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The Special Drawing Rights Act of 1968 [5] made the ESF the recipient of IMF special drawing rights (SDRs) acquired by the US government. The ESF can convert SDRs into dollars on its account by issuing certificates against them and selling the certificates to the Federal Reserve, [6] and later repurchase them when it has surplus cash. [7]
Special drawing rights (SDRs, code XDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). [1] SDRs are units of account for the IMF, and not a currency per se. [2] They represent a claim to currency held by IMF member countries for which they may be exchanged. [3]
Practice on its conversion to national currencies varies from state to state; in most states the conversion factor is based not on the market price of gold, but on an official price (a remnant of the gold standard, frequently far below its market price today). The Franc Poincaré has been replaced for most purposes by special drawing rights.
The Texas dollar was the currency of the Republic of Texas. Several forms of currency were issued, but an ongoing economic depression made it difficult for the government to provide effective backing. [1] The republic accepted the standard gold and silver coins of the United States, but never minted its own coins. [2]
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This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY). The rupee was worth one shilling and sixpence in sterling in 1947.
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