GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the World Bank
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the Reserve Bank of India
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the World Trade Organization
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the international Monetary Fund
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Detailed explanation-1: -Special Drawing Rights (SDRs) The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. The SDR is not a currency. It is a potential claim on the freely usable currencies of IMF members.
Detailed explanation-2: -The value of an SDR is based on a basket of the world’s five leading currencies – the US dollar, euro, yuan, yen and the UK pound. The SDR is an accounting unit for IMF transactions with member countries – and a stable asset in countries’ international reserves.
Detailed explanation-3: -The IMF uses the SDR as its unit of account for all transactions. Drawing on the IMF by a country raises the fund’s holdings of that country’s currency but lowers its holdings of another country’s currency by an equal amount.