Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
August 1985
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    The People’s Republic of China, Czechoslovakia, and the U.S.S.R.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Netherlands guilders, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Specified noncommercial settlements with Morocco and Tunisia are channeled through a dirham account at the Bank of Morocco and an account in Tunisian dinars at the Central Bank of Tunisia.

    The Eastern Caribbean dollar is also the currency of Anguilla, Dominica, Grenada, Montserrat, St. Christopher and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    As part of a set of adjustment measures, Argentina on June 14, 1985 introduced a new monetary unit, the Austral, at a conversion rate of A 1 = $a 1,000.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Portuguese escudos, Spanish pesetas, Swedish kronor, and Swiss francs.

    Imports destined for the special customs area of Tierra del Fuego are subject to the following minimum financing terms: 75 days for imports on the “negotiated list” shipped from and originating in LAIA countries; 105 days for “non-negotiated” imports from the LAIA and imports from the CACM, Cuba, Haiti, Panama, or the Dominican Republic; and 150 days for imports from all other countries.

    In February 1985, the export taxes on traditional exports were reduced by an average of 6 percentage points, effectively removing the increase imposed on October 29, 1984, with the exception of wheat, for which the tax had been removed earlier.

    On January 25, 1985 various export incentives were introduced for nontraditional exports in accordance with the Export Promotion Law of December 16, 1984. Among these incentives are a deduction against taxable profits equal to 10 percent of the value of certain exports, the elimination of the export stamp tax of 0.5 percent for exports from the Federal Capital Area, and the creation of an Export Promotion Fund to finance trade fairs.

    The Australian dollar also circulates in a number of other countries, including Kiribati, Nauru, and Tuvalu.

    Foreign currencies are defined as all currencies other than the Australian dollar.

    These are listed as Bahamas, Bermuda, British Channel Islands, British Virgin Islands, Cayman Islands, Gibraltar, Grenada, Hong Kong, Isle of Man, Liberia, Liechtenstein, Luxembourg, Nauru, Netherlands Antilles, Panama, Switzerland, Tonga, and Vanuatu.

    More details of Australia’s foreign investment policy are contained in a government document, Australia’s Foreign Investment Policy—A Guide for Investors.

    Goods liberalized for import from a given group of countries may be freely imported from any country in the group, provided that the country of exportation and the country of production of the goods involved are in the same group.

    The full list is as follows: Algeria, Andorra, Angola, Antigua and Barbuda, Argentina, Australia, Bahamas, Bahrain, Bangladesh, Barbados, Belgium, Belize, Benin, Botswana, Brazil, Burkina Faso, Burma, Burundi, Cameroon, Canada, Cape Verde, Central African Republic, Chad, Chile, Colombia, Congo, Cuba, Cyprus, Denmark (including Faeroe Islands and Greenland), Dominica, Dominican Republic, Ecuador, Egypt, Equatorial Guinea, Fiji, Finland, France, Gabon, The Gambia, Federal Republic of Germany, Ghana, Greece, Grenada, Guinea-Bissau, Guyana, Haiti, Iceland, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Jamaica, Democratic Kampuchea, Kenya, Kiribati, Korea, Kuwait, Lesotho, Luxembourg, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Mauritania, Mauritius, Mozambique, Netherlands, New Zealand, Nicaragua, Niger, Nigeria, Norway, Oman, Pakistan, Papua New Guinea, Peru, Philippines, Portugal, Qatar, Rwanda, St. Lucia, St. Vincent and the Grenadines, São Tomé and Principe, Senegal, Seychelles, Sierra Leone, Singapore, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Swaziland, Sweden, Switzerland, Tanzania, Togo, Tonga, Trinidad and Tobago, Tunisia, Turkey, Tuvalu, Uganda, U.S.S.R., United Arab Emirates, United Kingdom, United States, Uruguay, Vanuatu, People’s Democratic Republic of Yemen, Yugoslavia, Zaïre, Zambia, and Zimbabwe.

    The general license does not apply to the purchase by residents from nonresidents of securities of a participating nature in whatever legal form (including shares) that are issued by foreign investment funds or by similar institutions of whatever kind which assemble assets for the purpose of risk spreading. Individual licenses are issued automatically when the purchase takes place on a recognized foreign stock exchange or when the issuing institution is subject to adequate surveillance.

    This is foreign currency in respect of which there is a general or specific central bank permission that it may be retained and used or disposed of as investment currency. Such permission may exist in respect of foreign currency accruing to residents of the Bahamas from the sale or redemption of foreign currency securities or the sale, liquidation, redemption, or realization of property or of direct investments outside the Bahamas. The use of investment currency is prescribed for the purchase from nonresidents of foreign currency securities and the making of direct investments outside the Bahamas.

    Foreign currencies comprise all currencies other than the Bahamian dollar.

    Persons of foreign nationality who have been granted “temporary resident” status are treated in some respects as nonresidents but are not permitted to hold External Accounts.

    Except in Grand Bahama and the Family Islands, where this authority is delegated to clearing bank branches.

    Banks and trusts established in the Bahamas are exempt from certain exchange control regulations, particularly with regard to their offshore operations.

    These are 11 banks and trust companies authorized to deal in Bahamian and foreign currency securities and to receive securities in deposit.

    Members of the Asian Clearing Union are Bangladesh, Burma, India, the Islamic Republic of Iran, Nepal, Pakistan, and Sri Lanka.

    The AMU is equivalent in value to the SDR and is used for recording the value of transactions passing through the Union.

    Bulgaria, People’s Republic of China, Czechoslovakia, German Democratic Republic, Hungary, Democratic People’s Republic of Korea, Poland, Romania, U.S.S.R., and Yugoslavia.

    The Bangladesh Bank announces exchange rates between the Asian Monetary Unit and the member countries’ currencies thrice a month.

    The accounts of the United Nations and its agencies are treated as resident accounts.

    See Explanatory Note on Coverage of Part Two, page 54.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Foreign currencies comprise all currencies other than the Barbados dollar.

    Currencies dealt in the official market are Australian dollars, Austrian schillings, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling. South African rand, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars. The European Currency Unit (ECU) is treated on an equal footing with the other currencies traded in the official market. The Australian dollar and the South African rand are not officially quoted.

    International organizations and foreign diplomatic representations established in the BLEU maintain Special Accounts, which are equivalent to Convertible Accounts but are not subject to the restrictions applicable to the latter. Foreign employees of these organizations and representations may maintain Special Convertible Accounts which may be credited with their remuneration in Belgian francs, provided they agree in writing not to arbitrage between both exchange markets to cover their current expenses in the BLEU.

