Editing Special drawing rights

{{Short description|Supplementary foreign exchange reserve assets defined and maintained by the IMF}}
{{Infobox currency
| iso_code = XDR
| symbol = SDR
| date_of_introduction = 1969
| using_countries = [[International Monetary Fund|IMF]]
| pegged_with = [[United States dollar|U.S. Dollar]], [[Euro]], [[Chinese Yuan]], [[Japanese Yen]], and [[Pound Sterling]]
}}

'''Special drawing rights''' ('''SDRs''', [[ISO 4217|code]] {{ISO 4217|'''XDR'''}}) are supplementary [[foreign exchange reserve]] assets defined and maintained by the [[International Monetary Fund]] (IMF).<ref>{{cite web |title=Special drawing right (SDR) - factsheet |url=https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR |access-date=30 October 2018 |website=www.imf.org |publisher=International Monetary Fund}}</ref> SDRs are [[unit of account|units of account]] for the IMF, and not a currency ''per se''.<ref name="white7"/> They represent a claim to currency held by IMF member countries for which they may be exchanged.<ref name=factsheet /> SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely [[gold as an investment|gold]] and U.S. dollars.<ref name=factsheet /> The [[ISO 4217]] currency code for special drawing rights is {{ISO 4217|XDR}} and the numeric code is ''960''.<ref name="currency-iso.org">{{Cite web
  | title = Table A.1 (E): Currency and funds codes list
  | publisher = SIX Interbank Clearing Ltd, the ISO 4217 Maintenance Agency
  | url = http://www.currency-iso.org/dam/downloads/lists/list_one.xls
  | format = MS Excel file
  | access-date = 2015-12-14
  | archive-date = 2015-09-11
  | archive-url = https://web.archive.org/web/20150911075151/http://www.currency-iso.org/dam/downloads/lists/list_one.xls
  | url-status = dead
  }}</ref>

SDRs are allocated by the IMF to countries,<ref name=factsheet /> and cannot be held or used by private parties.<ref  name=white5/> The number of SDRs in existence was around XDR&nbsp;21.4&nbsp;billion in August 2009. During the [[2008 financial crisis]], an additional XDR&nbsp;182.6&nbsp;billion was allocated to "provide liquidity to the global economic system and supplement member countries' official reserves". By October 2014, the number of SDRs in existence was XDR&nbsp;204&nbsp;billion.<ref>{{cite web |url=https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR|title=Special Drawing Rights (SDR)|date=2018-04-19 |website=imf.org |publisher=International Monetary Fund|access-date=2018-12-24}}</ref> Due to economic stress caused by the [[COVID-19 pandemic]], several finance ministers of poorer countries called for a new allocation to support member economies as they seek ways to recover, and some economists called for the allocation to be as high as $4T.<ref name="economist2020">Staff. (11 April 2020). "Special delivery: Should the IMF dole out more special drawing rights?". [https://www.economist.com/finance-and-economics/2020/04/11/should-the-imf-dole-out-more-special-drawing-rights The Economist website] Retrieved 1 April 2021.</ref> In March 2021 the [[Group of 24|G24]] and others proposed an allocation of $500B for this purpose.<ref>Kevin P. Gallagher, José Antonio Ocampo, and Ulrich Volz. (26 March 2021). "IMF Special Drawing Rights: A key tool for attacking a COVID-19 financial fallout in developing countries". [https://www.brookings.edu/blog/future-development/2020/03/26/imf-special-drawing-rights-a-key-tool-for-attacking-a-covid-19-financial-fallout-in-developing-countries/ Brookings Institution website] Retrieved 1 April 2021.</ref> In response, XDR 456.5 billion (about US$650B) was allocated on August 23, 2021.<ref>{{cite web | url=https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR | title=Special Drawing Rights (SDR) }}</ref>

The value of a SDR is based on a basket of key international [[currency basket|currencies]] reviewed by IMF every five years.<ref name=factsheet>{{cite web|title=Factsheet: Special Drawing Rights (SDRs)|url=http://www.imf.org/external/np/exr/facts/sdr.htm|publisher=IMF|access-date=December 5, 2015|date=November 30, 2015}}</ref> The weights assigned to the currencies in the XDR basket are adjusted to take into account their current prominence in terms of international trade and national foreign exchange reserves.<ref name=factsheet /> {{As of|2023|08}}, the XDR basket consists of the following five currencies: [[United States dollar|U.S. dollar]]&nbsp;43.38%, [[euro]]&nbsp;29.31%, [[Chinese yuan]]&nbsp;12.28%, [[Japanese yen]]&nbsp;7.59%, [[pound sterling|British pound sterling]]&nbsp;7.44%.<ref>{{Cite web |title=Press Release – IMF Determines New Currency Amounts for the SDR Valuation Basket |url=https://www.imf.org/en/News/Articles/2022/07/29/pr22281-press-release-imf-determines-new-currency-amounts-for-the-sdr-valuation-basket |access-date=2023-08-21 |website=IMF |language=en}}</ref>

== Name ==
While the [[ISO 4217|ISO 4217 currency code]] for special drawing rights is '''XDR''',<ref name="currency-iso.org"/> they are often referred to by their acronym '''SDR'''. The name was chosen as a compromise between parties who wanted an international currency and those who wanted a credit facility.<ref  name=white1/> Member countries receiving XDR allocations were required by the reconstitution provision of the XDR articles to hold a prescribed number of XDRs. If a state used any of its allotment, it was expected to rebuild its XDR holdings. As the reconstitution provisions were abrogated in 1981, the XDR now functions less like credit than previously.<ref  name=white3/> Countries are still expected to maintain their XDR holdings at a certain level, but penalties for holding fewer than the allocated amount are now less onerous.<ref name=factsheet/>

The name may actually derive from an early proposal for IMF "reserve drawing rights".<ref  name=p92/> The word "reserve" was later replaced with "special" because the idea that the IMF was creating a foreign exchange reserve asset was contentious.<ref>{{Cite book
  | last = Margaret
  | first =  Garritsen De Vries
  | title = The International Monetary Fund 1966–1971: The System Under Stress, Volume 2
  | publisher = International Monetary Fund
  | year = 1976
  | pages = 154
  | url = https://books.google.com/books?id=5oUS9M1kzOEC&q=automatic%20drawing%20rights%20(the%20gold%20tranche)&pg=PA154
  | isbn = 9780939934119}}
</ref>

