The Executive Board of the International Monetary Fund (IMF) approved  an extension of the current Special Drawing Right (SDR) valuation basket by ten months from September 30, 2021 to July 31, 2022.
The proposal for the extension was put forward by IMF staff to the Executive Board in a paper published on March 15, 2021 (see Review of the Method of Valuation of the SDR - Proposed Extension of the Valuation of the SDR Basket and Modification of the Date of Effect of a New Basket).
The IMF normally reviews the composition and valuation of the SDR basket every five years.  The extension of the current basket effectively resets the five-yearly cycle of SDR valuation reviews, with the next review expected to be completed by mid-2022, and the new SDR valuation basket becoming effective on August 1, 2022. Thereafter, five-yearly revisions of the SDR basket would be taking effect on August 1.
The ten-month extension contributes to the Fund's ongoing efforts to prioritize work during the COVID-19 crisis and allows for a more suitable effectiveness date of a new basket, which does not coincide with some major markets being closed. The approved extension of the current basket, as well as effectiveness date of a new basket, is intended to facilitate the continued smooth functioning of SDR-related operations.
 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
 The current SDR Valuation Basket was approved by the Executive Board on November 30, 2015 (see IMF Executive Board Completes the 2015 Review of SDR Valuation).