Special drawing rights

Special drawing rights (ISO 4217 currency code XDR,[1] also abbreviated SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). The XDR is the unit of account for the IMF, and is not a currency per se.[2] XDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged.[3] The XDR was created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and the U.S. dollar.[3]

XDRs are allocated to countries by the IMF.[3] Private parties do not hold or use them.[4] The amount of XDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion were allocated to "provide liquidity to the global economic system and supplement member countries’ official reserves". By October 2014, the amount of XDRs in existence was XDR 204 billion.[5]

The value of the XDR is based on a basket of key international currencies reviewed by IMF every five years.[3] The weights assigned to each currency in the XDR basket are adjusted to take into account their current prominence in terms of international trade and national foreign exchange reserves.[3] In the review conducted in November 2015, the IMF decided that the Renminbi (Chinese Yuan) will be added to the basket effective October 1, 2016.[6] From that date, the XDR basket will consist of the following five currencies: U.S. dollar 41.73%, Euro 30.93%, Chinese yuan 10.92%, Japanese yen 8.33%, British pound 8.09%.[7]

Name

While the ISO 4217 currency code for Special Drawing Rights is XDR,[1] they are often referred to by their acronym SDR. Both refer to the name "Special Drawing Rights".

Intentionally innocuous and free of connotations because of disagreements over the nature of this new reserve asset during its creation, the name derives from a debate about its primary function—money or credit.[8] While the name would offend neither side, it can be argued that prior to 1981 the XDR was a debt security and so a form of credit. Member countries receiving XDR allocations were required by the reconstitution provision of the XDR articles to hold a prescribed number of XDRs. If a state used any of its allotment, it was expected to rebuild its XDR holdings. As the reconstitution provisions were abrogated in 1981, the XDR now functions less like credit than previously.[9] Countries are still expected to maintain their XDR holdings at a certain level, but penalties for holding fewer than the allocated amount are now less onerous.[3]

The name may actually derive from an early proposal for IMF "reserve drawing rights".[10] The word "reserve" was later replaced with "special" because the idea that the IMF was creating a foreign exchange reserve asset was contentious.[11]

History

Special drawing rights were created by the IMF in 1969 and were intended to be an asset held in foreign exchange reserves under the Bretton Woods system of fixed exchange rates.[3] 1 XDR was initially defined as 1 USD, equal to 0.888671 g of gold. After the collapse of that system in the early 1970s the XDR has taken on a less important role.[12] Acting as the unit of account for the IMF has been its primary purpose[2] since 1972.[13]

The IMF itself calls the current role of the XDR "insignificant".[14] Developed countries, who hold the greatest number of XDRs, are unlikely to use them for any purpose.[8] The only actual users of XDRs may be those developing countries that see them as "a rather cheap line of credit".[15]

One reason XDRs may not see much use as foreign exchange reserve assets is that they must be exchanged into a currency before use.[4] This is due in part to the fact private parties do not hold XDRs:[4] they are only used and held by IMF member countries, the IMF itself, and a select few organizations licensed to do so by the IMF.[16] Basic functions of foreign exchange reserves, such as market intervention and liquidity provision, as well as some less prosaic ones, such as maintaining export competitiveness via favorable exchange rates, cannot be accomplished directly using XDRs.[17] This fact has led the IMF to label the XDR as an "imperfect reserve asset".[18]

Another reason they may see little use is that the number of XDRs in existence is relatively few. As of January 2011, XDRs represented less than 4% of global foreign exchange reserve assets.[19] To function well a foreign exchange reserve asset must have sufficient liquidity, but XDRs, because of their small number, may be perceived to be an illiquid asset. The IMF says, "expanding the volume of official XDRs is a prerequisite for them to play a more meaningful role as a substitute reserve asset."[19]

