London — The world’s top finance ministers are set to back a new $650bn allocation of the International Monetary Fund’s own currency, special drawing rights , to help low-income countries hit by the coronavirus pandemic.What are SDRs?
The value of an SDR is set daily based on a basket of five major international currencies: the dollar , the euro , the yuan , the yen and the pound . Economists at Morgan Stanley say there is a practical reason for the size. The IMF does not have any specific limits on SDR allocations, but US law limits the size of an SDR allocation that the treasury secretary can accept and vote for without pre-approval by Congress.
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