The fund’s board of directors determined the weight of the currencies based on changes in trade and financial markets from 2017 to 2021.
The International Monetary Fund lifted the weight of the dollar and the Chinese yuan as it examined the currencies that make up its Special Drawing Rights (SDR) basket, an international reserve asset. This was reported by the press service of the fund.
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The revision is the first since the yuan joined the basket of currencies in 2016, a milestone in China’s efforts to make its currency international.
As a result, the IMF increased the weight of the US currency from 41.73% to 43.38%, and the yuan from 10.92% to 12.28%. The weight of the euro fell to 29.31% from 30.93%, the yen fell to 7.59% from 8.33% and the British pound fell to 7.44% from 8.09%.
The IMF said in a statement that the Board of Directors determines the weight of currencies based on changes in trade and financial markets from 2017 to 2021.
“The directors agree that the COVID-19 pandemic or the advancement in financial technology has not yet had a significant impact on the relative role of currencies in the SDR basket,” the statement said.
We will remind, Ukraine previously requested the monthly IMF assistance of $ 5 billion to cover the budget deficit due to the war. Most financial support is planned to be provided as grants.
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Source: korrespondent
