Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1976
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    INDEX

    An asterisk (*) denotes a table; a dagger (†) denotes a chart; fn. denotes a footnote.

    Abu Dhabi

    • Oil facility in Fund, 54, 91*

    Afghanistan

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 82*, 83*, 89*

    • SDRs, 75*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    Algeria

    • Exchange rate, 70*

    • SDRs, 75*, 80*

    Argentina

    • Exchange rate, 70*

    • Prices, 7

    • Purchases and repurchases from Fund, 82*, 83*, 87*, 89*, 90*

    • SDRs, 48, 75*, 79*, 80*

    Articles Of Agreement

    • Amendment, 39, 42, 43–46, 47, 50, 51, 55, 64

    • Article VIII, members accepting

    • obligations of, 94*

    • Exchange rate system under amended Articles, 3, 24

    • Policy on repurchase under amended Articles, 45

    Australia

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 70*

    • International reserves, 35*

    • Prices, 6*

    • Purchase from Fund, 50(fn.)

    • SDRs, 48, 75*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Austria

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 70*

    • International reserves, 36–37

    • Oil facility in Fund, 54, 91*

    • SDRs, 48*, 75*, 80*

    • Super gold tranche position in Fund, 56*

    Bahamas

    • Exchange rate, 70*

    • Repurchases from Fund, 88*, 89*

    Bahrain

    • Exchange rate, 70*

    • Super gold tranche position in Fund, 56*

    Balance Of Payments

    • Developments, 12–15

    • Industrial countries, 2, 5, 8, 13–14, 15, 16, 17

    • Primary producing countries, 2, 12–15, 19–20, 21, 22, 23, 37, 52

    • Summary, 13*, 14*, 15*

    Bangladesh

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 49, 59*, 82*, 83*, 87*, 89*

    • SDRs, 75*, 79*

    • Stand-by arrangement with Fund, 85*

    Bank For International Settlements (BIS)

    • Fund gold sales, 55

    • Holder of SDRs, 49

    Barbados

    • Exchange rate, 70*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 75*, 80*

    Belgium

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 24, 25(fn.), 27*, 70*

    • International reserves, 35*

    • Oil facility in Fund, 54, 91*

    • SDRs, 48*, 75*, 80*

    • Super gold tranche position in Fund, 56*

    Benin

    • Exchange rate, 70*

    • SDRs, 75*, 80*

    Board Of Governors

    • Committee on Reform of the International Monetary System and Related Issues (Committee of Twenty), 43–44

    • Interim Committee on the International Monetary System (Interim Committee), 43, 44, 46, 50, 51, 53, 54, 55, 58;

      • communiqués, 119–24

    • Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee), 43;

      • communiqués, 125–27

      • Resolutions, 42, 44, 46, 47, 53, 56–57, 64, 104, 105, 107–11

    Bolivia

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 52, 82*, 88*, 89*

    • SDRs, 75*, 79*, 80*

    Botswana

    • Exchange rate, 70*

    • SDRs, 75*, 80*

    Brazil

    • Coffee production, 10

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 83 *

    • SDRs, 48*, 75*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Budget Of Fund, 134–35

    Buffer Stock Financing By Fund. 42, 46, 52, 82*

    Burma

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 83*, 89*

    • SDRs, 75*, 80*

    • Stand-by arrangement with Fund, 85*

    Burundi

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 83*, 87*

    • SDRs, 75*, 80*

    Cambodia

    • Exchange rate, 70*

    • Purchases from Fund, 83*

    • SDRs, 75*, 80*

    Cameroon

    • Exchange rate, 70*

    • Purchases from Fund, 59*, 82*, 87*

    • SDRs, 75*, 80*

    Canada

    • Balance of payments, 2, 14*, 15, 16

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 16, 25, 26†, 27*, 30†, 31, 33†, 70*

    • Interest rates, 16, 18†

    • International reserves, 35*

    • Oil facility in Fund, 54, 91*

    • Output, 4, 5*

    • Prices, 4, 6*, 32, 33†

    • SDRs, 75*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Capital Movements,see Balance Of Paymentsand International Reserves

    Central African Republic

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 89*

    • SDRs, 75*, 79*, 80*

    Chad

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 87*, 89*

    • SDRs, 75*, 79*, 80*

    Chile

    • Exchange rate, 70*

    • Prices, 7

    • Purchases and repurchases from Fund, 54, 82*, 83*, 87*, 89*

    • SDRs, 75*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    China, Republic Of

