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IMF History (1966-1971) Volume 1
Chapter

Part One: The Birth of SDRs

Author(s):
International Monetary Fund
Published Date:
February 1996
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“By the middle of the 1960s the lack of a satisfactory, rational method of generating liquidity had come to be widely recognized as a major weakness of the international monetary system. After years of study and negotiation, the special drawing rights facility was established and became operative at the beginning of 1970.”

—Pierre-Paul Schweitzer, Managing Director, addressing the Twenty-Sixth Annual Meeting of the Board of Governors on September 27, 1971.

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