Santo Domingo, RD.
The Central Bank received an allocation of 457,560,000 Special Drawing Rights (SDRs), From’ International Monetary Fund (IMF), Equivalent to US $ 649,050,000 (at the SDR exchange rate to $ 1.4185), resources will remain in support of the Central Bank’s international reserves.
Information about the IMF deposit in the Dominican Republic was provided by Central Bank Governor (BCRD) Hector Valdez Albizu via the Youtube platform.
Valdez Albizu stated that “in accordance with the provisions of the IMF, Special Drawing Rights are not a currency, but an international reserve asset, and as such cannot be used to pay public debt or finance government spending. That is, this SDR allocation is for the exclusive use of strengthening the international reserves of the central banks of the Fund’s member countries. “
In addition to increasing international reserves and strengthening confidence, this SDR allocation is expected to help stabilize the foreign exchange market and reduce the pass-through of exchange rate fluctuations in inflation of Fund member countries, especially emerging ones, the governor said.
The IMF’s nearly US $ 650 million corresponds to 100% of the Dominican share in the IMF, a body in which it is a member as a founding partner in 1945.