    • Exchange rate, 70*

    • Purchase from Fund, 82*

    • Quota in Fund, 47

    Colombia

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 83*

    • SDRs, 75*, 79*, 80*

    Committee Of Twenty

    • See Board Of Governors

    Comoros

    • Application for membership in Fund, 64

    Compensatory Financing by Fund, 42, 43, 50, 51†, 52–53, 82*, 83*-84*

    • Executive Board decision, 101–102

    Congo, People’s Republic Of The

    • Exchange rate, 70*

    • Repurchase from Fund, 89*

    • SDRs, 75*, 80*

    Consultations With Fund Members, 61

    Costa Rica

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 82*, 87*, 89*

    • SDRs, 75*, 79*, 80*

    Council Of Fund, Proposed, 3, 46

    Credit Tranches

    • Executive Board decision, 103

    • Temporary enlargement, 3, 42, 43, 50, 51

    Cyprus

    • Exchange rate, 70*

    • Purchases from Fund, 82*, 87*

    • SDRs, 75*, 80*

    Denmark

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 25(fn.), 70*

    • SDRs, 75*, 80*

    Development Committee

    • See Board of Governors

    Dominican Republic

    • Exchange rate, 70*

    • Postponement of repurchase obligation, 53

    • Purchases and repurchases from Fund, 82*, 83*, 88*, 89*

    • SDRs, 75*, 80*

    Ecuador

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 83*

    • SDRs, 75*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Egypt

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 89*

    • SDRs, 75*, 80*

    El Salvador

    • Exchange rate, 70*

    • Postponement of repurchase obligation, 53

    • Purchases and repurchases from Fund, 83*, 87*, 88*, 89*

    • SDRs, 75*, 79*, 80*

    Equatorial Guinea

    • Exchange Rate, 70*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 75*, 80*

    Ethiopia

    • Exchange rate, 70*

    Exchange Rates

    • Against U.S. dollar, 26†

    • And balance of payments adjustment, 2–3, 24–25, 27

    • And capital movements, 25, 31

    • And interest rate differentials, 28, 291†

    • And international reserves, 2, 25, 37, 39, 41

    • Arrangements under amended Articles, 3, 24–25, 32, 44–45

    • Dollar/snake currencies’ relationship, 28

    • Effective rates, 2, 16, 23, 27, 28, 29, 30†, 31, 32, 33†

    • European common margins arrangement, 16, 24, 25 (fn.), 27, 29, 31, 40, 51

    • Floating rates, 3, 16, 17, 24, 25, 37, 40, 41;

      • analysis of, 27–28, 31, 32;

      • guidelines, 25–27

    • Forward market, 28

    • Intervention, 16, 25, 27, 31, 37, 40, 41

    • List as of June 30, 1976, 70*-73*

    • Obligations of Fund members, 3, 25–26, 32, 44

    • Practices, 23, 24–25, 31, 32, 39

    • Relationship with prices, 3, 14, 31–32, 33†

    • Short-term movements, 2, 28–31, 32

    • See also individual countries

    Executive Board Decisions

    • Adjustment of Fund’s holdings of currencies, 96

    • Compensatory financing of export fluctuations, 101–102

    • Guidelines for the management of floating exchange rates, 25–27

    • Increase in credit tranches, 103

    • Increases in quotas, 103–11

    • Oil facility, 54, 97–98

    • Rates of remuneration under Rule I-10, 49, 96–97

    • Remuneration and interest rate on SDRs, 118

    • Stabilization of prices of primary products, 103

    • Subsidy Account, 98–101

    • Trust Fund, 111–17

    Executive Directors

    • Changes in membership, 131–33

    • Committee of the Whole, 46

    • Election, 46

    • List and voting power, 128–30

    • Report to Board of Governors on increases in quotas, 103—11

    • Report to Board of Governors on proposed second amendment, 44

    Expenses and Income of Fund, 58, 92*, 136

    Extended Fund Facility, 42, 52, 571, 82*, 93*

    Fiji

    • Exchange rate, 70*

    • Purchases and repurchases from Fund, 54 (fn.), 87*, 88*, 89*

    • SDRs, 75*, 80*

    • Stand-by arrangement with Fund, 85*

    Financial Statements of Fund, 137–51

    Finland

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 70*

    • Purchases from Fund, 82*, 87*

    • SDRs, 75*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    • Super gold tranche position in Fund, 56*

    Foreign Exchange Reserves

    • SeeInternational Reserves

    France

    • Balance of payments, 2, 14*, 15

    • Capital movements, 2, 15

    • Contribution to Subsidy Account, 59*

    • Creditor position in Fund, 56

    • Exchange rate, 2, 16, 24, 25 (fn.), 26f, 27*, 28, 29, 30†, 31, 32, 33†, 70*

    • Interest rates, 18†

    • International reserves, 15–16, 35*, 36–37

    • Official claims in French francs, 36*, 38*

    • Output, 4, 5*

    • Prices, 4, 6*, 32, 331

    • Purchases from Fund, 51, 82*, 90*

    • SDRs, 48, 75*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Gabon

    • Exchange rate, 70*

    • Repurchases from Fund, 89*

    • SDRs, 75*, 80*

    Gambia, The

    • Exchange rate, 70*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 75*, 80*

    General Account Transactions

    • Charges, 47, 48–49, 57–58, 92*, 93*

      • average annual rates on balances in excess of quota, 57 †;

      • payment in SDRs, 49

    • Holdings of SDRs, 36*, 74*

    • Interest payments, 57, 58

    • Purchases by members, 3, 42, 47, 49, 50–51, 52, 53–54, 74*, 79*, 82*, 83*-84*, 90*;

