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General Awareness
Financial Term of the Week
Special Drawing Rights
The SDR is an international reserve asset, created by the IMF in 1969 to
support its member countries’ official reserves.
Its value is currently based on a basket of four major currencies.
The basket will be expanded to include the Chinese Renminbi (RMB)or
Yuan as the fifth currency, effective October 1, 2016
The value of the SDR was initially defined as equivalent to 0.888671
grams of fine gold—which, at the time, was also equivalent to one U.S.
dollar.
After the collapse of the Bretton Woods system in 1973, the SDR was
redefined as a basket of currencies
The basket composition is reviewed every five years by the Executive
Board, or earlier
The IMF may allocate SDRs to member countries in proportion to their
IMF quotas.
As of November 30, 2015, 204.1 billion SDRs had been created and
allocated to members (equivalent to about $285 billion).
India and IMF
India joined the IMF on December 27, 1945, as one of the IMF's original
members.
India is represented by the Finance Minister as Governor and RBI
Governor as the Alternate Governor
The allocated Quota of India is 2.44% of total SDR and has voting rights
Of 58,953.
Date of Release - 12-Dec-15 www.mahendras.org www.bankersguru.org
General Awareness
Financial Term of the Week
Special Drawing Rights
The SDR is an international reserve asset, created by the IMF in 1969 to
support its member countries’ official reserves.
Its value is currently based on a basket of four major currencies.
The basket will be expanded to include the Chinese Renminbi (RMB)or
Yuan as the fifth currency, effective October 1, 2016
The value of the SDR was initially defined as equivalent to 0.888671
grams of fine gold—which, at the time, was also equivalent to one U.S.
dollar.
After the collapse of the Bretton Woods system in 1973, the SDR was
redefined as a basket of currencies
The basket composition is reviewed every five years by the Executive
Board, or earlier
The IMF may allocate SDRs to member countries in proportion to their
IMF quotas.
As of November 30, 2015, 204.1 billion SDRs had been created and
allocated to members (equivalent to about $285 billion).
India and IMF
India joined the IMF on December 27, 1945, as one of the IMF's original
members.
India is represented by the Finance Minister as Governor and RBI
Governor as the Alternate Governor
The allocated Quota of India is 2.44% of total SDR and has voting rights
Of 58,953.
Date of Release - 12-Dec-15 www.mahendras.org www.bankersguru.org
