Lebanon will receive $ 1.135 billion in special drawing rights next Thursday

The Lebanese finance ministry said Monday it will receive $ 1.135 billion on Sept. 16 from the International Monetary Fund’s Special Drawing Rights.

The ministry added that the amount will be deposited into the account of the Central Bank of Lebanon.

The SDR is an international interest-bearing reserve asset created by the Fund in 1969 as a complement to other reserve assets of member countries.

The value of the SDRs is based on a basket of international currencies consisting of the US dollar, Japanese yen, euro, British pound and Chinese yuan. SDR is neither a currency nor a credit on the Fund, but a potential credit on the freely usable currencies of member countries.

SDR allocations are distributed only to member countries that choose to participate in the administration of SDRs. All members of the Fund currently participate in it.

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