Annual Update on SDR Trading Operations

Author: International Monetary Fund. Finance Dept.

Volume/Issue: Volume 2025 Issue 032

Publication date:

ISBN: 9798229027175

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Finance , Money and Monetary Policy , Public Policy - Social Services and Welfare , International Bank for Reconstruction and Development , Latin American Reserve Fund , Balance of payments need , Liquidity management , Euro Area , Freely usable currencies , SDR interest rate , Loans , Trading arrangements , Reserve assets , Poverty reduction strategy , Liquidity , Investment banking , Currencies , Europe , Africa , Asia and Pacific , Western Hemisphere , Middle East and Central Asia

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Summary

This paper provides an update on the status of the Special Drawing Rights (SDRs) trading market and operations. 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. The paper covers SDR trading operations during the period September 2024 to August 2025.