IMF Chief Economist: Bond sales could lift the dollar --Forbes magazine
First Published Thursday, 9 July 2009 from Need to Know News
IMF chief economist Weinberg says IMF bond sales could actually lift the dollar, Forbes magazine reported.
Weinberg said buying bonds would help the fund raise cash for its aid programs and diversify the countries bank reserves by adding the drawing rights to their holdings.
This alone would not hurt the dollar, because the transactions would actually diminish the supply of dollars outside the US, which is like a massive dollar mop-up operation. "Soak up the world's supply of dollars and the price should rise", said Weinberg.
Read full story here:http://www.forbes.com/2009/06/16/dollar-sdr-bric-reserve-markets-bonds.html?feed=rss_markets
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