IMF increases India’s quota of Special Drawing Rights (SDR)

IMF increases India’s quota of Special Drawing Rights (SDR)

Daily Current Affairs / IMF increases India’s quota of Special Drawing Rights (SDR)

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Category : Business and economics Published on: September 04 2021

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· The International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) 12.57 billion to India. (Approx USD 17.86 billion).

· With this, the total SDR holding of India has gone upto SDR 13.66 billion (equivalent to around USD 19.41 billion).

· SDR is one of the components of the Foreign Exchange Reserves (FER) of India.

· Hence the Foreign Exchange Reserves (FER) has also increased now. IMF has allocated a total of SDR 456 billion to all its member countries out of which India has got SDR 12.57.

Important facts

About IMF:

v Headquarters: Washington, D.C. U.S

v Managing Director and Chairman: Kristalina Georgieva

v Chief Economist: Gita Gopinath.

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