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This document provides a preliminary assessment of the Resilience and Sustainability Trust (RST) based on the experience gained since its launch in October 2022 until the end of September 2023. Among other aspects, the paper analyses the main characteristics of the RST, its resources and the importance that both the 2021 general allocation of special drawing rights (SDR) and the reserve asset status of some contributions played in its establishment. It also examines the main features of the programmes approved so far and discusses some considerations on the possibility of the IMF modifying its regulatory framework as an alternative to the creation of trust funds of this kind. As the RST itself evolves, more data will be stylised and additional lessons will be drawn for the next comprehensive review, scheduled three years after its launch., En este documento se realiza un balance preliminar del Resilience and Sustainability Trust (RST) a partir de la experiencia adquirida desde su puesta en funcionamiento en octubre de 2022 hasta el final de septiembre de 2023. En él se analizan, entre otras cuestiones, las principales características del RST, sus recursos y la importancia que han tenido en su constitución tanto la asignación general de derechos especiales de giro (DEG) de 2021 como la consideración de activos de reserva de buena parte de las aportaciones al mismo. Se examinan también los principales rasgos de los programas aprobados hasta la fecha y se introducen algunas consideraciones sobre la posibilidad de que el FMI modifique su marco normativo como alternativa a la creación de fondos fiduciarios de esta naturaleza. La propia evolución del RST permitirá ir afinando más datos y extraer lecciones adicionales de cara a su próxima revisión integral, prevista a los tres años de su lanzamiento.

En este documento se realiza un balance preliminar del Resilience and Sustainability Trust (RST) a partir de la experiencia adquirida desde su puesta en funcionamiento en octubre de 2022 hasta el final de septiembre de 2023. En él se analizan, entre otras cuestiones, las principales características del RST, sus recursos y la importancia que han tenido en su constitución tanto la asignación general de derechos especiales de giro (DEG) de 2021 como la consideración de activos de reserva de buena parte de las aportaciones al mismo. Se examinan también los principales rasgos de los programas aprobados hasta la fecha y se introducen algunas consideraciones sobre la posibilidad de que el FMI modifique su marco normativo como alternativa a la creación de fondos fiduciarios de esta naturaleza. La propia evolución del RST permitirá ir afinando más datos y extraer lecciones adicionales de cara a su próxima revisión integral, prevista a los tres años de su lanzamiento., This document provides a preliminary assessment of the Resilience and Sustainability Trust (RST) based on the experience gained since its launch in October 2022 until the end of September 2023. Among other aspects, the paper analyses the main characteristics of the RST, its resources and the importance that both the 2021 general allocation of special drawing rights (SDR) and the reserve asset status of some contributions played in its establishment. It also examines the main features of the programmes approved so far and discusses some considerations on the possibility of the IMF modifying its regulatory framework as an alternative to the creation of trust funds of this kind. As the RST itself evolves, more data will be stylised and additional lessons will be drawn for the next comprehensive review, scheduled three years after its launch.

The exchange rate is important measure of the economic conditions used in different types of transactions. The value of currency will be determining the specification of the country course. Due to the globalisation in modern world every country is taking active participation in the international trade. The most important currency is U.S. dollar, as the highest amount of transactions in the world are settled in this currency and majority of the countrys foreign exchange reserve is held also in this currency. It is also a part of International Monetary Fund Special Drawing Rights currency basket, together with Euro, Chinese yuan, Japanese yen and Pound sterling.The main purpose of this thesis is to check the impact of Federal Reserve Bank monetary policy on USDs Exchange Rate. Firstly, there will be presented the literature review regarding this topic, what had been founded before. Secondly, the focus will be on the Federal Reserve Bank, what are the main objectives of the United States of America central bank and the monetary policy actions taken in the analysed periods. Thirdly, it will be described the changes in the USDs exchange rates, in the analysed time frame, including four currency pairs: USD/EUR exchange rate, USD/CNY exchange rate, USD/JPY exchange rate, USD/GBP exchange rate. Fourthly, it will be presented statistical analysis in the four parts: before financial crises (2001-2006), during financial crises (2007-2009), after financial crises (2010-2016), the recent times (2017-2018), with the main focus on the three quantitative easing programs and the recent times (2017-2018). Lastly the all the findings of this thesis will be concluded.*****The exchange rate is important measure of the economic conditions used in different types of transactions. The value of currency will be determining the specification of the country course. Due to the globalisation in modern world every country is taking active participation in the international trade. The most import

December 23, 2005, represented a landmark for Iraq. On that day, the Executive Board of the International Monetary Fund (IMF) approved that institution's first ever stand-by arrangement (SBA) for Iraq. The new arrangement is designed to support that nation's economic program over the subsequent 15 months. The amount involved is 475.4 million Special Drawing Rights (SDR) (about U.S. $685 million). The SBA is expected to anchor macroeconomic policy during this 15-month interval. The stand-by arrangement represents Iraq's second postwar loan from the IMF. The first was undertaken under the IMF's Emergency Post Conflict Assistance facility and was granted in September 2004 to assist Iraq's initial postwar recovery by supporting its economic programs through 2005. Just as importantly, the arrangement also was intended to facilitate Iraq's debt relief negotiations with its Paris Club creditors (mainly the advanced industrial countries). Approval of the SBA was a condition for a second stage of debt reduction agreed upon by the Paris Club. From these developments it is clear that Iraq is looking to the Fund to play an integral role in assisting its postwar recovery and eventual return to solvency and self-reliance. Yet few international organizations are as controversial as the IMF. To some, the IMF offers struggling countries the best means of reducing oppressive debt burdens while at the same time obtaining sufficient funds to sustain programs essential for sustained economic growth and development. For others, the IMF, through its critical role in international debt reduction, represents neocolonialism at its worst. As a recent observer of the Iraqi case notes: "Post-Saddam Iraq offers a perfect illustration of how the industrialized world has used debt as a tool to force developing nations to surrender sovereignty over their economies." Are these valid concerns? This article attempts to shed a little light on the issue by examining the Fund's initial efforts in Iraq., Published in Challenge, v49 n3 p26-47, May-June 2006.