## ppea2021068

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---

### Executive Summary
- On August 2, the Board of Governors (BoG) approved a fourth general allocation of SDRs in the amount of US$ 650 billion (equivalent to about SDR 456 billion).
- On August 23, the SDR allocation was credited to the SDR account of each participant in the SDR Department (currently all 190 IMF members) in proportion to their IMF quotas.
- After the 2021 SDR allocation, the buying and selling capacities of the VTAs increased to about SDR 234.1 billion and SDR 109.0 billion, respectively (status as of September 30, 2021).
- The expanded VTA capacity is expected to be sufficient to meet the demand for SDR sales, which will likely increase in the immediate period following the allocation.
- Staff initiated broad outreach to expand and strengthen the VTA market, seeking new entrants and requesting increased operational flexibility under existing VTAs.
- Since the last annual update, SDR sales via VTAs dropped while SDR acquisitions remained broadly unchanged; there was an uptake in sales in the period after the allocation.

### Introduction and Context
- The 2021 general allocation: SDR 456 billion (equivalent to US$ 650 billion) approved August 2, 2021; credited August 23, 2021.
- Cumulative allocation amount brought to SDR 660.7 billion after the 2021 allocation.
- Participants (currently all 190 members) may hold SDRs as reserve assets, exchange them for freely usable currencies, or use them in Fund-authorized operations (payments of financial obligations, loans, pledges, donations) with other SDR Department participants or prescribed holders.
- SDR purchases needed to meet members’ obligations to the IMF can, in certain circumstances, be conducted through the General Resources Account (GRA) of the IMF.

### Voluntary Trading Arrangements (VTAs)
- VTAs are bilateral arrangements between the Fund and SDR participants or prescribed holders in which the VTA members agree to buy and sell SDRs within certain limits.
- VTAs handle nearly all SDR exchanges; transactions can also occur bilaterally between participants or via the GRA in specified cases.
- As of September 30, 2021, VTAs included:
  - Asia and Pacific: Australia, China, Japan, Korea, and New Zealand
  - Europe: Austria, Belgium, Cyprus, Denmark, ECB, Finland, France, Germany, Greece, Ireland, Israel, Italy, Lithuania*, Malta, The Netherlands, Norway, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom
  - Middle East & Central Asia: Oman*, Saudi Arabia
  - Western Hemisphere: Canada, Chile, Mexico, and the United States
  - *New VTAs after the 2021 General SDR Allocation.
- Distribution of transactions across VTAs considers factors to achieve equitable use over time:
  - The scope of individual VTAs based on SDR holdings-to-allocation ratios.
  - Deviation of SDR holdings from the mid-point VTA trading range.
  - Transaction and counterparty limits, currency preferences, notification periods and holidays, number of prior transactions, historical trading volumes, and the need to split large transactions.
- Over the last five years, all VTAs (other than members with credit outstanding to the Fund) participated in SDR transactions with an average sale amount of about SDR 100 million.
- Regional participation (January 1, 2016–August 31, 2021) in SDR sales and acquisitions by transaction count:
  - Asia and Pacific: 29%
  - Europe: 55%
  - Middle East & Central Asia: 2%
  - Western Hemisphere: 14%

### VTA Capacity and Recent Changes
- Purchasing and selling VTA capacities increased to SDR 234.1 billion and SDR 109.0 billion, respectively, at September 30, 2021 (from SDR 72.5 billion and SDR 34.3 billion, respectively, at end-August 2020).
- The increase in capacities was automatic after the general allocation because nearly all VTAs have trading limits set as percentages of participants’ SDR allocations.
- Staff assessed the new SDR purchasing capacity of VTAs as sufficient against different illustrative scenarios for potential sales of SDRs.
- In the event VTAs cannot provide for an exchange of SDRs into currencies, the Articles of Agreement provide for a designation mechanism; the IMF prepares a Designation Plan annually, which has remained precautionary since 1987.
- Outreach and market strengthening measures:
  - Staff approached Financial Transactions Plan (FTP) participants without existing VTAs to encourage joining the voluntary trading market.
  - Staff reached out to existing VTA participants to seek additional operational flexibilities.
  - As a result, 2 new VTA agreements were finalized in 2021 and a further 5 are under discussion.
  - Potential new arrangements are expected to provide additional trading capacity of about SDR 11.2 billion.
  - Several existing VTAs modified operational flexibilities: removal or increase of transactional limits, streamlined advance notification periods, increased currency flexibility, and increased VTA trading capacity.