Alternative to U.S. dollar

The XDR comes to prominence when the U.S. dollar is weak or otherwise unsuitable to be a foreign exchange reserve asset. This usually manifests itself as an allocation of XDRs to IMF member countries. Distrust of the U.S. dollar is not the only stated reason allocations have been made, however. One of its first roles was to alleviate an expected shortfall of U.S. dollars c. 1970.[13] At this time, the United States had a conservative monetary policy[13] and did not want to increase the total amount of U.S. dollars in existence. If the United States had continued down this path, the dollar would have become a less attractive foreign exchange reserve asset: it would not have had the necessary liquidity to serve this function. Soon after XDR allocations began, the United States reversed its former policy and provided sufficient liquidity.[13] In the process a potential role for the XDR was removed. During this first round of allocations, 9.3 billion XDRs were distributed to IMF member countries.

The XDR resurfaced in 1978 when many countries were wary of taking on more foreign exchange reserve assets denominated in U.S. dollars. This suspicion of the dollar precipitated an allocation of 12 billion XDRs over a period of four years.[9]

Concomitant with the financial crisis of 2007–2010, the third round of XDR allocations occurred in the years 2009[3] and 2011.[20] The IMF recognized the financial crisis as the cause for distributing the large majority of these third-round allotments, but some allocations were couched as distributing XDRs to countries that had never received any[3] and others as a re-balancing of IMF quotas, which determine how many XDRs a country is allotted, to better represent the economic strength of emerging markets.[20] In total, 203.4 billion XDRs were allocated in this round.

During this time China, a country with large holdings of U.S. dollar foreign exchange reserves,[21] voiced its displeasure at the current international monetary system, and promoted measures that would allow the XDR to "fully satisfy the member countries' demand for a reserve currency".[22] These comments, made by a chairman of the People's Bank of China, Zhou Xiaochuan, drew media attention,[23] and the IMF showed some support for China's stance. It produced a paper exploring ways the substance and function of the XDR could be increased.[14] China has also suggested the creation of a substitution account to allow exchange of U.S. dollars into XDRs.[8] When substitution was proposed before, in 1978, the United States appeared reluctant to allow such a mechanism to become operational.[9]

Use by developing countries

In 2001, the UN suggested allocating XDRs to developing countries for use by them as cost-free alternatives to building foreign exchange reserves through borrowing or running current account surpluses.[24] In 2009, an XDR allocation was made to countries that had joined the IMF after the 1979–1981 round of allocations was complete (and so had never been allocated any).[3] First proposed in 1997,[25] many of the beneficiaries of this 2009 allocation were developing countries.[lower-alpha 1]

Value definition

The value of the XDR is determined by the value of several currencies important to the world’s trading and financial systems.[3] Initially its value was fixed, so that 1 XDR = 1 U.S. dollar,[8] but this was abandoned in favor of a currency basket after the 1973 collapse of the Bretton Woods system of fixed exchange rates.[13] From July 1974 to December 1980, the XDR consisted of a basket of 16 currencies. From January 1981 until the birth of the euro, the basket was updated to include U.S. dollar, the Deutsche mark, the French franc, the British pound and the Japanese yen as the constituents.[59] When the euro was introduced in January 1999, it replaced the mark and franc; the basket was then composed of the U.S. dollar, the euro, the British pound and the Japanese yen.[3] Beginning on October 1, 2016 the SDR will include the Chinese Renminbi in the currency basket.[6]

This basket is re-evaluated every five years, and the currencies included as well as the weights given to them can then change. A currency's importance is currently measured by the degree to which it is used as a foreign exchange reserve asset and the amount of exports sold in that currency.[3]

Current valuation

Because of fluctuating exchange rates, the relative value of each currency varies continuously and so does the value of the XDR. The IMF fixes the value of one XDR in terms of U.S. dollars every day. The latest U.S. dollar valuation of the XDR is published on the IMF website.[60]

