IMF transfer pushes Russia's international reserves to historic high

ben ttech · Post by **ben ttech** » Fri Sep 03, 2021 7:49 pm

IMF transfer pushes Russia's international reserves to historic high

Russia's international reserves, the world’s fourth-largest, jumped by $20 billion, or 3.4%, in a week following a transfer from the International Monetary Fund (IMF).
The country’s reserves reached $615.6 billion as of August 27, the Russian central bank said, hitting a new historical maximum. As of August 20, Russia's international reserves were $595.6 billion.

The growth is mainly attributed to the billions of dollars that the country received from the IMF. In late August, the IMF gave Russia around $17.5 billion in its Special Drawing Rights as part of the global $650 billion SDR allocation that aims to support the world’s economic recovery from the Covid-19 pandemic. The ongoing allocation is the largest distribution of monetary reserves by the IMF on record. Russia got 2.71% of the amount.

According to the IMF, countries can use the SDRs to support their economies or grant them to other countries, but cannot use the fiscal space to delay economic reforms or for debt restructuring. SDRs can be exchanged for any freely convertible currency.

Experts earlier noted that Russia could transfer its IMF tranche in favor of poorer states or to support Belarus. However, the Central Bank of Russia announced that it would add the IMF funds to its reserves.

The previous maximum of Russia’s international reserves was recorded in the spring, when they rose to $605.9 billion over the week from May 22 to May 28.

Russia’s international reserves are highly liquid foreign assets held by the country’s central bank and the government. They consist of foreign currency funds, SDRs, reserve position in the IMF and monetary gold. The central bank's target level for Russia’s international reserves is $500 billion.

ive read that russian gold holdings have more than doubled in the last decade...

https://www.rt.com/business/533858-imf- ... es-record/

Post by **roller24** » Fri Sep 03, 2021 9:08 pm

Global Quantitative Easing?

ben ttech · Post by **ben ttech** » Fri Sep 03, 2021 9:09 pm

not sure what that means,

but

their sure in the business of hard assets and further insulating themselves from the dollars ups and downs...

ben ttech · Post by **ben ttech** » Fri Sep 03, 2021 9:11 pm

and the imf deal further leads me to believe
weve not ideal really of the facts behind the dollars ups and downs...

rSin · Post by **rSin** » Fri Sep 03, 2021 9:14 pm

leads me to believe their is an UNknown currency designation these major actors stick to
most certainly in their refusal to admit its frame...

Post by **roller24** » Sun Sep 05, 2021 11:57 am

SDRs seem to be some sort of dynamic value currency exchange to, similar to a stablecoin. Can be traded to any currency, or added to reserves. Could be a framework for some new monetary system. I watched this guy last night, he was insightful and very pessimistic about future economy.

rSin · Post by **rSin** » Sun Sep 05, 2021 1:20 pm

still working my way through that video, but

ive long thought that given we arent going to be able to escape the creation of debt through borrowing

intestest rates are so low it doesnt matter

our aging western countries should strike while the irons hot
ie, low borrowing rates

to dramatically alter our infrastructure upward
thus empowering the future to surge out emperically...

whatever that means

rSin · Post by **rSin** » Sun Sep 05, 2021 3:52 pm

how could the drivitave marktive have exploded in the background?