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Term
Special Drawing Rights (SDRs)
Description International reserve assets created by the International Monetary Fund and allocated to its members to supplement existing reserve assets. They represent each holder's assured and unconditional right to obtain other reserve assets, especially foreign exchange (21, para. 11.67). The SDR is the unit of account for the Fund. The value of the SDR is determined daily by IMF on the basis of a basket of currencies with each currency assigned a weight in the determination of that value. In the derivation of the SDR value, the currencies of the basket are valued at their market exchange rates for the US dollar, and the US dollar equivalents of each of the currencies are summed to yield the rate of the SDR in terms of the US dollar. As of January 1, 2001, the SDR valuation basket weights are the sum of the values of the amount of each currency in the following amounts: US dollar, 45 per cent; euro, 29 per cent; Japanese yen, 15 per cent, and pound sterling, 11 percent (4,Introduction,sect. 1).
Source International Monetary Fund.
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