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).
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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 takeaways for all competitive exams:
- IMF Headquarters: Washington, D.C. U.S;
- IMF Managing Director and Chairman: Kristalina Georgieva;
- IMF Chief Economist: Gita Gopinath.