IMF-特别提款权交易操作年度更新（英）

© 2024 International Monetary Fund IMF POLICY PAPER ANNUAL UPDATE ON SDR TRADING OPERATIONS IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document have been released and are included in this package: • The Staff Report, prepared by IMF staff and completed on September 19, 2024 for the Executive Board’s information. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. September 2024 cl ANNUAL UPDATE ON SDR TRADING OPERATIONS EXECUTIVE SUMMARY This paper provides an update on the status of the SDR trading market and operations. For more than three decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement, primarily through the Voluntary Trading Arrangements (VTAs). A small fraction of transactions by agreement—sales or acquisitions of SDRs—has been arranged directly between parties. VTAs are bilateral arrangements between the Fund and SDR department participants or prescribed holders, in which the VTA participants agree to buy and sell SDRs within certain limits. The paper covers SDR trading operations during the period September 2023 to August 2024. Since the last annual update, SDR trading has continued to be dominated by SDR sales, although SDR acquisitions have increased significantly. From September 2023 to August 2024, SDR 13.5 billion were sold through the VTA market, of which SDR 7.3 billion were exchanged by 25 participants into currencies and SDR 5.4 billion were sold by the Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust (RST) for liquidity management and to facilitate the investment of SDR contributions. On the purchase side, the volume and number of transactions increased from the previous year as more participants needed to replenish their SDR holdings to cover charges to the IMF, reflecting the elevated SDR interest rate. The VTAs continue to have ample capacities to meet the demand for exchange of SDRs into currencies. The SDR trading capacities consider the minimum and maximum SDR amounts that a VTA participant is willing to hold and the actual SDR holdings of each VTA participant. The number of VTA participants increased from 40 to 41 in the reporting period and as of August 31, 2024, the buying and selling capacities of these VTAs stood at about SDR 202 billion and SDR 172 billion, respectively (versus SDR 208 billion and SDR 165 billion for the prior year). September 18, 2024 ANNUAL UPDATE ON SDR TRADING OPERATIONS 2 INTERNATIONAL MONETARY FUND Approved By Bernard Lauwers Prepared by the Finance Department (Jane Mbu