§ 286p. — Issuance, purpose, and redemption of Special Drawing Rights certificates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286p]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286p. Issuance, purpose, and redemption of Special Drawing
Rights certificates
(a) The Secretary of the Treasury is authorized to issue to the
Federal Reserve banks, and such banks shall purchase, Special Drawing
Right certificates in such form and in such denominations as he may
determine, against any Special Drawing Rights held to the credit of the
Exchange Stabilization Fund. Such certificates shall be issued and
remain outstanding only for the purpose of financing the acquisition of
Special Drawing Rights or for financing exchange stabilization
operations. The amount of Special Drawing Right certificates issued and
outstanding shall at no time exceed the value of the Special Drawing
Rights held against the Special Drawing Right certificates. The proceeds
resulting from the issuance of Special Drawing Right certificates shall
be covered into the Exchange Stabilization Fund.
(b) Special Drawing Right certificates owned by the Federal Reserve
banks shall be redeemed from the resources of the Exchange Stabilization
Fund at such times and in such amounts as the Secretary of the Treasury
may determine.
(Pub. L. 90-349, Sec. 4, June 19, 1968, 82 Stat. 188.)
Codification
Section was not enacted as part of act July 31, 1945, ch. 339, 59
Stat. 512, known as the Bretton Woods Agreement Act, which comprises
this subchapter.
