Bulgaria Receives SDR 474, 5 Million from IMF

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. File photo

Bulgaria has received from the International Monetary Fund (IMF) 474 586 534 Special Drawing Rights (SDRs), equivalent to about EUR 517 M.

In this way the international currency reserve of the Bulgarian National Bank (BNB) is increasing, the BNB press office explained.

Leaders of the G-20 countries took a decision on April 2 to allocate USD 250 B Special Drawing Rights between IMF member states as part of the measures on overcoming consequences of the global financial and economic crisis. This gave right to each of the countries to receive up to 75% of the SDRs from their quota in the IMF.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies.

With a general SDR allocation taking effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs will increase from SDR 21.4 billion to SDR 204.1 billion (currently equivalent to about USD 317 B)

 

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