But in 1969, as the strai between America's budget deficit and the dollar's gold peg emerged, an artificial reserve a et was created: the Special Drawing Right (SDR), run by the IMF. An SDR's value is based on a basket of the dollar, euro, pound and yen. The IMF's members agree on periodic allocatio of SDRs, which countries can convert into other currencies if need be. However, use of SDRs has never really taken off. They make up le than 5% of global reserves and there are no private securities in SDRs.
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