Since September 1987, the SDR market has functioned primarily through voluntary SDR trading arrangements (VTAs).

Reviews have been guided by longstanding principles that aim to enhance the attractiveness of the SDR as a reserve asset (Box 4.2). Overview of the IMF as a Financial Institution, 3. The following symbols have been used throughout this publication: . In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the General Department of the International Monetary Fund as of April 30, 2019 and 2018, and the results of its operations and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. This helped to stabilize. Since October 1, 2015, the Executive Board has decided the designation plan on an annual basis (previously, such plans were on a quarterly basis). IMF Inspired - Bridging the Gender Data Gap, IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves. In contrast, when measured against economic size, the allocation was proportionally largest for low-income countries, followed by emerging market economies. Designation plans have been adopted on a precautionary basis, and they can be activated if needed to ensure that members with a balance of payments need can exchange SDRs for freely usable currency. The last Article IV Executive Board Consultation was on July 3, 2019. The GRA’s holdings of SDRs tend to rise in the wake of reserve asset payments of quota increases for example, following payments of the ad hoc quota increase in FY 2011 and the quota increase, under the Fourteenth General Review in FY 2016 (Figure 4.6). The number of participants in two-way arrangements has expanded and includes both advanced economies and a number of large emerging market economies (Box 4.7). The 2000 decision modified criteria that had been in place since 1980, when the SDR valuation basket was streamlined from 16 to five currencies, and before that the SDR was linked to the value of gold.4 In the most recent review concluded in November 2015 the Executive Board decided to include the Chinese renminbi in the SDR basket, effective October 1, 2016. Specific currency amounts consistent with the initial weights are fixed on the date on which the decision becomes effective (Box 4.4). IMF ANNUAL MEETINGS 2019 ROBERTO CAMPOS NETO CENTRAL BANK OF BRAZIL. Outflows of SDRs from the General Resources Account include (1) purchases under arrangements, (2) remuneration payments on members’ reserve tranche positions, (3) repayments of GRA borrowing (bilateral loan claims or claims under the New Arrangements to Borrow), (4) interest on IMF borrowing, and (5) sales of SDRs to members to pay charges and assessments (Figure 4.4).

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