Word: imf
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Dates: during 1960-1969
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...SDRs will exist only in the ledgers of the International Monetary Fund. Its 111 member nations will be able to draw on these reserves to settle accounts among themselves, and central banks will have to accept them, just like gold, dollars or pounds. The step means that the IMF may one day regulate the world's money supply the way that central banks now regulate national currencies...
SDRs will be allocated to the IMF members in proportion to their quotas in the fund. The chief beneficiaries will be the U.S. and Britain. Under the deal reached in Paris, $3.5 billion in SDRs will be issued next year. More than $700 million will go to the U.S. An additional $3 billion will be issued in each of the succeeding two years. That is not quite as much as the U.S. hoped for as a start, but it is more than Continental nations wanted...
...Road Ahead. At its September meeting in Washington, the International Monetary Fund is expected to appoint a committee to study the many peg plans. IMF Executive Director Pierre-Paul Schweitzer has invited official discussion of the peg and a companion plan for greater exchange-rate flexibility, the "wider band." Under this plan, currencies would be allowed to swing 2% to 3% above or below their official parity. A wider band would give the crawling peg more room in which to crawl, and would lessen the frequency with which central banks have to intervene in world money markets to support...
...Estaing believes that a peg system could be operating a year or two after a decision to go ahead. Other economists recall that Special Drawing Rights-so-called "paper gold"-took five years to move from the status of a radical academic idea to a reform that the 111 IMF nations are actually about to institute. However long reform may take, more and more moneymen regard the crawling peg as an idea whose time has come...
...gold price increase or other radical monetary reforms, Washington is pressing for the activation of the International Monetary Fund's "special drawing rights" as the best immediate way to expand the monetary reserves needed to finance world commerce. The SDKs will come into being after 67 of the IMF's 111 member nations approve. So far only 36 have done so, but enough new ratifications should come through to enable the IMF to create SDKs by year's end. The first installment will probably amount to about $2.5 billion, which will be added to the world...