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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]
The drawing is usually broadcast live on various TV channels, including ABC, CBS, and NBC. Check your local listings for the channel holding the drawing in your area.
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]
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You cannot say an SDR = 18.4 without saying 18.4 what. 1 SDR = 1 SDR in the same way that 1 USD = 1 USD. If you want to determine the value of an SDR in dollars you can do so as "USD/SDR = x USD/USD + y USD/EUR + z USD/JPY + p USD/GBP" where x,y,z, and p are the percentage weights for each component currency.
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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.