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Data from the IMF website showed the Philippines gained 1. Prior to the new allocation, the Philippines already has Georgieva said.

Peso retreats ahead of Fed’s Jackson Hole symposium

In a guidance note issued in July, the IMF said that countries can tap the newly allocated SDRs to boost reserve buffers in order to ease external financial constraint and to lower borrowing costs. These may also be exchanged into usable currencies for countries with liquidity constraints and those needing to finance additional spending during the crisis.

This GIR level can cover It is also equivalent to about 7. ING Bank N. Mapa said the SDR boost is a welcome development as the country faces continued uncertainties from the pandemic. Mapa said in an e-mail.

To spend their SDRs, countries would first have to exchange them for underlying hard currencies, requiring them to find a willing exchange partner country. Noble link Reuters In this article: Your information is secure and your privacy is protected. By opting in you agree to receive emails from us.

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