Annual Report on Exchange Arrangements and Exchange Restrictions 2005

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2005
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    APPENDIX: 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

    Exchange arrangement with no separate legal tender

    Currency board arrangement

    Conventional pegged arrangement

    Pegged exchange rate within horizontal bands

    Crawling peg

    Crawling band

    Managed floating with no preannounced path for the exchange rate

    Independently floating

    Exchange tax

    Exchange subsidy

    Forward exchange market

    Official cover of forward operations

    Arrangements for Payments and Receipts

    Prescription of currency requirements

    Controls on the use of domestic currency

    • For current transactions and payments

    • For capital transactions

      • Transactions in capital and money market instruments

      • Transactions in derivatives and other instruments

      • Credit operations

    Use of foreign exchange among residents

    Payments arrangements

    Bilateral payments arrangements

    • Operative

    • Inoperative

    Regional arrangements

    Clearing agreements

    Barter agreements and open accounts

    Administration of control

    International security restrictions

    In accordance with IMF Executive Board Decision No. 144-(52/51)

    In accordance with UN sanctions

    Payments 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

    Foreign exchange accounts permitted

    Held domestically

    • Approval required

    Held abroad

    • Approval required

    Accounts in domestic currency held abroad

    Accounts in domestic currency convertible into foreign currency

    Nonresident Accounts

    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

    Other

    Import licenses and other nontariff measures

    Positive list

    Negative list

    Open general licenses

    Licenses with quotas

    Other nontariff measures

    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

    Other

    Export licenses

    Without quotas

    With quotas

    Export taxes

    Taxes collected through the exchange system

    Other export taxes

    Payments for Invisible Transactions and Current Transfers

    Controls on these transfers

    Trade-related payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Investment-related payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Payments for travel

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Personal payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Foreign workers’ wages

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Credit card use abroad

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Other payments

    • 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 transactions

    Controls on capital and money market instruments

    On capital market securities

    • Shares or other securities of a participating nature

      • Purchase locally by nonresidents

      • Sale or issue locally by nonresidents

      • Purchase abroad by residents

      • Sale or issue abroad by residents

    • Bonds or other debt 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

    Controls on personal capital transactions

    Loans

    • By residents to nonresidents

    • To residents from nonresidents

    Gifts, endowments, inheritances, and legacies

    • By residents to nonresidents

    • To residents from nonresidents

    Settlement of debts abroad by immigrants

    Transfer of assets

    • Transfer abroad by emigrants

    • Transfer into the country by immigrants

    Transfer of gambling and prize earnings

    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 deposit accounts in foreign exchange

    • Reserve requirements

    • Liquid asset requirements

    • Interest rate controls

    • Credit controls

    Differential treatment of deposit accounts held by nonresidents

    • Reserve requirements

    • Liquid asset requirements

    • Interest rate controls

    • Credit controls

    Investment regulations

    • Abroad by banks

    • In banks by nonresidents

    Open foreign exchange position limits

    • On resident assets and liabilities

    • On nonresident assets and liabilities

    Provisions specific to institutional investors

    Limits (max.) on securities issued by nonresidents

    Limits (max.) on investment portfolio held abroad

    Limits (min.) on investment portfolio held locally

    Currency-matching regulations on assets/liabilities composition

    Other controls imposed by securities laws

    Changes During 2004

    Status under IMF Articles of Agreement

    Exchange arrangement

    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

    Controls on capital and money market instruments

    Controls on derivatives and other instruments

    Controls on credit operations

    Controls on direct investment

    Controls on liquidation of direct investment

    Controls on real estate transactions

    Controls on personal capital transactions

    Provisions specific to commercial banks and other credit institutions

    Provisions specific to institutional investors

    Other controls imposed by securities laws

    Changes During 2005

    Status under IMF Articles of Agreement

    Exchange arrangement

    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

    Controls on capital and money market instruments

    Controls on derivatives and other instruments

    Controls on credit operations

    Controls on direct investment

    Controls on liquidation of direct investment

    Controls on real estate transactions

    Controls on personal capital transactions

    Provisions specific to commercial banks and other credit institutions

    Provisions specific to institutional investors

    Other controls imposed by securities laws

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