, ▁with ▁Arch ie ▁L och head ▁serving ▁as ▁its ▁first ▁Director . ▁ ▁The ▁Special ▁Draw ing ▁Rights ▁Act ▁of ▁ 1 9 6 8 , ▁, ▁like wise ▁provided ▁that ▁any ▁special ▁drawing ▁rights ▁( SD R s ) ▁allocated ▁by ▁the ▁International ▁Mon et ary ▁Fund ▁or ▁otherwise ▁acquired ▁by ▁the ▁United ▁States ▁are ▁resources ▁of ▁the ▁ES F . ▁In ▁accord ance ▁with ▁the ▁Act , ▁SD R s ▁can ▁be ▁" mon et ized " ▁( i . e ., ▁converted ▁into ▁dollars ) ▁by ▁having ▁the ▁Secretary ▁of ▁the ▁Tre as ury ▁issue ▁Special ▁Draw ing ▁Rights ▁Cert ific ates ▁( SD RC s ) ▁to ▁the ▁Federal ▁Reserve ▁System . ▁ ▁The ▁amount ▁of ▁SD RC s ▁are ▁limited ▁to ▁the ▁doll ar ▁value ▁of ▁the ▁ES F ' s ▁SD R ▁hold ings . ▁The ▁doll ar ▁proceed s ▁of ▁such ▁mon et izations ▁are ▁assets ▁of ▁the ▁ES F , ▁and ▁the ▁SD RC s ▁are ▁a ▁counter part ▁li ability ▁of ▁the ▁ES F . ▁Tre as ury ▁has ▁a ▁written ▁understanding ▁with ▁the ▁Fed ▁that ▁the ▁SD RC s ▁will ▁be ▁re de emed ▁when ▁ES F ▁doll ar ▁hold ings ▁appear ▁to ▁be ▁in ▁excess ▁of ▁for ese e able ▁requirements . ▁Tre as ury ▁does ▁not ▁pay ▁interest ▁on ▁SD RC s . ▁ ▁Us es ▁A ▁change ▁in ▁the ▁law , ▁in ▁ 1 9 7 0 , ▁allows ▁the ▁Secretary ▁of ▁the ▁Tre as ury , ▁with ▁the