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Dollar to be replaced : IMF

| Filed under Economy

 

dollardownarrow 112x300 Dollar to be replaced : IMF

 

 

 

 

 

 

 

 

IMF is planning to replace the reserve currency from dollar over time. The move that is said by the IMF itself as quite revolutionary. Special drawing rights (SDRs) would be used as the basis of the new currency. SDRs would have to be delinked from other currencies which are issued by an International organization with equivalent authority to a central bank, for allowing it to become more liquid enough to be used as reserve. IMF states that as much of the 70% of the currency reserve of the world are in dollars. The move is made to avoid excessive exposure to the US economy. Read about : The Future of Dollar.

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