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MM&C 10/16/24 Iraq Increases Reserves at IMF by 50%

Rocky

Rocky: Admin Assist; Posts : 279181
Join date : 2012-12-21

Post n°1

MM&C 10/16/24 Iraq Increases Reserves at IMF by 50%

by Rocky Today at 12:25 pm

MM&C 10/16/24

[size=36]Iraq Increases Reserves at IMF by 50%[/size]

15th October 2024
By John Lee.
A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.
This 50-percet increase in Iraq's previous quota will enhance the country's voting power within the IMF.
The additional allocation will be included in the 2025 budget.
The IMF created SDRs as an international reserve asset to supplement member countries' official reserves; they are not a currency, but rather a claim on freely usable currencies of IMF member countries. They serve as a potential source of liquidity for IMF member nations.
SDRs represent a weighted basket of major international currencies, and can he held as part of a country's foreign exchange reserves. Adding SDRs to a country's international reserves makes it more resilient financially.
—————————————————-
This move is likely a very strategic move that will be for a purpose. All boats will rise with the tide.. Iraq just added a big position to support her financial resiliency. The move will be noticed globally! Imo - MM

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MM&C 10/16/24 Iraq Increases Reserves at IMF by 50%

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[size=36]Iraq Increases Reserves at IMF by 50%[/size]

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