### SDR Trading Operations: Summary and Trends
- This section summarizes SDR trading operations for the past year and trends over the last five years (2016–2020), covering SDR sales through VTAs, SDR acquisitions through VTAs and GRA, other SDR operations, and SDR reporting.

A. SDR Sales Through VTAs
- In 2020-21, there were 30 SDR sales transactions amounting to SDR 1.7 billion.
- In the previous year, there were 37 sales totaling SDR 2.4 billion.
- The nominal decrease primarily stems from lower sales of SDRs related to SDR lending in both the GRA and Poverty Reduction and Growth Trust (PRGT).
- Cumulatively, January 1, 2016–August 31, 2021: SDR sales have totaled SDR 20.7 billion (261 transactions) by 30 participants and 4 prescribed holders.
- Sales from the GRA are treated as acquisitions by members and are reflected in SDR acquisitions statistics.
- Sales in connection with GRA and PRGT lending relate to sales of SDRs which were received by borrowers in GRA purchases or PRGT loans; sales in the other category pertain to requests received directly from SDR participants or prescribed holders.
- Sales requests involving multiple counterparties and/or currencies require more than one transaction per sale request.

B. SDR Acquisitions Through VTAs and GRA
- (Section head noted in contents; detailed acquisition numbers and trends are presented in the report’s tables and Figure 4 for the reporting period.)

C. Other SDR Transactions
- (Section head noted in contents; the report covers other SDR operations beyond sales and acquisitions.)

D. SDR Reporting
- (Section head noted in contents; the report includes SDR reporting practices and data summaries.)

### Key Statistics and Figures (selected)
- New general allocation (2021): US$ 650 billion = about SDR 456 billion.
- Cumulative allocations after 2021 allocation: SDR 660.7 billion.
- Participants credited on August 23, 2021: currently all 190 IMF members.
- VTA capacities as of September 30, 2021:
  - Purchasing capacity: SDR 234.1 billion
  - Selling capacity: SDR 109.0 billion
- VTA capacities as of end-August 2020:
  - Purchasing capacity: SDR 72.5 billion
  - Selling capacity: SDR 34.3 billion
- Additional potential VTA trading capacity from prospective new arrangements: about SDR 11.2 billion.
- SDR sales in 2020-21: 30 transactions, SDR 1.7 billion.
- SDR sales in prior year: 37 transactions, SDR 2.4 billion.
- Cumulative SDR sales since January 1, 2016–August 31, 2021: SDR 20.7 billion, 261 transactions, by 30 participants and 4 prescribed holders.
- Regional distribution of VTA purchasing capacity as of September 30, 2021:
  - Asia and Pacific: 36% (of purchasing capacity)
  - Europe: 31%
  - Middle East & Central Asia: 3%
  - Western Hemisphere: 30%
- Regional distribution of VTA selling capacity as of September 30, 2021:
  - Asia and Pacific: 15% (of selling capacity)
  - Europe: 66%
  - Middle East & Central Asia: 5%
  - Western Hemisphere: 14%

### SDR Sales Following the General Allocation (Aug 23, 2021–Sep 30, 2021)
- Between August 23, 2021 and September 30, 2021, 22 members have exchanged 6.9 billion SDRs for currencies.
- Staff arranged over 40 transactions of SDR 6.6 billion in sales through the VTAs and SDR 0.3 billion has been conducted bilaterally between parties.
- All the sales of SDRs were by EMDCs, of which 17 percent were by LICs.
- On average, these members sold 82 percent of their new 2021 allocations.
- The average sale size was about SDR 315 million.

### Annual and Cumulative Reporting Periods and Transaction Counts
- The annual reporting period for SDR transactions for this paper is September 1, 2020 to August 31, 2021 while the cumulative period is from January 1, 2016 to August 31, 2021.
- Number of Sales Requests (by year or period as presented):
  - 2016: 4/41
  - 2017: 55
  - 2018: 40
  - 2019: 45
  - 2020: 33
  - Jan-Aug 2021: 18
  - Total Jan 2016–Aug 2021: 232
  - Sep 2019-Aug 2020: 36
  - Sep 2020-Aug 2021: 27
- Number of Transactions (by year or period as presented):
  - 2016: 4/49
  - 2017: 61
  - 2018: 47
  - 2019: 49
  - 2020: 34
  - Jan-Aug 2021: 21
  - Total Jan 2016–Aug 2021: 261
  - Sep 2019-Aug 2020: 37
  - Sep 2020-Aug 2021: 30
- Transactions in connection with specific operations (by Rltd Oper Code):
  - in connection with GRA lending: 18, 21, 23, 19, 1, 1; total 83; Sep 2019-Aug 2020: 5; Sep 2020-Aug 2021: 1
  - in connection with PRGT lending: 13, 22, 11, 11, 20, 4; total 81; Sep 2019-Aug 2020: 16; Sep 2020-Aug 2021: 11
  - in connection with PRGT liquidity: 7, 7, 6, 12, 6, 4; total 42; Sep 2019-Aug 2020: 8; Sep 2020-Aug 2021: 5
  - others: 11, 11, 7, 7, 7, 12; total 55; Sep 2019-Aug 2020: 8; Sep 2020-Aug 2021: 13

