Special Drawing Rights

Special Drawing Rights

News: Recently, the International Monetary Fund lifted the yuan’s weighting in the Special Drawing Rights currency basket, prompting the Chinese central bank to pledge to push for a further opening of its financial markets.

• The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies.
• The SDR serves as the unit of account of the IMF and some other international organizations.
• The currency value of the SDR is determined by summing the values in US dollars, based on market exchange rates, of a SDR basket of currencies.
• The SDR basket of currencies includes the US dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi (included in 2016).
• The SDR currency value is calculated daily (except on IMF holidays or whenever the IMF is closed for business) and the valuation basket is reviewed and adjusted every five years.

• It means the amount contributed to the IMF of a country is denominated in SDRs.
• Members voting power is related directly to their quotas.
•  IMF makes the general SDR allocation to its members in proportion to their existing quotas in the IMF.
• Presently, India holds 2.75% of SDR quota, and 2.63% of votes in the IMF.
• India’s foreign exchange reserves also incorporate SDR other than gold reserves, foreign currency assets and Reserve Tranche in the IMF. 

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