Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- SDR Valuation BasketóRevised Guidelines for Calculation of Currency Amounts

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE XV, SECTION 2
Valuation of the Special Drawing Right

SDR VALUATION BASKET—REVISED GUIDELINES FOR CALCULATION OF CURRENCY AMOUNTS

  • 1. The value of the special drawing right shall be determined on the basis of the four currencies issued by Fund members, or by monetary unions that include Fund members (“monetary unions”), whose exports of goods and services during the five-year period ending 12 months before the effective date of this decision or any subsequent revision had the largest value, and which have been determined by the Fund to be freely usable currencies in accordance with Article XXX(f) of the Fund’s Articles of Agreement. In the case of a monetary union, the determination of the values of exports of goods and services of the union shall exclude the trade of goods and services among members that are part of the union.

  • 2. The percentage weights of each of the currencies selected in accordance with paragraph 1 above shall reflect (i) the value of the balances of that currency held at the end of 1999, and thereafter at the end of each year of the relevant five-year period referred to in paragraph 1 above, by the monetary authorities of members other than those forming part of the monetary union, and (ii) the value of exports of goods and services, as defined in paragraph 1 above, of the members or monetary unions issuing the currencies over the relevant five-year period referred to in paragraph 1 above.

  • 3. In accordance with the principles set forth in paragraphs 1 and 2 above, effective January 1, 2001, the value of one special drawing right shall be the sum of the values of specified amounts of the four currencies listed below. These amounts shall be determined on December 29, 2000, in a manner that will ensure that, at the average exchange rates for the three-month period ending on that date, the shares of each of the four currencies in the value of the special drawing right correspond to the weights specified below.1

    Currency

    Weights (in currency)
    U.S. dollar 0.660
    Euro 0.423
    yen 12.1
    Pound sterling 0.111
  • 4. The list of the currencies that determine the value of the special drawing right, and the amounts of the currencies, shall be revised with effect on January 1, 2006 and on the first day of each subsequent period of five years in accordance with the following principles, unless the Fund decides otherwise in connection with a revision:

    • (a) The currencies determining the value of the special drawing right shall be determined in accordance with paragraph 1 above, provided that a currency shall not replace another currency included in the list at the time of the determination unless the value of the exports of goods and services of the member or of members of a monetary union, whose currency is not included in the list, during the relevant period exceeds that of the member or the monetary union issuing the currency included in the list by at least 1 percent.

    • (b) The amount of the four currencies referred to in (a) above shall be determined on the last working day preceding the effective date of the relevant revision in a manner that will ensure that, at the average exchange rates for the three-month period ending on that date, the shares of these currencies in the value of the special drawing right correspond to percentage weights for these currencies, which shall be established for each currency in accordance with (c) below.

    • (c) The percentage weights shall be established in accordance with the principles set forth in paragraph 2 above, in a manner that would maintain broadly the relative significance of the factors that underlie the percentage weights in paragraph 3 above. The percentage weights shall be rounded to the nearest 1 percent or as may be convenient

  • 5. The determination of the amounts of the currencies in accordance with 3 and 4 above shall be made in a manner that will ensure that the value of the special drawing right in terms of currencies on the last working day preceding the five-year period for which the determination is made will be the same under the valuation in effect before and after revision (SM/00/180, 7/24/00).

Decision No. 12281-(00/98),

October 11, 2000,2

as amended by Decision Nos. 13595-(05/99),

November 23, 2005, effective January 1, 2006, and

15854-(15/80),

August 11, 2015

1 Ed. Note: Effective January 1, 2011, an amendment to Rule O-1, which specifies the amounts of the currencies in the SDR valuation basket, adopted these weights (Decision No. 14821-(11/1), December 30, 2010). Decision No. 15854-(15/80), August 11, 2015, states that the SDR valuation basket under Decisions No. 14769-(10/110) G/S, November 15, 2010, and No. 14821-(11/1) shall remain effective through September 20, 2016.

2 Ed. Note: On October 1, 2016, this decision as amended will be superseded by Decision No. 15891-(15/109), November 30, 2015 (see p. 799 below).

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