    Foreign diplomats, foreign nationals employed by diplomatic representations accredited in the BLEU and by specified international organizations situated in the BLEU, individuals residing in Burundi, Rwanda, or Zaïre, and BLEU nationals residing abroad temporarily for professional reasons are authorized to maintain Assimilated Resident Accounts.

    Import licenses are issued freely for a large number of commodities when originating in and shipped from Bulgaria, Czechoslovakia. German Democratic Republic, Hungary, Poland, Romania, and U.S.S.R.

    Most imports in the latter group do not require an import license when imported from the Netherlands or from other EC countries.

    Most exports do not require an export license when exported to the Netherlands or to other EC countries.

    The Caricom countries are Anguilla, Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Canadian dollars, pounds sterling, U.S. dollars, and the currencies of the member countries of the Caricom.

    Lobster, shrimp, conch, fish, turtles, mahogany, and wild animals. For sugar, the export duty is 2 percent.

    The CFA franc is issued by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to a flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    There is an inoperative payments agreement with Hungary.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Benin and those made by branches or subsidiaries abroad of companies in Benin.

    Including those made by companies in Benin that are directly or indirectly under foreign control and those made by branches or subsidiaries in Benin of foreign companies.

    Argentine pesos, Belgian francs, Brazilian cruzeiros, Canadian dollars, Chilean pesos, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Mexican pesos, Netherlands guilders, Peruvian soles, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    On January 9, 1985, the pula was devalued by 15 percent against the currency basket used for determining its exchange rate, and the weight of the South African rand in the basket was increased from 50 percent to 75 percent, with an offsetting decline (to 25 percent) in the weight of the SDR.

    Deutsche mark, pounds sterling, South African rand, and Zimbabwe dollars.

    On January 2, 1985, this tax was converted from an exchange tax to a trade tax.

    The tax credit was reduced to 5 percent on January 1, 1985 and to 4 percent on February 1, 1985; it was scheduled to be eliminated by end-April 1985.

    Bilateral payments agreements are maintained with Bulgaria, the German Democratic Republic, and Poland. Bilateral accounts are also maintained with Hungary and Romania, but settlements are made in third country currencies every 90 days, and interest rates payable on balances are based on the international capital market.

    Under instructions issued by the Economic Development Council, federal ministries and subordinate agencies and public enterprises are required to submit, for approval by the President, an annual investment program incorporating their expected import requirements. In 1984 these imports were limited to US$1,900 million, excluding imports of wheat, oil, and oil products.

    Certain specified imports, including direct imports by public administrative bodies, are exempt from this requirement.

    Imports exempt from the deposit requirement include printing paper for newspapers, magazines and books, and goods imported into the Manaus free zone for use in local production. Also exempt are imports authorized under the drawback scheme, onions, and copper ore, and imports for which the financing is subject to the guaranty of EXIMBANK according to the agreement made between EXIMBANK and Banco do Brasil S.A. as the agent of the Brazilian Government.

    Regulations to implement the relevant Decree-Law (No. 1587 of December 20, 1977) have not yet been introduced.

    The CFA franc is issued by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to a flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    A bilateral agreement was negotiated with Ghana in 1970 but is inoperative.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Burkina Faso and those made by branches or subsidiaries abroad of companies in Burkina Faso.

    Including those wade by companies operating in Burkina Faso that are directly or indirectly under foreign control and those made by branches or subsidiaries in Burkina Faso of foreign companies.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Kenya shillings, Netherlands guilders, Norwegian kroner, pounds sterling, Rwanda francs, Swedish kronor, Swiss francs, Tanzania shillings, Uganda shillings, U.S. dollars, and Zaïres.

    The CFA franc circulating in Cameroon is issued by the Banque des Etats de l’Afrique Centrale (BEAC) and is legal tender also in the Central African Republic, Chad, the Congo, Equatorial Guinea, and Gabon.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Cameroon and those made by branches or subsidiaries abroad of companies in Cameroon.

    Including those made by companies in Cameroon that are directly or indirectly under foreign control and those made by branches or subsidiaries in Cameroon of foreign companies.

    By the end of 1984, legislation was pending in the Canadian Parliament to replace the FIRA with a new organization to be called “Investment Canada,” aimed, inter alia, at an easing of the review process for foreign investments in Canada.

    The CFA franc circulating in the Central African Republic is issued by the Banque des Etats de l’Afrique Centrale (BEAC) and is legal tender also in Cameroon, Chad, Congo, and Gabon.

    The authority delegated to the BEAC relates to (1) the control over the external position of the banks, (2) the granting of exceptional travel allocations in excess of the basic allowances, and (3) the control over the repatriation of net export proceeds.

    Including those made through foreign companies that are directly or indirectly controlled by persons in the Central African Republic and those made by branches or subsidiaries abroad of companies in the Central African Republic.

    Including those made by companies in the Central African Republic that are directly or indirectly under foreign control and those made by branches or subsidiaries of foreign companies in the Central African Republic.

    The CFA franc circulating in Chad is issued by the Banque des Etats de l’Afrique Centrale (BEAC) and is legal tender also in Cameroon, the Central African Republic, the Congo, and Gabon.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Chad and those made by branches or subsidiaries abroad of companies in Chad.

    Including those made by companies in Chad that are directly or indirectly under foreign control and those made by branches or subsidiaries in Chad of foreign companies.

    On February 27, 1985, in connection with the reduction in import tariffs to a uniform rate of 30 percent, the exchange rate of the Chilean peso was changed from Ch$132.17 = US$1 to Ch$144.07 = US$1, representing a devaluation of 8.3 percent.

    On February 27, 1985, the uniform import tariff rate was reduced from 35 percent to 30 percent.

    The extension of the cutoff date beyond the usual December 31, 1984 point is intended to permit inclusion of important reforms in China’s exchange and trade system which came into effect in early January 1985, including discontinuation of use of the internal settlement rate.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Ghanaian cedis, Hong Kong dollars, Iranian rials, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Pakistan rupees, pounds sterling, Sierra Leonean leones, Singapore dollars, Swedish kronor, and Swiss francs.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Hong Kong dollars, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Swedish kronor, Swiss francs, and U.S. dollars.

    China maintains operative bilateral payments agreements with the following Fund members: Afghanistan, Bangladesh, Egypt, Hungary, the Islamic Republic of Iran, Pakistan, Romania, and Sierra Leone. It also maintains bilateral payments agreements with Bulgaria, Cuba, Czechoslovakia, the German Democratic Republic, the Democratic People’s Republic of Korea, Mongolia, Poland, and the U.S.S.R.

    Nonresidents include overseas Chinese and residents of foreign countries, and of the Hong Kong and Macao regions. Foreign embassies are also included.