==History==
Special drawing rights were created by the IMF in 1969 and were intended to be an asset held in [[foreign exchange reserves]] under the [[Bretton Woods system]] of fixed exchange rates.<ref name=factsheet/> After the collapse of that system in the early 1970s, the XDR has taken on a less important role.<ref name="less imp">{{cite web
|title=How to solve the problem of the dollar
|author=Fred Bergsten
|website=Financial Times
|date=December 10, 2007
}}</ref> Acting as the [[unit of account]] for the IMF has been its primary purpose<ref  name=white7/> since 1972.<ref  name=white2/>

The IMF itself calls the current role of the XDR "insignificant".<ref  name=p1/> [[Developed country|Developed countries]], who hold the greatest number of XDRs, are unlikely to use them for any purpose.<ref  name=white1/> The only actual users of XDRs may be those [[developing country|developing countries]] that see them as "a rather cheap [[line of credit]]".<ref>{{Citation
 |last       = McKinnon
 |first      = Ronald
 |title      = Reconsidering XDRs
 |newspaper  = Harvard International Review
 |pages      = 7
 |date       = Spring 2009
 |url        = http://hir.harvard.edu/frontiers-of-conflict/reconsidering-XDRs
 |access-date = June 19, 2011
}}{{dead link|date=May 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

One reason XDRs may not see much use as foreign exchange reserve assets is that they must be exchanged into a currency before use.<ref  name=white5/> This is due in part to the fact private parties do not hold XDRs:<ref  name=white5/> they are only used and held by IMF member countries, the IMF itself, and a select few organizations licensed to do so by the IMF.<ref name=prescribedholders/> Basic functions of foreign exchange reserves, such as market intervention and liquidity provision, as well as some less prosaic ones, such as maintaining export competitiveness via favorable exchange rates, cannot be accomplished directly using XDRs.<ref  name=p7/> This fact has led the IMF to label the XDR as an "imperfect reserve asset".<ref  name=p4/>

Another reason they may see little use is that the number of XDRs in existence is relatively few compared to the total amount of [[foreign exchange reserves]]. To function well a foreign exchange reserve asset must have sufficient [[Market liquidity|liquidity]], but XDRs, because of their small number, may be perceived to be an illiquid asset. The IMF says, "expanding the volume of official XDRs is a prerequisite for them to play a more meaningful role as a substitute reserve asset."<ref  name=p6/>

===Alternative to U.S. dollar===
The XDR comes to prominence when the U.S. dollar is weak or otherwise unsuitable to be a foreign exchange reserve asset. This usually manifests itself as an allocation of XDRs to IMF member countries. Distrust of the U.S. dollar is not the only stated reason allocations have been made, however. One of its first roles was to alleviate an expected shortfall of U.S. dollars {{circa|1970}}.<ref  name=white2/> At this time, the United States had a conservative monetary policy<ref  name=white2/> and did not want to increase the total amount of U.S. dollars in existence.{{citation needed|date=June 2011}} If the United States had continued down this path, the dollar would have become a less attractive foreign exchange reserve asset: it would not have had the necessary [[Market liquidity|liquidity]] to serve this function. Soon after XDR allocations began, the United States reversed its former policy and provided sufficient liquidity.<ref  name=white2/> In the process a potential role for the XDR was removed. During this first round of allocations, 9.3 billion XDRs were distributed to IMF member countries.

The XDR resurfaced in 1978 when many countries were wary of taking on more foreign exchange reserve assets denominated in U.S. dollars. This suspicion of the dollar precipitated an allocation of 12 billion XDRs over a period of four years.<ref  name=white3/>

Concomitant with the [[2008 financial crisis]], the third round of XDR allocations occurred in the years 2009<ref name=factsheet/> and 2011.<ref name=20billion/> The IMF recognized the financial crisis as the cause for distributing the large majority of these third-round allotments, but some allocations were couched as distributing XDRs to countries that had never received any<ref name=factsheet/> and others as a re-balancing of IMF quotas, which determine how many XDRs a country is allotted, to better represent the economic strength of [[emerging markets]].<ref name=20billion/>

During this time China, a country with large holdings of U.S. dollar foreign exchange reserves,<ref>{{Cite web
|url=http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html |archive-date=2022-12-10 |url-access=subscription
|website=Financial Times
|title=China calls for new reserve currency
|date=March 23, 2009
|author=Jamil Anderlini
}}</ref> voiced its displeasure at the current international monetary system, and promoted measures that would allow the XDR to "fully satisfy the member countries' demand for a reserve currency."<ref>{{Cite web
|url=http://www.pbc.gov.cn/publish/english/956/2009/20091229104425550619706/20091229104425550619706_.html
|archive-url=https://web.archive.org/web/20100922100938/http://www.pbc.gov.cn/publish/english/956/2009/20091229104425550619706/20091229104425550619706_.html
|archive-date=September 22, 2010
|website=People's Bank of China
|title=Reform the International Monetary System
|date=March 23, 2009
|author=Zhou Xiaochuan
}} [http://www.bis.org/review/r090402c.pdf Alt URL]</ref> These comments, made by a chairman of the People's Bank of China, [[Zhou Xiaochuan]], drew media attention,<ref>{{Cite web
|url=https://www.reuters.com/article/wtUSInvestingNews/idUSLJ93633020090319 |title=China backs talks on dollar as reserve
|website=Reuters
|date=March 19, 2009
}}
*{{Cite news
|url=http://www.economist.com/finance/displayStory.cfm?story_id=13382566&source=features_box2
|title=China questions the dollar's role as a reserve currency
|date=March 26, 2009
|newspaper=The Economist
}}</ref> and the IMF showed some support for China's stance. It produced a paper exploring ways the substance and function of the XDR could be increased.<ref  name=p1/> China has also suggested the creation of a substitution account to allow exchange of U.S. dollars into XDRs.<ref  name=white1/> When substitution was proposed before, in 1978, the United States appeared reluctant to allow such a mechanism to become operational.<ref name="white3" />

