SDR is an abbreviation for the English name, which in Russian sounds like “special drawing rights” (SDR). The SDR is considered a synthetic currency and an international reserve asset that is issued by the IMF and used to support financial relations between its members. Reserves are established in this currency and loans are issued in this currency. According to statistics as of March 2016, there are about 204.1 billion SDRs.

Appearance and appointment

Special Drawing Rights (SDR, SDR, SDR) appeared in 1969 in the context of Bretton Woods. To maintain a stable exchange rate of their currencies, countries needed reserves. However, the international supply of gold and dollars was not enough. Confidence in the US currency could be undermined if new banknotes were printed. Therefore, it was decided to create a new reserve asset.

The SDR is precisely the missing link of the Bretton Woods system. However, the latter soon broke up. Most countries have switched to the regime. Under the new Jamaican system, the SDR is not a vital mechanism. The development of money and capital markets has allowed many countries to accumulate significant foreign currency reserves.

However, SDR is not a relic of the past. They continued to exist and had a significant impact in easing the effects of the global financial crisis. In 2009, SDRs worth 182.6 billion were issued to increase liquidity in the global economic system. They supplemented the official reserves of members affected during the financial crisis.

It cannot be said that the SDR is a currency or a requirement of the IMF. Their holders can receive freely usable monetary units in exchange for them through two mechanisms:

1. An exchange between IMF members that occurs on a voluntary basis.
2. Purchase of SDRs by countries with strong external positions from countries in need of credit.

Since SDR is a synthetic currency, it cannot be used by individuals in everyday life. However, it serves for settlements not only within the IMF, but also a number of international organizations (BIS, EBC and other regional development banks).

Currencies included

Originally, the value of special drawing rights was pegged in gold. One SDR was equivalent to the price of 0.88871 grams of this metal. The SDR exchange rate to US dollars was determined as 1:1. After the collapse of the Bretton Woods system in 1973 and its replacement by the Jamaican system, the value of the SDR began to be calculated on the basis of a basket of currencies. Initially it consisted of the US dollar, euro, yen and pound sterling. More recently, the yuan was added to them. The changes took place on October 1, 2016. Now the SDR rate is determined based on the following weight shares:

• American dollar - 41.73%.
• euro - 30.93%.
• Yuan - 10.92%.
• Japanese yen - 8.33%.
• sterling - 8.09%.

The value of the SDR is published every day on the IMF's official website. Its calculation is carried out on the basis of basket weights based on rates that are fixed at noon on the London Stock Exchange.

The list of currencies that determine the value of special drawing rights is necessarily revalued every five years by the IMF Executive Board or earlier if changes in the conditions of the world system require it. The latest innovation was the inclusion of the Chinese yuan in the basket. The next revision of its composition is planned for 2021.

Special Drawing Rights Interest

The SDR rate is the basis for calculating the amount of payments on IMF loans. It also determines the interest paid to member countries on their holdings of special drawing rights and charged on allocated reserves.

The rate is calculated weekly based on the weighted average of representative interest rates on short-term maturing debt instruments in the money markets of the currencies that make up the basket.

Financial asset allocation

The volume of SDRs in the accounts of IMF members is proportional to their quota in the organization. Thus, each country has at its disposal an international reserve asset that does not involve additional costs.

The mechanism for distributing drawing rights is self-financing. The interest accrued to countries with excess holdings is actually charged to the IMF members who use them. However, SDR holders are not only members of the International Monetary Fund, but also some other organizations of the corresponding type. Among them, for example, the European Central Bank. Designated holders can use SDRs in transactions among themselves or with IMF members.

Buying and selling SDRs

The IMF has made three SDR allocations in its history. The total amount of the first was 9.3 billion. This distribution was made from 1970 to 1972. The next time the decision to replenish reserve assets was made in 1979. The total amount of the second distribution was 12.1 billion. It was produced from 1979 to 1981. Then, for many years, SDR reserves remained at the same level.

For almost 30 years after this, a decision was made in due course that there was no need for this step. However, on August 28, 2009, amid the global financial crisis, a third distribution was made. An unprecedented number of SDRs were issued then. The total amount was 161.2 billion. In addition, two weeks earlier, an additional one-time replenishment of reserves in the amount of 21.5 billion was provided. It should be noted that before 2009, more than one fifth of IMF members (those who joined the organization after 1981) had never received an SDR distribution.

