National Bank of Poland Joins the IMF’s Standing Borrowing Arrangements

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.


1 All dollar figures calculated at November 15, 2011] exchange rate of US$1 = SDR 0.638581



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