Report of the East African sub - regional committee of the Association of African Central Banks held in Nairobi on 14 may 1970

Abstract

The meeting noted that with the exception of Ethiopia all the countries of the sub-region had accepted the Special Drawing Rights. Governor Menasse Lemma explained the reasons which led his country not to accept SDRs for the time being and these were noted. The meeting was also informed that Zambia and Kenya had been "designated" under the "First and Second Designation Plans” to receive SDRs from Fund members in balance of payments difficulties in exchange for hard currency.