SDR to replace gold franc at the BIS

The Bank for International Settlements (BIS) on Monday March 10 announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003.

Source: BIS

This decision was made today at an Extraordinary General Meeting of member central banks of the BIS. The Bank also decided to take steps towards modernising its financial accounting and reporting practices.

Used by a number of international organisations, the SDR is an international unit of acco