Press Release: IMF Approves European Central Bank Application to Become a Holder of Special Drawing Rights
IMF News, November 15, 2000
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- Press Release: IMF Approves European Central Bank Application to Become a Holder of Special Drawing Rights
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Bibliographic details
- Published: November 15, 2000
Summary of action taken
- The International Monetary Fund (IMF) approved the European Central Bank’s (ECB) application to become a prescribed holder of Special Drawing Rights (SDRs).
- Approval of the ECB’s application brings to 16 the number of prescribed holders of SDRs.
- Press Release No. 00/59, dated November 15, 2000.
Legal basis and eligibility
- The IMF’s Articles of Agreement provide for the possibility to prescribe as other holders of SDRs—other than IMF members—certain types of official organizations, including institutions that perform the functions of a central bank for more than one IMF member country.
- A prescribed holder is a category distinct from IMF members with specified rights and restrictions regarding SDRs.
Rights and restrictions for prescribed holders
- A prescribed holder may acquire and use SDRs in exchange for an equivalent amount of a monetary asset, other than gold, in transactions and operations with:
- any other prescribed holder, and
- any of the IMF’s members.
- A prescribed holder may not be allocated SDRs issued by the IMF.
- A prescribed holder may not be required by the IMF to receive SDRs in exchange for currency.
Current list of prescribed holders of SDRs (as of this press release)
- African Development Bank
- African Development Fund
- Arab Monetary Fund
- Asian Development Bank
- Bank for International Settlements
- Bank of Central African States
- Central Bank of West African States
- East African Development Bank
- Eastern Caribbean Central Bank
- European Central Bank
- International Bank for Reconstruction and Development
- International Development Association
- International Fund for Agricultural Development
- Islamic Development Bank
- Latin American Reserve Fund
- Nordic Investment Bank
Press Release No. 00/59 — November 15, 2000 — International Monetary Fund.