More specifically, he argued that the SDR, issued by the IMF, has the potential to become such a super-sovereign currency and that its role should be more actively promoted in the future, both through further increases in SDR allocations and by enhancing its use in international trade and in financial transactions.
A proposal to increase SDR allocations has already been approved last year by IMF member governments; the new large SDR allocation, the first after many years, has effectively multiplied by a factor of 10 the outstanding amount of SDRs. Nevertheless, even after the latest increase, SDRs still represent less than 5 per cent of global foreign exchange reserves.