3.5. Turkey-IMF Monetary Relations
The Bank’s liability to the IMF has had no balance since 31 December 2005. While the direct use of credit by the Treasury from the IMF was SDR 1,874 million as of the end of 2011, it decreased to SDR 562 million due to the redemption of SDR 1,312 million as of 31 December 2012. All redemptions will be completed as of 14 May 2013.
As of 31 December 2012, the IMF’s holdings of Turkish Lira amounted to TL 5,192 million, equivalent to SDR 1,905 million, converted at the rate of TL/SDR parity determined by the IMF on 30 April 2012.
|
TL |
SDR |
|---|---|---|
Number 1 account |
9,919,353 |
3,639,500 |
Number 2 account |
9,120 |
3,346 |
Securities account |
5,182,470,645 |
1,901,495,122 |
|
5,192,399,118 |
1,905,137,968 |
The No.1 and No.2 accounts of the IMF are presented in Deposits as International Institutions in the liabilities of the Bank’s balance sheet. The securities account is kept on the off-balance sheet accounts and includes non‑negotiable, non‑interest bearing securities issued by the Treasury in favor of the IMF, which are payable on demand.