    These countries are as follows (classified by geographical areas):

    (1) Africa: Benin, Burundi, Cameroon, the Central African Republic, Chad, the Congo, Egypt, Equatorial Guinea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Kenya, Liberia, the Libyan Arab Jamahiriya, Madagascar, Mali, Mauritania, Morocco, Niger, Nigeria, Rwanda, São Tomé and Principe, Sierra Leone, Somalia, Sudan, Tanzania, Togo, Tunisia, Zaïre, Zambia, and Zimbabwe.

    (2) Americas: Argentina, Brazil, Canada, Chile, Cuba, Ecuador, Jamaica, Mexico, Peru, and the United States.

    (3) Asia: Bangladesh, Burma, Cyprus, Iraq, Jordan, Democratic ‘Kampuchea, the Democratic People’s Republic of Korea, Lebanon, Mongolia, Nepal, Oman, Pakistan, the Philippines, Singapore, Sri Lanka, the Syrian Arab Republic, Thailand, Turkey, Viet Nam, the Yemen Arab Republic, and the People’s Democratic Republic of Yemen.

    (4) Europe: Albania, Austria, Belgium, Denmark, Finland, France, the German Democratic Republic, Federal Republic of Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Romania, Spain, Sweden, Switzerland, the U.S.S.R., the United Kingdom, and Yugoslavia.

    (5) Oceania: Australia and New Zealand.

    Including those employed by enterprises with overseas and foreign Chinese capital.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Colombia maintains bilateral payments agreements with Bulgaria, Hungary, Poland, Romania, and Yugoslavia.

    Loans by financial entities for the import of goods also require registration; their repayment is authorized by the exchange license covering the relevant import transaction. Such loans are subject to an interest rate ceiling of 2.5 percent over the New York prime rate or the London interbank offered rate (LIBOR).

    Belgian francs, Canadian dollars, deutsche mark, Hong Kong dollars, Kenya shillings, Mauritian rupees, Netherlands guilders, pounds sterling. South African rand, Swedish kronor, Swiss francs, Tunisian dinars, and U.S. dollars.

    The CFA franc circulating in the Congo is issued by the Banque des Etats de l’Afrique Centrale (BEAC) and is legal tender also in Cameroon, Central African Republic, Chad, and Gabon.

    There are inoperative payments agreements with Bulgaria and the Democratic People’s Republic of Korea.

    Including those made through foreign companies that are directly or indirectly controlled by persons in the Congo and those made by branches or subsidiaries abroad of companies in the Congo.

    Including those involving the transfer, between nonresidents, of funds in the form of participation in the capital of a Congolese company.

    Owing to the long-term nature of the financing obtained for selected imports prior to their transfer from the official to the banking market, sporadic payments still take place at the official rate as those debts are settled.

    Composed of the Minister of Finance, the Minister of Planning, and the President of the Central Bank.

    Australian dollars, Austrian schillings, Belgian francs (commercial), Canadian dollars, Danish kroner, Finnish markkaa, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, Spanish pesetas, Swedish kronor, and Swiss francs.

    Foreign currencies are all currencies other than the Cyprus pound.

    Austrian schillings, Belgian francs, Canadian dollars, deutsche mark, Greek drachmas, ECUs, Finnish markkaa, French francs, Icelandic kr6nur, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    A license is required, however, for investments in firms that are engaged exclusively or largely in capital investments or financing.

    Deutsche mark, French francs, pounds sterling, and Swiss francs.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Grenada, Montserrat, St. Christopher and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Foreign currencies comprise all currencies other than the Eastern Caribbean dollar.

    Since the end of 1971, interested natural and juridical persons could be authorized directly by the Monetary Board to open accounts denominated in U.S. dollars in the Dominican Republic’s banking system. Balances in such accounts could be used freely to make payments abroad.

    Nontraditional exporters who qualify under the temporary import regime of Law No. 69 are also fully exempted from the payment of import duties.

    Argentine pesos, Australian dollars, Austrian schillings, Belgian francs, Brazilian cruzeiros, Canadian dollars, Chilean pesos, Colombian pesos, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Mexican pesos, Netherlands guilders, Norwegian kroner, Paraguayan guaraníes, Peruvian soles, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and Venezuelan bolívares.

    On March 5, 1985, the Monetary Board adopted a modification under which 100 percent of the f.o.b. value of exports of petroleum and petroleum derivatives by the CEPE, and service payments on public external debt, other than private debt assumed by the Central Bank of Ecuador, were required to be converted at the intervention market of the Central Bank.

    The description date has been extended beyond the usual limit of December 31, 1984 so as to permit coverage of the important changes in exchange and trade control regulations in Egypt in January 1985.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Italian lire, Japanese yen, Kuwaiti dinars, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Swedish kronor, and Swiss francs.

    A temporary variable premium is applied on visible payments during the period through end-February 1985, for transactions under the bilateral payments agreements with the People’s Republic of China, the Democratic People’s Republic of Korea, and the U.S.S.R., so as to produce an exchange rate of LE 0.70 = £1.

    On January 24, 1985, Egypt maintained operative bilateral payments agreements with the People’s Republic of China, the Democratic People’s Republic of Korea, Sudan, and the U.S.S.R.

    On January 23, 1985 authorization was granted until March 21, 1985 for private importers with outstanding balances in Free Accounts and Import Accounts on January 3, 1985 to utilize funds in Egyptian pounds resulting from the sale of such balances (at an exchange rate announced by the specified committee) for imports related to the activities of the account holder.

    The buying and selling rates in the parallel market fluctuated around Ȼ 4.00 per US$1 at the end of December 1984.

    including exporters of specified nontraditional products, industrial enterprises that export part of their production to destinations outside the Central American Common Market, individuals with income from tourism, foreign companies, embassies, and international organizations.

    Costa Rica, Guatemala, Honduras, and Nicaragua.

    These include energy supplies, basic food items, medicines, inputs and raw materials for the agricultural and industrial sectors, and spare parts.

    Imports of raw materials for the agricultural and industrial sectors which are paid for by letters of credit under special lines of credit arranged by the Central Reserve Bank are exempt from this requirement.

    Effective January 1, 1985 Equatorial Guinea became a member of the Central African Monetary Union, and changed the national currency to the CFA franc (CFAF) which is pegged to the French franc (F), the intervention currency, at the fixed rate of CFAF 1 = F 0.02. In addition, with effect from the same date, Equatorial Guinea began to apply exchange control regulations based on the system in place in the French Franc Area; this entailed substantial liberalization of external trade and payments.

    Residents are defined as persons remaining in Equatorial Guinea for more than six months in a calendar year or for more than six months in two consecutive calendar years.

