Annual Update on SDR Trading Operations

International Monetary Fund

No 2025/032, IMF Policy Papers from International Monetary Fund

Abstract: This paper provides an update on the status of the Special Drawing Rights (SDRs) trading market and operations. For more than three decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement, primarily through the Voluntary Trading Arrangements (VTAs). A small fraction of transactions by agreement—sales or acquisitions of SDRs—has been arranged directly between parties. VTAs are bilateral arrangements between the Fund and SDR department participants or prescribed holders, in which the VTA participants agree to buy and sell SDRs within certain limits. The paper covers SDR trading operations during the period September 2024 to August 2025.

Keywords: SDR trading capacity; SDR trading activity; SDR sale; SDR contribution; IMF-administered trust; VTA trading market; Currencies; SDR interest rate; Trading arrangements; Freely usable currencies (search for similar items in EconPapers)
Pages: 15
Date: 2025-10-03
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