=== Use by developing countries ===
In 2001, the UN suggested allocating XDRs to [[developing country|developing countries]] for use by them as cost-free alternatives to building foreign exchange reserves through borrowing or running [[Current account (balance of payments)|current account]] surpluses.<ref name="un">{{Cite conference
  |title = High-Level Panel on Financing for Development&nbsp;— Recommendations & Technical Report
  |publisher = United Nations
  |date = June 26, 2001
  |pages = 27, 58–59
  |url = https://www.un.org/esa/ffd/a55-1000.pdf
  |id = A/55/1000
  |access-date =June 18, 2011}}
</ref> In 2009, an XDR allocation was made to countries that had joined the IMF after the 1979–1981 round of allocations was complete (and so had never been allocated any).<ref name=factsheet /> First proposed in 1997,<ref>{{Cite web
  |title = IMF Executive Board Agrees XDR Allocation Proposal
  |publisher = International Monetary Fund
  |date = September 20, 1997
  |url = http://www.imf.org/external/np/sec/pr/1997/pr9745.htm
  |access-date =June 24, 2011}}</ref> many of the beneficiaries of this 2009 allocation were developing countries.{{efn|Countries that joined the IMF post-1981 include: Albania (1991),<ref>{{Cite web |title = Resident Representative Office in Albania |publisher = International Monetary Fund |url = http://www.imf.org/external/country/alb/rr/index.htm |access-date =June 24, 2011}}</ref> Angola (1989),<ref>{{Cite web |title = Resident Representative Office in Angola |publisher = International Monetary Fund |url = http://www.imf.org/external/country/ago/rr/index.htm |access-date =June 24, 2011}}</ref> Antigua and Barbuda (1982),<ref name="eccu">{{Cite news | title = Eastern Caribbean Currency Union (ECCU) |newspaper = Imf |publisher = International Monetary Fund | url = http://www.imf.org/external/region/ecc/rr/index.htm |access-date =June 24, 2011}}</ref> Armenia (1992),<ref>{{Cite web |title = Resident Representative Office in Armenia | publisher = International Monetary Fund |url = http://www.imf.org/external/country/ARM/rr/index.htm |access-date =June 24, 2011}}</ref> Azerbaijan (1992),<ref>{{Cite web |title = IMF Local Office in Azerbaijan| publisher = International Monetary Fund |url = http://www.imf.org/external/country/AZE/rr/index.htm |access-date = June 24, 2011}}</ref> Belarus (1992),<ref>{{Cite web |title = Resident Representative Office in Belarus |publisher = International Monetary Fund |url = http://www.imf.org/external/country/BLR/rr/index.htm| access-date =June 24, 2011}}</ref> Belize (1982),<ref>{{Cite web |title = Belize: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=62&date1key=2011-06-25 |access-date = June 24, 2011}}</ref> Bosnia and Herzegovina (1992),<ref>{{Cite web |title = Resident Representative Office in Bosnia and Herzegovina |publisher = International Monetary Fund |url = http://www.imf.org/external/country/BIH/rr/index.htm |access-date = June 24, 2011}}</ref> Brunei Darussalam (1995),<ref>{{Cite web |title = Brunei Darussalam: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund | url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=91&date1key=2011-06-25 |access-date =June 24, 2011}}</ref> Bulgaria (1990),<ref>{{Cite web |title = Resident Representative Office in Bulgaria |publisher = International Monetary Fund |url = http://www.imf.org/external/country/bgr/rr/index.htm |access-date = June 24, 2011}}</ref> Croatia (1992),<ref>{{Cite web |title = Croatia, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund }}</ref> Czech Republic (1993),<ref name="eceu">{{Cite web |title = Regional Resident Representative Office for Central and Eastern Europe |publisher = International Monetary Fund |url = http://www.imf.org/external/region/bal/rr/index.htm |access-date = June 24, 2011}}</ref> Eritrea (1994),<ref>{{Cite web |title = Eritrea: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=286&date1key=2011-06-25 |access-date = June 24, 2011}}</ref> Estonia (1992),<ref name="eceu" /> Georgia (1992),<ref>{{Cite web |title = Resident Representative Office in Georgia |publisher = International Monetary Fund |url = http://www.imf.org/external/country/GEO/rr/index.htm |access-date = June 25, 2011}}</ref> Hungary (1982),<ref name="eceu" /> Kazakhstan (1992),<ref>{{Cite web |title = Kazakhstan, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=535&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Kiribati (1986),<ref name="pi">{{Cite news |title = Resident Representative Office in the Pacific Islands |newspaper = Imf |publisher = International Monetary Fund |url = http://www.imf.org/external/region/pis/rr/index.htm |access-date = June 24, 2011}}</ref> Kosovo (2009),<ref>{{Cite web |title = Resident Representative Office in Kosovo |publisher = International Monetary Fund |url = http://www.imf.org/external/country/UVK/rr/index.htm |access-date =June 25, 2011}}</ref> Kyrgyz Republic (1992),<ref>{{Cite web |title = Resident Representative Office in Kyrgyz Republic |publisher = International Monetary Fund |date = March 20, 2009 |url =http://www.imf.org/external/country/KGZ/rr/index.htm |access-date = June 25, 2011}}</ref> Latvia (1992),<ref name="eceu" /> Lithuania (1992),<ref name="eceu" /> Macedonia (1992),<ref>{{Cite web |title = Macedonia, former Yugoslav Republic of: Financial Position in the Fund as of May 31, 2011| publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=618&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Marshall Islands (1992),<ref name="pi" /> Micronesia (1993),<ref name="pi" /> Moldova (1992),<ref>{{Cite web |title = Moldova, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=672&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Mongolia (1991),<ref>{{Cite web |title = Mongolia: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=675&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Montenegro (2007),<ref>{{Cite web |title = Montenegro, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund | url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=677&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Mozambique (1984),<ref>{{Cite web |title = Resident Representative Office in Mozambique |publisher = International Monetary Fund |url = http://www.imf.org/external/country/MOZ/rr/index.htm |access-date = June 25, 2011}}</ref> Namibia (1990),<ref>{{Cite web |title = Namibia: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=689&date1key=2011-06-26 |access-date =June 25, 2011}}</ref> Palau (1997),<ref name="pi" /> Poland (1986),<ref name="eceu" /> Russia (1992),<ref>{{Cite web |title = Resident Representative Office in Russian Federation |publisher = International Monetary Fund |url = http://www.imf.org/external/country/rus/rr/index.htm |access-date = June 25, 2011}}</ref> San Marino (1992),<ref>{{Cite web |title =San Marino, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=826&date1key=2011-06-26 |access-date =June 25, 2011}}</ref> Serbia (1992),<ref>{{Cite web |title = Resident Representative Office in Serbia| publisher = International Monetary Fund |url = http://www.imf.org/external/country/SRB/rr/index.htm |access-date = June 25, 2011}}</ref> St. Kitts and Nevis (1984),<ref name="eccu" /> Tajikistan (1993),<ref>{{Cite web |title = Resident Representative Office in Tajikistan |publisher = International Monetary Fund |date = January 2010 |url = http://www.imf.org/external/country/tjk/rr/index.htm |access-date =June 25, 2011}}</ref> Timor-Leste (2002),<ref>{{Cite web |title = Timor-Leste, The Democratic Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=265&date1key=2011-06-26 |access-date = June 25, 2011}}</ref> Tonga (1985),<ref name="pi" /> Turkmenistan (1992),<ref>{{Cite web |title = Turkmenistan, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=985&date1key=2011-06-26 |access-date =June 25, 2011}}</ref> Tuvalu (2010–as Tuvalu joined after the 2009 special allocation, it may not have received XDRs),<ref name="pi" /> Ukraine (1992),<ref>{{Cite web |title = Resident Representative Office in Ukraine |publisher = International Monetary Fund |url = http://www.imf.org/external/country/UKR/rr/index.htm | access-date =June 25, 2011}}</ref> Uzbekistan (1992),<ref>{{Cite web |title = Uzbekistan, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=1042&date1key=2011-06-26 |access-date =June 25, 2011}}</ref> and Yemen (1990).<ref>{{Cite web |title = Yemen, Republic of: Financial Position in the Fund as of May 31, 2011 |publisher = International Monetary Fund |url = http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=1069&date1key=2011-06-26 |access-date = June 25, 2011}}</ref>}}

