Press Release No. 11/421

Press Release No. 11/421
November 18, 2011

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 billion¹). 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.

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