Annex Comments on the International Monetary Fund Report “Retrospective Evaluation of 2009 Stand-By Credit Arrangements with Exceptional Access”
See Ex Post Evaluations of Exceptional Access Arrangements—Revised Guidance Note
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Actions included selling assets excluded from IMF-defined international reserves to increase official reserves, lengthening the maturity of foreign government deposits to just over one year so that they were not counted as foreign liabilities, and early termination of foreign exchange forward contracts, accompanied by a simultaneous spot purchase of foreign exchange by the NBRB just before test dates.
As of mid-December, 2008, before the step devaluation decision was finalized, the NDF as well as the forward market indicated that the Russian ruble would depreciate by 10 percent against the US dollar within three months. These implied projections were, however, made at times of great uncertainty and turmoil.
Countries included for comparison are countries with non-concessional Fund programs that qualified for exceptional access at the time of the approval.
Exceptional access was granted under the exceptional circumstances clause.
For the original request, approved prior to March 24, 2009, the EPE assessments was undertaken against then-existing criteria upon which the programs were approved. The augmentation was assessed against current exceptional access criteria.