### Total Amounts of SDR Sales (January 1, 2016–August 31, 2021 and subcategories)
- Total amount of SDR sales (by year or period as presented):
  - 2016: 4,940
  - 2017: 4,241
  - 2018: 3,898
  - 2019: 4,179
  - 2020: 2,173
  - Jan-Aug 2021: 1,274
  - Total Jan 2016–Aug 2021: 20,705
  - Sep 2019-Aug 2020: 2,379
  - Sep 2020-Aug 2021: 1,721
- Of which, in connection with GRA lending:
  - 2016: 3,692
  - 2017: 3,019
  - 2018: 2,903
  - 2019: 2,945
  - 2020: 200
  - Jan-Aug 2021: 144
  - Total Jan 2016–Aug 2021: 12,903
  - Sep 2019-Aug 2020: 450
  - Sep 2020-Aug 2021: 144
- Of which, in connection with PRGT lending:
  - 2016: 377
  - 2017: 617
  - 2018: 348
  - 2019: 633
  - 2020: 1,701
  - Jan-Aug 2021: 115
  - Total Jan 2016–Aug 2021: 3,791
  - Sep 2019-Aug 2020: 1,575
  - Sep 2020-Aug 2021: 507
- Of which, in connection with PRGT liquidity:
  - 2016: 450
  - 2017: 465
  - 2018: 538
  - 2019: 437
  - 2020: 196
  - Jan-Aug 2021: 182
  - Total Jan 2016–Aug 2021: 2,268
  - Sep 2019-Aug 2020: 279
  - Sep 2020-Aug 2021: 217
- Others:
  - 2016: 421
  - 2017: 140
  - 2018: 110
  - 2019: 165
  - 2020: 76
  - Jan-Aug 2021: 833
  - Total Jan 2016–Aug 2021: 1,745
  - Sep 2019-Aug 2020: 75
  - Sep 2020-Aug 2021: 853

### Acquisitions of SDRs Through VTAs and GRA
- In 2020–21, there were 101 acquisitions amounting to SDR 1.3 billion.
- In the prior year, there were 100 transactions for SDR 1.1 billion.
- Since January 2016, the Fund assisted 74 participants and 4 prescribed holders in over 500 transactions through the VTAs amounting to SDR 10 billion.
- A total of 195 transactions (SDR 3.3 billion) have been handled through the GRA.

### Other SDR Transactions (Bilateral)
- SDR transactions can be conducted bilaterally between participants or prescribed holders, though most transactions are channeled through VTAs.
- Bilateral transactions have not been significant, with the average annual amount over the last five years at less than SDR 0.3 billion.
- Cumulatively since 2016, 203 bilateral transactions have been conducted in the amount of SDR 1.5 billion.
- The increase in 2021 mainly relates to a bilateral sale after the 2021 SDR Allocation.

### SDR Reporting and Transparency Enhancements
- The Fund publishes a range of information about the SDR and will further enhance transparency.
- The annual and quarterly financial reports include holdings and allocations by member and aggregate data about SDR flows.
- The IMF Finances webpage publishes monthly information on SDR holdings and allocations of participants.
- The periodic IMF Financial Operations publication provides extensive information on the functioning of the voluntary SDR trading market, including operating modalities, capacity, trading by region, and aggregate transaction volumes.
- To further increase transparency, the existing quarterly financial reports that include individual member’s SDR holdings will be enhanced by publishing changes in those holdings in two broad categories:
  - (i) those related to IMF operations; and
  - (ii) SDR trading and other uses.