      • summary of, 86*

    • Remuneration paid to members, 57–58, 74*

    • Repurchase obligations of members, 88*

    • Repurchases by members, 47, 48, 50, 52, 53, 74*, 83*-84*, 89*, 90*;

      • summary of, 86*

    • Super gold tranche positions of members, 56*

    • Use of currencies, 56–57

    • See also Special Drawing Rights

    General Department, Proposed, 45, 46

    General Resources Account, Proposed, 45, 46

    Germany, Federal Republic Of

    • Balance of payments, 2, 14*, 15, 16

    • Contribution to Subsidy Account, 59*

    • Creditor position in Fund, 56

    • Exchange rate, 16, 25(fn.), 26f, 27, 28, 29, 30†, 32, 33†, 70*

    • Incomes policy, 18

    • Interest rates, 18†, 28, 29†

    • International reserves, 16, 35*, 37

    • Monetary policy, 17

    • Official claims in deutsche mark, 36*, 38*

    • Oil facility in Fund, 54, 91*

    • Output, 4, 5*

    • Prices, 4, 6*, 32, 33†

    • Purchases from Fund, 51, 82*, 90*

    • SDRs, 48, 75*, 80*

    • Super gold tranche position in Fund, 56*

    Ghana

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 82*, 83*, 87*, 89*

    • SDRs, 75*, 80*

    Gold

    • Holdings: by Fund, 43, 45, 54;

      • in official reserves, 34*, 36*, 38*

    • Official price, 41, 45, 54

    • Payments to Fund, 88*

    • Restitution to Fund members, 55

    • Role in system, 44, 45, 54

    • Sales by Fund, 3, 43, 45, 46, 50, 54–56, 60

    • Use in transactions with Fund, 54

    Greece

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 87*

    • SDRs, 75*, 80*

    Grenada

    • Exchange rate, 71*

    • Membership in Fund, 64

    • Participation in Special Drawing Account, 64

    • Purchases and repurchases from Fund, 49, 53, 82*, 87*, 89*

    • SDRs, 75*, 79*

    • Stand-by arrangement with Fund, 85*

    Group of Ten, 54

    Guatemala

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 83*

    • SDRs, 75*, 80*

    Guinea

    • Exchange rate, 71*

    • Purchases from Fund, 83*, 87*

    • SDRs, 76*, 80*

    Guinea-Bissau

    • Application for membership in Fund, 64

    Guyana

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 83*, 88*, 89*

    • SDRs, 76*, 80*

    • Stand-by arrangement with Fund, 85*

    Haiti

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 53, 59*, 82*, 83*, 87*, 89*

    • SDRs, 76*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    Honduras

    • Exchange rate, 71*

    • Purchases from Fund, 87*

    • SDRs, 76*, 80*

    Iceland

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 82*, 83*, 87*

    • SDRs, 76*, 80*

    Income and Expenses of Fund, 58, 92*, 136

    Incomes Policy, 18

    India

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 53, 54, 59*, 82*, 83*, 87*, 89*

    • SDRs, 76*, 80*

    Indonesia

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 89*

    • SDRs, 48, 76*, 79*, 80*

    Industrial Countries

    • Arrangements regarding gold, 54

    • Balance of payments, 2, 5, 8, 13–14, 15, 16, 17

    • Capacity utilization, 1, 4–5, 9

    • Capital movements, 2, 5, 15, 16

    • Demand policies, 18, 19

    • Economic activity and policies, 1, 2, 3–4, 5, 7–9, 17–19

    • Exchange rate policy and practices, 16, 17, 24–25, 27, 28–29, 30†, 31, 32, 33†

    • Export prices, 9, 11, 12

    • Holdings of SDRs, 48

    • Interest rates, 16, 17, 18†

    • International reserves, 5, 16, 34, 35*, 36–37, 38*, 39, 40, 41

    • Output, 4, 5, 8

    • Prices, 4–5, 6*, 8–9, 11, 12, 14, 17–19, 32, 33†

    • Proposed quotas in Fund, 47

    • Trade, 9, 10*, lit, 12*, 12†

    • Unemployment, 1, 5, 8, 9, 17, 18

    • See also individual countries

    Interim Committee

    • See Board of Governors

    International Organizations

    • Fund relations with, 62–64

    International Reserves

    • Adequacy, 39–42;

      • effects of borrowing on, 40, 41, 42;

      • effects of distribution on, 41;

      • effects of floating exchange rates on, 40, 41;

      • effects of gold valuation on, 41;

      • method of assessing, 39

    • Composition, 36*, 37–39

    • Conditional liquidity, 3, 42

    • Distribution, 35*

    • Euro-currency holdings, 36*, 37, 38*

    • Foreign exchange, 34–35, 37†, 38*, 39

    • Gold, 34*, 36*, 38*, 40(fn.), 41

    • Industrial countries, 5, 16, 34, 35*, 36–37, 38*, 39, 40, 41

    • Measurement concept, 34(fn.)

