IMF’s Georgieva Warns Central Banks to Hoard Reserves, Follow Fed Hikes

“Do not waste your reserves to protect your currency,” IMF Managing Director Kristalina Georgieva said during an on-stage discussion at the organization’s annual meeting in Washington, D.C. “When your currency is depreciating because of this mismatch of fundamentals, if you throw your reserves to defend it, the only thing you’ll get out of it is a weak position for the future.”