Which of the following currency has been added to the IMF’s SDR currency basket, recently?
Which of the following currency has been added to the IMF’s SDR currency basket, recently?
[A]Indian Rupee
[B]Australian Dollar
[C]Renminbi
[D]Swiss Franc
Renminbi
The Special drawing rights (SDR) is a type of international reserve asset maintained by the International Monetary Fund (IMF). The value of SDR is based on the basket of key international currencies. The SDR basket currencies are reviewed by IMF every five years. Recently, International Monetary Fund (IMF) has included China’s Yuan or Renminbi into its elite reserve currency basket mainly used as an international reserve asset with an effect from 1st October 2016. The other four currencies used in the SDR currency basket are U.S. dollars, euros, pounds sterling and Japanese yen.
