The exempt tier of excess liquidity holdings will be remunerated at an annual rate of 0%.

Actual designations have borne out the general emphasis that was expected to result from the “excess holdings” principle.

(a) The choice of “excess holdings” rather than total holdings of SDRs tends to concentrate designation on net users of SDRs to restore their holdings to the level of their allocations.

The multiplier may be adjusted by the Governing Council in line with changing levels of excess liquidity holdings.

(b) Participants' gold and foreign exchange holdings are used as a basis for harmonizing excess holdings of SDRs, consistent with the approach that the staff has suggested for preparing the operational budgets.

(b) Participants’ gold and foreign exchange holdings are used as a basis for harmonizing excess holdings of SDRs, consistent with the approach that the staff has suggested for preparing the operational budgets.

By the same token, excess central bank reserves are not a necessary precondition for a bank to grant credit (and thus create money).

A participant will therefore be subject to designation if its excess holdings ratio is below the projected common ratio used in calculating the proposed plan.

It is not required to buy in one semester more than a tenth of the surplus assets of the Fund in its currency at the date of the withdrawal, increased the subsequent acquisitions of this currency in the said six months.

It is not required to buy in one semester more than a tenth of the surplus assets of the Fund in its currency at the date of the withdrawal, increased the subsequent acquisitions of this currency in the said six months.

It is not required to buy in one semester more than a tenth of the surplus assets of the Fund in its currency at the date of the withdrawal, increased the subsequent acquisitions of this currency in the said six months.

It is not required to buy in one semester more than a tenth of the surplus assets of the Fund in its currency at the date of the withdrawal, increased the subsequent acquisitions of this currency in the said six months.