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International Monetary Fund

Fund purchase is deposited into a central bank account, with no change in either NIR of the central bank (gross reserves increase, as do central bank liabilities to the Fund) or NDA (no central-bank Treasury transaction). In the case of indirect budget support, this remains the case until the money is lent to and drawn by Treasury (reducing NIR, with the reduction dependant on sterilization and demand effects, and increasing NDA). In the case of indirect budget support, where the central bank assumes the Fund liability and the money is deposited to a Treasury