The total amount of gold and foreign currency which could be used to meet obligations, any more

than does an individual’s current account at the bank. The reserves exclude, for instance, the credit

Facilities available through the International Monetary Fund and portfolio foreign investments.

Commentary and Notes to Text 7.7.1.4

Pressure on the reserves — давление на резервы

Underlying trading problems — лежащие в основе торговые проблемы

Private transactions — частные сделки

A tool for influencing the exchange rate — инструмент влияния на обменный (валютный) курс

To meet obligations — удовлетворять (обеспечивать) обязательства

6. an individual’s current account — текущий частный счет

The credit facilities — кредитные средства (денежные)

Portfolio foreign investments — портфельные иностранные инвестиции

7.7.1.5. Read and translate the text “Evolution of Special Drawing Rights (SDRs).” Make

A synopsis of it in written form.

Evolution o f Special Drawing Rights (SDRs)

Special Drawing Rights (SDRs) is the term which came into being after the Second World War.

Within half a century SDRs have undergone a considerable evolution. Let us see for what purposes

SDRs were designed.

By SDRs we mean the instruments for financing international trade, predominantly the reserve

Currencies, such as dollars and sterling, and gold. Dependence on the latter, as Keynes pointed