Thursday, April 2, 2009
IMF To Issue $250 Billion in Special Drawing Rights Currency
Today, the G20:
Agreed to an allocation of $250 billion in Special Drawing Rights, the artificial currency that the IMF uses to settle accounts among its member nations. The move is akin to a central bank such as the Federal Reserve effectively creating money out of thin air, except it’s on a global scale.It will be interesting to see whether or not special drawing rights will take on further importance in the future.
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