=== COVID-19 pandemic ===
On August 23, 2021, the IMF allocated $650 billion worth of XDRs to all 190 members of the IMF in proportion to member quotas in response to COVID-19 related balance of payments concerns. This allocation of XDRs represents roughly 2/3rds of all XDRs currently in circulation, and was by far the largest ever single allocation of XDRs.<ref>{{Cite web |title=2021 General XDR Allocation |url=https://www.imf.org/en/Topics/special-drawing-right/2021-SDR-Allocation |access-date=2022-08-15 |website=IMF |language=en}}</ref>

== Value definition ==

===Currency basket===
To determine the composition of the XDR, the IMF takes into account several currencies important to the world's trading and financial systems. A currency's importance is currently measured by two factors: the amount of exports sold in that currency, and whether that currency is considered "freely usable" (determined by its use as a foreign exchange reserve asset and how widely it is used in international transactions).<ref name=factsheet/>

An XDR basket definition remains valid for five years. Approximately one to two months before the end of this time period, the IMF Executive Board will re-evaluate the XDR basket; the currencies included as well as their weights can then change.<ref name="2011-15weights">{{cite web|title=IMF Determines New Currency Weights for XDR Valuation Basket|url=http://www.imf.org/external/np/sec/pr/2010/pr10434.htm|publisher=IMF|access-date=2015-12-05|date=November 15, 2010}}</ref> Changing the XDR's value definition requires at least 70% of the votes among the IMF members.<ref name="2022weights">{{Cite web |title=Review of the Method of Valuation of the SDR |url=https://www.imf.org/en/Publications/Policy-Papers/Issues/2022/05/16/Review-of-the-Method-of-Valuation-of-the-SDR-517967 |access-date=2022-06-13 |website=IMF |language=en}}</ref> The changes take effect at the end of the five-year period (one to two months after the board review). One business day before taking effect, the newly defined weights are converted to currency amounts based on an average of the exchange rate over the past three months, such that the value of the XDR in U.S. dollars remains the same before and after the change. The currency amounts then remain fixed throughout the five-year period.<ref name="2022weights" />

The IMF reserves the right to perform a re-evaluation after less than five years if it decides that the current basket no longer reflects "the relative importance of currencies in the world’s trading and financial systems";<ref name=factsheet /> it also reserves the right to postpone re-evaluations. If either occurs (causing the old definition to be valid for less or more than five years), the new definition will still be valid for a full five years.

===Historical valuation===
At the time of the XDR's creation in 1969, the [[United States dollar]] was backed by the [[gold standard]] and the XDR was fixed at 1/35 [[troy ounce]] of [[gold]] or exactly 1 US dollar.<ref name="white1" /> After the [[Nixon Shock]] of 1971 and during the collapse of the [[Bretton Woods system]] between 1971 and 1973, the XDR initially remained fixed relative to the nominal international price of gold, even the value of the [[United States dollar]] dropped to $38 per troy ounce in 1972 and to $42 2⁄9 per troy ounce in 1973. On 1 July 1974, the XDR instead became defined by a [[currency basket]] of 16 currencies.<ref name="white2" />

On January 1, 1981, the five-year schedule was introduced and the XDR basket was reduced to five currencies: the [[United States dollar]], the [[Deutsche mark]], the [[French franc]], the [[British pound]], and the [[Japanese yen]].<ref>{{cite web |url=http://stats.oecd.org/metadata/publish.asp?co%3DXDR........%26ds%3D1 |access-date=2015-03-07 |url-status=dead |archive-url=https://web.archive.org/web/20150402094743/http://stats.oecd.org/metadata/publish.asp?co=XDR........&ds=1 |archive-date=2015-04-02 | title=OECD Reference Metadata Report: Main Economic Indicators }}</ref> When the [[euro]] was introduced in January 1999, it replaced the German mark and French franc and the basket consisted of four currencies.<ref name=factsheet />

