Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-2(a)

• 1. For the purpose of determining the value of the United States dollar in terms of the special drawing right pursuant to Rule O-2(a), the equivalents in United States dollars of the amounts of currencies specified in Rule O-1 shall be based on spot exchange rates against the United States dollar. For each currency the exchange rate shall be the mid-market rate, as provided to the Fund by the Bank of England, based on spot exchange rates observed at around noon London time.

• 2. If the exchange rate for any currency cannot be obtained as described in paragraph 1 above, the rate shall be the mid-market rate, as provided to the Fund by the Federal Reserve Bank of New York, based on spot exchange rates observed at around noon London time or, if not available, the mid-market rate based on spot exchange rates observed at around noon New York time.

• 3. If the exchange rate for any currency cannot be obtained as described in paragraph 1 or 2 above, the rate shall be the mid-market rate, as provided to the Fund by the European Central Bank based on spot exchange rates observed at around noon London time or, if not available, the market exchange rates observed at 2:15 p.m. Central European Time.

• 4. If the rate for any currency against the United States dollar cannot be obtained directly in any of these markets, the rate shall be calculated indirectly by use of a cross rate against another currency specified in Rule O-1.

• 5. If on any day the exchange rate for a currency cannot be obtained in accordance with paragraph 1, 2, 3, or 4 above, the rate for that day shall be the latest rate determined in accordance with paragraph 1, 2, 3, or 4 above, provided that after the second business day the Fund shall determine the rate. (EBS/16/100, 10/19/16)

Decision No. 6709-(80/189) S,

December 19, 1980,

as amended by Decision Nos. 12157-(00/24) S, March 9, 2000, and

16069-(16/95),

October 26, 2016