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Financial analysts at EFG Hermes Holdings, Investment Banking and the leading financial partner in FEMs, have said the recently approved Special Drawing Rights allocation by the International Monetary Fund can stabilise exchange rate and drive down inflation in the country.
The IMF also disclosed that out of the total allocation, about $275bn would be disbursed to emerging markets and developing countries, including low-income countries, adding that the allocation was expected to commence on August 23. According to him, the additional reserves should be accompanied by foreign exchange harmonisation to attain the desired results.
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