T--INTEREST, CHARGES, AND ASSESSMENTS IN RESPECT OF SDRS
T-1.
| (a) |
|
Interest and charges in respect of SDRs shall accrue daily at the rate referred to in (b) below. The amount that has accrued during each quarter of the financial year of the Fund shall be paid promptly as of the beginning of the following quarter. The accounts of participants shall be credited with the excess of interest due over charges or debited with the excess of charges over the interest due. The accounts of holders that are not participants shall be credited with the interest due. |
| (b) |
|
The rate of interest on holdings of SDRs for each weekly period commencing each Monday shall be equal to the combined market interest rate as determined by the Fund at the beginning of the period in the manner described in (c) below. |
| (c) |
|
The combined market interest rate shall be the sum, rounded to the two nearest decimal places, of the products that result from multiplying each yield or rate listed below, expressed as an equivalent annual bond yield, for the preceding Friday by the value in terms of the SDR on that Friday of the amount of the corresponding currency specified in Rule O-1, as determined pursuant to Rule O-2(b). If a yield or rate is not available for a particular Friday, the calculation shall be made on the basis of the latest available yield or rate. |
U.S. dollar |
Market yield for three-month U.S. Treasury bills |
Euro |
Three-month Eurepo rate |
Japanese yen |
Three-Month Japanese Treasury Discount Bills |
Pound sterling |
Market yield for three-month U.K. Treasury bills |
| (d) |
|
Deleted. |
Adopted September 18, 1969, amended June 13, 1974, June 30, 1976, April 1, 1978, June 15, 1978, effective July 1, 1978, September 17, 1980, effective January 1, 1981, and July 26, 1983, effective August 1, 1983; paragraph (b) amended October 25, 1978, effective January 1, 1979, and April 22, 1981, effective May 1, 1981; paragraph (c) amended April 22, 1981, effective May 1, 1981; October 5, 1990, effective January 1, 1991; September 21, 1998, effective January 1, 1999; October 11, 2000, effective January 1, 2001; November 23, 2005, effective January 1, 2006; and February 5, 2009; paragraph (d) deleted January 7, 1994
T-2. Assessments shall be levied promptly, as of the end of each financial year of the Fund, on the basis of a reasonable estimate of the expenses of conducting the business of the Special Drawing Rights Department for the financial year, and the accounts of participants shall be debited with the amounts of the assessments.
Adopted September 18, 1969, amended April 1, 1978