Conversion of special drawing rights into sterling7

1

The special drawing rights by reference to which any liability is limited by the Convention shall, in the case of judicial proceedings or an arbitration in the United Kingdom, be converted into their sterling equivalent on the day of the judgment or award or on such day as may be agreed between the parties to the judicial proceedings or arbitration.

2

For the purposes of this regulation the value on a particular day of a special drawing right shall be treated as equal to such sum in sterling as the International Monetary Fund have fixed as being the equivalent of one special drawing right—

a

for that day; or

b

if no sum has been fixed for that day, for the last day before that day for which a sum has been so fixed.