This paper provides an update on the status of the Special Drawing Rights (SDRs) trading market and operations. For nearly four decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement. Most of these transactions take place through the Voluntary Trading Arrangements (VTAs), which are bilateral arrangements between the Fund and SDR department participants or prescribed holders. A small fraction of SDR trades has been arranged directly on a bilateral basis between parties. This paper focuses on all SDR transactions during the period September 2025 to August 2026, as well as providing a brief overview of trends since the 2021 General Allocation.
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International Monetary Fund. Finance Dept. (2026) studied this question.
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