Xinhua, Washington :
The Executive Board of the International Monetary Fund (IMF) recently approved the extension of the current special drawing rights (SDR) valuation basket by nine months from Dec. 31, 2015 to Sept. 30, 2016.
“The nine-month extension is intended to facilitate the continued smooth functioning of SDR-related operations,” said the IMF in a statement on Wednesday. The current SDR valuation basket is set to expire on Dec. 31, 2015.
The extension responses to feedback from SDR users on the desirability of avoiding changes in the basket at the end of the calendar year, and will allow users sufficient lead time to adjust in the event that a decision were to be taken to add a new currency to the SDR basket, said IMF.
The IMF reviews the currencies in the SDR basket every five years, and whether to add the Chinese currency, RMB, to the basket is a major issue for this year’s assessment.
The Executive Board of the International Monetary Fund (IMF) recently approved the extension of the current special drawing rights (SDR) valuation basket by nine months from Dec. 31, 2015 to Sept. 30, 2016.
“The nine-month extension is intended to facilitate the continued smooth functioning of SDR-related operations,” said the IMF in a statement on Wednesday. The current SDR valuation basket is set to expire on Dec. 31, 2015.
The extension responses to feedback from SDR users on the desirability of avoiding changes in the basket at the end of the calendar year, and will allow users sufficient lead time to adjust in the event that a decision were to be taken to add a new currency to the SDR basket, said IMF.
The IMF reviews the currencies in the SDR basket every five years, and whether to add the Chinese currency, RMB, to the basket is a major issue for this year’s assessment.
