Special drawing rights (SDR)
IMF executive board backs $650 billion SDR allocation
Allocation is set to be largest in the fund’s history, with launch expected in August
Chinese CBDC could bolster renminbi internationalisation – Hui Feng
Academic believes digital currency efforts could facilitate renminbi’s international acceptance and ‘popularity’
China and private sector could free ride on SDR issuance – El-Erian
Economist calls for development of a new common sovereign debt restructuring framework; Vera Songwe says many countries need more debt relief
IMF delays SDR valuation review
Delay reflects priority placed on Covid-19 response and possible clash with other workstream
Yellen backs proposal for SDR issuance
G20 calls on IMF to develop proposal for “general allocation of SDRs”
IMF raises precautionary balance target by a quarter
Some executive board members wanted higher raise amid uncertainty over pandemic’s impact
IMF should issue more SDRs – Brazilian governor
Brazil’s recovery will be crucially affected by external factors, Campos Neto tells Central Banking
Is SDR issuance the best way to support low-income economies?
Economists and policy-makers are increasingly discussing the option as a way to boost liquidity in the fight against Covid-19
IMF doubles emergency lending capacity
Fund considering other options including SDR issuance, says Kristalina Georgieva
New ‘currency’ aims to tackle failings of its predecessors
Saga sits somewhere between a stablecoin and a crypto asset – and has been designed by a team that includes former central bankers
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
Guinean central bank benefits from reform programme – IMF staff
Bank has improved internal systems and lowered financing of government, staff report says
IMF agrees new aid package for Ukraine
Statement praises Ukrainian reforms but says aid will still be linked to continuing progress
Zimbabwe clears debt with IMF but hurdles to financing remain
IMF looks to extend debt deadline for Somalia and Sudan
Reserve managers cautious on renminbi, despite predicting rapid growth
Market liberalisation, government intervention and PBoC’s approach to new areas of investment are top concerns
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Iraq suspends dollar payments to some Kurdish banks
Future of agreement on oil revenues unclear as country faces significant economic problems
Book notes: The Tides of Capital, by Julia Leung
This “stimulating read” offers a unique perspective on how Asian countries have developed economically over the past 20 years. More interesting is Leung’s unintentional revelation that they still have a long way to go
Book notes: Gaining Currency, by Eswar Prasad
A detailed study into the renminbi’s journey to becoming the reserve currency, taking a close look at the hurdles it has overcome and what obstacles remain in its way to competing on the global stage
IMF faces funding challenges, Irish paper says
Current funding set up is “fragile” with “significant uncertainty”, paper argues
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
Inclusion of renminbi in SDR is ‘symbolic’, says Bernanke
Former Fed chair sees inclusion of renminbi in SDR basket as a ‘symbolic’ gesture rather than a major shift; Eswar Prasad argues currency will never be a safe haven