U.S. Treasury officials By Reuters

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© Reuters. FILE PHOTO: International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings

WASHINGTON (Reuters) – A $650 billion increase in International Monetary Fund reserves could be distributed to member countries in August, but only a small portion is likely to be converted to hard currency by poor countries, U.S. Treasury officials said on Thursday.

The Treasury has formally notified Congress of its plans for the new allocation of IMF Special Drawing Rights, starting a 90-day consultation process that will be completed in early July, officials told reporters on a conference call. The $650 billion SDR allocation must then be approved by the IMF’s Board of Governors.

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