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Jan Nieuwenhuijs: What happened to the $650 billion in SDRs issued last year?
11a ET Saturday, August 27, 2022
Dear Friend of GATA and Gold:
Gold researcher Jan Nieuwenhuijs this week closely examined the Special Drawing Rights that are issued by the International Monetary Fund and concluded that the August 2021 issuance of 456 billion new SDRs did not really "boost global liquidity," the supposed purpose of the undertaking.
Rather, Nieuwenhuijs writes, the issuance of those SDRs was meant mainly to provide the IMF itself with some reason for being and to sustain the interest payments the agency receives from issuing SDRs.
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SDRs, Nieuwenhuijs writes, are not so liquid and there is little market for them. He concludes: "The SDR will never be more than a fringe reserve asset, and thus can't replace the dollar as the world reserve currency, as some economists want to believe."
Nieuwenhuijs' analysis is headlined "What Happened to the $650 Billion in SDRs Issued in 2021?" and it's posted at Gainesville Coins here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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