    • Official claims, 36, 38*, 39

    • Official holdings, 34, 36

    • Primary producing countries, 1, 20, 22, 23, 34, 35*, 37, 38*, 39, 40–41, 42

    • Ratio to imports, 39, 40–41, 41–42

    • Reserve positions in Fund, 34*, 36, 37†, 38*, 39

    • SDRs, 34*, 36*, 37†, 38*

    Investment Account, Proposed, 46

    Iran

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 71*

    • International reserves, 37

    • Oil facility in Fund, 54, 91*

    • SDRs, 48*, 76*, 80*

    Iraq

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 83*

    • SDRs, 48*, 76*, 80*

    Ireland

    • Exchange rate, 25(fn.), 71*

    • International reserves, 37

    • SDRs, 48*, 76*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Israel

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 87*

    • SDRs, 76*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    Italy

    • Balance of payments, 2, 14*, 15, 16, 17

    • Capital movements, 2

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 2, 16, 25 (fn.), 26†, 27, 28, 29, 30†, 31, 32, 33†, 71*

    • Interest rate, 18†

    • International reserves, 35*, 37

    • Output, 4, 5*

    • Prices, 4, 6*, 32, 33†

    • Purchases from Fund, 51, 54, 82*, 87*

    • SDRs, 76*, 79*, 80*

    Ivory Coast

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 88*

    • SDRs, 76*, 80*

    Jamaica

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 53, 82*, 83*, 87*, 88*, 89*

    • SDRs, 48*, 76*, 79*, 80*

    Japan

    • Balance of payments, 14*, 15, 16

    • Contribution to Subsidy Account, 59*

    • Creditor position in Fund, 56

    • Exchange rate, 16, 26f, 27*, 29–31, 32, 33†, 71*

    • Incomes policy, 18

    • Interest rate, 18†

    • International reserves, 16, 35*, 37

    • Output, 4, 5*

    • Prices, 4, 6*, 11, 32, 33†

    • SDRs, 48*, 76*, 79*, 80*

    • Super gold tranche position in Fund, 56*

    Jordan

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 83*

    • SDRs, 76*, 80*

    Kenya

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 52, 59*, 82*, 87*, 88*, 89*

    • SDRs, 76*, 79*, 80*

    Korea

    • Exchange rate, 71*

    • Purchases from Fund, 54, 82*, 87*

    • SDRs, 76*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    Kuwait

    • Balance of payments, 19

    • Exchange rate, 71*

    • Oil facility in Fund, 54, 91*

    • Super gold tranche position in Fund, 56*

    Lao People’s Democratic Republic

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 83*

    • SDRs, 76*, 79*, 80*

    Lebanon

    • Exchange rate, 71*

    Lesotho

    • Exchange rate, 71*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 76*, 80*

    Liberia

    • Exchange rate, 71*

    • Repurchases from Fund, 89*

    • SDRs, 76*, 79*, 80*

    • Stand-by arrangement with Fund, 85*

    Libyan Arab Republic

    • Exchange rate, 71*

    Luxembourg

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 24, 25(fn.), 71*

    • SDRs, 76*, 80*

    Madagascar

    • Exchange rate, 71*

    • Purchases from Fund, 87*

    • SDRs, 76*, 79*, 81*

    Malawi

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 87*

    • SDRs, 76*, 81*

    Malaysia

    • Exchange rate, 71*

    • SDRs, 48*, 76*, 79*, 81*

    Maldives

    • Application for membership in Fund, 64

    Mali

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 59*, 82*, 87*, 89*

    • SDRs, 76*, 79*, 81*

    Malta

    • Exchange rate, 71*

    • International reserves, 37

    • SDRs, 76*, 79*, 81*

    • Super gold tranche position in Fund, 56*

    Mauritania

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 89*

    • SDRs, 76*, 81*

    Mauritius

    • Exchange rate, 71*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 76*, 79*, 81*

    Membership in Fund, 64

    Mexico

    • Exchange rate, 71*

    • SDRs, 48, 76*, 79*, 81*

    Morocco

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 82*, 83*, 87*, 88*, 89*

    • SDRs, 76*, 81*

    Nepal

    • Exchange rate, 71*

    • Payments of quota increase, 64

    • SDRs, 76*, 81*

    • Stand-by arrangement with Fund, 85*

    Netherlands

    • Contribution to Subsidy Account, 59*

    • Creditor position in Fund, 56

    • Exchange rate, 24, 25(fn.), 27*, 71*

    • International reserves, 35*

    • Oil facility in Fund, 54, 91*

    • SDRs, 48, 76*, 81*

    • Super gold tranche position in Fund, 56*

    New Zealand

    • Exchange rate, 71*

    • Contribution to Subsidy Account, 59*

    • International reserves, 35*

    • Purchases and repurchases from Fund, 82*, 83*, 87*

    • SDRs, 76*, 79*, 81*

    Nicaragua

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 87*, 88*, 89*

    • SDRs, 76*, 81*

    Niger

    • Exchange rate, 71*

    • Repurchases from Fund, 89*

    • SDRs, 76*, 81*

    Nigeria

    • Exchange rate, 71*

    • Oil facility in Fund, 54, 91*

    • SDRs, 48*, 76*, 81*

    Norway

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 25(fn.), 71*

    • Oil facility in Fund, 54, 91*

    • SDRs, 76*, 79*, 81*

    • Super gold tranche position in Fund, 56*

    Oil Facility in Fund

    • Borrowing by Fund, 36, 39, 49, 50, 53–54, 57, 91*

    • Charges, 57, 92*, 93*

    • Enlargement, 43

    • Executive Board decision, 54, 97–98

    • Interest payments, 54, 92*

    • Use of, 3, 21, 42, 50, 51, 53–54, 58, 59*, 82*;