In November 2010, the IMF determined that China's [[renminbi]] met the export requirement but failed to meet the "freely usable" requirement and thus was not included in the XDR basket taking effect on 1 January 2011. In November 2015, the IMF announced that the renminbi now met the "freely usable" requirement and would be included in the next basket definition, changing its size back to five currencies. The effective date of the re-evaluation was postponed to October 1, 2016, in order to "allow users sufficient lead time to adjust".<ref name=2015review>{{cite web|title=IMF's Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi |url=http://www.imf.org/external/np/sec/pr/2015/pr15540.htm|publisher=IMF|access-date=December 5, 2015|date=November 30, 2015}}</ref><ref name=2016weights>{{cite web|title=IMF Executive Board Completes the 2015 Review of SDR Valuation |url=http://www.imf.org/external/np/sec/pr/2015/pr15543.htm |publisher=IMF|access-date=December 5, 2015|date=December 1, 2015}}</ref> In 2016, the renminbi was added to the basket with a 10.9% weighting.<ref name=":024">{{Cite book |last=Jin |first=Keyu |title=The New China Playbook: Beyond Socialism and Capitalism |date=2023 |publisher=Viking |isbn=978-1-9848-7828-1 |location=New York |author-link=Keyu Jin}}</ref>{{Rp|page=259}}

In March 2021, the IMF announced that the next re-evaluation, normally scheduled for 1 October 2021, would be postponed to 1 August 2022, in order to prevent the basket's definition from changing during the [[COVID-19 pandemic]].<ref>{{cite web|title=Review of The Method of Valuation of The SDR—Proposed Extension of The Valuation Of The SDR Basket and Modification of The Date Of Effect of A New Basket|url=https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/03/15/Review-of-The-Method-of-Valuation-of-The-SDR-Proposed-Extension-of-The-Valuation-Of-The-SDR-50265|publisher=IMF|access-date=2021-03-15|date=March 15, 2021}}</ref>

{| class="wikitable" style="font-size: 98%; text-align: center;" width="70%"
|+ {{vanchor|Value of 1 XDR}}{{efn|Relative compositions expressed in per cent are rounded.}}
! Period
! colspan="16" | {{Flagicon|USA}}[[United States dollar|USD]]
|-
! 1969–1971<ref name="white1" />
| colspan="16" | 1.0 (100%)
|-
!
! colspan="16" | [[Gold|XAU]]
|-
! 1971–1974<ref name="casheet">{{Cite web |last=Antweiler |first=Werner |year=2011 |title=Special Drawing Rights: The XDR Fact Sheet |url=http://fx.sauder.ubc.ca/SDR.html |url-status=unfit |archive-url=https://web.archive.org/web/20160414002025/http://fx.sauder.ubc.ca/SDR.html |archive-date=2016-04-14 |access-date=2011-06-19 |publisher=University of British Columbia, Sauder School of Business}}</ref>
| colspan="16" | 1⁄35 (100%)
|-
!
! {{flagicon|USA}} [[United States dollar|USD]]
! {{flagicon|GER}} [[Deutsche mark|DEM]]
! {{flagicon|UK}} [[Pound sterling|GBP]]
! {{flagicon|FRA}} [[French franc|FRF]]
! {{flagicon|ITA}} [[Italian lira|ITL]]
! {{flagicon|JPN}} [[Japanese yen|JPY]]
! {{flagicon|CAN}} [[Canadian dollar|CAD]]
! {{flagicon|NLD}} [[Dutch guilder|NLG]]
! {{flagicon|BEL}} [[Belgian franc|BEF]]
! {{flagicon|SAU}} [[Saudi riyal|SAR]]
! {{flagicon|ESP}} [[Spanish peseta|ESP]]
! {{flagicon|AUS}} [[Australian dollar|AUD]]
! {{flagicon|SWE}} [[Swedish krona|SEK]]
! {{flagicon|IRN|1964}} [[Iranian rial|IRR]]
! {{flagicon|NOR}} [[Norwegian krone|NOK]]
! {{flagicon|AUT}} [[Austrian schilling|ATS]]
|-
! 1974–1980<ref name="sixteencurrencies">{{cite journal |last1=Pozo |first1=Susan |title=Composition and Variability of the SDR |journal=Review of Economics and Statistics |date=May 1984 |volume=66 |issue=2 |pages=308–314 |doi=10.2307/1925833 |jstor=1925833 }}</ref>
| 0.4 (32.6%) || 0.32 (10.2%) || 0.05 (9.7%) || 0.42 (7.1%) || 52.0 (6.6%) || 21.0 (6.0%) || 0.07 (5.9%) || 0.14 (4.3%) || 1.6 (3.5%) || 0.13 (3.0%) || 1.5 (2.1%<!--2.147%-->) || 0.017 (2.1%<!--2.056%-->) || 0.11 (2.1%<!--2.053%-->) || 1.7 (2.0%<!--2.047%-->) || 0.1 (1.5%) || 0.28 (1.3%)
|-
|}

{| class="wikitable" style="font-size: 98%; text-align: center;" width="70%"
!
! {{flagicon|USA}} [[United States dollar|USD]]
! {{flagicon|GER}} [[Deutsche mark|DEM]]
! {{flagicon|FRA}} [[French franc|FRF]]
! {{flagicon|JPN}} [[Japanese yen|JPY]]
! {{flagicon|UK}} [[Pound sterling|GBP]]
|-
! 1981–1985<ref name="casheet" />
| 0.54 (42%) ||0.46 (19%) ||0.74 (13%) ||34.0 (13%) ||0.071 (13%)
|-
! 1986–1990<ref name="casheet" />
| 0.452 (42%) ||0.527 (19%) ||1.02 (12%) ||33.4 (15%) ||0.0893 (12%)
|-
! 1991–1995<ref name="casheet" />
| 0.572 (40%) ||0.453 (21%) ||0.8 (11%) ||31.8 (17%) ||0.0812 (11%)
|-
! 1996–1998<ref name="casheet" />
| 0.582 (39%) ||0.446 (21%) ||0.813 (11%) ||27.2 (18%) ||0.105 (11%)
|-
|}
{| class="wikitable" style="font-size: 98%; text-align: center;" width="70%"
! 
! {{Flagicon|USA}} [[United States dollar|USD]]
! colspan="2" | {{Flagicon|EUR}} [[Euro|EUR]]
! {{Flagicon|JPN}} [[Japanese yen|JPY]]
! {{Flagicon|UK}} [[Pound sterling|GBP]]
|-
! 1999–2000<ref name="casheet" />
| 0.582 (39%) || colspan="2" | 0.3519 (32%)<ref>{{cite press release |publisher = International Monetary Fund |date = December 31, 1998 |title = IMF Incorporates the euro into the XDR Valuation and Interest Rate Baskets |url = http://www.imf.org/external/np/sec/pr/1998/pr9867.htm |access-date=2009-11-14 }}</ref>||27.2 (18%) || 0.105 (11%)
|-
!2001–2005<ref name="casheet" />
| 0.577 (44%) || colspan="2" |0.426 (31%) ||21.0 (14%) ||0.0984 (11%)
|-
! 2006–2010<ref name="2011-15weights" />
| 0.632 (44%) || colspan="2" |0.41 (34%) ||18.4 (11%) ||0.0903 (11%)
|-
! 2011–2016<ref>{{cite web|title=IMF Determines New Currency Amounts for SDR Valuation Basket|url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10516|publisher=IMF|access-date=2023-08-10|date=December 30, 2010}}</ref>
| 0.66 (41.9%) || colspan="2" |0.423 (37.4%) ||12.1 (9.4%) ||0.111 (11.3%)
|-
|}

