The IMF’s creation of a $650 billion Special Drawing Rights (SDRs) programme in August was well received. Most commentary focused on the size – at one stroke it nearly doubled the outstanding size of the SDRs created in the four previous occasions the IMF had pulled this out of its toolkit, the last being in 2009 after the global financial crisis (that one was $250 billion). At $650 billion, it’s as big as it could be without US Congressional approval.
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