    Under Fiji’s exchange control regulations, foreign currencies are all currencies other than the Fiji dollar.

    A nonresident is a person or firm whose country of normal domicile or established residence is a country other than Fiji. As regards individuals, a resident of Fiji is a person who either has lived or intends to continue living in Fiji for at least three years.

    Finland maintains bilateral payments agreements with Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and the U.S.S.R. Transactions with Czechoslovakia and Poland have, however, been settled in freely convertible U.S. dollars since 1970 under agreements reached separately for each year. Under an agreement made in 1983, transactions with Czechoslovakia during 1984 and 1985 can be settled in any convertible currency.

    By agreement between the two countries, Finland’s bilateral clearing arrangement with Hungary was terminated on January 31, 1985.

    Beginning from April 1, 1985, the currency of payments in transactions with Bulgaria is to be the clearing Finnish markka.

    Agricultural commodities, fish, fuels and other petroleum products, and unwrought gold and silver.

    Currently Taiwan (see Explanatory Note on Coverage of Part Two, page 54) and the Democratic People’s Republic of Korea.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Djibouti francs, Finnish markkaa, Greek drachmas, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian knoner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kroner, Swiss francs, U.S. dollars, and zaïres.

    Benin, Burkina Faso, Cameroon, the Central African Republic, Chad, the Comoros, the Congo, Gabon, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Comprising the institutes of issue of the Operations Account countries and the Overseas Institute of Issue (for New Caledonia, French Polynesia, Mayotte, and Wallis and Futuna Islands).

    Subject to compliance with the provisions of Decree No. 68–1021 of November 24, 1968, as amended by Decree No. 71–144 of February 22, 1971 and Decree No. 80–618 of August 4, 1980.

    Afghanistan, Argentina, Australia, Bhutan, Bolivia, Brazil, Burma, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, India, Indonesia, Islamic Republic of Iran, Iraq, Japan, Republic of Korea, Libyan Arab Jamahiriya, Mexico, Nepal, New Zealand, Nicaragua, Pakistan, Panama, Paraguay, Peru, Philippines, Saudi Arabia, South Africa, Sri Lanka, Thailand, Uruguay, Venezuela, Yemen Arab Republic, and People’s Democratic Republic of Yemen.

    As a means of facilitating the use of the ECU in external commercial transactions, the French authorities on March 2, 1985, granted permission for importers to make forward purchases of ECUs for a period of up to six months for the purposes of import payments and related charges invoiced in ECUs.

    Repatriation may take place either by collection of foreign currency or by debit to a Foreign Account in Francs.

    Under the devise titre system, purchases of foreign securities by residents are required to be matched by the proceeds from sales of such securities by residents. The devise titre is the unit of account in which these matching operations are denominated, and its value can fluctuate on the basis of domestic demand and supply of foreign securities.

    The existing general permissions do not cover the sale in France by nonresidents, or the purchase abroad by residents, of securities that are not quoted on a recognized stock exchange.

    On February 25, 1985, the threshold value beyond which foreign investments in France become subject to prior authorization was raised from F 5 million to F 10 million.

    The CFA franc circulating in Gabon is issued by the Banque des Etats de l’Afrique Centrale (BEAC) and is legal tender also in Cameroon, the Central African Republic, Chad, and the Congo.

    Cement, sugar, batteries, and refined vegetable oil.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Gabon and those made by branches or subsidiaries abroad of companies in Gabon.

    Including those made by companies in Gabon that are directly or indirectly under foreign control and those made by branches or subsidiaries in Gabon of foreign companies.

    The term “Germany” is used in this survey as an abbreviation for the Federal Republic of Germany, including Berlin (West).

    Austrian schillings, Belgian and Luxembourg francs, Canadian dollars, Danish kroner, Finnish markkaa, French francs, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    Countries in List A/B are those of the former OEEC area and Finland and all other countries except those in List C. Countries in List C are Albania, member countries of the Council for Mutual Economic Assistance (CMEA), the People’s Republic of China, and the Democratic People’s Republic of Korea.

    This procedure was changed into full liberalization on January 1, 1984.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, CFA francs, Danish kroner, French francs, deutsche mark, Italian lire, Japanese yen, Netherlands guilders, New Zealand dollars, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Ghana maintains operative bilateral payments arrangements with Bulgaria, the People’s Republic of China, the German Democratic Republic, Romania, and Yugoslavia.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Cyprus pounds, Danish kroner, deutsche mark, French francs, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Swedish kronor, and Swiss francs.

    These are defined as the interest rates for a deposit of the equivalent of US$200,000 in convertible currencies.

    Australia, Austria, Belgium, Canada, Denmark, France, Federal Republic of Germany, Iceland, Ireland, Italy, Luxembourg, Netherlands. Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, and United States.

    These are defined as the interest rates for a deposit in convertible currencies equivalent to US$50,000.

    The import restrictions which Greece imposed on February 18, 1983 on five industrial items, covering less than 2 percent of Greece’s total annual imports, were extended twice: first through October 31, 1984, and then through December 31, 1985.

    On January 1, 1985, the foreign exchange allowance for individual travel to other EC countries for family reasons or tourism was increased to the equivalent of ECU 720.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Dominica, Montserrat, St. Christopher and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Foreign currencies comprise all currencies other than the Eastern Caribbean dollar.

    On January 25, 1985, the monopoly power of the Marketing and National Importing Board over the importation of cement was abolished.

    Austrian schillings, Belgian francs, Canadian dollars, deutsche mark, French francs, Italian lire, Japanese yen, Mexican pesos, Netherlands guilders, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Costa Rica, El Salvador, and Honduras.

    Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, pounds sterling, Sierra Leonean leones, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    Principally, the Saudi Arabian riyal.

    Guinea maintains bilateral payments agreements with Algeria, the People’s Republic of China, Cuba, and Viet Nam; all but the agreement with China are inoperative.

    Barbados dollars, Canadian dollars, Eastern Caribbean dollars, Jamaica dollars, pounds sterling, and Trinidad and Tobago dollars.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    With the exception of milk and batteries, import quotas are not fixed in advance for specified products.

    On January 21, 1985, the General Directorate of Taxes was established under the Ministry of Economy, Finance and Industry, and in replacement of a number of existing institutions, including the State Tobacco Monopoly.

    On January 17, 1985, a duty of 1 percent was imposed on all imports.

    Costa Rica, El Salvador, Guatemala, and Nicaragua.

    Costa Rica was exempt from the quota.

    The Central Bank is authorized to allocate foreign exchange in accordance with the following priorities: external financial payments, essential consumer items, health products, educational materials, fuel and lubricants, raw materials, agricultural and industrial inputs, machinery, equipment, and spare parts, and other goods and services.

