IMF freezes SDR.

Kathimerini English - - Front Page -

a cri­sis that threat­ened to push Athens out of Europe’s cur­rency union. Greece has since clinched a new bailout deal. “The na­tional bank has no plans for an easy and quick loos­en­ing of con­trols re­lated to Greek-owned banks in Ser­bia, as pres­sures from that side have not sub­sided yet,” Tabakovic told jour­nal­ists.

The In­ter­na­tional Mon­e­tary Fund said yesterday it will freeze its bench­mark cur­rency bas­ket un­til Oc­to­ber 2016, giv­ing mar­kets more time to ad­just to the pos­si­ble ad­di­tion of China’s yuan as part of a re­view of global re­serve cur­ren­cies. The IMF board is sched­uled to de­cide in Novem­ber whether the yuan will join the Spe­cial Draw­ing Rights bas­ket. Bei­jing loos­ened gov­ern­ment con­trols on the yuan this month, al­low­ing its value to fall sharply. The IMF saw the pol­icy shift as a step to­ward a freer ex­change rate, po­ten­tially set­ting the stage for the yuan to be­come part of the SDR bas­ket. The de­ci­sion an­nounced in a state­ment yesterday, how­ever, would de­fer the im­ple­men­ta­tion of any move to in­clude the yuan. Bei­jing, keen for its cur­rency to have equal billing with the euro, yen, pound and dol­lar, has been push­ing for the yuan to be in­cluded in the SDR bas­ket, which de­ter­mines the mix of cur­ren­cies that coun­tries like Greece re­ceive as IMF dis­burse­ments.

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