The IMF established __________ as the replacement for gold as a world standard.

Question

Quizplus · Accepted Answer

The Special Drawing Right (SDR) was established by the IMF in 1969 to replace gold as a world standard. It is an international reserve asset that is used as a unit of account by the IMF and can be used by member countries as a means of payment or as a unit of account for transactions with other countries. The SDR is based on a basket of currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound. Its value is determined by the value of these currencies in the international market.

The IMF Established __________ as the Replacement for Gold as a World