    Prior to May 1982, when this practice was introduced, the requirement had already been put in operation by a number of local commercial banks whose foreign correspondents had been requiring of them an equivalent deposit of foreign currency at the time that the letter of credit was confirmed. Since local branches of foreign banks were not subject to the same requirement, the Central Bank decided to generalize the practice in order to equalize the position of all commercial banks with respect to their opportunities for financing foreign trade.

    Hong Kong is a nonmetropolitan territory in respect of which the United Kingdom has accepted the Fund’s Articles of Agreement.

    The member countries of the CMEA are Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, Romania, U.S.S.R., and Viet Nam.

    Austrian schillings, deutsche mark, French francs, Italian lire, Netherlands guilders, pounds sterling, Swedish kronor, Swiss francs, and U.S. dollars. Each of these currencies accounts for at least 1 percent of export receipts.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa. French francs, Italian lire, Japanese yen, Kuwaiti dinars, Netherlands guilders, Norwegian kroner, pounds sterling, Portuguese escudos, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars. In addition to the above, exchange rates for bank notes and traveler’s checks are quoted for Greek drachmas and Yugoslav dinars.

    The spread of 0.2 percent between buying and selling rates applies to spot telegraphic transactions. For traveler’s checks and bank notes, a 6 percent spread is maintained between buying and selling rates.

    Beginning from January 1, 1985, new exchange rates are quoted on a daily basis.

    A commission of 3 percent applies to purchases from tourists of bank notes in the currencies of member countries of the CMEA.

    Thirty-two additional enterprises were granted foreign trading rights on January 1, 1985.

    In addition, there were nine enterprises specializing in the representation of foreign enterprises.

    At the end of December 1984, Hungary had bilateral payments agreements with Albania, the People’s Republic of China, Colombia, Ecuador, Finland, Islamic Republic of Iran, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, and Viet Nam. Hungary also had trade agreements with bilateral payments features for certain commodities with Afghanistan, Bangladesh, and Pakistan. Except for Albania, People’s Republic of China, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, and Viet Nam, settlements under bilateral agreements were in clearing U.S. dollars. Settlements with the People’s Republic of China were in clearing Swiss francs, and with Albania, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, and Viet Nam in clearing rubles. The bilateral agreement with Finland was terminated with effect from February 1, 1985.

    In border traffic, the value may not exceed Ft 200 a month unless otherwise authorized under international agreement.

    Beginning from January 1, 1985, residents and nonresidents may take out (or bring in) an amount not exceeding Ft 400 in bank notes, in denominations not exceeding Ft 100.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Residents who hold foreign currency which they are not required to sell to authorized dealers may open Foreign Accounts with Icelandic banks. Such accounts, denominated in Danish kroner, deutsche mark, pounds sterling, and U.S. dollars, may be credited with authorized receipts in foreign currencies and may be debited for authorized payments in foreign currencies.

    Bangladesh, Burma, the Islamic Republic of Iran, Pakistan, and Sri Lanka. Though not one of the countries specified in this context, Nepal is also a member of the ACU.

    Australian dollars, Austrian schillings, Bahrain dinars, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Hong Kong dollars, Italian lire, Japanese yen, Kuwaiti dinars, Malaysian ringgit, Netherlands guilders, Norwegian kroner, pounds sterling, Singapore dollars, Swedish kronor, Swiss francs, and U.S. dollars.

    Czechoslovakia, the German Democratic Republic, Poland, Romania, and the U.S.S.R.

    All remittances by nationals of the People’s Republic of China to any country outside India and all remittances to the People’s Republic of China by any person resident in India, whether for personal or trade purposes, were stopped with effect from November 3, 1962. Since the resumption of trade between India and the People’s Republic of China, remittances arising out of trade transactions are permitted in conformity with exchange control regulations. All nontrade-related transactions with the People’s Republic of China or nationals of the People’s Republic of China continue to be prohibited, unless generally or specifically authorized. Authorized dealers are permitted to open rupee accounts on their books in the names of their branches or correspondents in the People’s Republic of China or Pakistan without prior reference to the Reserve Bank, but should seek direction before opening such accounts in the names of branches of Pakistani or Chinese banks operating outside Pakistan and the People’s Republic of China, respectively. Authorized dealers may effect remittances to Pakistan on behalf of private importers as in the case of imports from other countries; they also may effect certain types of personal remittances in accordance with regulations applicable to such remittances; remittances for other purposes require the prior approval of the Reserve Bank.

    However, residents of Nepal obtain their foreign exchange requirements from the Nepal Rastra Bank.

    The exempted category includes government imports under Open General License, relief supplies, and passenger baggage.

    Items that can be imported under the personal baggage scheme include air-conditioner units, refrigerators, deep freezers, cooking ranges, washing machines, television sets, tape recorder sets, record playing sets, movie cameras and projectors, video cassettes, textile fabrics, cigarettes, cigars, and tobacco.

    The export of certain commodities, including sugar, raw jute, and several categories of steel, is reserved for the state-trading enterprises.

    Exports that are prohibited include rock crystal, quartz, silk waste, some varieties of plants and derivatives, all varieties of forestry, foundation and breeder seeds, tallow fat and/or oil of any animal origin, rough (uncut and unset) precious stones, sugarcane, Khandsari sugar, palmyra sugar candy, and jaggery.

    Persons of Indian nationality or origin who are resident abroad and overseas companies and partnership firms that are owned at least 60 percent by nonresident Indians may invest freely in any public or private limited company, in any partnership or proprietorship concern, and in industrial, manufacturing, or trade activity (except where the proposed investment is in real estate), provided that the funds required are either remitted from abroad through normal banking channels or are drawn from their Nonresident Accounts, provided that an undertaking is given that repatriation of the capital invested or the profits and dividends arising therefrom will not be requested, and provided that overall limits on holdings of shares and convertible debentures bought through the stock exchange by nonresident Indians (see below) are adhered to. Nonresident Indians and overseas companies defined above can use funds derived from fresh remittances or held in their Nonresident (External) Accounts or Foreign Currency (Nonresident) Accounts to (a) make portfolio investments, with repatriation benefit, up to 1 percent of the capital, provided that their holdings of shares and convertible debentures held on either a repatriable or nonrepatriable basis do not exceed (i) 5 percent of the paid-up capital of the company concerned, or (ii) 5 percent of the total paid-up value of each series of debentures issued by the company concerned; (b) invest freely in National Savings Certificates with full repatriation benefit; and (c) invest up to 40 percent of the new equity capital issued by a company (other than a FERA company) setting up industrial manufacturing projects, and up to 74 percent of new investments, including expansion of existing industrial undertakings in specified priority industries, with free repatriation of such investment and income therefrom after deduction of applicable Indian taxes. Such investments with repatriation benefits can also be made in hospitals and 3-, 4-, or 5- star hotels. Nonresident Indians and overseas companies, as defined above, can also place funds with public limited companies in India as deposits, with full repatriation benefits provided (a) the deposits are made for a period of three years, (b) the deposits are made in conformity with the prevailing rules and within the limits prescribed for acceptance of deposits by such companies, and (c) the funds are made available by the depositors by remittance from abroad or by payment from their Nonresident (External) Accounts or Foreign Currency (Nonresident) Accounts. Special tax concessions are applicable to investments by nonresident Indians.

