SDR - ng tin d tr chung trong tng lai?

Vit lc 11:39 tra 17/04/2010 Qu tin t Quc t (IMF) nhm hp v i n quyt nh s pht hnh tri phiu quc t di dng SDR - "Quyn rt vn c bit". c mt s nc "ho hc" mua vi khi lng ln, trong c Trung Quc (d kin khong 50 t USD) v Nga (10 t USD) Va ri, Vit Nam c Ngn hng Th gii (WB) h tr cho vay u i tr gi 235,2 triu Quyn rt vn c bit (SDR) tng ng khong 350 triu la M thng qua Chng trnh tn dng h tr gim ngho 8 (PRSC8). Chng trnh PRSC8 l chng trnh ton din, lin quan n nhiu lnh vc v chnh sch, vi s tham gia ca 20 b, ngnh v cc c quan hu quan khc ca Chnh ph nhm gp phn vo cng cuc xa i, gim ngho , gip duy tr tng trng kinh t v pht trin bn vng v gip nng cao sc cnh tranh ca nn kinh t nc ta khi Vit Nam phi i mt vi nhng thch thc kinh t trong bi cnh khng hong ton cu. Thng 4 va qua, cc nc G20 cam kt b sung ngun lc cho IMF vi s tin ln ti 500 t. 185 nc thnh vin IMF thng nht v mt bc i cha tng c tin l ca IMF, l pht hnh tri phiu. Tri phiu mi ca IMF s c cho bn di dng "Quyn rt vn c bit - SDR". R rng, y l mt khi lng qu ln v s tng ng k s "hin din" ca ng tin ny "trong kho" rt nhiu quc gia. Qu Tin t Quc t cho bit, s sm pht hnh tri phiu ln u tin. K hoch ny thu ht s quan tm ca nhiu nn kinh t mi ni, ang tm kim mt ng tin d tr mi thay th cho ng dollar, vn ang b thiu hp dn do thm ht ngn sch M qu ln. i ng ca IMF s trnh cc ti liu cn thit cho ban lnh o cho php vic ban hnh tri phiu cng sm cng tt", ng Dominique Strauss-Kahn, G iu hnh IMF khng nh.

Gim c iu hnh IMF Dominique Strauss-Kahn cho hay, vic pht hnh tri phiu l cch thc tt cung ng ti chnh cho IMF. Vy, Quyn rt vn c bit l g?, Hot ng nh th no v "nh gi" ra sao?

1. SDR - Special Drawing Rights - quyn rt vn c bit Theo IMF: SDR l mt loi tin t do qu tin t quc t IMF to ra vo nm 1969, ng vai tr l mt b phn trong d tr quc t ca cc nc thnh vin. SDR c phn b cho cc nc thnh vin theo t l gp vn ca cc nc thnh vin vo IMF. Gi tr ca SDR c tnh da trn r cc loi tin t mnh: trong , USD chim 44%, EUR 34%, JPY 11%, GBP 11%. Hnh thi tn ti ca ng SDR l nhng con s ghi trn ti khon. IMF m cho mi nc thnh vin mt ti khon ghi cc khon SDR c phn b v hch ton cc khon thu chi bng SDR gia ngn hng trung ng cc nc trong vic thc hin theo cn cn thanh ton ca cc nc. Tuy nhin n ch l n v qui c, ch c s dng tnh ton ch khng thc s tn ti trong lu thng do vy ngi ta khng th tiu n nh cc loi tin t dng trong lu thng khc. Khi gii ngn, c th quy i ra mt loi tin t mnh no nh la M, Euro, hoc Yn Nht,... ty tnh hung. 2. S mnh - SDR ra i l s kin nh du s thay i ca h thng t gi hi oi (TGH) c nh sang TGH linh hot hn. - Gim thiu nhng hn ch trong vic s dng ng la v vng l cng c thanh ton quc t duy nht. SDR ra i b sung vo qu d tr tin t th gii, lm cho hot ng thanh ton quc t c thng sut hn, ng thi khin cho th trng hi oi n nh hn. - Sau chin tranh TG th II, Anh, M v cc nc ng minh cng nhau xy dng h thng TGH c nh : H thng Bretton Woods (1944-1973), trong , cc quc gia thnh vin phi c nh tin t ca h vi ng USD theo TGH chnh thc, v NH trung ng M phi m bo c th chuyn i USD thnh vng vi gi 35USD/ounce vng. Tuy nhin, vi s pht trin ca thng mi v ti chnh quc t, ngun lc d tr ch yu bng vng v USD ca cc quc gia tr nn khng p ng. - Nm 1969, SDR c Qu Tin t Quc t t ra theo ngh ca 10 nc trong cu lc b Paris gm: B, Canada, Php, , Nht Bn, H Lan, Thy in, Anh, M, c. Khi c khai sinh, SDR l ti sn d tr c tnh cht quc t nhm b sung cho ti sn d tr ca cc quc gia thnh vin, gp phn gip duy tr TGH ca ng ni t. Ti thi im ny h thng TGH c nh trong khun kh Hip c Bretton Woods ang tn ti nn cc nc tham gia hip c phi m bo d tr vng hoc tin t mnh c th s dng n mua vo ni t khi cn thit nhm duy tr TGH.

