Romania To Get $1.4B At IMF’s Special Drawing Rights Allocation

The IMF board of governors approved the allocation of Special Drawing Rights (SDRs) to all member states for August 29, 2009, while a special one-time allocation of SDRs will be available the following month to nations which joined the Fund after 1981.

Of the total $250 billion SDRs, the equivalent of $100 billion will go to emerging markets and developing countries, the IMF said in a statement.

Romania will benefit from 763.7 million SDRs (some $1.183 billion) at the general allocation in August, with another 145.1 million SDRs ($224.9 million) to become available at the special allocation on September 9.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and member countries can exchange it into other currencies.