      • summary, 87*

    Oman

    • Exchange rate, 71*

    • Oil facility in Fund, 54, 91*

    • SDRs, 77*, 81*

    Pakistan

    • Exchange rate, 71*

    • Purchases and repurchases from Fund, 54, 59*, 82*, 87*, 89*

    • SDRs, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Panama

    • Exchange rate, 71*

    • Purchases from Fund, 82*, 87*

    • SDRs, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Papua New Guinea

    • Acceptance of Article VIII, 61

    • Exchange rate, 72*

    • Membership in Fund, 64

    • Participation in Special Drawing Account, 64

    • Purchases and repurchases from Fund, 49, 53, 82*, 87*, 89*

    • SDRs, 77*, 79*

    Paraguay

    • Exchange rate, 72*

    • SDRs, 77*, 79*, 81*

    Peru

    • Exchange rate, 72*

    • Purchases and repurchases from Fund, 82*, 83*, 87*

    • SDRs, 48, 77*, 81*

    Philippines

    • Exchange rate, 72*

    • Extended Fund facility, 52

    • Postponement of repurchase obligation, 53

    • Purchases and repurchases from Fund, 82*, 83*, 87*, 88*, 89*

    • SDRs, 48*, 77*, 81*

    • Stand-by arrangement with Fund, 85*

    Portugal

    • Adherence to arrangements regarding gold, 54

    • Exchange rate, 72*

    • Participation in Special Drawing Account, 64

    • Purchases from Fund, 82*, 87*

    • SDRs, 77*, 79*

    Prices, 3–4, 5, 6*, 7, 8, 17, 18, 19, 20, 23, 32, 33†;

    • and foreign trade, 1, 9–10, 11, 12†, 52

    Primary Producing Countries

    • Major oil exporters

      • Balance of payments, 2, 13–15, 19–20

      • Demand policies, 20

      • Development aid, 19, 21

      • Economic activity and policy, 1–2, 6–7, 19–20, 40

      • Exchange rate practices, 31

      • Holdings of SDRs, 48

      • International reserves, 34, 35*, 37, 38*, 40–41

      • Output, 5*, 6, 19

      • Prices, 7, 19, 20

      • Proposed quotas in Fund, 47

      • Trade, 9, 10*, lit, 12*

    • More developed areas

      • Balance of payments, 2, 13–15, 19, 23

      • Debt service payments, 23

      • Economic activity, policy, and prospects, 1–2, 6–7, 23

      • Exchange rate practices, 31

      • Holdings of SDRs, 48

      • International reserves, 1, 23, 34, 35*, 37, 38*, 39, 40*, 40(fn.), 41, 42

      • Output, 5*, 6

      • Prices, 6*, 7, 12†, 23

      • Proposed quotas in Fund, 47

      • Trade, 9, 10*, 12*, 12†, 15

    • Non-oil developing countries

      • Balance of payments, 2, 13–15, 19, 20–22, 37

      • Capital and aid flows, 20–21

      • Debt and debt service, 21, 22

      • Economic activity, policies, and prospects, 1–2, 6–7, 21–23

      • Exchange rate policies and practices, 23, 31

      • Holdings of SDRs, 48

      • International reserves, 1, 20, 22, 34, 35*, 37, 38*, 40*, 40(fn.), 41, 42

      • Output, 5*, 6

      • Prices, 7, 12

      • Proposed quotas in Fund, 47

      • Trade, 9, 10*, 12*, 12f, 15

      • See also individual countries

    Publications of Fund, 95*

    Qatar

    • Balance of payments, 19

    • Exchange rate, 72*

    • Super gold tranche position in Fund, 56*

    Quotas of Fund Members, 3, 42, 43, 46–47, 56, 64;

    • proposed maximum, 108–11;

    • ratio to imports, 42;

    • Report of Executive Directors on Sixth General Review, 46, 103–11

    Romania

    • Exchange rate, 72*

    • Purchases from Fund, 49, 82*, 83*

    • SDRs, 77*, 79*

    • Stand-by arrangement with Fund, 85*

    Rwanda

    • Exchange rate, 72*

    • Repurchases from Fund, 89*

    • SDRs, 77*, 81*

    Saudi Arabia

    • Balance of payments, 19

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 72*

    • International reserves, 37

    • Oil facility in Fund, 54, 91*

    • Super gold tranche position in Fund, 56*

    Senegal

    • Exchange rate, 72*

    • Purchases from Fund, 59*, 82*, 87*

    • SDRs, 77*, 81*

    Seychelles

    • Application for membership in Fund, 64

    Sierra Leone

    • Exchange rate, 72*

    • Purchases from Fund, 59*, 82*, 83*, 87*

    • SDRs, 77*, 81*

    Singapore

    • Exchange rate, 72*

    Somalia

    • Exchange rate, 72*

    • Repurchase from Fund, 89*

    • SDRs, 77*, 81*

    South Africa

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 72*

    • International reserves, 35*

    • Purchases from Fund, 82*

    • SDRs, 48*, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    South Viet-Nam

