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Effective foreign exchange rates for use in the IDA18 replenishment (Inglês)

For International Development Association (IDA) replenishments, partner contributions announced in pledge currencies are translated into special drawing right (SDR) terms by using a set of average foreign exchange rates over an agreed reference period. Since IDA7, partners have chosen to determine the reference period at the beginning of the replenishment discussions. In setting the reference period, partners have agreed to use the following criteria: sufficient lead time should be allowed to determine the pledge currency amounts that partners will contribute to meet a specific percentage burden share or SDR amount in the replenishment; the reference period chosen should cover an upcoming period to avoid using known foreign exchange rates to the extent feasible; and the method for determining exchange rates should mitigate short-term currency fluctuations. There are two recommendations for IDA deputy approval at the first replenishment meeting in March 2016 related to effective foreign exchange rates for use in the IDA18 replenishment: (a) it is recommended that a six-month averaging period from March 1, 2016 through August 31, 2016 be adopted for setting the IDA18 reference exchange rates; (b) it is also recommended that an average annual inflation rate threshold of 10 percent over the three-year period of 2013-2015 be used to determine partner countries with high domestic inflation rates.




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