Prospects and role of China

In 2016, the World Bank developed a bond program for the Chinese domestic market. The securities are denominated in SDRs and are intended for institutional investors. The World Bank organized this program together with large Chinese banks. The total volume of the program is SDR 2 billion. Earlier this year (from October 1), the yuan was included in the basket of synthetic currencies issued by the IMF. Now SDR is not only the pound sterling, the Japanese yen, the euro and the American dollar.

Special Drawing Rights (SDR) is a reserve asset created by the International Monetary Fund. The SDR is used only in non-cash form for settlements between the IMF, its members and a limited number of third-party organizations.

To briefly denote SDR in texts, the symbol is used XDR, written after the amount. The letter code for the WDD according to the international standard ISO 4217 is XDR.

Dynamics of the rate of special drawing rights to the ruble over the past week:

SDR rate calculator

This online calculator will help you convert the value of SDR into rubles and vice versa. Enter the amount you need in the input field:

SDR rate chart

Information about SDR

At the time of creation special drawing rights in 1969, their exchange rate was fixed against the US dollar (1 XDR = $1). In July 1974, the rules changed: since then, the value has been defined as the dollar value of the basket of currencies that make up the SDR unit. The composition of these currencies has changed several times, and the IMF reviews their share every 5 years. From 1999 to 2015, the SDR included four currencies: the US dollar, the euro, the Japanese yen and the British pound. In 2016, the Chinese yuan became part of the SDR.

The unit value of special drawing rights in US dollars is published daily on the IMF website. The Central Bank of the Russian Federation sets the official SDR exchange rate based on this information and the official dollar exchange rate.

SDR exchange rate history by year

Maximum Special Drawing Rights Rate for the last 10 years was January 22, 2016 and amounted to 115.5616 rubles. for 1 XDR, the minimum was April 13, 2010 and was equal to 43.8949 rubles. The average exchange rate for this time is 67.8805 rubles, which is 23% less than the current value.

HAPPY BIRTHDAY (eng. Special Drawing Rights (SDR) - special drawing rights)

international means of payment intended for use for strictly defined purposes by member countries of the International Monetary Fund (IMF) (today there are more than 150 countries). SDRs have been issued since 1970. in order to regulate settlements with the IMF and compare the value of the national currencies of the IMF member countries. Form of release - entries in the accounts of states with the IMF. The SDR was originally backed by gold; today it is any freely convertible currency that must be provided by the country that owns the SDR in the amount of the SDR it has. Before July 1, 1974, there was no “currency basket” on the basis of which the value of one SDR was determined. From this date until July 1, 1978, the “basket” included 16 currencies of capitalist countries. Then, from the indicated date to January 1, 1981, the currencies of some Arab countries were added to them. From the last date to the present, the SDR “basket” includes the US dollar (42%), German mark (19%), Japanese yen (15%), French franc (12%), British pound sterling (12%).

SDRs are used for settlements between IMF member countries and the IMF. as well as for settlements between member states of the IMF and other states that are not members of the IMF, but have joined the SDR system.

Belov V.A.

Encyclopedia of Lawyer. 2005 .

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Special Drawing Rights (SDR) - English Special Drawing Rights (SDR), are an artificial means of payment that is used for international payments or for the formation of gold and foreign exchange reserves. In accordance with the international standard for currency codes ISO 4217, this payment unit is designated as XDR. The issue of SDRs is carried out by the International Monetary Fund (IMF) exclusively in non-cash form in the form of entries in bank accounts. It should be noted that special drawing rights themselves are not a currency, but their holder has the right to demand their conversion into one of four currencies: the US dollar, the Euro, the British pound or the Japanese yen. Historically, SDRs emerged in 1969 as the crisis of the Bretton Woods monetary system required additional reserve assets beyond monetary gold and the US dollar.

The collapse of the Bretton Woods monetary system in 1972 led to the abandonment of the gold standard, which kept exchange rates fixed to each other. As a result, in 1976-78, the Jamaican currency system was finally formed, in which gold finally lost its role as a means of payment, and the rates of the world's main currencies became freely floating. In the new realities, the role of the International Monetary Fund has increased significantly, and special drawing rights have become widely used by participating countries to form their gold and foreign exchange reserves.

From a technical point of view, Special Drawing Rights are an artificial currency whose exchange rate is tied to a basket of currencies. Initially, this basket included 5 currencies: the US dollar (USD), the German mark (DEM), the French franc (FRF), the Japanese yen (JPY) and the British pound (GBP). In the period from 1981 to 1998, the cost of 1 SDR was as follows.

* the share of each currency in the basket is rounded to the nearest whole fraction

Subsequently, the German mark and the French franc were transformed into the Euro in 1999, and the value of 1 SDR became the following.

