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 1976 the IMF increased the share of the less-developed countries and moved to make SDRs the primary reserve asset of the international monetary systeminternational monetary system,
rules and procedures by which different national currencies are exchanged for each other in world trade. Such a system is necessary to define a common standard of value for the world's currencies.
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, supplanting gold and dollars. 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, and in 2016 the Chinese yuan was added to the basket. 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 2009.
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References in periodicals archive ?
Accordingly, the rupee 'depreciation against the SDR resulted in an exchange loss of Rs124.30 billion', the SBP said in its Annual Performance Review for FY18.
His recommendations include, first and foremost, making all of the IMF's operations in SDRs, which would require ending the separation of the IMF's SDR and general accounts.
Para responder tal problematica, tem-se como objetivo deste artigo investigar a influencia do nivel de escolaridade e da filiacao politico-partidaria no provimento dos cargos em comissao das atividades finalisticas nas SDRs no Estado de Santa Catarina.
The SDRs are a calculation unit used by IMF, their value is calculated on the basis of a basket of currencies new including the Euro, Yen, Pound and Dollar.
The SDRS benefit structure has been increased 10 times over the past three decades, reaching 1.7 percent in 2008.
It added that the funding took place through the allocation of Special Drawing Rights (SDR) to IMF members that are participants in the SDRs Department in proportion to their existing quotas in the fund, which are based broadly on their relative size in the global economy.Aa
Bulgaria has received from the International Monetary Fund (IMF) 474 586 534 Special Drawing Rights (SDRs), equivalent to about 517 million euro, Darik Radio said.
The Executive Board of the International Monetary Fund (IMF) has backed an allocation of Special Drawing Rights (SDRs) equivalent to $250 billion to provide liquidity to the global economic system by supplementing the fund's 186 member countries' foreign exchange reserves.
WASHINGTON - The International Monetary Fund said Thursday it expects to put forward a proposal for the planned allocation of Special Drawing Rights, or SDRs, to member countries by the end of this month.
The G-20 also agreed that the IMF should create new Special Drawing Rights (SDRs) to a value of $250 billion and to allocate them to its members through its SDR Department.