What are special drawing rights? The IMF's basket of five currencies
By SendPay Business · · 2 min read
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Special drawing rights, or SDRs, are an international reserve asset created by the International Monetary Fund in 1969. An SDR isn't a currency you can spend in a shop. It is a claim that IMF member countries can swap for the currencies they need.
What's in the basket
- US dollar
- Euro
- Chinese renminbi, added in 2016
- Japanese yen
- British pound
How its value is set
The value of one SDR is worked out daily from the exchange rates of those five currencies, each with a set weight. The IMF reviews the basket, usually every five years.
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How countries use it
The IMF hands out SDRs to member countries in proportion to their shares in the fund. A country short of foreign currency can swap its SDRs with another member for dollars or euros. Some organisations also use the SDR as a unit of account for fees and limits.
Where SendPay fits
SendPay platforms let customers hold GBP, EUR and USD and exchange between them at a fee the platform owner sets, powered by licensed partners. SendPay doesn't offer trading.
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Questions people ask
What is one SDR worth today?
Work it out from today's rates with the free calculator.
SDR calculator →What is a reserve currency?
A currency central banks hold in large amounts, like the US dollar.
Reserve currencies →What is a currency peg?
When a country fixes its currency's value against another currency.
Currency pegs →What is dollarisation?
When a country uses another nation's currency, usually the US dollar.
Dollarisation →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.