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Mexico's Senate approves IMF quota increase
March 1, 2012 / 8:01 PM / 6 years ago

Mexico's Senate approves IMF quota increase

MEXICO CITY, March 1 (Reuters) - Mexico’s Senate approved on Thursday a 145.8 percent increase in the country’s International Monetary Fund (IMF) quota.

Lawmakers approved increasing the quota to 8.9 billion special drawing rights (SDRs) from 3.6 billion SDRs under previously-agreed reforms to boost emerging markets’ voting power at the international lender.

The IMF’s SDR basket is used as a reserve asset by central banks. It is backed by currencies that are freely traded and at present includes the U.S. dollar, the pound sterling, the euro and the Japanese yen. (Reporting by Miguel Angel Gutierrez; Writing by Mica Rosenberg)

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