    Currencies commonly used in Indonesia’s international transactions, that is, Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Hong Kong dollars, Italian lire, Japanese yen, Malaysian ringgit, Netherlands guilders, New Zealand dollars, Norwegian kroner, Portuguese escudos, pounds sterling, Singapore dollars, Swedish kronor, and Swiss francs.

    With the exception that the prohibition on imports of certain automobiles is applicable also in Sabang.

    Indonesia maintains an inoperative bilateral payments agreement with the People’s Republic of China.

    These include logs, fertilizer, cement, construction reinforcements of iron, automobile tires, paper, asphalt, stearin, cattle, salt, wheat flour, sugar, maize, soybeans, rice, copra, coconut oil, palm oil, palm kernel oil, olein, and meat.

    Projects or parts thereof financed with concessional loans as well as with credits from the World Bank, the Asian Development Bank, and the Islamic Development Bank are exempted from such requirements, as is the procurement of sophisticated technology and professional services and procurements involving joint ventures between state enterprises and foreign investors.

    Contract value for this purpose is defined as being net of what the contractor spends on Indonesian supplies, taxes, duties, and wages paid within the country.

    Bulgaria, People’s Republic of China, Czechoslovakia, Hungary, Democratic People’s Republic of Korea, Poland, Romania, and U.S.S.R.

    Pakistan, being a member of a separate agreement with the Islamic Republic of Iran, settles its payments through that agreement instead of in the AMU.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Swedish kronor, and Swiss francs.

    See Explanatory Note on Coverage of Part Two, page 54.

    See Explanatory Note on Coverage of Part Two, page 54.

    On January 1, 1985, the special restrictions on imports of motor vehicles were discontinued.

    See Explanatory Note on Coverage of Part Two, page 54.

    With effect from April 1, 1985, and within the context of the policy undertakings announced on February 4, 1985, the Israeli authorities announced a system under which the exchange rate of the shekel would continue to fluctuate, but prices of goods and services supplied under contracts of long duration (and normally denominated in foreign currency) would be fixed at the exchange rate of April 1, 1984, i.e., IS 864 = US$1. Long-term contracts with the public sector were excluded from the coverage of the fixed rate.

    On February 5, 1985, the ban was replaced by a noninterestbearing deposit requirement (in shekels) amounting to 60 percent of import value, to be reduced by 3 percentage points a month until January 1986.

    On April 1, 1985 the foreign financing requirement for imports of motor vehicles was lifted as part of a set of measures announced on that day.

    On February 19, 1985, a travel tax of 20 percent was imposed on the value of travel tickets purchased in Israel.

    The changes introduced on April 1, 1985 included a regulation that Israeli residents traveling abroad should not take with them a legal tender currency abroad other than the 24 currencies defined by the Israeli authorities as foreign currencies.

    On February 17, 1985, the tax on foreign travel by Israeli residents was raised (until October 1985) to US$150 a person, and travel to Egypt, which was previously tax exempt, was made subject to a tax of US$50 a person.

    The changes in regulation on April 1, 1985 included restoration of authorization for Israeli residents to use funds in foreign commercial overdraft accounts. Such use had been effectively precluded by the July 25, 1984 regulation forbidding early repayment of external obligations.

    Currencies officially quoted are Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, ECUs, Finnish markkaa, Greek drachmas, French francs, Irish pounds, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    The official rate is the average of the “fixing” quotations of the foreign exchange markets in Milan and Rome.

    These currencies are referred to in the Italian regulations as the conto valutario currencies.

    Italians living or working abroad as well as “border-area” residents are permitted to maintain with Italian banks Emigrants’ Foreign Currency Accounts denominated in conto valutario currencies. They may be credited with remittances (including bank notes) sent directly to the bank from abroad (up to 80 percent of the holder’s wage or salary earnings) and with interest on the balance; they may be debited freely for conversion into lire, for withdrawals in foreign bank notes, and for transfers abroad (except for accounts held by “border-area” residents). These accounts may also be held by Italian representatives abroad and by Italian staff employed by international organizations.

    Persons living in border areas may not take out more than Lit 50,000 a day in domestic bank notes and coin, and the equivalent of Lit 50,000 a day in foreign notes and coin.

    Financial investment, that is, investment not intended to establish permanent relations, is not considered direct investment. The regulations governing direct investment are also not applicable to participations in “holdings” abroad of any kind.

    The CFA franc is issued by the Banque Centrale des Etats de 1’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to the flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    Including those made through foreign companies that are directly or indirectly controlled by persons resident in Ivory Coast and those made by branches or subsidiaries abroad of companies resident in Ivory Coast.

    Including those made in Ivory Coast by companies that are directly or indirectly under foreign control and those made by branches or subsidiaries in Ivory Coast of foreign companies.

    Canadian dollars, deutsche mark, French francs, Italian lire, Netherlands guilders, pounds sterling, Swiss francs, U.S. dollars, and the currencies of member countries of the Caricom. The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    All currencies other than the Jamaica dollar are considered foreign currencies. All foreign currencies have been designated as specified currencies.

    For these goods, the open general license applies to all countries except South Africa. Goods imported under the license must be consigned from one of the permitted countries and must also originate in a permitted country.

    As part of changes introduced on January 10, 1983, import licenses were replaced by import permits issued to importers up to specified value quotas for items not on the restricted list.

    For import licensing purposes, the Bahamas is treated as a Caricom member country.

    The list comprises Albania, Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, Romania, South Africa, and the U.S.S.R. Exports to these countries require specific licenses. In practice, no licenses are issued for exports to South Africa.

    The maximum amount eligible for automatic approval by the Bank of Japan was increased to ¥ 10 million with effect from January 1, 1985.

    Belgian francs, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Swedish kronor, and Swiss francs.

    These include carbonic acid; some nonalcoholic beverages; cigarettes; secondhand passenger cars and buses that are more than five years old; and military uniforms. Certain of these commodities may be imported, however, from Arab Common Market countries and from countries with which trade agreements are in force. Imports of certain agricultural commodities may be prohibited in good crop years.