{| class="wikitable" style="font-size: 98%; text-align: center;" width="70%"
! 
! {{Flagicon|USA}} [[United States dollar|USD]]
! {{Flagicon|EUR}} [[Euro|EUR]]
! {{Flagicon|CHN}} [[Renminbi|CNY]]
! {{Flagicon|JPN}} [[Japanese yen|JPY]]
! {{Flagicon|UK}} [[Pound sterling|GBP]]
|-
! 2016–2022<ref name="new2016weights">{{cite web|title=IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts|url=http://www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi|publisher=IMF|access-date=2016-10-01|date=September 30, 2016}}</ref>
| 0.58252 (41.73%) || 0.38671 (30.93%) || 1.0174 (10.92%) || 11.9 (8.33%) || 0.085946 (8.09%)
|-
! 2022–2027<ref name="2022amounts">{{cite web | url=https://www.imf.org/en/News/Articles/2022/07/29/pr22281-press-release-imf-determines-new-currency-amounts-for-the-sdr-valuation-basket | title=Press Release – IMF Determines New Currency Amounts for the SDR Valuation Basket }}</ref>
| 0.57813 (43.38%) || 0.37379 (29.31%) || 1.0993 (12.28%) || 13.452 (7.59%) || 0.080870 (7.44%)
|}

===Daily valuation===
Because of fluctuating [[exchange rate]]s, the relative value of each currency varies continuously, as does the value of the XDR. The IMF sets the value of the XDR in terms of United States dollars every day. The latest United States dollar valuation of the XDR is published on the IMF website.<ref>{{cite web
|url = http://www.imf.org/external/np/fin/data/rms_sdrv.aspx |title = XDR Valuation (updated daily)
|publisher = International Monetary Fund}}</ref> For example, on 31 January 2021, the value was USD$1.44080, and on June 22, 2021, the value was USD$1.426480.<ref>QUARTERLY REPORT ON IMF FINANCES For the Quarter Ended January 31, 2021. (31 January 2021). [https://www.imf.org/external/Pubs/FT/quart/2021fy/013121.pdf IMF website]  p. 22. Retrieved 22 June 2021.</ref>

== Allocations ==
{{Main|International Monetary Fund#Voting power}}
XDRs are allocated to member countries by the IMF. A country's IMF quota, the maximum amount of financial resources that it is obligated to contribute to the fund, determines its allotment of XDRs.<ref name=factsheet /> Creating a new allocation requires 85% of the votes in the SDR Department of the IMF.<ref name="p4" /> All IMF member countries are represented in the SDR Department,<ref name="prescribedholders">{{Cite book
  |title = Annual report: 2000 : making the global economy work for all
  |publisher = International Monetary Fund
  |year = 2000
  |pages = 74
  |url = https://books.google.com/books?id=JTnjIFIvwfkC&q=international%20monetary%20fund%20annual%20report&pg=PA74
  |isbn = 9781557759511}}</ref> but this is not a one country, one vote system; voting power is determined by a member country's IMF quota.<ref>{{Cite web
  |title = Factsheet: IMF Quotas
  |publisher = International Monetary Fund
  |date = March 3, 2011
  |url = http://www.imf.org/external/np/exr/facts/quotas.htm
  |access-date = June 24, 2011}}</ref> For example, the United States has 16.7% of the vote as of March 2, 2011.<ref>{{Cite conference
  |title = Quota and Voting Shares Before and After Implementation of Reforms Agreed in 2008 and 2010 (In percentage shares of total IMF quota)
  |publisher = International Monetary Fund
  |year = 2011
  |url = http://www.imf.org/external/np/sec/pr/2011/pdfs/quota_tbl.pdf
  |access-date = June 24, 2011}}</ref> This means the United States has a de facto veto on all new XDR allocations, it is currently the only country that does. 

Allocations are not made on a regular basis and have only occurred on rare occasions. The first round took place because of a situation that was soon reversed, the possibility of an insufficient amount of U.S. dollars because of U.S. reluctance to run the deficit necessary to supply future demand. Extraordinary circumstances have, likewise, led to the other XDR allocation events. For example, during the [[2008 financial crisis]], XDR&nbsp;182.6&nbsp;billion was allocated to "provide liquidity to the global economic system and supplement member countries’ official reserves". The 2011 allocations were to low-income member countries.<ref name="20billion" />

{| class="wikitable" style="font-size: 98%; text-align: center;" width=50%
! Date
! Amount
|-
| 1970–1972<ref name="white2" />
| XDR 9.3 billion<ref name=factsheet />
|-
| 1979–1981<ref name=factsheet />
| XDR 12.1 billion<ref name=factsheet/>
|-
| 28 August 2009<ref name=factsheet />
| XDR 161.2 billion<ref name=factsheet />
|-
| 9 September 2009{{efn|A special allocation of XDRs became effective August 10, 2009 and was issued on September 9, 2009, to countries that joined the IMF after 1981 and so had never been allocated any.<ref name=factsheet />}}
| XDR 21.4 billion<ref name=factsheet />
|-
| Sometime after 3 March 2011{{efn|This allocation was made under the 2008 Quota and Voice Reforms to 54 countries with "dynamic economies" that were under-represented in the previous quota system. Date of allocation may vary from country to country, as allocation will occur "for those members that have consented to their increases once quota subscriptions are paid".<ref name="20billion" />}}
| XDR 20.8 billion<ref name="20billion">{{Cite news
  |title = The IMF's 2008 Quota and Voice Reforms Take Effect
  |publisher = International Monetary Fund
  |date = March 3, 2011
  |url = http://www.imf.org/external/np/sec/pr/2011/pr1164.htm
  |access-date = June 18, 2011}}</ref>
|-
| 23 August 2021<ref name=factsheet />
| XDR 456.5 billion<ref name=factsheet />
|}

After being split among the IMF member countries, the 2021 allocation gave [[Liberia]] and [[South Sudan]] each an amount equal to 9-10% of their GDP.<ref name="economist2020"/>{{efn|The citation uses the earlier-proposed $500B allocation amount, while the actual allocation was worth $650B.}}

== Exchange ==
An IMF member country that requires actual foreign currency may sell its XDRs to another member country in exchange for the currency. To sell a part or all its XDRs, the country must find a willing party to buy them.<ref name="white3" /> The IMF acts as an intermediary in this voluntary exchange.

