P--PROCEDURES FOR OPERATIONS AND TRANSACTIONS INVOLVING SDRs
Transactions with Designation
P-1.
| (a) |
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A participant shall inform the Fund of its intention to use SDRs in a transaction with designation. If it desires a particular freely usable currency the participant shall indicate this not later than the date on which the Fund issues instructions for the execution of the transaction. |
| (b) |
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Instructions for a transaction pursuant to (a) above shall be given by the Fund in accordance with Rule P-2 and the procedures under Rule O-4(a), and shall be carried out promptly. |
Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983
P-2. In a transaction with designation the freely usable currency shall be provided at an exchange rate determined under Rule O-2, and at an official agency of the participant issuing the currency.
Adopted April 1, 1978
P-3. No participant shall levy any charge or commission in respect of the provision of currency in a transaction with designation.
Adopted September 18, 1969, amended April 1, 1978
P-4. A participant using SDRs in a transaction with designation shall declare that the use is in accordance with Article XIX, Section 3(a), or a waiver under Article XIX, Section 3(c).
Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983
Designation of Participants to Provide Currency
P-5. At quarterly intervals the Executive Board shall decide, in accordance with Article XIX, Section 5, and Decision No. 11976-(99/59)S, on the plan, including amounts, by which designations will be made until the next decision takes effect.
On the request of any participant, an Executive Director, or the Managing Director, the Executive Board shall review, and if necessary amend, any plan adopted pursuant to this Rule.
Adopted September 18, 1969, amended April 1, 1978
Transactions by Agreement Between Participants
P-6.
| (a) |
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The exchange rate in a transaction by agreement between participants shall be determined under Rule O-2 as of the date of the agreement, unless the transaction is carried out at another exchange rate pursuant to authorization by the Fund under Article XIX, Section 7(b). Settlement shall take place on the date of the agreement or any business day within two business days from that date, as agreed between the participants. |
| (b) |
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No participant shall levy any charge or commission in respect of a transaction under Article XIX, Section 2(b). |
Adopted April 1, 1978, amended June 1, 1988 and April 25, 2003.
Prescribed Operations
P-7. The parties to an operation pursuant to a prescription under Article XIX, Section 2(c) shall declare that the operation is in accordance with the prescription.
Adopted September 18, 1969, amended April 1, 1978
Recording
P-8. A participant using SDRs in a transaction shall inform the Fund immediately of the receipt of currency in accordance with the Articles of Agreement and these Rules and Regulations.
Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983
P-9. The Fund shall record a transaction or an operation in the Special Drawing Rights Department when it is satisfied that the transaction or the operation is in conformity with the obligations of participants under the Articles of Agreement and with the Rules and Regulations and any applicable decisions of the Fund. A transaction shall be recorded as of the date on which currency is provided, and an operation shall be recorded as of the date on which it is carried out.
Adopted September 18, 1969, amended April 1, 1978