Friday, August 14, 2009

Special Drawing Rights approved by International Monetary Fund

Special Drawing Rights (SDR) of $250 billion have been approved for the member nations to help them meet the monetary requirements to tackle the international recession.
The Board of Governors of the International Monetary Fund (IMF) has approved on August 7, 2009 a general allocation of Special Drawing Rights (SDRs) equivalent to US$250 billion to provide liquidity to the global economic system by supplementing Fund’s member countries’ foreign exchange reserves.

The general SDR allocation will be made on August 28, 2009 to IMF members that are participants in the Special Drawing Rights Department (currently all 186 members) in proportion to their existing quotas in the Fund, which are based broadly on their relative size in the global economy.

India's share of the SDR is expected to be $4.78 billion

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