ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
News: India has opposed the general allocation of new Special Drawing Rights (SDR) by the International Monetary Fund(IMF) because it might not be effective as new SDR allocation provides all 189 members with new foreign exchange reserves with no conditions.
Facts:
- Special Drawing Right(SDR):It is neither a currency nor a claim on the IMF.It is an international reserve asset created by the IMF in 1969 to supplement its member countries official reserves.
- The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen and the British pound sterling.
- The SDR basket is reviewed every five years or earlier if warranted to ensure that the basket reflects the relative importance of currencies in the world’s trading and financial systems.