Value of 1 XDR[lower-alpha 2]
Period United States USD Germany DEM France FRF Japan JPY United Kingdom GBP
1981–1985[61] 0.540 (42%) 0.460 (19%) 0.740 (13%) 34.0 (13%) 0.0710 (13%)
1986–1990[61] 0.452 (42%) 0.527 (19%) 1.020 (12%) 33.4 (15%) 0.0893 (12%)
1991–1995[61] 0.572 (40%) 0.453 (21%) 0.800 (11%) 31.8 (17%) 0.0812 (11%)
1996–1998[61] 0.582 (39%) 0.446 (21%) 0.813 (11%) 27.2 (18%) 0.1050 (11%)
United States USD European Union EUR Japan JPY United Kingdom GBP
1999–2000[61] 0.5820 (39%) 0.2280 (21%) 0.1239 (11%) 27.2 (18%) 0.1050 (11%)
= 0.3519 (32%)[62]
2001–2005[61] 0.5770 (44%) 0.4260 (31%) 21.0 (14%) 0.0984 (11%)
2006–2010[63] 0.6320 (44%) 0.4100 (34%) 18.4 (11%) 0.0903 (11%)
2011–2015[63][64][lower-alpha 3] 0.6600 (41.9%) 0.4230 (37.4%) 12.1000 (9.4%) 0.1110 (11.3%)
United States USD European Union EUR Japan JPY United Kingdom GBP China CNY
2016–2020[7] (41.73%) (30.93%) (8.33%) (8.09%) (10.92%)

Interest rate

Special drawing rights carry a weekly determined interest rate, but no party pays interest if an IMF member country maintains the amount of XDRs allocated to it. Based on "a weighted average of representative interest rates on short-term debt in the money markets of the XDR basket currencies", interest is paid by an IMF member country if it holds fewer XDRs than it was allocated, and interest is paid to a member country if it holds more XDRs than it was allocated.[3]

Allocations

Special drawing rights are allocated to member countries by the IMF. A country's IMF quota, the maximum amount of financial resources that it is obligated to contribute to the fund, determines its allotment of XDRs.[3] Any new allocations must be voted on in the XDR Department of the IMF and pass with an 85% majority.[18] All IMF member countries are represented in the XDR Department,[16] but this is not a one country, one vote system; voting power is determined by a member country's IMF quota.[65] For example, the United States has 16.7% of the vote as of March 2, 2011.[66]

Allocations are not made on a regular basis and have only occurred on several occasions. The first round took place because of a situation that was soon reversed, the possibility of an insufficient amount of U.S. dollars because of U.S. reluctance to run the deficit necessary to supply future demand. Extraordinary circumstances have, likewise, led to the other XDR allocation events.

Date Amount
1970–1972[13] XDR 9.3 billion[3]
1979–1981[3] XDR 12.1 billion[3]
August 28, 2009[3] XDR 161.2 billion[3]
September 9, 2009[lower-alpha 4] XDR 21.4 billion[3]
Sometime after March 3, 2011[lower-alpha 5] XDR 20.8 billion[20]

Exchange

In order to use its XDRs, a country must find a willing party to buy them.[9] The IMF acts as an intermediary in this voluntary exchange; it also has the authority under the designation mechanism to ask member countries with strong foreign exchange reserves to purchase XDRs from those with weak reserves.[3] The maximum obligation any country has under this mechanism is currency equal to twice the amount of its XDR allocation.[17] As of 2015, XDRs may only be exchanged for Euro, Japanese yen, UK pounds, or U.S. dollars.[17] The IMF says exchanging XDRs can take "several days".[67]

It is not, however, the IMF that pays out foreign currency in exchange for XDRs: the claim to currency that XDRs represent is not a claim on the IMF.[3]

Other uses

Unit of account

Some international organizations use the XDR as a unit of account.[68] The IMF says using the XDR in this way "help[s] cope with exchange rate volatility".[18] As of 2001, organizations that use the XDR as a unit of account, besides the IMF itself, include: African Development Bank, Arab Monetary Fund, Asian Development Bank, Bank for International Settlements,[69] Common Fund for Commodities, East African Development Bank, Economic Community of West African States, International Center for Settlement of Investment Disputes, International Fund for Agricultural Development, and Islamic Development Bank.[70] It is not only international organizations that use the XDR in this way. JETRO uses XDRs to price foreign aid.[71] In addition, charges, liabilities, and fees prescribed by some international treaties are denominated in XDRs.[72] In 2003, the Bank for International Settlements ceased to use the gold franc as their currency, in favour of XDR.

