2022-10-05-IMF-Annual_Update_on_SDR_Trading_Operations_13页_423kb

IMF SDR Trading Operations Annual Update Summary

• Key Developments: The report provides an update on the SDR trading market operating one year after the historic 2021 SDR allocation of SDR 456 billion (US$650 billion).
• SDR Trading Market: The SDR market continues functioning smoothly since the 2021 allocation. Cumulative allocations now stand at SDR 660.7 billion.
• Sales and Acquisitions:
  • From September 2021 to August 2022, member countries sold SDR 17.3 billion through Voluntary Trading Arrangements (VTAs), with low-income countries accounting for 29% of the total sales.
  • SDR acquisitions slightly decreased in number but increased in volume due to the Administered Account for Ukraine.
• VTA Capacities: The VTAs have ample capacities for buying and selling, with a purchasing capacity of approximately SDR 237 billion and a selling capacity of SDR 134 billion as of August 31, 2022.
• New VTA Members and Flexibilities: Eight new VTA members were onboarded since the 2021 allocation, and operational flexibilities were enhanced, including increased currency trading capacity.
• Market Transparency: Enhanced transparency and increased disclosure of SDR transaction information were implemented to support market stability.
• Regional Analysis: SDR holdings are concentrated in Europe and the Western Hemisphere, which remain key trading regions for SDR transactions.

The annual review emphasizes the importance of strengthening the voluntary trading market to meet future needs, reflecting ongoing efforts by the IMF to improve SDR operations.