Selected Decisions (8th Ed)
Chapter

Article XXV, Section 7: Use of Special Drawing Rights in Repurchases and Payment of Charges

Author(s):
International Monetary Fund
Published Date:
May 1976
Share
  • ShareShare
Show Summary Details

Exclusion of Special Drawing Rights: Financial Year Ending April 30, 1970

1. For the first allocation of special drawing rights, increases in monetary reserves resulting from allocations of special drawing rights during the financial year ending April 30, 1970, shall not be taken into account in calculating monetary reserves and increases in them during that year.

2.* ………………………………………………………….

3.* ………………………………………………………….

4.* ………………………………………………………….

Decision No. 2901-(69/122) G/S

December 18, 1969

Exclusion of Special Drawing Rights: Financial Years Ending April 30, 1971 and 1972

Increases in monetary reserves resulting from allocations of special drawing rights during the financial years ending April 30, 1971 and 1972 shall not be taken into account in calculating monetary reserves and increases in them during those years.

Decision No. 3034-(70/38)

April 29, 1970

Exclusion of Special Drawing Rights: Financial Year Ending April 30,1970

Paragraph 1 of Executive Board Decision No. 2901-(69/122) G/S, adopted December 18, 1969 shall be applied in accordance with the following Rule:

In calculating monetary reserves and increases in them for the purpose of Article V, Section 1(b) and Schedule B for the Fund’s financial year ending April 30, 1970, the lowest amount of special drawing rights held by a participant in the period January 1 to April 30, 1970 shall be excluded from the calculation.

Decision No. 3032-(70/38) G/S

April 29, 1970

Exclusion of Special Drawing Rights: Financial Years Ending April 30, 1971 and 1972

Executive Board Decision No. 3034-(70/38) adopted April 29, 1970 shall be applied in accordance with the following rule:

In calculating monetary reserves and increases in them for the purposes of Article V, Section 1(b), and Schedule B for each of the Fund’s financial years ending April 30, 1971 and 1972, (1) a use of special drawing rights by a participant in the period January 1 to April 30 shall be considered first to constitute a use pro tanto of the special drawing rights held by the participant immediately before the latest allocation, and (2) if the participant’s use exceeds the amount of special drawing rights held at the time of the allocation, the lowest amount of special drawing rights held by the participant in the period January 1 to April 30 shall be excluded from the calculation.

Decision No. 3320-(71/34) G/S

April 21, 1971

Use of Special Drawing Rights in Repurchases Outside Article V, Section 7(b)

1.* ………………………………………………

2. Members are authorized to discharge with special drawing rights any repurchases outside Article V, Section 7(b).

3. Members are authorized to use, at their option, special drawing rights to settle all charges payable to the General Account.

4. Paragraphs 2 and 3 of this decision, including the amounts and proportions permitted thereunder, shall be subject to review in 1970 as soon as experience warrants.

Decision No. 2901-(69/122) G/S**

December 18, 1969

Paragraphs 2 and 3 of Executive Board Decision No. 2901-(69/122) G/S adopted December 18, 1969, including the amounts and proportions permitted thereunder, shall be subject to review before December 31, 1971, if experience should so warrant, or, in any event, before the end of the first basic period.

Decision No. 3188-(70/106) G/S

December 2, 1970

Transfer of Special Drawing Rights Held in the General Account to Participants Making Purchases from the Fund

When a member which is a participant in the Special Drawing Account consults in accordance with Executive Board Decision No. 1371-(62/36), adopted July 20, 1962, on Currencies to Be Drawn and to Be Used in Repurchases, the Managing Director may propose that the participant request the purchase of special drawing rights not in excess of the amount which he shall indicate, for immediate use by the participant in a transaction under Article XXV, Section 2 (a).

Decision No. 3414-(71/98) G/S

September 10, 1971

Reproduced on page 177.

Reproduced on page 175.

No change was made as a result of the review of this decision by Decision No. 3835-(72/146) G/S, December 20, 1972.

    Other Resources Citing This Publication