Use in international law

In some international treaties and agreements, XDRs are used to value penalties, charges or prices. For example, the Convention on Limitation of Liability for Maritime Claims caps personal liability for damages to ships at XDR 330,000.[73] The Montreal Convention and other treaties also use XDRs in this way.[74]

Currency peg

According to the IMF, "the SDR may not be any country’s optimal basket",[69] but a few countries do peg their currencies to the XDR. One possible benefit to nations with XDR pegs is that they may be perceived to be more transparent.[69] As of 2000, the number of countries that did so was four.[75] This is a substantial decrease from 1983, when 14 countries had XDR pegs.[68] As of 2007[76] and 2010,[77] Syria pegs its pound to the XDR.

See also

Notes

  1. ↑ Countries that joined the IMF post-1981 include: Albania (1991),[26] Angola (1989),[27] Antigua and Barbuda (1982),[28] Armenia (1992),[29] Azerbaijan (1992),[30] Belarus (1992),[31] Belize (1982),[32] Bosnia and Herzegovina (1992),[33] Brunei Darussalam (1995),[34] Bulgaria (1990),[35] Croatia (1992),[36] Czech Republic (1993),[37] Eritrea (1994),[38] Estonia (1992),[37] Georgia (1992),[39] Hungary (1982),[37] Kazakhstan (1992),[40] Kiribati (1986),[41] Kosovo (2009),[42] Kyrgyz Republic (1992),[43] Latvia (1992),[37] Lithuania (1992),[37] Macedonia (1992),[44] Marshall Islands (1992),[41] Micronesia (1993),[41] Moldova (1992),[45] Mongolia (1991),[46] Montenegro (2007),[47] Mozambique (1984),[48] Namibia (1990),[49] Palau (1997),[41] Poland (1986),[37] Russia (1992),[50] San Marino (1992),[51] Serbia (1992),[52] St. Kitts and Nevis (1984),[28] Tajikistan (1993),[53] Timor-Leste (2002),[54] Tonga (1985),[41] Turkmenistan (1992),[55] Tuvalu (2010–as Tuvalu joined after the 2009 special allocation, it may not have received XDRs),[41] Ukraine (1992),[56] Uzbekistan (1992),[57] and Yemen (1990).[58]
  2. ↑ Relative compositions expressed in per cent are rounded.
  3. ↑ The basket of currencies that values the XDR could be re-evaluated sooner than 2015 if the IMF decides that the current basket no longer reflects "the relative importance of currencies in the world’s trading and financial systems".[3]
  4. ↑ A special allocation of XDRs became effective August 10, 2009 and was issued on September 9, 2009, to countries that joined the IMF after 1981 and so had never been allocated any.[3]
  5. ↑ This allocation was made under the 2008 Quota and Voice Reforms to 54 countries with "dynamic economies" that were under-represented in the previous quota system. Date of allocation may vary from country to country, as allocation will occur "for those members that have consented to their increases once quota subscriptions are paid".[20]

