Special Drawing Rights and their Implications for Domestic and External Finance

Authors

Central Bank of Nigeria CBN, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Special Drawings Right, Domestic Finance, External Finance, Liquidity

Abstract

The need to create the new international monetary asset called Special Drawing Rights (SDRs) arose largely from the widening gap between the volume of world trade and the means of financing it (that is, international monetary reserves). Special Drawing Rights are 'paper gold', transferable among the participating countries who are committed to accept them in exchange for convertible currencies.

Author Bio

The authors are staff of Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

1

Volume

8

Recommended Citation

Central Bank of Nigeria (1970). Special Drawing Rights and their Implications for Domestic and External Finance. CBN Economic and Financial Review. 8(1), 28-31.