- Ban u, SDR c tnh theo vng: 1 SDR= 0,888671 g vng = 1USD Nm 1974, SDR khng c xc nh bng vng na, m cn c vo gi tr mt s ng tin ca mt s nc ch yu, gm 16 nc m mi loi chim t trng t 1% tr ln trong thng mi quc t: Hoa K, Anh, Php, Cng ho Lin bang c, Italia, Ty Ban Nha, Nht Bn, Canaa, H Lan, B, Thu in, an Mch, Na Uy, xtrylia, o, Nam Phi. - n 1980, gim xung cn 5 nc: M ( la M), Anh (Bng Anh), Php (Phrng), c (Mc) v Nht Bn (Yn). - T nm 1999 n nay, khi ng tin chung chu u (EUR) ra i v c s thay i v tim lc ti chnh ca cc nc pht trin, IMF a EUR vo r tin t v b Franc (Php) v Mac (c) ra khi r tin t. Sau khi h thng TGH c nh b sp v p dng t gi th ni, t gi ca cc ng tin thng xuyn bin ng. V vy, IMF cng b hng ngy TGH ca tng ng tin quc gia vi SDR. - Ngy nay SDR t c s dng nh mt ti sn d tr, m chc nng chnh ca n l s dng nh mt ti khon ti IMF ca cc nc thnh vin v mt s t chc quc t khc, s dng nh mt n v tnh ton. Quc gia nm gi SDR c th i ra cc ng tin khc theo hai cch: Thng qua tho thun trao i tin vi cc nc thnh vin khc. Thng qua mt thnh vin c ch nh, c i v i ngoi cao trao i vi mt thnh vin khc c v th yu hn. - T l ng gp vo ngn sch ca IMF lin quan n quyn b phiu ca tng thnh vin i vi cc quyt nh ti tr, cho vay ca IMF.

Ngy nay, gi tr ca SDR c tnh ton da vo mt nhm cc ng tin mnh theo t l bnh qun gia quyn theo USD. 3. Xc nh gi tr SDR T 1969 n thng 6/1974, SDR c nh ngha bng gi tr ca USD v USD xc nh theo gi tr so vi vng: - T 1969 n ngy 17 thng 12 nm 1971: 35 USD = 1 oz vng. - T ngy 18 thng 12 nm 1971 n ngy 11 thng 2 nm 1973: 38 USD = 1 oz vng.

- T ngy 12 thng 2 nm 1973 n ngy 30 thng 6 nm 1974: 42,22 USD = 1 oz vng. Nm 1973, ch t gi hi oi c nh sp nn t thng 7 nm 1974 n nay, SDR c nh ngha theo cc iu kin ca mt r tin t, bao gm cc loi tin t chnh c s dng trong thng mi v ti chnh quc t: - T l mi loi tin t to ra mt SDR c chn theo tm quan trng tng i ca n trong thng mi v ti chnh quc t. Vic xc nh loi tin t trong r SDR v t l ca n do Ban lnh o ca IMF thc hin sau mi 5 nm. T l ca cc loi tin t trong giai on t 1981 ti 2010 l: + 19811985: USD 42%, DEM 19%, JPY 13%, GBP 13%, FRF 13% + 19861990: USD 42%, DEM 19%, JPY 15%, GBP 12%, FRF 12% + 19911995: USD 40%, DEM 21%, JPY 17%, GBP 11%, FRF 11% + 19962000: USD 39%, DEM 21%, JPY 18%, GBP 11%, FRF 11% + 20012005: USD 45%, EUR 29%, JPY 15%, GBP 11% + 20062010: USD 44%, EUR 34%, JPY 11%, GBP 11% - SDR c nh gi bng s bnh qun gia quyn ca cc ng tin mnh ( la M, Bng Anh, Euro v Yn Nht). IMF tin hnh phn b ng SDR cho cc nc thnh vin ng thi cng c chnh ph cc nc thnh vin h tr. 1 SDR = (gi tr quy ra USD ca 4 loi tin t) = (t trng ca 1 loi tin t trong r tin t SDR x t gi ca loi tin t so vi USD) (cng thc bnh qun gia quyn) - Gi quy i theo la ca SDR c nim yt hng ngy trn website ca IMF (c thm xem ti: http://www.imf.org/external/np/fin/data/rms_sdrv.aspx). - Gi ny c xc nh da vo s lng giao dch ca 4 ng tin trn quy i ra la da theo TGH nim yt vo bui tra mi ngy trn th trng tin t (th trng ngoi hi) London. Nu th trng ngoi hi London ng ca th dng t gi trn th trng ngoi hi New York, cui cng l t gi trn th trng ngoi hi Frankfurt s c s dng nu th trng New York cng ng ca. + V d v cch xc nh gi SDR ngy 01/07/2009

Ngun: http://www.imf.org/external/np/fin/data/rms_sdrv.aspx Notes: - Ct 2 (Currency amount under Rule O-1): t trng ca tng loi tin t trong r SDR c xc nh theo Rule O-1 ca IMF. - Ct 3 (Exchange Rate): TGH ct ny l t gi ca 1 loi tin t/USD, ring TGH ca JPY c th hin USD/JPY.