Thus, starting from 2011, 1 unit of special drawing rights is equivalent to 0.66 US dollars, 0.423 Euros, 12.1 Japanese yen and 0.111 British pounds. At the same time, the share of each currency in the basket is determined by the IMF based on its importance for the global financial system and international trade. At the same time, the IMF revises the shares every 5 years, but if necessary, the revision can be carried out more often.

Due to the fact that the exchange rate of the currencies included in the basket is constantly changing, the IMF recalculates and publishes the SDR rate daily as the dollar value of the currency basket in the form of the XDR/USD currency pair.

Currently, the IMF uses special drawing rights to regulate the balance of payments of member countries in order to prevent crisis phenomena in the global financial system. The fund's authorized capital is formed from contributions made by countries within their quota. At the same time, 25% of the quota is paid in SDRs or in the currencies of other participating countries, and 75% in the national currency at the current exchange rate. If one of the participating countries faces a balance of payments deficit, it can apply to the IMF to obtain a loan. If the need for financing exceeds the quota, the issuance of such a loan requires the approval of the Board of Governors ( English Board of Governors), which imposes a number of mandatory conditions on the borrower country. In this case, the accounting of issued loans is carried out in SDR, and the interest rate is determined as the weighted average for short-term loans on the money market for each of the currencies included in the basket. Because money market conditions are constantly changing, the interest rate on Special Drawing Rights is recalculated weekly.

Special Drawing Rights (SDR)(Special Drawing Rights, SDR) is an international reserve asset that has been issued by the IMF since 1969 as an addition to the existing international reserve assets of IMF member countries.

SDR (in domestic practice the abbreviation SDR is also used) is neither debt nor debt. Special drawing rights exist only in non-cash form in the form of entries in bank accounts and are used to regulate balances, to cover them, to replenish reserves and to pay off IMF loans. Currently, SDRs, in addition to settlements between the Fund and its members, are used by 14 official organizations, the so-called third-party SDR holders. Three states established parities for their currencies in SDRs (there were 11 in the late 1980s); About 10 international and regional organizations use the SDR as a unit of account. A number of international organizations use SDRs to express monetary values: prices, tariffs for communication services, transportation, etc. According to ISO 4217, the SDR is assigned the International Code XDR.

Today, special drawing rights have a limited scope of use and are used as a reserve asset and as a unit of account for the IMF and other international organizations. SDR holders can receive real currencies (usually reserve currencies) in exchange for their SDRs.

The SDR price was initially set at 0.888671 grams of gold. Since 1981, the SDR has been redefined as a currency basket of five currencies: the US dollar, the German mark, the French franc, the Japanese yen and the British pound. For 1981 - 1985 the following SDR structure was determined: USD - 42%; DEM - 19%; FRF - 13%; JPY - 13%; GBP - 13%. Since 1999, the German mark and the French franc have been replaced by the euro. For the period 2011-2015. The following SDR structure has been established: USD - 41.9%; EUR - 37.4%; JPY - 9.4%; GBP - 11.3%. Since 2016, the Chinese yuan has been included in the SDR. Thus, for the period 2016-2020. the SDR structure is as follows: USD - 41.73%; EUR - 30.93%; CHY - 10.92; JPY - 8.33%; GBP - 8.09%.

The SDR rate is determined based on the dollar value of the currencies included in the basket and is published daily. The SDR interest rate is determined as the weighted average of interest rates for short-term borrowings in the money markets of currencies that are included in the SDR currency basket, and is revised weekly.

The composition of the SDR basket is reviewed every five years to ensure that they reflect the relative values ​​of currencies in the global trading and financial system.

In December 2009, as part of the 14th General Review of Quotas to more accurately reflect the place and role of individual countries in the global economy, the IMF Board of Governors approved a package of related reforms, which include the following:

1. the total amount of quotas will be increased from 238.4 SDR to 476.8 SDR;
2. approximately 6% of quotas will be reallocated in favor of emerging markets and developing countries;
3. in terms of quotas, China will take third place, and the top ten largest shareholders of the IMF will include Brazil, India and Russia;
4. quotas for the poorest states are retained, which include countries whose per capita income in 2008 did not exceed $1,135 (the threshold level established by the International Development Organization), and quotas for small states in which the average per capita income did not exceed $2,270. USA.

After the global financial crisis of 2008-2009. Some countries proposed expanding the basic SDR currency basket and, on their basis, creating a world reserve currency that would replace the US dollar. In the future, this may lead to the emergence of a new world currency in cash circulation, just as the euro emerged from the ECU.