The IMF also has the authority under the designation mechanism to ask member countries with strong [[foreign exchange reserves]] to purchase XDRs from those with weak reserves.<ref name=factsheet /> The maximum obligation any country has under this mechanism is currently equal to twice the amount of its XDR allocation.<ref  name=p7/> As of 2023, XDRs may only be exchanged for euros, Japanese yen, UK pounds, US dollars or Chinese yuan.<ref  name=p7/> The IMF says exchanging XDRs can take "several days."<ref name=p10/>

It is not, however, the IMF that pays out foreign currency in exchange for XDRs: the claim to currency that XDRs represent is not a claim on the IMF.<ref name=factsheet/>

The percentage of [[foreign exchange reserves]] in XDRs increases sharply after a new allocation, then declines until the next allocation. In the early 1970s, the percentage of non-gold reserves in XDRs reached a peak of 8.4%. In January 2011, this amount was less than 4%.<ref  name=p6/> In April 2020 prior to the large allocation regarding the COVID-19 pandemic, this amount was under 3%; by comparison, over half (of non-gold reserves) were in the United States dollar.<ref name="economist2020"/>{{Update inline|date=November 2024}}

== Interest rate ==
The IMF calculates a weekly interest rate, which is based on "a weighted average of representative interest rates on short-term debt in the money markets of the XDR basket currencies". No interest is payable on the XDRs allocated to a country by the IMF. However, interest is payable by an IMF member country that has exchanged (sold) some or all of the XDRs it was allocated, and interest is paid to a member country that holds more XDRs than it was allocated (i.e., the country that bought XDRs from another member).<ref name=factsheet/> In April 2020, the interest rate was 0.05%.<ref name="economist2020"/>

==Other uses==
The XDR is used in international transactions, including export quotas in the IMF members and the number of official reserve assets which were in their own currencies. It is traded on the main foreign exchange market, including foreign exchange trading volume, whether there are forward exchange markets.<ref name=factsheet />

===Unit of account===
Some international organizations use the XDR as a [[unit of account]].<ref name="uoa" /> The IMF says using the XDR in this way "help[s] cope with exchange rate volatility."<ref  name="p4" /> As of 2001, organizations that use the XDR as a unit of account, besides the IMF itself, include: [[Universal Postal Union]],<ref name="upu">{{Cite web |url=http://www.rrt.lt/download/19052/actregulationsletterpostfinalprotocolen(2013).pdf |title=UPU Letter Post Final Protocol 2013 |access-date=2018-05-15 |archive-url=https://web.archive.org/web/20180516103151/http://www.rrt.lt/download/19052/actregulationsletterpostfinalprotocolen(2013).pdf |archive-date=2018-05-16 |url-status=dead }}</ref> [[African Development Bank]], [[Arab Monetary Fund]], [[Asian Development Bank]], [[Bank for International Settlements]],<ref name="p14" /> [[Common Fund for Commodities]], [[East African Development Bank]], [[Economic Community of West African States]], [[International Center for Settlement of Investment Disputes]], [[International Fund for Agricultural Development]], and [[Islamic Development Bank]].<ref  name="p106" /> It is not only international organizations that use the XDR in this way. [[JETRO]] uses XDRs to price [[foreign aid]].<ref>{{Citation
  |script-title=ja:政府公共調達データベース: 政府公共調達概要
  |year = 2009
  |language = ja
  |url = http://www.jetro.go.jp/gov_procurement/gaiyo.html
  |access-date =June 18, 2011}}</ref> In addition, charges, liabilities, and fees prescribed by some international treaties are denominated in XDRs.<ref>{{Cite journal
  |title = Annual Report 1986
  |journal = Annual Report
 |publisher = International Monetary Fund
  |year = 1986
  |page = 68
  |url = https://books.google.com/books?id=yCPNaAeHRcsC&q=Islamic%20Development%20Bank%20XDR&pg=PA68
  |issn = 0250-7498 }}</ref> In 2003, the [[Bank for International Settlements]] ceased to use the [[gold franc]] as their [[currency]], in favour of XDR.

Some bonds are also denominated in XDR, like the IBRD 2016 XDR denominated bonds.<ref name='ibrd_sdr_bond'>{{cite web| url = http://treasury.worldbank.org/cmd/htm/WorldBankSuccessfullyPricesLandmarkSDRDenominatedBondinChina.html| title = World Bank Successfully Prices Oversubscribed Landmark SDR Denominated Bond in China}}</ref>

=== Use in international law ===
In some international treaties and agreements, XDRs are used to value penalties, charges or prices. For example, the [[Convention on Limitation of Liability for Maritime Claims]] caps personal liability for damages to ships at XDR 330,000.<ref>{{Cite web
  |title = Convention on Limitation of Liability for Maritime Claims (LLMC)
  |publisher = International Maritime Organization
  |date = November 19, 1976
  |url = http://www.imo.org/about/conventions/listofconventions/pages/convention-on-limitation-of-liability-for-maritime-claims-(llmc).aspx
  |access-date = June 18, 2011
  |archive-date = June 11, 2011
  |archive-url = https://web.archive.org/web/20110611205136/http://www.imo.org/About/Conventions/ListOfConventions/Pages/Convention-on-Limitation-of-Liability-for-Maritime-Claims-%28LLMC%29.aspx
  |url-status = dead
  }}</ref> The [[Montreal Convention]] and other treaties also use XDRs in this way, capping damages at XDR 128,821.<ref>{{Cite conference
  |title = CONVENTION FOR THE UNIFICATION OF CERTAIN RULES FOR INTERNATIONAL CARRIAGE BY AIR (AKA Montreal Convention)
  |pages = 356–359
  |publisher = United Nations
  |year = 1999
  |url = http://untreaty.un.org/unts/144078_158780/3/5/11624.pdf
  |access-date = June 18, 2011
  |archive-date = May 16, 2011
  |archive-url = https://web.archive.org/web/20110516233650/http://untreaty.un.org/unts/144078_158780/3/5/11624.pdf
  |url-status = dead
  }}</ref>

