## Annual Update on SDR Trading Operations

_Policy Papers, October 3, 2025_

## Source details

**Canonical URL:** [Annual Update on SDR Trading Operations](https://www.imf.org/en/publications/policy-papers/issues/2025/09/30/annual-update-on-sdr-trading-operations-570821)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2025/09/30/annual-update-on-sdr-trading-operations-570821/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2025/09/30/annual-update-on-sdr-trading-operations-570821/index.json)
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## Bibliographic details
- Published: October 3, 2025
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798229027175.007

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### Summary and scope
- This paper provides an update on the status of the Special Drawing Rights (SDRs) trading market and operations.
- The paper covers SDR trading operations during the period September 2024 to August 2025.
- Publication date listed: October 3, 2025.

### Main findings on SDR trading practices
- For more than three decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement, primarily through the Voluntary Trading Arrangements (VTAs).
- A small fraction of transactions by agreement—sales or acquisitions of SDRs—has been arranged directly between parties.
- VTAs are bilateral arrangements between the Fund and SDR department participants or prescribed holders, in which the VTA participants agree to buy and sell SDRs within certain limits.

### Subjects and keywords
- Subject: Currencies, Financial services, Freely usable currencies, International trade, Money, SDR interest rate, Trading arrangements
- Keywords: Currencies, Freely usable currencies, IMF-administered trust, SDR contribution, SDR interest rate, SDR sale, SDR trading activity, SDR trading capacity, Trading arrangements, VTA trading market

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2025/09/30/annual-update-on-sdr-trading-operations-570821_