Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
August 1997
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    Appendices
    Appendix I: Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries1

    (as of date shown on first country page)2

    Total number of countries with this featureAfghanistan, Islamic State ofAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBosnia and Herzegovina
    Status under IMF Articles of Agreement
    Article VIII143
    Article XIV42
    Exchange rate arrangements
    Pegged to:
    Single currency47
    Composite of currencies22
    Flexibility limited16+
    More flexible arrangements
    Managed floating48
    Independent floating51
    Exchange rate structure
    Dual exchange rates17
    Multiple exchange rates6
    Arrangements for payments and receipts
    Bilateral payment arrangements51
    Payment arrears54
    Controls on payments for invisible transactions and current transfers105
    Proceeds from exports and/or invisible transactions
    Repatriation requirements115
    Surrender requirements92
    Capital transactions
    Controls on:
    Capital market securities128
    Money market instruments112
    Collective investment securitites107
    Derivatives and other instruments78
    Commercial credits103
    Financial credits76
    Guarantees, sureties, and financial backup facilities82
    Direct investment144
    Liquidation of direct investment54
    Real estate transactions119
    Provisions specific to:
    Commercial banks and other credit institutions131
    Institutional investors60
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    BotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCentral African RepublicChadChileChinaColombiaComorosCongo, Dem. Rep. ofCongo, Rep. ofCosta RicaCôte d’lvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFiji
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    FinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItaly
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange rate arrangements
    Pegged to:
    Single currency
    Composite of currencies
    Flexibility limited
    More flexible arrangements
    Managed floating
    Independently floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for payments and receipts
    Bilateral payment arrangements
    Payment arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    JamaicaJapanJordanKazakhstanKenyaKiribatiKorea, Republic ofKuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritiusMexicoMicronesia, Fed. States ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibia
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    NepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSan Marino
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange rate arrangements
    Pegged to:
    Single Currency
    Composite of currencies
    Flexibility limited+
    More Flexible Arrangements
    Managed floating
    Independent floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for payments and receipts
    Bilateral payment arrangements
    Payment arrears
    Control on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    surrender requirements
    Capital transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    São Tomé and PrincipleSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistan
    ++
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    VanuatuVenezuelaVietnamWestern SamoaYemen, Republic ofZambiaZimbabwe
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange rate arrangements
    Pegged to:
    Single currency
    Composite of currencies
    Flexibility limited
    More flexible arrangements
    Managed floating
    Independent floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for payments and receipts
    Bilateral payment arrangements
    Payment arrears
    Control on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

    The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

    Usually December 31, 1996.