*International Monetary Fund — ANNUAL UPDATE ON SDR TRADING OPERATIONS, Section 2*

### Section 1

### ANNUAL UPDATE ON SDR TRADING OPERATIONS — Section 1

### Executive Summary
- On August 2, the Board of Governors (BoG) approved a fourth general allocation of SDRs in the amount of US$ 650 billion (equivalent to about SDR 456 billion).
- On August 23, the SDR allocation was credited to the SDR account of each participant in the SDR Department (currently all 190 IMF members) in proportion to their IMF quotas.
- After the 2021 SDR allocation, the buying and selling capacities of the VTAs increased to about SDR 234.1 billion and SDR 109.0 billion, respectively (status as of September 30, 2021).
- The expanded VTA capacity is expected to be sufficient to meet the demand for SDR sales, which will likely increase in the immediate period following the allocation.
- Staff initiated broad outreach to expand and strengthen the VTA market, seeking new entrants and requesting increased operational flexibility under existing VTAs.
- Since the last annual update, SDR sales via VTAs dropped while SDR acquisitions remained broadly unchanged; there was an uptake in sales in the period after the allocation.

### Introduction and Context
- The 2021 general allocation: SDR 456 billion (equivalent to US$ 650 billion) approved August 2, 2021; credited August 23, 2021.
- Cumulative allocation amount brought to SDR 660.7 billion after the 2021 allocation.
- Participants (currently all 190 members) may hold SDRs as reserve assets, exchange them for freely usable currencies, or use them in Fund-authorized operations (payments of financial obligations, loans, pledges, donations) with other SDR Department participants or prescribed holders.
- SDR purchases needed to meet members’ obligations to the IMF can, in certain circumstances, be conducted through the General Resources Account (GRA) of the IMF.

### Voluntary Trading Arrangements (VTAs)
- VTAs are bilateral arrangements between the Fund and SDR participants or prescribed holders in which the VTA members agree to buy and sell SDRs within certain limits.
- VTAs handle nearly all SDR exchanges; transactions can also occur bilaterally between participants or via the GRA in specified cases.
- As of September 30, 2021, VTAs included:
  - Asia and Pacific: Australia, China, Japan, Korea, and New Zealand
  - Europe: Austria, Belgium, Cyprus, Denmark, ECB, Finland, France, Germany, Greece, Ireland, Israel, Italy, Lithuania*, Malta, The Netherlands, Norway, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom
  - Middle East & Central Asia: Oman*, Saudi Arabia
  - Western Hemisphere: Canada, Chile, Mexico, and the United States
  - *New VTAs after the 2021 General SDR Allocation.
- Distribution of transactions across VTAs considers factors to achieve equitable use over time:
  - The scope of individual VTAs based on SDR holdings-to-allocation ratios.
  - Deviation of SDR holdings from the mid-point VTA trading range.
  - Transaction and counterparty limits, currency preferences, notification periods and holidays, number of prior transactions, historical trading volumes, and the need to split large transactions.
- Over the last five years, all VTAs (other than members with credit outstanding to the Fund) participated in SDR transactions with an average sale amount of about SDR 100 million.
- Regional participation (January 1, 2016–August 31, 2021) in SDR sales and acquisitions by transaction count:
  - Asia and Pacific: 29%
  - Europe: 55%
  - Middle East & Central Asia: 2%
  - Western Hemisphere: 14%

### VTA Capacity and Recent Changes
- Purchasing and selling VTA capacities increased to SDR 234.1 billion and SDR 109.0 billion, respectively, at September 30, 2021 (from SDR 72.5 billion and SDR 34.3 billion, respectively, at end-August 2020).
- The increase in capacities was automatic after the general allocation because nearly all VTAs have trading limits set as percentages of participants’ SDR allocations.
- Staff assessed the new SDR purchasing capacity of VTAs as sufficient against different illustrative scenarios for potential sales of SDRs.
- In the event VTAs cannot provide for an exchange of SDRs into currencies, the Articles of Agreement provide for a designation mechanism; the IMF prepares a Designation Plan annually, which has remained precautionary since 1987.
- Outreach and market strengthening measures:
  - Staff approached Financial Transactions Plan (FTP) participants without existing VTAs to encourage joining the voluntary trading market.
  - Staff reached out to existing VTA participants to seek additional operational flexibilities.
  - As a result, 2 new VTA agreements were finalized in 2021 and a further 5 are under discussion.
  - Potential new arrangements are expected to provide additional trading capacity of about SDR 11.2 billion.
  - Several existing VTAs modified operational flexibilities: removal or increase of transactional limits, streamlined advance notification periods, increased currency flexibility, and increased VTA trading capacity.

### SDR Trading Operations: Summary and Trends
- This section summarizes SDR trading operations for the past year and trends over the last five years (2016–2020), covering SDR sales through VTAs, SDR acquisitions through VTAs and GRA, other SDR operations, and SDR reporting.