References

Citations

  1. 1 2 "Table A.1 (E): Currency and funds codes list" (MS Excel file). SIX Interbank Clearing Ltd, the ISO 4217 Maintenance Agency.
  2. 1 2 Williamson 2009, p. 7
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 "Factsheet: Special Drawing Right (SDRs)". IMF. November 30, 2015. Retrieved December 5, 2015.
  4. 1 2 3 Williamson 2009, p. 5
  5. ↑ "Special Drawing Rights (XDRs)". imf.org. International Monetary Fund. 3 October 2014. Retrieved 28 February 2015.
  6. 1 2 "IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi". IMF. November 30, 2015. Retrieved December 5, 2015.
  7. 1 2 "IMF Executive Board Completes the 2015 Review of SDR Valuation". IMF. December 1, 2015. Retrieved December 5, 2015.
  8. 1 2 3 4 Williamson 2009, p. 1
  9. 1 2 3 4 Williamson 2009, p. 3
  10. ↑ Financial Organization 2011, p. 92
  11. ↑ Margaret, Garritsen De Vries (1976). The International Monetary Fund 1966–1971: The System Under Stress, Volume 2. International Monetary Fund. p. 154. ISBN 9780939934119.
  12. ↑ Fred Bergsten (December 10, 2007). "How to solve the problem of the dollar". Financial Times.
  13. 1 2 3 4 5 6 Williamson 2009, p. 2
  14. 1 2 "Enhancing International Monetary Stability" 2011, p. 1
  15. ↑ McKinnon, Ronald (Spring 2009), "Reconsidering XDRs", Harvard International Review, p. 7, retrieved June 19, 2011
  16. 1 2 Annual report: 2000 : making the global economy work for all. International Monetary Fund. 2000. p. 74. ISBN 9781557759511.
  17. 1 2 3 "Enhancing International Monetary Stability" 2011, p. 7
  18. 1 2 3 "Enhancing International Monetary Stability" 2011, p. 4
  19. 1 2 "Enhancing International Monetary Stability" 2011, p. 6
  20. 1 2 3 4 "The IMF’s 2008 Quota and Voice Reforms Take Effect". International Monetary Fund. March 3, 2011. Retrieved June 18, 2011.
  21. ↑ Jamil Anderlini (March 23, 2009). "China calls for new reserve currency". Financial Times.
  22. ↑ Zhou Xiaochuan (March 23, 2009). "Reform the International Monetary System" (PDF). People's Bank of China. Archived from the original on March 23, 2009.
  23. ↑ "China backs talks on dollar as reserve". Reuters. March 19, 2009
  24. ↑ High-Level Panel on Financing for Development — Recommendations & Technical Report (PDF). United Nations. June 26, 2001. pp. 27, 58–59. A/55/1000. Retrieved June 18, 2011.
  25. ↑ "IMF Executive Board Agrees XDR Allocation Proposal". International Monetary Fund. September 20, 1997. Retrieved June 24, 2011.
  26. ↑ "Resident Representative Office in Albania". International Monetary Fund. Retrieved June 24, 2011.
  27. ↑ "Resident Representative Office in Angola". International Monetary Fund. Retrieved June 24, 2011.
  28. 1 2 "Eastern Caribbean Currency Union (ECCU)". International Monetary Fund. Retrieved June 24, 2011.
  29. ↑ "Resident Representative Office in Armenia". International Monetary Fund. Retrieved June 24, 2011.
  30. ↑ "IMF Local Office in Azerbaijan". International Monetary Fund. Retrieved June 24, 2011.
  31. ↑ "Resident Representative Office in Belarus". International Monetary Fund. Retrieved June 24, 2011.
  32. ↑ "Belize: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 24, 2011.
  33. ↑ "Resident Representative Office in Bosnia and Herzegovina". International Monetary Fund. Retrieved June 24, 2011.
  34. ↑ "Brunei Darussalam: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 24, 2011.
  35. ↑ "Resident Representative Office in Bulgaria". International Monetary Fund. Retrieved June 24, 2011.
  36. ↑ "Croatia, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund.
  37. 1 2 3 4 5 6 "Regional Resident Representative Office for Central and Eastern Europe". International Monetary Fund. Retrieved June 24, 2011.
  38. ↑ "Eritrea: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 24, 2011.
  39. ↑ "Resident Representative Office in Georgia". International Monetary Fund. Retrieved June 25, 2011.
  40. ↑ "Kazakhstan, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  41. 1 2 3 4 5 6 "Resident Representative Office in the Pacific Islands". International Monetary Fund. Retrieved June 24, 2011.
