The International Monetary Fund (IMF) announced today that the National Bank of Poland has joined the Fund’s
New Arrangements to Borrow (NAB) with immediate effect. The NAB is a standing set of credit lines under which now 37 members or their institutions have committed to provide supplementary resources to the IMF totaling up to SDR 366.1 billion (about US$573 billion
1). The National Bank of Poland’s commitment to the NAB is SDR 2.5 billion (about US$4 billion).
The NAB is supplementary to quota resources, which are made up of the quota subscriptions each member pays upon joining the Fund and in the context of quota increases thereafter, broadly based on its relative size in the world economy. The IMF is a quota-based institution, and the Fund’s Board of Governors has emphasized that each member of the Fund commits to use its best efforts to complete the steps required to make the quota increase under the 14th General Review of Quotas effective no later than the Annual Meetings in 2012.
The expanded NAB became effective on March 11, 2011 (see Press Release No. 11/74) and since it was first activated on April 1, 2011, some SDR 28.6 billion have been committed to Fund-supported programs for which NAB resources could be drawn, and actual drawings under the NAB amounted to SDR 6.8 billion (US$11 billion). The NAB was most recently activated for the maximum period of six months commencing on October 1, 2011 (see Press Release No. 11/342).
Useful links
Factsheet: IMF Standing Arrangements to Borrow
April 1, 2011 Press Release on Activation of the expanded NAB
April 25, 2009 IMFC Communiqué
Factsheets: IMF Quotas ; Where the Fund gets its Money
NAB Participants and Amount of Credit Arrangements1
(in Millions of Special Drawing Rights)
NAB Participants
Australia
4,370.41
Austria
3,579.24
Banco Central de Chile
1,360.00
Banco de Portugal
1,542.13
Bank of Israel
500.00
Belgium
7,861.85
Brazil
8,740.82
Canada
7,624.43
China
31,217.22
Cyprus
340.00
Danmarks Nationalbank
3,207.78
Deutsche Bundesbank
25,370.81
Finland
2,231.76
France
18,657.38
Greece*
1,654.51
Hong Kong Monetary Authority
340.00
India
8,740.82
Ireland*
1,885.52
Italy
13,578.03
Japan
65,953.20
Korea
6,583.44
Kuwait
341.29
Luxembourg
970.59
Malaysia
340.00
Mexico
4,994.76
National Bank of Poland
2,528.59
Netherlands
9,043.72
New Zealand
624.34
Norway
3,870.94
Philippines*
340.00
Russian Federation
8,740.82
Saudi Arabia
11,126.03
Singapore
1,276.52
South Africa
340.00
Spain
6,702.18
Sveriges Riksbank
4,439.74
Swiss National Bank
10,905.42
Thailand
340.00
United Kingdom
18,657.38
United States
69,074.27
Total2
369,995.96
1Credit arrangements are subject to a minimum of SDR 340 million.
2Total includes proposed credit arrangements of three potential participants who have not yet adhered to the NAB and may not equal sum of components due to rounding.
* Have yet to adhere to expanded NAB.
1 All dollar figures calculated at November 15, 2011] exchange rate of US$1 = SDR 0.638581
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