Apr 11 2014

Rate Range Projection by Bank

 Next week 100.50- 102.50

Next 3 months 100.00 - 105.00

 

Global finance chiefs pressed the U.S. to allow an increase in the financial resources of the International Monetary Fund as they argued the Ukraine crisis underscores the lender’s importance.

 

If the overhaul isn’t completed by year-end, the G-20 said it will call on the IMF to “build on its existing work and develop options for next steps,” according to the statement.The Ukraine crisis, which pits G-20 member Russia against the U.S. and its European allies, highlights the importance of the IMF as the “world’s first responder to financial crises,” according to the statement.

 

“We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms,” Group of 20 finance ministers and central bankers said in a statement released after talks in Washington today. “We urge the U.S. to ratify these reforms at the earliest opportunity.”The U.S. Congress is delaying implementation of the 2010 pact by all IMF member countries that would adjust some nations’ shares, or quotas, in the fund and boost its permanent lending capacity to about $739 billion. The plan would give emerging markets such as China more clout at the institution, which was set up at the end of World War II to help safeguard global monetary stability.

 

 

The G-20 said prospects for global growth are strengthening although officials pledged to remain vigilant, according to the statement. It reiterated its members are committed to achieving exchange-rate flexibility.