A. SDR Sales Through VTAs
- In 2020-21, there were 30 SDR sales transactions amounting to SDR 1.7 billion.
- In the previous year, there were 37 sales totaling SDR 2.4 billion.
- The nominal decrease primarily stems from lower sales of SDRs related to SDR lending in both the GRA and Poverty Reduction and Growth Trust (PRGT).
- Cumulatively, January 1, 2016–August 31, 2021: SDR sales have totaled SDR 20.7 billion (261 transactions) by 30 participants and 4 prescribed holders.
- Sales from the GRA are treated as acquisitions by members and are reflected in SDR acquisitions statistics.
- Sales in connection with GRA and PRGT lending relate to sales of SDRs which were received by borrowers in GRA purchases or PRGT loans; sales in the other category pertain to requests received directly from SDR participants or prescribed holders.
- Sales requests involving multiple counterparties and/or currencies require more than one transaction per sale request.

B. SDR Acquisitions Through VTAs and GRA
- (Section head noted in contents; detailed acquisition numbers and trends are presented in the report’s tables and Figure 4 for the reporting period.)

C. Other SDR Transactions
- (Section head noted in contents; the report covers other SDR operations beyond sales and acquisitions.)

D. SDR Reporting
- (Section head noted in contents; the report includes SDR reporting practices and data summaries.)

### Key Statistics and Figures (selected)
- New general allocation (2021): US$ 650 billion = about SDR 456 billion.
- Cumulative allocations after 2021 allocation: SDR 660.7 billion.
- Participants credited on August 23, 2021: currently all 190 IMF members.
- VTA capacities as of September 30, 2021:
  - Purchasing capacity: SDR 234.1 billion
  - Selling capacity: SDR 109.0 billion
- VTA capacities as of end-August 2020:
  - Purchasing capacity: SDR 72.5 billion
  - Selling capacity: SDR 34.3 billion
- Additional potential VTA trading capacity from prospective new arrangements: about SDR 11.2 billion.
- SDR sales in 2020-21: 30 transactions, SDR 1.7 billion.
- SDR sales in prior year: 37 transactions, SDR 2.4 billion.
- Cumulative SDR sales since January 1, 2016–August 31, 2021: SDR 20.7 billion, 261 transactions, by 30 participants and 4 prescribed holders.
- Regional distribution of VTA purchasing capacity as of September 30, 2021:
  - Asia and Pacific: 36% (of purchasing capacity)
  - Europe: 31%
  - Middle East & Central Asia: 3%
  - Western Hemisphere: 30%
- Regional distribution of VTA selling capacity as of September 30, 2021:
  - Asia and Pacific: 15% (of selling capacity)
  - Europe: 66%
  - Middle East & Central Asia: 5%
  - Western Hemisphere: 14%

*Prepared by the Finance Department (Maria Manno, Jane Mburu, Vendula Kurcova, Anna Nakafeero, and Martina Schmid under the guidance of Zuzana Murgasova), in consultation with the Legal Department. October 4, 2021.*

### Section 2

### ppea2021068 - Section 2

### SDR Sales Following the General Allocation (Aug 23, 2021–Sep 30, 2021)
- Between August 23, 2021 and September 30, 2021, 22 members have exchanged 6.9 billion SDRs for currencies.
- Staff arranged over 40 transactions of SDR 6.6 billion in sales through the VTAs and SDR 0.3 billion has been conducted bilaterally between parties.
- All the sales of SDRs were by EMDCs, of which 17 percent were by LICs.
- On average, these members sold 82 percent of their new 2021 allocations.
- The average sale size was about SDR 315 million.

