{ "title": "IMF Executive Board Approves the Applications of Five Institutions to Become Holders of Special Drawing Rights", "publication": "IMF News, February 21, 2023", "sourceUrl": "https://www.imf.org/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr", "canonical": "https://www.imf.org/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr", "overlayPath": "/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/index.md", "summary": "The Executive Board of the International Monetary Fund (IMF) approved on February 8, 2023 the applications of the Caribbean Development Bank (CDB), the Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Inter-American Development Bank (IADB) to become prescribed holders of Special Drawings Rights (SDRs), an international reserve asset created by the Fund to help meet the long-term global need to supplement reserves. Approval of these institutions brings the number of prescribed holders to twenty (see attached list).", "publishDate": "2023-02-21", "sections": [ { "heading": "Executive Board decision and timeline", "content": "- The Executive Board of the International Monetary Fund (IMF) approved on February 8, 2023 the applications of five institutions to become prescribed holders of Special Drawings Rights (SDRs).\n- Press Release No. PR2347\n- Publication date on the IMF site: February 21, 2023\n- Press contact: PRESS OFFICER: Nicolas Mombrial; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson" }, { "heading": "Institutions approved", "content": "- Caribbean Development Bank (CDB)\n- Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF)\n- European Bank for Reconstruction and Development (EBRD)\n- European Investment Bank (EIB)\n- Inter-American Development Bank (IADB)\n- Approval of these institutions brings the number of prescribed holders to twenty." }, { "heading": "Rights, permitted uses, and operational arrangements for prescribed holders", "content": "- Prescribed holders may acquire, hold and use SDRs in operations with other prescribed holders and participants in the SDR Department.\n- The SDR Department maintains records on SDR transactions, holdings, and allocations.\n- All IMF members are currently participants in the SDR Department.\n- Under current IMF decisions, prescribed holders may exchange SDRs for currency, and use SDRs in certain operations, including:\n - loans,\n - settlement of financial obligations,\n - swaps,\n - pledges,\n - transfer as security for the performance of financial obligations,\n - forwards,\n - donations.\n- Prescribed holders may elect to participate in the SDR Voluntary Trading Agreements (VTAs) or enter into bilateral agreements to conduct their exchanges of SDRs." }, { "heading": "Limitations that apply to prescribed holders", "content": "- Unlike participants in the SDR Department, prescribed holders:\n - do not receive allocations of SDRs,\n - may not request an exchange of SDRs in transactions with designation.[1]" }, { "heading": "Legal basis and classification of approved applicants", "content": "- The IMF’s Articles of Agreement authorize the Fund to prescribe as holders of SDRs:\n - (i) non-members,\n - (ii) members that are not participants in the SDR Department,\n - (iii) institutions that perform functions of a central bank for one or more IMF member countries,\n - (iv) other official entities.\n- The five applicants approved on February 8, 2023 are classified as “other official entities”." }, { "heading": "Current list of prescribed holders (as attached)", "content": "- African Development Bank (AFDB)\n- African Development Fund (AFDF)\n- Arab Monetary Fund (AMF)\n- Asian Development Bank (ADB)\n- Bank for International Settlements (BIS)\n- Bank of Central African States (BEAC)\n- Caribbean Development Bank (CDB)\n- Central Bank of West African States (BCEAO)\n- Development Bank of Latin America (Corporacion Andina de Fomento or CAF)\n- Eastern Caribbean Central Bank (ECCB)\n- European Central Bank (ECB)\n- European Bank for Reconstruction and Development (EBRD)\n- European Investment Bank (EIB)\n- Inter-American Development Bank (IADB)\n- International Bank for Reconstruction and Development (IBRD)\n- International Development Association (IDA)\n- International Fund for Agricultural Development\n- Islamic Development Bank\n- Latin American Reserve Fund (FLAR) - Former Andean Reserve Fund\n- Nordic Investment Bank\n\n[1] For additional information please see IMF Financial Operations Handbook, including Box 4.9 on the designation mechanism.\n\nSource: IMF Communications Department press release posted February 21, 2023.\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Special Drawings Rights\n- Voluntary Trading Agreements (VTAs)\n- IMF Financial Operations\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr" } ], "bullets": [ "[Markdown version](/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/index.md)", "[Structured JSON version](/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/index.json)", "[Bundle manifest](/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/bundle-manifest.json)", "Published: February 21, 2023", "The Executive Board of the International Monetary Fund (IMF) approved on February 8, 2023 the applications of five institutions to become prescribed holders of Special Drawings Rights (SDRs).", "Press Release No. PR2347", "Publication date on the IMF site: February 21, 2023", "Press contact: PRESS OFFICER: Nicolas Mombrial; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson", "Caribbean Development Bank (CDB)", "Development Bank of Latin America (known as Corporacion Andina de Fomento or CAF)", "European Bank for Reconstruction and Development (EBRD)", "European Investment Bank (EIB)", "Inter-American Development Bank (IADB)", "Approval of these institutions brings the number of prescribed holders to twenty.", "Prescribed holders may acquire, hold and use SDRs in operations with other prescribed holders and participants in the SDR Department.", "The SDR Department maintains records on SDR transactions, holdings, and allocations.", "All IMF members are currently participants in the SDR Department.", "Under current IMF decisions, prescribed holders may exchange SDRs for currency, and use SDRs in certain operations, including:", "Prescribed holders may elect to participate in the SDR Voluntary Trading Agreements (VTAs) or enter into bilateral agreements to conduct their exchanges of SDRs.", "Unlike participants in the SDR Department, prescribed holders:", "The IMF’s Articles of Agreement authorize the Fund to prescribe as holders of SDRs:", "The five applicants approved on February 8, 2023 are classified as “other official entities”.", "African Development Bank (AFDB)", "African Development Fund (AFDF)", "Arab Monetary Fund (AMF)", "Asian Development Bank (ADB)", "Bank for International Settlements (BIS)", "Bank of Central African States (BEAC)", "Caribbean Development Bank (CDB)", "Central Bank of West African States (BCEAO)", "Development Bank of Latin America (Corporacion Andina de Fomento or CAF)", "Eastern Caribbean Central Bank (ECCB)", "European Central Bank (ECB)", "European Bank for Reconstruction and Development (EBRD)", "European Investment Bank (EIB)", "Inter-American Development Bank (IADB)", "International Bank for Reconstruction and Development (IBRD)", "International Development Association (IDA)", "International Fund for Agricultural Development", "Islamic Development Bank", "Latin American Reserve Fund (FLAR) - Former Andean Reserve Fund", "Nordic Investment Bank", "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)", "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)", "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Special Drawings Rights](https://www.imf.org/en/About/Factsheets/Sheets/2023/special-drawing-rights-sdr)", "[Voluntary Trading Agreements (VTAs)](https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/10/26/Annual-Update-on-SDR-Trading-Operations-498096)", "[IMF Financial Operations](https://www.elibrary.imf.org/display/book/9781484330876/ch04.xml)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/index.md", "json": "/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/index.json", "bundleManifest": "/en/news/articles/2023/02/21/exec-board-approves-applications-5-institutions-become-holders-sdr/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T01:52:05.483Z" }