Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2006
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    © 2006 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. 1. Title

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

    ISSN 0250-7366

    ISBN 1-58906-569-7

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    recyled paper

    Letter of Transmittal to Members and Governors of the Fund

    August 31, 2006

    Dear Sir or Madam:

    I have the honor of transmitting to you a copy of the International Monetary Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions, 2006, 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 would like to express our appreciation to the countries for their cooperation in the preparation of the Report.

    Sincerely yours,

    Rodrigo de Rato

    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 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 staff visits to member countries, and has been prepared in close consultation with national authorities. The information is presented in a tabular format.

    This project was coordinated in the Monetary and Financial Systems Department by a staff team directed by Udaibir S. Das and comprising Judit Vadasz, Annamaria Kokeny, Jahanara Zaman, and Maria Zenaida de Mesa. It draws on the specialized contribution of that department (for specific countries), with assistance from staff members of the IMF’s five area departments, together with staff of other departments. The report was edited by Linda Griffin Kean of the External Relations Department and produced by Mrs. de Mesa and the IMF Multimedia Services Division.

    DEFINITION OF ACRONYMS

    ACP

    Atlantic, Caribbean, and Pacific countries

    ACU

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

    AD

    Authorized dealer

    AEC

    African Economic Community

    AFTA

    ASEAN free trade area (see ASEAN, below)

    AGOA

    African Growth and Opportunity Act (United States)

    AMU

    Asian monetary unit

    ANZCERTA

    Australia-New Zealand Closer Economic Relations and Trade Agreement

    APEC

    Asia Pacific Economic Cooperation

    ASEAN

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

    ATC

    Agreement on Textiles and Clothing

    BCEAO

    Central Bank of West African States; the West African states are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo

    BEAC

    Bank of Central African States; the Central African states are Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon

    CACM

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

    CAEMC

    Central African Economic and Monetary Community (integrated by the members of the BEAC)

    CAP

    Common agricultural policy (of the EU)

    CARICOM

    Caribbean Community and Common Market (integrated by Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago). The Bahamas is also a member of CARICOM, but it does not participate in the Common Market.

    CB

    Central Bank

    CEEAC

    Economic Community of Central African States (integrated by Angola, Burundi, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Gabon, Rwanda, and São Tomé and Príncipe)

    CEFTA

    Central European Free Trade Area (integrated by Bulgaria, Hungary, Poland, Romania, Slovak Republic, and Slovenia)

    CEPGL

    Economic Community of the Great Lakes Countries (integrated by Burundi, Democratic Republic of the Congo, and Rwanda)

    CEPT

    Common effective preferential tariff of the AFTA

    CET

    Common external tariff

    CFA

    Communauté financière d’Afrique (administered by the BCEAO) and Coopération financière en Afrique centrale (administered by the BEAC)

    CIS

    Commonwealth of Independent States (integrated by Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)

    CIITES

    Conventions on International Trade in Endangered species of wild Fauna and flora

    CLS

    Continued Linked Settlement (integrated by Denmark, Norway, and Sweden)

    CMA

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

    CMCF

    Caribbean Multilateral Clearing Facility

    CMEA

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

    COMESA

    Common Market for Eastern and Southern Africa (integrated by Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe)

    EAC

    East African Community

    EBRD

    European Bank for Reconstruction and Development

    ECB

    European Central Bank

    ECC

    European Community Council

    ECCB

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

    ECCU

    Eastern Caribbean Currency Union

    ECOWAS

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

    ECSC

    European Coal and Steel Community

    EEA

    European economic area

    EFTA

    European Free Trade Association (integrated by Iceland, Liechtenstein, Norway, and Switzerland)

    EIB

    Europen Investment Bank

    EMU

    European Economic and Monetary Union

    ERM

    Exchange rate mechanism (of the European monetary system)

    EU

    European Union (formerly European Community; integrated by Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, the United Kingdom, and, effective May 1, 2004, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, and Slovenia)

    FATF

    Financial Action Task Force on Money Laundering (of the OECD)

    FSU

    Former Soviet Union

    GAFTA

    Greater Arab Free Trade Agreement

    GCC

    Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf; integrated by the Kingdom of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates)

    GSP

    Generalized system of preferences

    IBRD

    International Bank for Reconstruction and Development(world Bank)

    IDB

    Inter-american Development Bank

    IMF

    International Monetary Fund

    IOSCO

    International Organization of Securities Commissions

    LAIA

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

    LC

    Letter of credit

    LIBID

    London Interbank Bid Rate

    LIBOR

    London interbank offered rate

    MERCOSUR

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

    MFA

    Multifiber Arrangement

    MFN

    Most-favored nation

    MOF

    Ministry of finance

    NAFA

    North American Framework Agreement (integrated by Canada, Mexico, and the United States)

    NAFTA

    North American Free Trade Agreement

    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

    PACER

    London interbank offered rate

    PARTA

    Pacific Regional Trade Agreement (of the Pacific Islands Forum)

    PICTA

    Pacific Island Countries Trade Agreement (of the Pacific Islands Forum; integrated by Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu)

    RCPSFM

    Regional Council on Public Savings and Financial Markets (an institution of WAEMU countries that is involved in the authorization for issuance and marketing of securities)

    RIFF

    Regional Integration Facilitation Forum (formerly the Cross-Border Initiative; integrated by Burundi, Comoros, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe)

    SACU

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

    SADC

    Southern Africa Development Community (integrated by Angola, Botswana, Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe)

    SCP

    Scandinavian Cash Pool (integrated by Denmark, Norway, and Sweden)

    SDR

    Special drawing right

    SPARTECA

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

    UCAC

    Central African Units of Accounts

    UCITS

    Undertakings for the Collective Investment of Transferable Securities

    UDEAC

    Central African Customs and Economic Union (integrated by Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon)

    UN

    United Nations

    UNITA

    National Union for the Total Independence of Angola

    VAT

    Value-added tax

    WAEMU

    West African Economic and Monetary Union (formerly WAMU; integrated by the members of the BCEAO)

    WAMA

    West African Monetary Agency (formerly WACH)

    WAMZ

    West African Monetary Zone

    W-ERM II

    Exchange rate mechanism (of the WAMZ)

    WTO

    World Trade Organization

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

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