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foreign trade zone (F1)<br />A tariff-free area, often around a port or an airport, which, by allowing the dutyfree import and export of goods, can make manufactures flourish.
international reserves (E5)<br />A CENTRAL BANK'S holdings of foreign currencies, gold and SPECIAL DRAWING RIGHTS which can be used in foreign exchange markets to change the value of a currency.
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<strong>HEA</strong> – the Higher Education Act of 1965, as amended, which created the federal student aid programs.
special drawing rights (F3)<br />International reserve assets under the control of the INTERNATIONAL MONETARY FUND available for settling intercount ry indebtedness since 1968. This 'paper gold' was created after the Washington Communique of March 1968 closed the Gold Pool because leading countries saw no need for more official holdings of official gold. Special drawing rights have a gold guarantee and carry a small amount of interest; they are 70 per cent wholly owned and 30 per cent credit. Over a five-year period each pa rticipant country must keep, on average, 30 per cent of its reserves in special drawing rights to avoid a few countries having all. On 1 January 1970, $3,500 million were distributed, followed by $3,000 million on 1 January 1971 and $3,000 million on 1 January 1972. A count ry can use its special drawing rights to finance a BALANCE OF PAYMENTS deficit or to support its exchange rate. When drawing on them, a country informs the managing director of the IMF who finds a par tner to swap special drawing rights for currency. Special drawing rights grew to about one-twentieth of world reserves within twenty years of their creation. Without the large US balance of payments deficit and the resources of the EURooor.. LAR market, a larger volume of special drawing rights would be needed.
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