### Annual and Cumulative Reporting Periods and Transaction Counts
- The annual reporting period for SDR transactions for this paper is September 1, 2020 to August 31, 2021 while the cumulative period is from January 1, 2016 to August 31, 2021.
- Number of Sales Requests (by year or period as presented):
  - 2016: 4/41
  - 2017: 55
  - 2018: 40
  - 2019: 45
  - 2020: 33
  - Jan-Aug 2021: 18
  - Total Jan 2016–Aug 2021: 232
  - Sep 2019-Aug 2020: 36
  - Sep 2020-Aug 2021: 27
- Number of Transactions (by year or period as presented):
  - 2016: 4/49
  - 2017: 61
  - 2018: 47
  - 2019: 49
  - 2020: 34
  - Jan-Aug 2021: 21
  - Total Jan 2016–Aug 2021: 261
  - Sep 2019-Aug 2020: 37
  - Sep 2020-Aug 2021: 30
- Transactions in connection with specific operations (by Rltd Oper Code):
  - in connection with GRA lending: 18, 21, 23, 19, 1, 1; total 83; Sep 2019-Aug 2020: 5; Sep 2020-Aug 2021: 1
  - in connection with PRGT lending: 13, 22, 11, 11, 20, 4; total 81; Sep 2019-Aug 2020: 16; Sep 2020-Aug 2021: 11
  - in connection with PRGT liquidity: 7, 7, 6, 12, 6, 4; total 42; Sep 2019-Aug 2020: 8; Sep 2020-Aug 2021: 5
  - others: 11, 11, 7, 7, 7, 12; total 55; Sep 2019-Aug 2020: 8; Sep 2020-Aug 2021: 13

### Total Amounts of SDR Sales (January 1, 2016–August 31, 2021 and subcategories)
- Total amount of SDR sales (by year or period as presented):
  - 2016: 4,940
  - 2017: 4,241
  - 2018: 3,898
  - 2019: 4,179
  - 2020: 2,173
  - Jan-Aug 2021: 1,274
  - Total Jan 2016–Aug 2021: 20,705
  - Sep 2019-Aug 2020: 2,379
  - Sep 2020-Aug 2021: 1,721
- Of which, in connection with GRA lending:
  - 2016: 3,692
  - 2017: 3,019
  - 2018: 2,903
  - 2019: 2,945
  - 2020: 200
  - Jan-Aug 2021: 144
  - Total Jan 2016–Aug 2021: 12,903
  - Sep 2019-Aug 2020: 450
  - Sep 2020-Aug 2021: 144
- Of which, in connection with PRGT lending:
  - 2016: 377
  - 2017: 617
  - 2018: 348
  - 2019: 633
  - 2020: 1,701
  - Jan-Aug 2021: 115
  - Total Jan 2016–Aug 2021: 3,791
  - Sep 2019-Aug 2020: 1,575
  - Sep 2020-Aug 2021: 507
- Of which, in connection with PRGT liquidity:
  - 2016: 450
  - 2017: 465
  - 2018: 538
  - 2019: 437
  - 2020: 196
  - Jan-Aug 2021: 182
  - Total Jan 2016–Aug 2021: 2,268
  - Sep 2019-Aug 2020: 279
  - Sep 2020-Aug 2021: 217
- Others:
  - 2016: 421
  - 2017: 140
  - 2018: 110
  - 2019: 165
  - 2020: 76
  - Jan-Aug 2021: 833
  - Total Jan 2016–Aug 2021: 1,745
  - Sep 2019-Aug 2020: 75
  - Sep 2020-Aug 2021: 853

### Acquisitions of SDRs Through VTAs and GRA
- In 2020–21, there were 101 acquisitions amounting to SDR 1.3 billion.
- In the prior year, there were 100 transactions for SDR 1.1 billion.
- Since January 2016, the Fund assisted 74 participants and 4 prescribed holders in over 500 transactions through the VTAs amounting to SDR 10 billion.
- A total of 195 transactions (SDR 3.3 billion) have been handled through the GRA.

### Other SDR Transactions (Bilateral)
- SDR transactions can be conducted bilaterally between participants or prescribed holders, though most transactions are channeled through VTAs.
- Bilateral transactions have not been significant, with the average annual amount over the last five years at less than SDR 0.3 billion.
- Cumulatively since 2016, 203 bilateral transactions have been conducted in the amount of SDR 1.5 billion.
- The increase in 2021 mainly relates to a bilateral sale after the 2021 SDR Allocation.

### SDR Reporting and Transparency Enhancements
- The Fund publishes a range of information about the SDR and will further enhance transparency.
- The annual and quarterly financial reports include holdings and allocations by member and aggregate data about SDR flows.
- The IMF Finances webpage publishes monthly information on SDR holdings and allocations of participants.
- The periodic IMF Financial Operations publication provides extensive information on the functioning of the voluntary SDR trading market, including operating modalities, capacity, trading by region, and aggregate transaction volumes.
- To further increase transparency, the existing quarterly financial reports that include individual member’s SDR holdings will be enhanced by publishing changes in those holdings in two broad categories:
  - (i) those related to IMF operations; and
  - (ii) SDR trading and other uses.

*International Monetary Fund — ANNUAL UPDATE ON SDR TRADING OPERATIONS, Section 2*

---


_Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021068.pdf_