    • Exchange rate, 72*

    • SDRs, 77*, 81*

    Spain

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 72*

    • Prices, 6*

    • Purchases from Fund, 82*, 87*

    • SDRs, 48*, 77*, 79*, 81*

    Special Disbursement Account,

    • Proposed, 45, 46

    Special Drawing Account

    • Operations, 47–50

    • Participants, 64, 80*–81*

    • See alsoSpecial Drawing Rights

    Special Drawing Rights

    • Allocation, 36*, 48, 49, 75–77*

    • BIS as holder, 49

    • Currencies transferred for, 78*

    • Holdings: by General Account, 36*, 74*;

      • by participants, 36*, 75*–77*

    • Interest, charges, and assessments, 74*, 75*–77*, 92*

    • Interest rate on, 49–50, 58

    • Purchases by members, 74*, 79*, 82*, 90*

    • Reconstitution of participants’

    • holdings, 45, 47, 49, 74*, 79*, 80*–81*

    • Remuneration paid to members, 49, 74*, 79*

    • Replenishment of participants’ currencies, use in, 74*

    • Repurchases by members, use in, 88*, 90*

    • Restoration of participants’ holdings, 74*

    • Role under amended Articles, 44, 45

    • Transactions and operations, summary of, 75*–77*

    • Transfers by participants: by agreement, 45, 47, 48;

    • with designation, 47, 48, 75*–77*, 78*

    • Transfers to and from General Account, 47, 48, 49*, 74*, 75*–77*, 79*, 82*, 88*, 90*

    • Transfers, total, 74*

    • Valuation, 45, 49–50

    Special Drawing Rights Department, Proposed, 46

    Sri Lanka

    • Exchange rate, 72*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 89*

    • SDRs, 77*, 79*, 81*

    Staff of Fund, 64

    Stand-By Arrangements for Fund

    • Members, 50, 51, 82*, 85*;

      • summary, 86*

    Subsidy Account, 3, 43, 58–60

    • Contributions, 58–59

    • Executive Board decision, 98—101

    • List of eligible members, 100

    • Subsidy paid, 59

    Sudan

    • Exchange rate, 72*

    • Purchases and repurchases from Fund, 59*, 82*, 83*, 87*, 89*

    • SDRs, 48*, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Swaziland

    • Exchange rate, 72*

    • Repurchases from Fund, 89*

    • SDRs, 77*, 79*, 81*

    Sweden

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 25(fn.), 72*

    • International reserves, 36–37

    • Oil facility in Fund, 54, 91*

    • SDRs, 77*, 81*

    • Super gold tranche position in Fund, 56*

    Switzerland

    • Arrangements regarding gold, 54

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 27*

    • International reserves, 35*, 36–37

    • Oil facility in Fund, 54, 91*

    Syrian Arab Republic

    • Exchange rate, 72*

    • Purchases and repurchases from Fund, 83*, 89*

    • SDRs, 77*, 81*

    Tanzania

    • Exchange rate, 72*

    • Purchases from Fund, 59*, 82*, 83*, 87*

    • SDRs, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Technical Assistance and Training by

    • Fund, 61–62

    Thailand

    • Exchange rate, 72*

    • SDRs, 77*, 81*

    Togo

    • Exchange rate, 72*

    • SDRs, 77*, 81*

    Trinidad and Tobago

    • Exchange rate, 72*

    • Oil facility in Fund, 54, 91*

    • Repurchases from Fund, 88*, 89*

    • SDRs, 77*, 79*, 81*

    Trust Fund, 3, 43, 50, 55, 60;

    • Executive Board decision, 111–17;

    • list of eligible members, 116–17

    Tunisia

    • Exchange rate, 72*

    • SDRs, 48*, 77*, 81*

    Turkey

    • Exchange rate, 72*

    • Purchases from Fund, 82*, 83*, 87*

    • SDRs, 77*, 81*

    Uganda

    • Exchange rate, 72*

    • Purchases and repurchases from Fund, 82*, 83*, 87*, 89*

    • SDRs, 77*, 81*

    United Arab Emirates

    • Balance of payments, 19

    • Exchange rate, 72*

    • Super gold tranche position in Fund, 56*

    United Kingdom

    • Balance of payments, 2, 14*, 15, 16, 17

    • Capital movements, 2, 16

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 2, 16, 25(fn.), 26†, 27, 28, 29–31, 32, 33f, 72*

    • Interest rates, 16, 18†

    • International reserves, 35*, 37

    • Official claims in sterling, 36*, 38*, 39

    • Output, 4, 5*

    • Prices, 4, 6*, 11, 32, 33†

    • Purchases and repurchases from Fund, 47, 48, 51, 53, 54, 82*, 87*, 89*

    • SDRs, 48, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    United States

