That will be the Sterling buying rate I guess. it is the rate shown on the garnati website, as I am not changing money every day I just use this as a guide each day. It does not change my point though, as it is higher than it has been recently.
Just read the IMF is putting out 650 billion dollars in August for covid hit countries and Turkey will get 6.5 billion.
Is it a loan? What is the interest rate? Problem is , if it is a loan it will be repayable in hard currency.
I should have posted it sorry been a bad day today. I think it's free money but I will have a look.
All I saw was a shorter version not in detail. But some people will be getting told its free money?? Thanks for putting that on
You have heard the phrase, "There ain't no such thing as a free lunch"
As last week’s meeting of G-20 finance ministers in Venice, Italy, wrapped up, there was one big winner: the International Monetary Fund (IMF). Under the guise of assisting countries in their efforts to finance COVID-relief efforts, the IMF will issue $650 billion in special drawing rights (SDRs). That’s a whopping 120 percent increase in the stock of outstanding SDRs. These will be distributed to the IMF’s 190 member countries in proportion to their quotas.
. " Never one to let a crisis go to waste, the IMF has used the COVID pandemic to strike gold."