mexico's Peso Gains for First Time in Eight Days as Dollar Sales Extended Sep 3, 2009
The $4 billion in special drawing rights Mexico is getting from the International Monetary Fund is providing the central bank more room to continue selling dollars while reaching its goal of ending this year with international reserves around last years levels, said , an economist at Banco Santander in Mexico City. Given the current volatility in the market, the central bank is trying to not generate further noise by stopping the auctions now, said Camarena. (Bloomberg -- Latin America)
Deciphering summit declaration isn't easy Sep 3, 2009
For poorer countries, the London communique increased development spending by Multilateral Development Banks (MDBs), promised more IMF Special Drawing Rights (SDR) spending to the tune of $250 billion, and got into the "counter-cyclical" elements mentioned above. (The latter meaning: invest more money in developing countries in bad times and -- counter-cyclically -- save more money in good times. (Pittsburgh Post-Gazette, PA)
Dollar Is Funny Money in Push for World Currency Aug 31, 2009
The IMF issues something known as Special Drawing Rights. These are analogous to a currency and were originally intended to replace gold as an international unit of account. (Bloomberg -- Columnists)
Peru Will Get $740 Million From IMF to Bolster Country's Foreign Reserves Aug 29, 2009
Aug. 28 (Bloomberg) -- Peru will get about $740 million in special drawing rights from the , helping increase the countrys international reserves. The transfer, part of the $250 billion of special drawing rights the IMF is distributing to its members, was based on Perus weight in the world economy, the Andean countrys central bank said today in an e-mailed statement. (Bloomberg -- Latin America)
Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations, IMF Aug 28, 2009
On the operational side, you've got used to talk about SDR allocation and we want to let you know that tomorrow, August 28, the IMF will officially implement the recently approved general allocation of special drawing rights, equivalent to about $250 billion. This was the allocation initially pressed for at the G-20 meeting in the spring in London. (IMF News)
Mexico Will Receive About $4 Billion in Special Drawing Rights From IMF Aug 28, 2009
Aug. 27 (Bloomberg) -- Mexico will get about $4 billion in special drawing rights from the International Monetary Fund, helping increase the countrys international reserves ... This transfer is part of the $250 billion of special drawing rights the IMF is distributing to its members, IMF spokesman said today in a telephone interview from Washington. (Bloomberg -- Latin America)
Press Release: IMF Executive Board Approves US$240.6 Million Arrangement for the Federal Democratic Republic of Ethiopia Under the Exogenous Shocks Facility Aug 27, 2009
The policies supported under the arrangement, coupled with the Fund s financial support and Ethiopia s increased allocation of Special Drawing Rights (), are expected to contribute to the rebuilding of international reserves to 2 months of imports by 2010/11, while maintaining a sound macroeconomic environment for growth and poverty reduction. IMF EXTERNAL RELATIONS DEPARTMENT. (IMF News)
Brazil to Get $3.9 Billion from IMF as Part of Plan to Help Other Nations Aug 27, 2009
9 billion in special drawing rights from the International Monetary Fund, helping increase the countrys record international reserves ... The IMF is distributing to its members $250 billion of special drawing rights as part of a plan designed in the G-20 meeting last April to help boost liquidity amid an international financial crisis ... Countries like Brazil, which has robust international reserves, may be asked by the IMF to buy special drawing rights from other nations in need of... (Bloomberg -- Latin America)
What About the BRICs? Aug 26, 2009
The Russians called for a new international currency backed by IMF SDRs (Special Drawing Rights) an idea also picked up by Brazil and China. Indian Prime Minister Manmohan Singh said that the eyes of the world were on India in the hope that India would be an engine of growth for the world economy. (YaleGlobal Online Magazine, CT)
Press Release: Statement by an IMF Mission to Costa Rica Aug 26, 2009
The Board of Governors of the International Monetary Fund (IMF) approved on August 7, 2009 a general allocation of Special Drawing Rights (SDRs) equivalent to US$250 billion to provide liquidity to the global economic system by supplementing Fund s member countries foreign exchange reserves. The general SDR allocation will be made on August 28, 2009 to IMF members in proportion to their existing quotas in the Fund. (IMF News)
DR Congo sees $600 mln IMF boost in days Aug 21, 2009
The support is part of some $10 billion in Special Drawing Rights (SDRs) pledged to sub-Saharan Africa countries by IMF chief Dominique Strauss-Kahn in May as part of efforts to help the region weather the economic slowdown. "In total Congo will receive more or less $600 million, and that will happen before the end of next week, so it's imminent," Jean-Claude Masangu told Reuters on the margins of a bankers' conference in Kinshasa. (AlertNet)
Newsweek: U.S.-China no longer dream economic pair Aug 18, 2009
In a succession of official and semi-official statements, Chinese spokesmen have signaled their interest in a substitute for the dollar in the form of International Monetary Fund Special Drawing Rights, or even gold. At the very least, a gradual increase in the share of euros and yen in Chinese reserves must surely be in the cards. (MSNBC -- Business)
Forex reserves shrink $402 mn Aug 15, 2009
According to the latest data released by the Reserve Bank of India (RBI) in its weekly statistical supplement ( 00004000 WSS), total foreign exchange reserves, including gold and special drawing rights (SDR) currency with the International Monetary Fund dipped $402 million to touch $271 billion during the week ended August 7. The dip in reserves was on account of the fall in foreign currency assets, which declined to $412 million, while the reserves with IMF rose $10 million. (India Times)
IMF to inject $US250 billion into members' forex reserves Aug 14, 2009
Employing a rarely used tool, the IMF board of governors approved the allocation of Special Drawing Rights (SDRs) equivalent to $US250 billion ($299. 89 billion), the multilateral institution said in a statement on Thursday. (Sydney Morning Herald -- Business)
IMF provides $250 bln cushion against global crisis Aug 14, 2009
The board of governors, representing all members, approved the plan to allocate Special Drawing Rights (SDRs) equivalent to 250 billion dollars, by far the largest general SDR allocation in the institution's six-decade history. The disbursement takes effect on August 28. (Yahoo! Asia News)
Pakistan pileson IMF debt Aug 11, 2009
The fund increased the country's Special Drawing Rights (SDR) to push up the total assistance to $11. 3 billion. (Asia Times Online)
Islamabad, IMF agree on schedule to increase electricity tariffs Aug 9, 2009
Islamabad would also benefit from the proposed allocation of Special Drawing Rights, which would supplement its reserves. According to the IMF, the board also approved Pakistans request for a waiver for the non-observance of two end-June 2009 structural performance criteria on submission to parliament of legislative amendments to (i) enhance the effectiveness of the State. (Daily Times, Pakistan)