    • Balance of payments, 2, 14*, 15, 16

    • Creditor position in Fund, 56

    • Cyclical fluctuations, 9

    • Exchange rate, 16, 25, 26†, 27, 28, 29, 30†, 31, 33†, 72*

    • Interest rates, 18†, 28, 29†

    • International reserves, 16, 34, 35*, 36*, 38*;

      • ratio of reserves to imports, 41

    • Monetary policy, 17

    • Official claims in dollars, 36*, 37†, 38*

    • Output, 4, 5*

    • Prices, 4, 6*, 32, 33†

    • SDRs, 48, 77*, 81*

    • Super gold tranche position in Fund, 56*

    Upper Volta

    • Exchange rate, 72*

    • SDRs, 77*, 81*

    Uruguay

    • Exchange rate, 72*

    • Postponement of repurchase obligation, 53

    • Purchases and repurchases from Fund, 82*, 84*, 87*, 88*, 89*

    • SDRs, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Venezuela

    • Contribution to Subsidy Account, 59*

    • Creditor position in Fund, 56

    • Exchange rate, 72*

    • International reserves, 37

    • Oil facility in Fund, 54, 91*

    • SDRs, 48*, 77*, 81*

    • Super gold tranche position in Fund, 56*

    Western Samoa

    • Exchange rate, 72*

    • Purchases from Fund, 59*, 82*, 84*, 87*

    • SDRs, 48*, 77*, 81*

    • Stand-by arrangement with Fund, 85*

    World Output, 5*

    World Trade

    • Outlook, 19

    • Value and volume, 1, 9, 10*, 12*

    Yemen Arab Republic

    • Exchange rate, 72*

    • SDRs, 77*, 81*

    Yemen, People’s Democratic Republic of

    • Exchange rate, 72*

    • Purchases from Fund, 59*, 82*, 87*

    • SDRs, 77*, 79*, 81*

    Yugoslavia

    • Contribution to Subsidy Account, 59*

    • Exchange rate, 73*

    • Purchases and repurchases from Fund, 82*, 87*, 89*

    • SDRs, 77*, 81*

    Zaïre

    • Exchange rate, 73*

    • Purchases and repurchases from Fund, 82*, 84*, 87*, 89*

    • SDRs, 77*, 79*, 81*

    • Stand-by arrangement with Fund, 85*

    Zambia

    • Exchange rate, 73*

    • Purchases and repurchases from Fund, 82*, 84*, 87*, 89*

    • SDRs, 77*, 79*, 81*

    Each of these rates was about 1 percentage point above the corresponding average for the dozen preceding years.

    Because of the preponderance of capital and other durable goods, together with intermediate industrial products, such as steel and chemicals, in their composition.

    Estimates of effective exchange rates mentioned in this chapter are based on calculations utilizing the weighting system implicit in the Fund staff’s multilateral exchange rate model. See Chapter 2 for discussion of alternative measures of changes in effective exchange rates.

    The concept of “reserve-related credit facilities” used in Table 9 is a relatively narrow one, encompassing, in addition to use of Fund credit, only short-term balance of payments financing transactions in which the liabilities of a borrowing monetary authority are presumably treated as reserve assets by the creditor country. This approach recognizes both (1) the desirability, in a context of multicountry balance of payments summations, of symmetrical definitions of reserve assets and reserve-related liabilities, and (2) the practical difficulty of making unambiguous distinctions between external borrowings that are undertaken for residual balance of payments financing purposes and those primarily for other purposes.

    The participants in the European common margins arrangement on June 30, 1976 were Belgium/Luxembourg, Denmark, the Federal Republic of Germany, the Netherlands, Norway, and Sweden. France, Ireland, Italy, and the United Kingdom had previously participated in the arrangement, but had withdrawn.

    The weights for calculating the effective exchange rates used in Table 10 are from the Fund’s multilateral exchange rate model, as described below. For short-term movements in exchange rates, alternative weighting schemes show a very similar pattern.

    An important consideration in the design of Chart 11 is the price index to be used to compare price levels between countries. If an index too heavily weighted with traded goods is used, differentials in production costs may be underestimated because, in the absence of transport costs and trade restrictions, the prices of traded goods tend not to differ between countries. From this point of view, the GNP deflator, by relating to as general a range of goods and services as possible and being highly comparable across countries, may be a better index to use. In Chart 11, the price line plotted is the GNP deflator of the country in question, relative to the weighted average of the other six countries. The weights used are derived from the Fund staff’s multilateral exchange rate model, as described above.

    These figures cover the reserves of Fund members, plus the Netherlands Antilles, Surinam, and Switzerland. The term “reserves” used in this chapter refers to countries’ official holdings of gold, SDRs, and foreign exchange and their reserve positions in the Fund. For Botswana, Cambodia, Equatorial Guinea, Guinea, Lesotho, Romania, and Swaziland, only SDR holdings and reserve positions in the Fund are included. A country’s reserve position in the Fund is the excess, if positive, of its quota over the Fund’s (adjusted) holdings of its currency. Gold is valued at SDR 35 per ounce; foreign exchange balances are valued in SDRs by converting them at parity or central rates for end-1973 and earlier dates (except for floating currencies, for which market rates were used) and at SDR transactions values based on market rates thereafter. (See introductory pages of International Financial Statistics for further explanation.)