    APPENDIX II: COUNTRY TABLE MATRIX
    Status Under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Arrangement
    Currency
    Other legal tender
    Exchange rate structure
    Unitary
    Dual
    Multiple
    Classification
    Pegged
    Limited flexibility with respect to a single currency
    Cooperative arrangement
    Adjusted according to a set of indicators
    Managed floating
    Independent floating
    Exchange tax
    Exchange subsidy
    Forward exchange market
    Official cover of forward operations
    Arrangements for Payments and Receipts
    Prescription of currency requirements
    Payment arrangements
    Bilateral arrangements
    Operative
    Inoperative
    Regional arrangements
    Clearing agreements
    Barter agreements and open accounts
    Administration of control
    Exchange control authorities
    International security restrictions
    In accordance with IMF Executive
    Board Decision No. 144-(52/51)
    In accordance with UN sanctions
    Other
    Payment arrears
    Official
    Private
    Controls on trade in gold (coins and/or bullion)
    Controls on domestic ownership and/or trade
    Controls on external trade
    Controls on exports and imports of banknotes
    On exports
    Domestic currency
    Foreign currency
    On imports
    Domestic currency
    Foreign currency
    Resident Accounts
    Eligibility to hold accounts
    Juridical persons
    Natural persons
    Foreign exchange accounts permitted
    Held domestically
    Approval required
    Held abroad
    Approval required
    Accounts in domestic currency convertible into foreign currency
    Nonresident Accounts
    Eligibility to hold accounts
    Juridical persons
    Natural persons
    Foreign exchange accounts permitted
    Approval required
    Domestic currency accounts
    Convertible into foreign currency
    Approval required
    Blocked accounts
    Imports and Import Payments
    Foreign exchange budget
    Financing requirements for imports
    Minimum financing requirements
    Advance payment requirements
    Advance import deposits
    Documentation requirements for release of foreign exchange for imports
    Domiciliation requirements
    Preshipment inspection
    Letters of credit
    Import licenses used as exchange licenses
    Import licenses and other nontariff measures
    Positive list
    Negative list
    Open general licenses
    Licenses with quotas
    Import taxes and/or tariffs
    Taxes collected through the exchange system
    State import monopoly
    Exports and Export Proceeds
    Repatriation requirements
    Surrender requirements
    Financing requirements
    Documentation requirements
    Letters of credit
    Guarantees
    Domiciliation
    Preshipment inspection
    Export licenses
    Without quotas
    With quotas
    Export taxes
    Taxes collected through the exchange system
    Payments for Invisible Transactions and Current Transfers
    Controls on these payments
    Freight/insurance
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Unloading/storage costs
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Administrative expenses
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Commissions
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Interest payments
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Profit/dividends
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Payments for travel
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Medical costs
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Study abroad costs
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Subscriptions and membership fees
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Consulting/legal fees
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Foreign workers’ wages
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Pensions
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Gambling/prize earnings
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Family maintenance/alimony
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Credit card use abroad
    Prior approval
    Quantitative limits
    Indicative limits/bona fide test
    Proceeds from Invisible Transactions and Current Transfers
    Repatriation requirements
    Surrender requirements
    Restrictions on use of funds
    Capital Transactions
    Controls on capital and money market instruments
    On capital market securities
    Purchase locally by nonresidents
    Sale or issue locally by nonresidents
    Purchase abroad by residents
    Sale or issue abroad by residents
    On money market instruments
    Purchase locally by nonresidents
    Sale or issue locally by nonresidents
    Purchase abroad by residents
    Sale or issue abroad by residents
    On collective investment securities
    Purchase locally by nonresidents
    Sale or issue locally by nonresidents
    Purchase abroad by residents
    Sale or issue abroad by residents
    Controls on derivatives and other instruments
    Purchase locally by nonresidents
    Sale or issue locally by nonresidents
    Purchase abroad by residents
    Sale or issue abroad by residents
    Controls on credit operations
    Commercial credits
    By residents to nonresidents
    To residents from nonresidents
    Financial credits
    By residents to nonresidents
    To residents from nonresidents
    Guarantees, sureties, and financial backup facilities
    By residents to nonresidents
    To residents from nonresidents
    Controls on direct investment
    Outward direct investment
    Inward direct investment
    Controls on liquidation of direct investment
    Controls on real estate transactions
    Purchase abroad by residents
    Purchase locally by nonresidents
    Sale locally by nonresidents
    Provisions specific to commercial banks and other credit institutions
    Borrowing abroad
    Maintenance of accounts abroad
    Lending to nonresidents (financial or commercial credits)
    Lending locally in foreign exchange
    Purchase of locally issued securities denominated in foreign exchange
    Differential treatment of nonresident deposit accounts and/or deposit accounts in foreign exchange
    Reserve requirements
    Liquid asset requirements
    Interest rate controls
    Credit controls
    Investment regulations
    Open foreign exchange position limits
    Provisions specific to institutional investors
    Limits (max.) on portfolio invested abroad
    Limits (min.) on portfolio invested locally
    Currency matching regulations on assets/liabilities composition
    Other controls imposed by securities laws
    Changes During 1996
    Status under IMF Articles of Agreement
    Exchange arrangements
    Arrangements for payments and receipts
    Resident accounts
    Nonresident accounts
    Imports and import payments
    Exports and export proceeds
    Payments for invisible transactions and current transfers
    Proceeds from invisible transactions and current transfers
    Capital transactions
    Changes During 1997
    Status under IMF Articles of Agreement
    Exchange arrangements
    Arrangements for payments and receipts
    Resident accounts
    Nonresident accounts
    Imports and import payments
    Exports and export proceeds
    Payments for invisible transactions and current transfers
    Proceeds from invisible transactions and current transfers
    Capital transactions
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