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Special Drawing Rights
April 19 , 2021
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- The G20 Finance Ministers recently nodded to the International Monetary Fund to provide fresh Special Drawing Rights to its member countries.
- The IMF has been permitted to provide SDR of worth 650 million USD to the member countries.
Special Drawing Rights
- It is an international reserve asset.
- It was created by the IMF in 1969 to supplement the official reserves of its member countries.
- The value of Special Drawing Rights is based on five currencies of the world.
- They are US dollars, Japanese Yen, Chinese Renminbi, British pound sterling and Euro.
- The value of SDR is calculated every day.
- The voting power of a member country in IMF is based on the quota that is measured in terms of SDR.
- It is primarily based on the economic position of a country.
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