    All insurance must be taken out in Jordan, but foreign exchange is granted for premiums in respect of insurance contracts concluded prior to May 1965.

    Approval is not given for the crediting of such Jordanian currency to a nonresident account or for the remittance abroad of the equivalent in foreign currency.

    Austrian schillings, Belgian francs, Burundi francs, Canadian dollars, deutsche mark, Ethiopian birr, French francs, Indian rupees, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Rwanda francs, Swaziland emalangeni, Swedish kronor, Swiss francs, Tanzania shillings, Ugandan shillings, and Zambian kwacha.

    Such securities must be payable in Kenya shillings and they must not be redeemable earlier than five years from the date of acquisition.

    Authorized dealers are not allowed to remit any funds for educational support to students at primary or secondary schools who were not abroad in the 1975–76 academic year.

    In addition to the Hong Kong dollar and the Swiss franc, the list of prescribed currencies comprises the currencies of the member countries of the IMF that have accepted the obligations of Article VIII of the Fund’s Articles of Agreement.

    Under an announcement made by the Ministry of Finance on December 31, 1984, “emergency tariffs” (chargeable on certain import items expected to inflict a damage on existing or new domestic industries) and “adjustment tariffs” (i.e., those leviable on imports expected to rise too rapidly) on 10 items were to be abolished from January to June 1985, leaving 14 items under these special tariffs (5 under the emergency tariffs and 9 under the adjustment tariffs).

    In addition, all imports from these countries and all exports to them are prohibited; payments may not be made to them or be received from them for any type of transaction.

    Deutsche mark, French francs, Japanese yen, pounds sterling, and Swiss francs.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Lebanese pounds, Netherlands guilders, Norwegian kroner, pounds sterling, Saudi Arabian riyals, Swedish kronor, Swiss francs, Tunisian dinars, and U.S. dollars.

    These include mineral water, fruit juices, instant tea, certain types of coffee, green vegetables, poultry, preserved meats and vegetables, alcoholic beverages, peanuts, fresh fruit, oriental rugs, soaps, envelopes, crystal chandeliers, toy guns, luxury cars, and furs.

    On March 5, 1985, the Malagasy franc was devalued by 2.5 percent in terms of its existing value against its basket of currencies; on the basis of midpoint rates, the change involved a devaluation of 2.7 percent of the Malagasy franc vis-à-vis the U.S. dollar.

    Austrian schillings, Belgian francs, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, pounds sterling, Swiss francs, and U.S. dollars.

    Including those made by companies in Madagascar that are directly or indirectly under foreign control and those made by branches or subsidiaries in Madagascar of foreign companies.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Madagascar and those made by branches or subsidiaries abroad of companies in Madagascar.

    Under Malawi’s exchange control regulations, all currencies other than the Malawi kwacha are considered foreign currencies.

    Certain agricultural and food products, new (military type) and used clothing, gold, sugar, wheat flour, cement, fertilizers, newsprint and certain paper products, pencils, ball-point pens, office stapling machines and staples, printing inks, erasers, hand-operated numbering stamps, flick knives, explosives, arms and ammunition, game traps, mist nets, wild animals, live fish, cassava, and copyright articles.

    A licensing system based on tariff quotas and linked to purchases of domestic substitutes is applied to imports of clothing items under two tariff headings.

    Implements of war, petroleum products, nickel, atomic energy materials, and certain agricultural and animal products.

    Exports of sawlogs above 41 centimeters in diameter from Peninsular Malaysia are prohibited, with effect from January 1, 1985.

    The quota arrangement was discontinued on January 1, 1985.

    The regulation requiring all imports to be made on a letter of credit basis was abolished on February 10, 1985.

    The CFA franc is issued by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Mali maintains bilateral payments agreements with the People’s Republic of China, Hungary, Morocco, Romania, the U.S.S.R., and Viet Nam. With the exception of those with the People’s Republic of China and the U.S.S.R., these agreements are inoperative.

    Exchange for tourist travel purposes is made available only to persons submitting an exit permit (autorisation de sortie) issued by the Security Services.

    Deutsche mark, French francs, Japanese yen, Netherlands guilders, pounds sterling, Swiss francs, and U.S. dollars.

    Foreign currencies are defined as all currencies other than the Maltese lira.

    For purposes of exchange allocations for travel and study, residents are defined as physical persons who are at the time living in Malta and either have lived there for at least three years or intend to continue living there for at least three years.

    For the purpose of this Act, the term nonresidents means (1) individuals who are not residents of Malta; (2) any association of persons, or any entity, whether corporate or not, if (a) it is registered outside Malta, or (b) it has its principal place of residence or of business outside Malta, or (c) 20 percent or more of its share or other capital is owned by a nonresident person, or (d) it is in any manner, whether directly or indirectly, controlled by one or more nonresident persons.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Moroccan dirhams, Netherlands guilders, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Including those made by companies in Mauritania that are directly or indirectly under foreign control and those made by branches or subsidiaries in Mauritania of foreign companies.

    Including those made through foreign companies that are directly or indirectly controlled by persons in Mauritania and those made by branches or subsidiaries abroad of companies in Mauritania.

    The exchange control regulations of Mauritius define foreign currencies as all currencies other than the Mauritian rupee.

    The exchange control regulations of Mauritius define the Sterling Area as comprising the United Kingdom, the Channel Islands, the Isle of Man, and the Republic of Ireland.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Italian lire, Japanese yen, Kuwaiti dinars, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Saudi Arabian riyals, Spanish pesetas, Swedish kronor, Swiss francs, Tunisian dinars, U.A.E. dirhams, and U.S. dollars.

    CFA francs, Finnish markkaa, Gibraltar pounds, and Lebanese pounds.

    Guinea and Mali; however, these agreements are inoperative.

    The Exchange Office may, however, authorize a foreign account to be credited in convertible dirhams with the dirham proceeds from the surrender of foreign bank notes, upon presentation of the original customs declaration.

    C.i.f. imports of List A goods require prior exchange control approval.

    Austrian schilling, Belgian franc, Canadian dollar, Danish krone, deutsche mark, Finnish markka, French franc, Italian lira, Japanese yen, Malawi kwacha, Netherlands guilder, Norwegian krone, Portugese excudo, pound sterling, South African rand, Spanish peseta, Swedish krona, Swiss franc, Zambian kwacha, and Zimbabwe dollar.

    Australian dollars, Canadian dollars, deutsche mark, French francs, Indian rupees, Japanese yen, Netherlands guilders, pounds sterling, Swiss francs, Singapore dollars, and Asian Monetary Units (AMUs).

