economics - sdr
TRANSCRIPT
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Global Economics IMF: Special Drawing Rights
CONTENTS
Sr.
No.
TopicPage
No.
1 HISTORY 2
2 THE INTERNATIONAL MONETARY FUND (IMF) 3
3 SPECIAL DRAWING RIGHTS (SDR’s) 4
4 BASKET OF CURRENCIES 5
5 SDR ALLOCATIONS TO IMF MEMBERS
SDR’s !ALUE "
" SDR’s INTEREST RATE 11
# IMF LOANS $ %UOTA 15
& BUYING AND SELLING SDRS1
1' PRI!ATE SDR’s 1"
11 PROS $ CONS SDR*DENOMINATED INSTRUMENTS 1#
12 CONCLUSION 1&
13 BIBLIOGRAPHY 2'
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$ISTORY
S+,-./0 /. .67s ,, -,/7, 89 76, IMF . 1&& / ,, .7,, 7 8, / /ss,7 6,0 . ,.
,:-6/, ,s,;,s 1 ?DR /s ..7./009 ,.,
/s 1 USD@ , A-7. /s 76, 1' 7.=,s /s /s7
/s 0 7/,> F
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T$E INTERN&TION&' MONET&RYF(ND )IMF*
T6, I7,/7./0 M,7/9 F@ . 76, U.7, S7/7,s@ 1## -
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S#ECI&' DR&,ING RIG$TS )SDR-s*
T6, S+,-./0 D/. R.67 (SDR) .s / .7,/7./0 ,s,;, /ss,7@ -,/7, 89 76, IMF . 1&& 7
s
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/&S0ET OF C(RRENCIES
T6, ;/0 I O-78, 2'11@ 76, IMF
E:,-
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SDR &''OC&TIONS TO IMFMEM/ERS
U, .7s A7.-0,s A,,=,7@ 76, IMF =/9 /00-/7, SDRs 7 =,=8,s . ++7. 7 76,. IMF
H,;,@ . / =,=8,’s SDR 60.s .s, /8;, .7s
/00-/7.@ .7 ,/s .7,,s7 76, ,:-,ss -;,s,09@ . .7 60s ,, SDRs 76/ /00-/7,@ .7 +/9s
.7,,s7 76, s67/00>
T6,, /, 7 .s /00-/7.s
• General allocations of SDRs. G,,/0 /00-/7.s 6/;, 7 8, 8/s, / 0*7,= 08/0 ,, 7
s D,-.s.s 7 /00-/7, SDRs 6/;, 8,, =/, 76,, 7.=,s
• . 1&"'*"2@ SDR &>3 8.00.
• . 1&"@ SDR 12>1 8.00.• / . A
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Global Economics IMF: Special Drawing Rights
SDR-s &'(E
T6, ;/0S> 00/*;/0 T6,
8/s,7 -=+s.7. .s ,;.,, ,;,9 .;, 9,/s 89 76, E:,-
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Global Economics IMF: Special Drawing Rights
E3ro =8.%+= !8=2=%= =8..>.21 6!8%%!
?apanese 4en !%8!=== !%!8.1=== =8=@@2%@
#o3n5 sterling =8!!!= !81=1+= =8!2> =8=22
(8S8 5ollar =822==
!8+%
(8S8A!8== B SDR =8SDR! B (SA !8+= .
SDR al3ations
For the past ten year
Report
date
Currenc
y
Currency aount
under Ru!e "#1
$%change
rate
&.S.
'o!!ar
e(ui)a!
ent
2005
+6?an6=1 =8.%2 !8+.
!
6
=8+>@
+6?an6=1 =8=@>. !8@=11=8!>SDR! B (SA !81.%%2=8.>.>2
2
6
=8=>.
%6?an6=2 !>8. !!>8=!=8!11@!
@
6
=8+
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Global Economics IMF: Special Drawing Rights
%6?an6=2 A =82+% ! =82+% =
!8.%>+.
1
SDR! B (SA !8.%>+.
200+
%6?an6=< =8.! !8+%
!=82@>
%6?an6=< !>8. !!>8>@=8!1.+
%6?an6=> !>8. !!!8..=8!21!!
!=82+<
%6?an6=> =8=@=+ !8@>..=8!
%6?an6=> A =82+% ! =82+% =
!81.2
@
SDR! B (SA !81.<
200-
%6?an6=@ =8.! !8+@+@=81
@
6
=8%@+
%6?an6=@ !>8. @!8%% =8%=!
=8>11
%6?an6=@ =8=@=+ !8..@<=8!+=@=
>
6
=8112
%6?an6=@ A =82+% ! =82+% =
!81+2!!
<
SDR! B (SA !81+2!%
2010
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.6?an6!= =8.! !8.+@1=81@=!@
1
6
=8=%>
.6?an6!= !>8. @%8>=8!@>%<
2
6
=8.=@
.6?an6!= =8=@=+ !82%%+=8!.2.@
.
=8!!81<=8!.>++
@=8=@ =8!
=8+1
+6?an6!! A =822 ! =822 =
!81.1>!
>
SDR! B (SA !81.1>%
2012
+6?an6!% =8.%+ !8+=.2=811!>.
2=8>+1
+6?an6!% !%8! =8!1>
@
6
!8!1@
%6?an6!+ =8!!! !82%@2=8!>=>>
2!8!!<
%6?an6!+ A =822 ! =822 =
!81.=%=
>
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Global Economics IMF: Special Drawing Rights
SDR! B (SA !81.=%!
201/
%6?an6!. =8.%+ !8+2@ =81<
6=81+
%6?an6!. !%8! !=18.=8!!.>=
!
