Foreign exchange reserves now exceed US $ 7 billion

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Minister of Finance Colm Imbert. –

FINANCE Minister Colm Imbert said TT’s total foreign exchange reserves now exceed US $ 7 billion.

In a tweet published on Tuesday, Imbert said: “TT’s foreign exchange reserves have just been increased by the equivalent of $ 644 million, following a worldwide distribution by the IMF (International Monetary Fund) of rights special edition (SDR) “.

He said this was designed to help countries cope with covid19 foreign exchange (forex) demands.

As a result, he said, TT’s net foreign exchange reserves have now returned to over $ 7 billion.

In a subsequent tweet, Imbert said: “The additional US $ 644 million in SDR from the IMF gives the government more flexibility to inject US dollars into the commercial banking sector for distribution to the public and to make more forex available through the ‘EximBank for the manufacturing sector. sector and importers of essential goods.

In an Aug. 2 statement, the IMF said its board of governors had approved a general allocation of SDRs equivalent to US $ 650 billion to boost global liquidity.

IMF Managing Director Kristalina Georgieva said: “This is a historic decision – the largest SDR allocation in IMF history and a boost for the global economy in this time of crisis. unprecedented.

She added, “The SDR allocation will benefit all members, meet the long-term global need for reserves, build confidence and promote the resilience and stability of the global economy.

“This will especially help our most vulnerable countries struggling to cope with the impact of the covid19 crisis.”

The IMF has said the general SDR allocation will come into effect on August 23.

“Newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the fund. “

TT has been a member of the IMF since September 16, 1963. The IMF has a total of 190 member countries.

The IMF said about $ 275 billion of the new allocation will go to emerging markets and developing countries, including low-income countries.

Georgieva said, “We will also continue to actively engage with our members to identify viable options for the voluntary channeling of SDRs from the richer member countries to the poorest and most vulnerable to support their recovery in the event of a pandemic and to achieve resilient and sustainable growth. ”

This story has been adjusted to include additional details. See the original post below.

FINANCE Minister Colm Imbert said Trinidad and Tobago’s total foreign reserves now exceed $ 7 billion.

In a tweet published on Tuesday, Imbert said: “TT’s foreign exchange reserves have just been increased by the equivalent of $ 644 million, following a worldwide distribution by the IMF (International Monetary Fund) of rights special edition (SDR) “.

He said this was designed to help countries cope with covid19 foreign exchange (forex) demands.

As a result, he said, TT’s net foreign exchange reserves have now returned to over $ 7 billion.

In an Aug. 2 statement, the IMF said its board of governors had approved a general allocation of SDRs equivalent to US $ 650 billion to boost global liquidity.

IMF Managing Director Kristalina Georgieva said: “This is a historic decision – the largest SDR allocation in IMF history and a boost to the global economy in this time of crisis. unprecedented.

She added, “The SDR allocation will benefit all members, meet the long-term global need for reserves, build confidence and promote resilience and stability in the global economy.

“This will especially help our most vulnerable countries struggling to cope with the impact of the covid19 crisis.”

The IMF has said the general SDR allocation will come into effect on August 23.

“Newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the fund.”

TT has been a member of the IMF since September 16, 1963. The IMF has a total of 190 member countries.

The IMF said about $ 275 billion of the new allocation will go to emerging markets and developing countries, including low-income countries.

Georgieva said: “We will also continue to actively engage with our members to identify viable options for the voluntary channeling of SDRs from the richer member countries to the poorest and most vulnerable in order to support their recovery in the event of a pandemic and to achieve resilient and sustainable growth. “


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