=== Use as currency ===
According to the IMF, "the SDR may not be any country’s optimal [[currency basket|basket]]",<ref  name="p14" /> but a few countries do [[Peg (currency)|peg]] their currencies to the XDR. One possible benefit to nations with XDR pegs is that they may be perceived to be more [[transparency (behavior)|transparent]].<ref  name="p14" /> As of 2000, the number of countries that did so was four.<ref>{{Cite book
  |title = Annual report: 2000 : making the global economy work for all
  |publisher = International Monetary Fund
  |year = 2000
  |page = 75
  |url = https://books.google.com/books?id=JTnjIFIvwfkC&q=international%20monetary%20fund%20annual%20report&pg=PA75
  |isbn = 9781557759511}}</ref> This is a substantial decrease from 1983, when 14 countries had XDR pegs.<ref name="uoa">{{Cite book
  |title = Annual Report 1984
  |publisher = International Monetary Fund
  |year = 1984
  |url = https://archive.org/details/20208MSDBxx84AnnualInform
  |quote = international monetary fund 1984.
  |page = [https://archive.org/details/20208MSDBxx84AnnualInform/page/88 88] }}</ref> Between 1981 and 2002, the [[Iranian rial]] was pegged to the XDR.<ref name="sixteencurrencies"/><ref>{{cite web | url=https://www.mypivots.com/dictionary/definition/3645/iranian-rial-irr | title=Iranian Rial (IRR) | date=7 August 2023 }}</ref>{{better source needed|date=October 2024}} As of 2010, [[Syria]] pegs its [[Syrian pound|pound]] to the XDR.<ref>[http://www.bi-me.com/main.php?id=10445&t=1 Syria switches currency peg from dollar to XDR] {{Webarchive|url=https://web.archive.org/web/20110707232147/http://www.bi-me.com/main.php?id=10445&t=1 |date=2011-07-07 }} bi-me.com, Tue June 5, 2007</ref><ref>{{cite web | url=http://www.imf.org/external/np/sec/pn/2010/pn1042.htm | title=IMF Executive Board Concludes 2009 Article IV Consultation with the Syrian Arab Republic Public Information Notice (PIN) No. 10/42 | publisher=IMF | website=Public Information Notices | date=March 25, 2010 | access-date=July 20, 2012}}</ref>

== See also ==
* [[Bancor]]
* [[Reserve currency]]
* [[Group of Ten (IMF)]]
* [[Central securities depository]]

== Notes ==
{{Notelist}}

== References ==
=== Citations ===
{{Reflist|30em
|refs =
<ref name="white1">{{harvnb|Williamson|2009|p=1}}</ref>
<ref name="white2">{{harvnb|Williamson|2009|p=2}}</ref>
<ref name="white3">{{harvnb|Williamson|2009|p=3}}</ref>
<ref name="white7">{{harvnb|Williamson|2009|p=7}}</ref>
<ref name="white5">{{harvnb|Williamson|2009|p=5}}</ref>
<ref name="p1">{{harvnb|"Enhancing International Monetary Stability"|2011|p=1}}</ref>
<ref name="p4">{{harvnb|"Enhancing International Monetary Stability"|2011|p=4}}</ref>
<ref name="p6">{{harvnb|"Enhancing International Monetary Stability"|2011|p=6}}</ref>
<ref name="p7">{{harvnb|"Enhancing International Monetary Stability"|2011|p=7}}</ref>
<ref name="p10">{{harvnb|"Enhancing International Monetary Stability"|2011|p=10}}</ref>
<ref name="p14">{{harvnb|"Enhancing International Monetary Stability"|2011|p=14}}</ref>
<ref name="p92">{{harvnb|''Financial Organization''|2011|p=92}}</ref>
<ref name="p106">{{harvnb|''Financial Organization''|2011|p=106}}</ref>}}

=== Works cited ===
{{Refbegin}}
* {{cite conference |ref = {{harvid|"Enhancing International Monetary Stability"|2011}} |title = Enhancing International Monetary Stability: A Role for the SDR? |page = 1 |publisher = International Monetary Fund |date = January 7, 2011 |url = http://www.imf.org/external/np/pp/eng/2011/010711.pdf |access-date = June 19, 2011 }}
* {{cite book |ref = {{harvid|Financial Organization|2011}} |title = Financial Organization and Operations of the IMF: Pamphlet No. 45 |publisher = International Monetary Fund |edition = 6th |date = January 7, 2011 |url = http://www.imf.org/external/pubs/ft/pam/pam45/pdf/chap3.pdf }}
* {{cite web |url = http://www.iie.com/publications/pb/pb09-11.pdf |title = Policy Brief: Drawing Rights |first = John |last = Williamson |publisher = The Peterson Institute for International Economics |date = June 2009 |access-date = 2010-07-04 |archive-date = 2010-06-22 |archive-url = https://web.archive.org/web/20100622191605/http://www.iie.com/publications/pb/pb09-11.pdf |url-status = dead }}
{{Refend}}

==External links==
{{Library resources box}}

* [http://www.imf.org/external/np/fin/data/rms_sdrv.aspx Today's US dollar value of the XDR from the IMF]
* [http://www.imf.org/external/np/fin/data/rms_five.aspx SDRs per Currency unit and Currency units per XDR last five days]
* [http://www.imf.org/cgi-shl/create_x.pl?bur XDR Interest Rate, Rate of Remuneration, Rate of Charge and Burden Sharing Adjustments 2009]
* [http://www.imf.org/external/np/fin/data/XDR_ir.aspx XDR Interest Rate Calculation]
* [http://www.cato.org/publications/commentary/can-imf-currency-replace-dollar Can IMF Currency Replace the Dollar?]

{{Authority control}}

[[Category:Foreign exchange market]]
[[Category:International Monetary Fund]]