6
=8!@@
%6?an6!. =8!!! !821%< =8!>+.1 =8+1>
%6?an6!. A =822 ! =822 =
!81+
SDR! B (SA !81+
%
6
%8=1<
16?an6!1 !%8! !%=8%<=8!==2=
<
6
=8%
16?an6!1 =8!!! !81%1.=8!2@+!
@
6
%8%2>
16?an6!1 A =822 ! =822 =
!8.++1=
>
SDR! B (SA !8.++1!
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T$E SDR-s INTEREST R&TE
The SDR interest rate proi5es the basis ;or calc3lating the interest charge5 to
members on reg3lar )non6concessional* IMF loans the interest pai5 to members on
their SDR hol5ings an5 charge5 on their SDR allocation an5 the interest pai5 to
members on a portion o; their 93ota s3bscriptions8 The SDR interest rate is
5etermine5 weel4 an5 is base5 on a weighte5 aerage o; representatie interest
rates on short6term 5ebt instr3ments in the mone4 marets o; the SDR baset
c3rrencies8
For the ee o March 0-, 2015 to March 15, 2015
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C3rrenc4
C3rrenc4
amo3nt
3n5er R3le O6!
)&*
E7change rate
against the
SDR !
)/*
Interest rate %
)C*
#ro53ct
)&* 7 )/* 7 )C*
E3ro =8.%+= =8.>@ 6=8=.@1
?apanese Yen !%8!=== =8==1@>.%> =8====== =8====
(808 #o3n5
Sterling=8!!!= !8=@=%2 =8.!==== =8=.@2
(8S8 Dollar =822== =8.!+ =8=!==== =8==.<
Total =8==.>
Floor ;or SDR Interest Rate =8=1=
S'R 3nterest Rate 0.050
SDR Interest Rate Calc3lation
Past 10 years4 rst ee o the year.$6ecti)e
ro
$6ecti)
e to
Curre
ncy
Currency
at under
Ru!e "#1
789
$%chang
e rate
against
theS'R7:9
3nterest
rate
7C9
Product
789 % 7:9
% 7C9
2005
!H+H%==1 !H@H%==1 =8.%2 =8>.
++
=8==+ =8===.
!H+H%==1 !H@H%==1 =8=@>. !8%.+21 .8
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!H+H%==1 !H@H%==1 A =81%.>
Total %8%!@%
SDR Int8
Rate
%8%%
200* !H%H%==2 !H>H%==2 =8.%2 =8>%1+>@ %81%%2 =8>><
!H%H%==2 !H>H%==2 %! =8==1@+=
>+
=8==% =8===%
!H%H%==2 !H>H%==2 =8=@>. !8%=.H%==2 A =81 !82.
Total +8=1>+
SDR Int8
Rate
+8=2
200+
!H!H%==< !H>
%
=8..1 =8=.1>
!H!H%==< !H. 18!. =82=12
!H!H%==< !H
Total .8=>>2
SDR Int8
Rate
.8=@
200
!H !H!+H%==>
=8.! =8@+=>< .8=>2 !811@.
!H !H!+H%==
>
!>8. =8==1
=8=@=+ !8%.@ =81@1@
!H !H!+H%==
>
A =82+% =82+%=>. +8% !8%+
Total +8.@%<
SDR Int8
Rate
+8.@
200-
!H1H%==@ !H!!H%== =8.! =8@=%222 !8>%1 =82
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@
!H1H%==@ !H!!H%==
@
!>8. =8==
.<
=8!@1 =8=%1<
!H1H%==@ !H!!H%==
@
=8=@=+ =8@.+ =8!==2
!H1H%==@ !H!!H%==@
A =82+% =821=@@% =8=> =8=+%@
Total =8>+.2
SDR Int8
Rate
=8>+
2010
!H.H%=!= !H!=H%=!
=
=8.! =8@!>@+! =8.==1 =8!1=@
!H.H%=!= !H!=H%=!
=
!>8. =8==2@%>
@<
=8!%1 =8=!1@
!H.H%=!= !H!=H%=!=
=8=@=+ !8=++=1 =8.> =8=..>
!H.H%=!= !H!=H%=!
=
A =82+% =82+>! =8=2 =8=%.%
Total =8%+1>
SDR Int8
Rate
=8%.
2011
!H+H%=!! !H@H%=!! =8.! =8>2%+!> =811@< =8!@8. =8==H%=!% =8.%+ =8>.%2 =8!.1 =8=1!<
!H%H%=!% !H>H%=!% !%8! =8==>+>=
H%=!% =8!!! !8==H%=!% A =822 =821!+1+ =8=% =8==>2
Total =8=@@1
SDR Int8
Rate
=8!
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201
!H1++=1 6=8=!2% 6=8==1>
!H.
=8! =8==@!
!H
!H>2> =8!.> =8=112
!H2H%=!. !H!%H%=!.
!%8! =8==2!>.+@
=8=2 =8==.1
!H2H%=!. !H!%H%=!
.
=8!!! !8=+>==! 6=8=%%!
!H1H%=!1 !H!!H%=!
1
!%8! =8==1
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Global Economics IMF: Special Drawing Rights
IMF 'O&NS J(OT&
LOANS
N*--,ss./0 0/s /, +;., =/.09 76
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% T6, -
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#RI&TE SDR-s
T6, IMF -,/7, SDRs . 1&& /s / .7,/7./0 ,s,;, /ss,7 =,/7 7 s
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7 '>### /=s ., 0 / 1>''> H,;,@ /s S,+7 3'@ 2''&@ 1 SDR .s , F.
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Investors
• Prepackaged diversification SDR*,=./7, s,-
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