Význam Special Drawing Rights v súčasnom medzinárodnom menovom systéme
THE SIGNIFICANCE OF SPECIAL DRAWING RIGHTS IN THE CURRENT INTERNATIONAL CURRENCY SYSTEM

Summary/Abstract: The paper presents integrated historical view at the origin, development and alloca-tion of the international monetary unit Special Drawing Rights (SDR), which was created by the International Monetary Fund in the year 1967 in connection with the disintegra-ting Bretton-Wood monetary system. The paper explains the development of SDR formation, the structure of SDR market basket and monetary participation of relevant currencies in the SDR. It deals with the tasks and importance of SDR in current international monetary system.The first part deals with the volume development of SDR emissions beginning by SDR creation up to nowadays. It presents the arguments for SDR emissions within the IMF and their organisation. Special attention is paid to the latest special SDR allocation, its distribution among individual member countries, especially among the countries belonging to the Belgian group, into which falls also the Slovak Republic. Within the framework of the latest special SDR allocation, the increase of SDR amount in circulation by 21.4 billion SDR has taken place, which means to double the existing SDR allocation that will then reach the level of 42 866 660 400 SDR. Slovak Republic too got the allotment amounting 75 458 840 SDR. All transforming Central and East European countries thus received total SDR allotment 29.315788813 per cent of the IMF member quota after the ninth revision of the member quotas. This special SDR allocation is carried out based on the Fourth Amendment of Articles of Agreement and will be valid only after the ratification by the 3/5 of member countries with the 85 per cent voting power. In the middle of August 2001, 109 member countries, representing the voting power of 72.18 per cent of all votes accepted the suggested change.In the second part of the paper, the authors dealt with the tasks or functions of special drawing rights. They pointed out at the fact that SDR serves as an accounting or recording unit for all operations of member countries with the IMF and with the other international organisations. SDR fulfil also the function of value rate or international value denominator, which under the condition of big currency exchange rate movements can contribute towards more stable expression of value parameters. They can be used also for the derivation of currency exchange rates by means of the so-called method of the standard basket of currencies. They are unconditioned foreign currency facility, which serves to get additional liquidity of member countries and in this sense; they are the component of foreign currency reserves. One can use them also in the private sector at the emission of private financial tools.The third part deals with the development of the definition of SDR value and with the explanation of the SDR calculation method by means of the currencies’ basket method. It presents the development of the composition of the SDR basket of currencies and the shares of individual currencies in the basket

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