Press Release No. 00/59

Press Release: IMF Approves European Central Bank Application to Become a Holder of Special Drawing Rights

November 15, 2000

The International Monetary Fund (IMF) approved today the European Central Bank’s (ECB) application to become a prescribed holder of Special Drawings Rights (SDRs), a reserve asset issued by the Fund. Approval of the ECB’s application brings to 16 the number of prescribed holders of SDRs (see attached list).

The IMF’s Articles of Agreement provide for the possibility to prescribe as other holders of SDRs—that is, other than IMF members—certain types of official organizations, including institutions that perform the functions of a central bank for more than one IMF member country.

A prescribed holder may acquire and use SDRs in exchange for an equivalent amount of a monetary asset, other than gold, in transactions and operations with any other prescribed holder and with any of the IMF’s members. However, a prescribed holder may not be allocated SDRs issued by the IMF, nor may it be required by the IMF to receive SDRs in exchange for currency.

The following institutions are the prescribed holders of SDRs:

African Development Bank
African Development Fund
Arab Monetary Fund
Asian Development Bank
Bank for International Settlements
Bank of Central African States
Central Bank of West African States
East African Development Bank
Eastern Caribbean Central Bank
European Central Bank
International Bank for Reconstruction and Development
International Development Association
International Fund for Agricultural Development
Islamic Development Bank
Latin American Reserve Fund
Nordic Investment Bank