Front Matter

Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 1998
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    EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS ANNUAL REPORT 1998

    © 1998 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    International Monetary Fund.

    Annual report on exchange arrangements and exchange restrictions. 1979—

    Continues: International Monetary Fund. Annual report on exchange restrictions, 1950–1978

    1. Foreign exchange — Law and legislation — Periodicals. 2. Foreign exchange — Control — Periodicals. I. Title.

    K4440.A13 157 [date] 341.7′51 79-644506

    ISSN 0250-7366

    ISBN 1-55775-744-5

    Price: US$95.00

    (US$47.50 to full-time university faculty members and students)

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    Letter of Transmittal to Members and Governors of the Fund

    August 7, 1998

    Dear Sir:

    I have the honor to transmit to you a copy of the International Monetary Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions, 1998, which has been prepared in accordance with the provisions of Article XIV, Section 3 of the Articles of Agreement.

    On behalf of the Executive Board, I should like to express our appreciation of the cooperation of the countries in the preparation of the Report.

    Sincerely yours,

    Michel Camdessus

    Chairman of the Executive Board and Managing Director

    Contents

    Note: The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    The Annual Report on Exchange Arrangements and Exchange Restrictions has been published annually by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official visits to member countries, and it has been prepared in close consultation with national authorities. This report presents the information in tabular format and expands the coverage on the regulations on capital transactions.

    This project was coordinated in the Monetary and Exchange Affairs Department by a staff team directed by R. Barry Johnston and coordinated by Alexander Kyei, comprising Virgilio A. Sandoval, Fabienne Piccinni, and Ahang Edalatpour. It draws on the specialized contribution of that department (for specific countries), with assistance from staff members of the IMF’s six area departments, together with staff of other departments. The report was edited by Gail Berre and Martha Bonilla of the External Relations Department, and was produced by Ms. Piccinni and the IMF Graphics Section.

    Definition of Acronyms

    Note: This list does not include acronyms of purely national institutions mentioned in the country chapters.

    ACP

    Atlantic, Caribbean, and Pacific countries

    ACU

    Asian Clearing Union (integrated by Bangladesh, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, and Sri Lanka)

    AFTA

    ASEAN free trade area (see ASEAN, below)

    AMU

    Asian monetary unit

    ANZCERTA

    Australia-New Zealand Closer Economic Relations and Trade Agreement

    ASEAN

    Association of South East Asian Nations (integrated by Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand)

    ATC

    Agreement of Textiles and Clothing

    BCEAO

    Central Bank of West African States (Banque centrale des états de l’Afrique de l’ouest). (The West African States are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.)

    BEAC

    Bank of Central African States (Banque des états de l’Afrique centrale). (The Central African States are Cameroon, Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon.)

    BLEU

    Belgian-Luxembourg Economic Union

    CACM

    Central American Common Market (integrated by Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua)

    CAP

    Common agricultural policy (of the EU)

    CARICOM

    Caribbean Common Market (integrated by Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago)

    CEEAC

    Economic Community of Central African States

    CEFTA

    Central European free trade area

    CEPGL

    Economic Community of the Great Lakes Countries

    CEPT

    Common effective preferential tariff of the ASEAN free trade zone

    CET

    Common external tariff

    CFA

    Communauté financière africaine

    CIS

    Commonwealth of Independent States

    CMA

    Common monetary area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)

    CMCF

    Carribean Multilateral Clearing Facility

    CMEA

    Council for Mutual Economic Assistance (dissolved) (Bulgaria, Cuba, Czechoslovakia, Hungary, Mongolia, Poland, Romania, U.S.S.R., and Vietnam)

    COCOM

    Coordinating Committee for Multilateral Export Controls

    COMESA

    Common market for Eastern and Southern Pacific (Angola, Burundi, Comoros, Democratic Republic of the Congo, Eritrea, Ethiopia, Kenya, Lesotho, Madagascar, Malawi, Mauritania, Mozambique, Namibia, Rwanda, Sudan, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe)

    CPI

    Consumer price index

    ECCB

    Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)

    ECLAC

    Economic Commission for Latin America and the Caribbean

    ECOWAS

    Economic Community of West African States (CEDEAO) (Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo)

    ECSC

    European Coal and Steel Community

    ECU

    European currency unit

    EEA

    European economic area

    EFTA

    European Free Trade Association

    EMS

    European monetary system

    ERM

    Exchange rate mechanism (of the EMS)

    EU

    European Union (formerly European Community), (integrated by Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom)

    FSU

    Former Soviet Union

    GATT

    General Agreement on Tariffs and Trade (see WTO)

    GCC

    Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf) (Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates)

    GSP

    Generalized system of preferences

    HCDCS

    Harmonized commodity description and coding system

    IBEC

    International Bank for Economic Cooperation

    LAIA

    Latin American Integration Association (integrated by Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela)

    LC

    Letter of credit

    LIBOR

    London interbank offered rate

    MERCOSUR

    Southern Cone Common Market (integrated by Argentina, Brazil, Paraguay, and Uruguay)

    MFA

    Multifiber Arrangement

    MFN

    Most favored nation

    MTN

    Multilateral trade negotiations (the Uruguay Round)

    NAFTA

    North American Free Trade Agreement

    NATO

    North Atlantic Treaty Organization

    OECD

    Organization for Economic Cooperation and Development

    OECS

    Organization of Eastern Caribbean States (integrated by Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)

    OGL

    Open general license

    OPEC

    Organization of the Petroleum Exporting Countries

    PTA

    Preferential trade area for Eastern and Southern African states

    SACU

    Southern African Customs Union (integrated by Botswana, Lesotho, Namibia, South Africa, and Swaziland)

    SADC

    Southern Africa Development Community (integrated by Angola, Botswana, Lesotho, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe)

    SDR

    Special drawing rights

    SIBOR

    Singapore interbank offered rate

    SPARTECA

    South Pacific Regional Trade and Economic Cooperation Agreement (signed by Australia, Cook Islands, Fiji, Kiribati, Nauru, New Zealand, Niue, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu)

    UAPTA

    Union of account of the PTA

    UDEAC

    Central African Customs and Economic Union

    UN

    United Nations

    UNITA

    National Union for the Total Independence of Angola

    VAT

    Value-added tax

    WAEC

    West African Economic Community (CEAO) (dissolved)

    WAEMU

    West African Economic and Monetary Union (formerly WAMU, integrated by Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo)

    WAMA

    West African Monetary Agency (formerly WACH)

    WTO

    World Trade Organization (supersedes GATT)

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