FROM THE OFFICE OF PUBLIC AFFAIRS To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. June 28, 2004 Report To Congress on Financial Implications of U.S. Participation in the International Monetary Fund This report has been prepared in compliance with Section 504(b) of Appendix E, Title V of the Consolidated Appropriations Act for FY 2000. [1] The report focuses exclusively on the financial implications of As required, the report provides financial information on the net interest income and valuation changes associated with This report provides quarterly data for the first quarter of fiscal year 2004. It provides information on Data on the net interest income and valuation changes related to Similarly, data for net interest income and valuation changes related to The attached footnotes explain the columns shown on each table and provide pertinent information and assumptions used in the calculations. As shown in Table 1, for the first quarter of fiscal year 2004, the financial implications of As shown in Table 2, for the first quarter of fiscal year 2004, the net interest income effect of [1] Section 504(b) of Appendix E, Title V of the Consolidated Appropriations Act for FY 2000, Public Law 106-113, 113 Stat. 1501A-317 requires that the Secretary of the Treasury prepare and transmit to the appropriate committees of the Congress a quarterly report on the costs or benefits of United States participation in the International Monetary Fund (IMF), detailing the costs or benefits to the United States, as well as valuation gains or losses on the United States' reserve position in the IMF. [2] The SDR is an international reserve asset created by the IMF. The SDR is used as a unit of account by the IMF and other international organizations. Its value is determined as a weighted average of a basket of currencies -- the dollar, euro, pound sterling and yen. The SDR carries a market-based interest rate determined on the basis of a weighted average of interest rates on short-term instruments in the markets of the currencies included in the SDR valuation basket. [3] For an explanation of the methodology used in deriving these figures, see the section on "Calculating the Financial Implications of U.S. Participation in the General Department" in the report prepared for the fourth quarter of fiscal year 2000, submitted in December 2000 and available at www.treas.gov/press/releases/report3073.htm [4] For an explanation of the methodology used in deriving these figures, see the section on "Calculating the Financial Implications of U.S. Participation in the SDR Department" in the report prepared for the fourth quarter of fiscal year 2000, submitted in December 2000 and available at www.treas.gov/press/releases/report3073.htm. REPORTS |
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