Special Drawing Rights

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Special Drawing Rights

(SDRs), type of international monetary reserve currency established (1968) by the International Monetary FundInternational Monetary Fund
(IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C.
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 (IMF). Created in response to worries concerning the limitations of gold and dollars as the sole means of settling international accounts, SDRs are designed to augment international liquidity by supplementing the standard reserve currencies. SDRs are assigned to the accounts of IMF members in proportion to their contributions to the fund. Each participating country agrees to accept them as exchangeable for reserve currencies in the settlement of international accounts. Deficit countries can use them to purchase stronger currencies, which then can be used to pay off balance-of-payments debts. As nations adopted the current system of floating exchange rates (1973), the value of SDRs began to be set relative to a "basket" of major currencies. In 1981 the IMF reduced the basket to five currencies (the U.S. dollar, German Deutschmark, Japanese yen, French franc, and British pound); in 1999 the Deutschmark and franc were replaced by their equivalents in the euro. All IMF accounting is done in SDRs, and commercial banks accept SDR-denominated accounts. The IMF has the exclusive right of allocating SDRs; the last such allocation was made in 1981.
References in periodicals archive ?
They managed to put together a bigger package than anybody expected and very importantly the issue of Special Drawing Rights -- $250 billion," Soros said.
Contract notice: Financial services market aimed drawing right 2014.
The amount is said to be the 30th installment and is equal to 71 million in special drawing rights (SDR).
The reserves consist mainly of securities and deposits denominated in foreign currencies, gold as well as reserve positions and special drawing rights Tokyo holds at the International Monetary Fund.
Foreign reserves, excluding those held by overseas branch offices of South Korean financial institutions, consist of convertible foreign currencies, gold and IMF special drawing rights.
B) A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs).
6 billion), International Monetary Fund reserves (US$900 million), Special Drawing Rights (US$2 billion), gold (US$1.
The Japanese reserves consist mainly of securities and deposits denominated in foreign currencies, gold as well as reserve positions and special drawing rights Tokyo holds at the International Monetary Fund.
12 /PRNewswire/ -- The International Monetary Fund today approved a request by the government of Bulgaria to augment the amount available to it under a stand-by credit by the equivalent of Special Drawing Rights (SDR) 69.
The reserves include securities, deposits, gold bullion, Special Drawing Rights and the country's International Monetary Fund reserve position.
The Japanese reserves chiefly consist of securities and deposits denominated in foreign currencies, gold as well as reserve positions and special drawing rights Tokyo holds at the International Monetary Fund.
Pakistan has been a member of the IMF since July 11, 1950, and its quota(A) in the IMF is Special Drawing Rights (SDR) 758.