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Inside the Currency Market: Mechanics, Valuation, and Strategies by Brian Twomey

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IMF and Special Drawing Rights

Special Drawing Rights (SDR) traditionally never deserved special attention since their inception in 1969 but a number of recent developments may have implications for the future in terms of nation-to-nation trade, prices of commodities bought and sold in world markets, and central bank reserves.

From 1944 to 1973, the world operated on a fixed gold system—currencies were pegged to the price of an ounce of gold. Member nations of the IMF contributed a portion of their reserves to support the SDR system of trade on a voluntary quota system. Least-developed nations lacked gold and reserves so couldn't afford contributions in gold terms as a means to exchange their currencies. Plus gold was priced in U.S. dollars. ...

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