  42. ↑ "Resident Representative Office in Kosovo". International Monetary Fund. Retrieved June 25, 2011.
  43. ↑ "Resident Representative Office in Kyrgyz Republic". International Monetary Fund. March 20, 2009. Retrieved June 25, 2011.
  44. ↑ "Macedonia, former Yugoslav Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  45. ↑ "Moldova, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  46. ↑ "Mongolia: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  47. ↑ "Montenegro, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  48. ↑ "Resident Representative Office in Mozambique". International Monetary Fund. Retrieved June 25, 2011.
  49. ↑ "Namibia: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  50. ↑ "Resident Representative Office in Russian Federation". International Monetary Fund. Retrieved June 25, 2011.
  51. ↑ "San Marino, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  52. ↑ "Resident Representative Office in Serbia". International Monetary Fund. Retrieved June 25, 2011.
  53. ↑ "Resident Representative Office in Tajikistan". International Monetary Fund. January 2010. Retrieved June 25, 2011.
  54. ↑ "Timor-Leste, The Democratic Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  55. ↑ "Turkmenistan, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  56. ↑ "Resident Representative Office in Ukraine". International Monetary Fund. Retrieved June 25, 2011.
  57. ↑ "Uzbekistan, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  58. ↑ "Yemen, Republic of: Financial Position in the Fund as of May 31, 2011". International Monetary Fund. Retrieved June 25, 2011.
  59. ↑ http://stats.oecd.org/metadata/publish.asp?co=XDR........&ds=1[]
  60. ↑ "XDR Valuation (updated daily)". International Monetary Fund.
  61. 1 2 3 4 5 6 Antweiler, Werner (2011). "Special Drawing Rights: The XDR Fact Sheet". University of British Columbia, Sauder School of Business. Retrieved June 19, 2011.
  62. ↑ "IMF Incorporates the euro into the XDR Valuation and Interest Rate Baskets" (Press release). International Monetary Fund. December 31, 1998. Retrieved November 14, 2009.
  63. 1 2 "IMF Determines New Currency Weights for SDR Valuation Basket". IMF. November 15, 2010. Retrieved December 5, 2015.
  64. ↑ "Currency Amounts in New Special Drawing Rights (SDR) Basket". IMF. December 30, 2010. Retrieved December 5, 2015.
  65. ↑ "Factsheet: IMF Quotas". International Monetary Fund. March 3, 2011. Retrieved June 24, 2011.
  66. ↑ Quota and Voting Shares Before and After Implementation of Reforms Agreed in 2008 and 2010 (In percentage shares of total IMF quota) (PDF). International Monetary Fund. 2011. Retrieved June 24, 2011.
  67. ↑ "Enhancing International Monetary Stability" 2011, p. 10
  68. 1 2 Annual Report 1984. International Monetary Fund. 1984. p. 88.
  69. 1 2 3 "Enhancing International Monetary Stability" 2011, p. 14
  70. ↑ Financial Organization 2011, p. 106
  71. ↑ 政府公共調達データベース: 政府公共調達概要 (in Japanese), 2009, retrieved June 18, 2011
  72. ↑ Annual Report 1986. International Monetary Fund. 1986. p. 68. ISSN 0250-7498.
  73. ↑ "Convention on Limitation of Liability for Maritime Claims (LLMC)". International Maritime Organization. November 19, 1976. Retrieved June 18, 2011.
  74. ↑ CONVENTION FOR THE UNIFICATION OF CERTAIN RULES FOR INTERNATIONAL CARRIAGE BY AIR (AKA Montreal Convention) (PDF). United Nations. 1999. pp. 356–359. Retrieved June 18, 2011.
  75. ↑ Annual report: 2000 : making the global economy work for all. International Monetary Fund. 2000. p. 75. ISBN 9781557759511.
  76. ↑ Syria switches currency peg from dollar to XDR bi-me.com, Tue June 5, 2007
  77. ↑ "IMF Executive Board Concludes 2009 Article IV Consultation with the Syrian Arab Republic Public Information Notice (PIN) No. 10/42". Public Information Notices. IMF. March 25, 2010. Retrieved July 20, 2012.

Works cited

External links

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