    The value of the stocks of official foreign exchange holdings changes in terms of SDRs not only because of transactions in these assets but also because of changes in the SDR value of the currencies in which they are originally expressed. As from end-July 1974, non-dollar foreign exchange is converted to U.S. dollar equivalents at end-of-month market rates or, in the absence of market rate quotations, at other prevailing official rates. The totals in U.S. dollars are then converted into SDR equivalents at U.S. dollar/SDR transactions values. (See introductory pages of International Financial Statistics for further explanation.)

    See, e.g., Annual Report, 1972, pages 31–35.

    For purposes of calculating these ratios, official gold holdings are valued at SDR 35 per ounce. At the end of 1975, these holdings accounted for 18.1 per cent of global reserves; for the group of industrial countries this proportion was 28.6 per cent; for more developed primary producing countries, 17.7 per cent; for the major oil exporting countries, 2.5 per cent; and for other less developed primary producing countries, 6.9 per cent.

    See Chapter 3, pages 46–47, for details.

    For a description of these facilities, see Annual Report, 1975, pages 52–53 and 54–55; see also page 52 of this Report.

    In December 1973 the Executive Directors established a Committee of the Whole. The Sixth General Review should have been completed not later than five years after the adoption of Board of Governors Resolution No. 25-3 on the Fifth General Review—that is, February 8, 1975. In the event, partly because of the desire to reach agreement on a range of matters, including individual quota increases and the mode of subscription, the Board of Governors Resolution on the Sixth General Review was adopted only on March 22, 1976. As noted in that Resolution, the Board of Governors in March 1975 and in September 1975 had noted the progress of the work undertaken by the Executive Directors and endorsed the understandings reached by the Interim Committee.

    See Annual Report, 1974, page 116.

    This includes SDR 2.5 million purchased that was reclassified on May 10, 1976 as made under the compensatory financing decision.

    In addition, on July 8, 1976 Australia purchased SDR 332.5 million.

    For a description of both the buffer stock facility and extended Fund facility, see Annual Report, 1975, pages 52–55.

    Executive Board Decision No. 4912(75/207), adopted December 24, 1975 and reproduced in Appendix II.

    See footnote 3.

    Article V, Section 7(b), provides that, subject to certain limitations, a member shall repurchase an amount of the Fund’s holdings of its currency equivalent to one half of any increase in the Fund’s holdings of its currency that has occurred during the Fund’s financial year, plus one half of any increase, or minus one half of any decrease, in the member’s monetary reserves during the same period, or, if the Fund’s holdings of the member’s currency have decreased, one half of any increase in the member’s monetary reserves minus one half of the decrease in the Fund’s holdings of the member’s currency.

    For descriptions of the working of the oil facility for 1974, see Annual Report, 1974, pages 52–53, and for the oil facility for 1975, see Annual Report, 1975, pages 53–54.

    Under the decision on the oil facility for 1975 of April 4, 1975, members were required to submit statements of their intentions to request purchases not later than the close of business on February 27, 1976. By a decision on February 11, 1976, when the oil facility decision was reviewed by the Executive Board, this date was extended to March 12, 1976.

    Fiji’s discharge of its Article V repurchase obligation had the effect of reducing the Fund’s holdings of its currency to 75 per cent of quota. As a consequence, the Fund repaid to Oman the loan of SDR 340,000 made to finance the oil facility purchase by Fiji. Subsequently, Oman agreed to lend to the Fund SDR 500,000.

    Executive Board Decision No. 42-42(74/67), adopted June 13, 1974. (See Annual Report, 1974, page 124.)

    Executive Board Decision No. 4635-(75/47), adopted April 4, 1975. (See Annual Report, 1975, pages 94–95.)

    Executive Board Decision No. 4490-(74/140), adopted November 6, 1974. (See Annual Report, 1975, page 92.)

    A member’s “creditor position” is the extent to which the Fund’s holdings of that member’s currency is below 75 per cent of its quota plus borrowing by the Fund.

    The eight members of the Fund that have not deposited instruments of participation in the Special Drawing Account are Ethiopia, Kuwait, Lebanon, the Libyan Arab Republic, Qatar, Saudi Arabia, Singapore, and the United Arab Emirates.

    See Annual Report, 1974, page 67.

    Board of Governors Resolution No. 31-3, amending Resolution No. 25-3, as amended by Resolution No. 29-3.

    See Annual Report, 1972, pages 88–89.

    See also Decision No. 5134-(76/95) G/S, reproduced in this appendix under J. Remuneration and Interest Rate on Special Drawing Rights.

    See Annual Report, 1975, page 94.

    See Annual Report, 1975, page 94.

    See Annual Report, 1963, pages 196–99.

    See Annual Report, 1967, pages 159–61.

    Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 37–40.

    See Annual Report, 1970, page 175.

    See Annual Report, 1975, pages 88–90.

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