RTTNews - Mexico is set to receive $4 billion in special drawing rights or SDRs from the International Monetary Fund, which would be used to raise the country's foreign reserves, the Bank of Mexico said Thursday.
According to the central bank, Mexico will get SDRs between Friday and September 9.
SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Countries can convert SDRs into U.S. Dollars, euros, yen or any other currencies when needed.
Mexico's central bank said the new SDRs approved have no relation with the $47 billion agreed under Flexible Credit Line in April this year.
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