## Applications To Become Holders of SDRS

_Policy Papers, February 21, 2023_

## Source details

**Canonical URL:** [Applications To Become Holders of SDRS](https://www.imf.org/en/publications/policy-papers/issues/2023/02/21/applications-to-become-holders-of-sdrs-530055)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2023/02/21/applications-to-become-holders-of-sdrs-530055/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2023/02/21/applications-to-become-holders-of-sdrs-530055/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2023/02/21/applications-to-become-holders-of-sdrs-530055/bundle-manifest.json)

## Bibliographic details
- Published: February 21, 2023
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400230752.007

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### Approval decision
- The International Monetary Fund (IMF) approved on February 8, 2023 the applications of the following institutions to become prescribed holders of Special Drawing Rights (SDRs):
  - 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)

### SDR definition and legal authorization
- The SDR is described as "an international reserve asset created by the IMF to supplement the reserves of IMF members that participate in the SDR Department."
- The IMF’s Articles of Agreement authorize the IMF to prescribe (i.e., approve) as holders of SDRs:
  - (i) non-members,
  - (ii) members that are not participants in the SDR Department;
  - (iii) institutions that perform functions of a central bank for one or more IMF member countries; and
  - (iv) other official entities (which all five entities approved on February 8 are).

### Rights and operations for prescribed holders
- Prescribed holders may:
  - acquire SDRs,
  - hold SDRs, and
  - use SDRs in transactions by agreement and in operations.

### Outcome and key counts
- Approval of the five institutions on February 8, 2023 brings the number of prescribed holders to twenty.

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2023/english/ppea2023002.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2023/english/ppea2023002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2023/02/21/applications-to-become-holders-of-sdrs-530055_