    Nepal has bilateral payments agreements with Bulgaria, Poland, Romania, and the U.S.S.R.; payments for transactions under the agreement with Poland must be made through special accounts.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Irish pounds, Japanese yen, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    The only transit trade transactions still subject to specific license are purchases and sales of strategic goods.

    State-trading countries are defined for this purpose as consisting of Albania, Bulgaria, the People’s Republic of China, Czechoslovakia, the German Democratic Republic, Hungary, the Democratic People’s Republic of Korea, Mongolia, Poland, Romania, the U.S.S.R., and Viet Nam.

    The Netherlands Antilles is a nonmetropolitan territory in respect of which the Kingdom of the Netherlands has accepted the Fund’s Articles of Agreement.

    Canadian dollars, deutsche mark, French francs, Italian lire, Netherlands guilders, pounds sterling, Suriname guilders, and Swiss francs.

    Purchases of foreign exchange by resident companies with nonresident status for exchange control purposes are exempt from the exchange tax.

    A11 currencies other than the Netherlands Antillean guilder are considered foreign currencies.

    In a modification of their exchange arrangement, the New Zealand authorities on March 4, 1985, introduced a flexible exchange rate system under which the Reserve Bank ceased to quote official buying and selling rates for the New Zealand dollar against foreign currencies, but retained the option of entering the market to smooth new exchange rate adjustments in periods of disturbed conditions.

    Foreign currencies are defined as all currencies other than New Zealand currency.

    Under the budget announcement of November 8, 1984, import license allocations for goods not covered by the industry development plans were, in the absence of exceptional circumstances, to be increased each year by 5 percent of the domestic market, beginning in 1985.

    The islands under this arrangement are those constituting the South Pacific Forum (in addition to Australia and New Zealand), Cook Islands, Fiji, Kiribati, Nauru, Niue, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, Vanuatu, and Western Samoa.

    The industry development plan announced for the automobile industry on December 12, 1984, included a phased reduction of import tariffs on completely knocked-down car packs and built-up trucks over a period of 4–5 years starting from January 1, 1985, and for gradual increases in import access for built-up vehicles, up to 17.5 percent of domestic production, by 1988.

    In conjunction with the import liberalization measures announced on August 15, 1984, the New Zealand authorities decided that (a) the EPTI would be phased out between April 1, 1985 and April 1, 1987, (b) a number of export suspensory loan schemes would be terminated on March 31, 1985, and (c) that the ongoing review of other forms of export assistance would be continued with a view to completing it as soon as possible.

    The kinds of remuneration that are involved are (1) the payment or provision of any money; (2) the crediting of any sum in any account at any bank or with any person; (3) the acquisition or provision of any securities, or any real or personal property, or of any right thereto or interest therein (whether actual or contingent); and (4) any benefit, whether by way of doing work or the performance of services, or otherwise, under any contract agreement, scheme, or transaction of any kind (whether or not it is enforceable or intended to be enforceable by legal proceedings).

    On February 8, 1985, in a move involving an effective depreciation of the córdoba, the Nicaraguan authorities introduced a new exchange arrangement based on the following features: (i) a rate of C$10 = US$1 for payments of interest and capital on external loans disbursed by this date; (ii) a rate of C$20 = US$1 for imports of raw materials, spare parts, and essential consumer goods; (iii) a rate of C$28 = US$1 for receipts from exports, freight, insurance, port services, investment income, and specified payments (including those for imports of petroleum products and of certain nonessential goods); (iv) a rate of C$40 = US$1 for imports of many capital goods; (v) a rate of C$50 = US$1 for exports of printed materials, international communication services, foreign grants, and specified payments (including official travel and medical expenses); and (vi) a legal free market rate that was to be established for specified receipts and payments, including receipts from tourism, private remittances, and payments for imports of goods not otherwise specified.

    However, by virtue of Decree No. 1—L (effective March 1, 1963) the exchange proceeds from bananas, coconuts, copra, and coconut byproducts exported through the ports of the region of El Cabo and the Department of Zelaya may be used by the exporters to pay for imports consumed in these areas.

    The CFA franc is issued by the Banque Centrale des Etats de 1’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to a flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    The bilateral payments agreement with Nigeria lapsed at the end of 1977. However, Niger continues to maintain accounts with banks in Nigeria credited with receipts of exports to Nigeria by certain public enterprises in Niger; the funds are used to finance imports of oil from Nigeria by enterprises in Niger.

    This amount is reduced, when appropriate, by the amount sold for CFA francs and increased by the amount of foreign notes acquired in Niger by debit to a Foreign Account in Francs or a foreign currency account, by exchange for other foreign means of payment brought in, or by repurchase with CFA francs (such repurchase being limited to the equivalent of CFAF 25,000).

    Including those made through foreign companies that are directly or indirectly controlled by persons in Niger and those made by branches or subsidiaries abroad of companies in Niger.

    Including those made by companies in Niger that are directly or indirectly under foreign control and those made by branches or subsidiaries in Niger of foreign companies.

    For example, Belgian francs, Canadian dollars, French francs, deutsche mark, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, and Swiss francs.

    The Central Bank buys and sells U.S. dollars and pounds sterling and is prepared to buy only those other currencies for which it quotes daily rates.

    As part of the 1985 federal budget, provisions were introduced for residents of Nigeria (including individuals and corporate bodies) having foreign exchange (other than in the form of export proceeds and payments received by authorized buyers and dealers) to maintain foreign currency accounts domiciled in Nigerian banks. Implementation details of this provision were expected to be issued in due course.

    All imports from South Africa and Namibia are prohibited.

    On January 1, 1985, a system was introduced under which licenses would be issued within the context of overall value limits accorded to government imports, food imports, and general goods, with the latter subdivided into industry groupings. Criteria applied in evaluating applications for import licenses by manufacturing industries include: (i) the extent to which the manufacturing industry concerned uses local raw materials; (ii) the foreign exchange earnings generated by the company’s products; (iii) the linkage effect of the products of the company to those of other industries; (iv) the amount of capital invested in the company, together with its turnover; and (v) geographical location.

    As part of the changes introduced on January 1, 1985, an M form would no longer serve as an application for foreign exchange: an import license would guarantee the availability of foreign exchange up to the value stated in the license. Other functions of the M form, however, remained unchanged.

    On January 1, 1985, the system of foreign exchange allocations to authorized dealers was abolished as were the allocation coefficients. The Central Bank of Nigeria was to ensure that the global and sectoral foreign exchange ceilings, set by the foreign exchange budget, for the entire economy were not exceeded.

    As part of the changes introduced on January 1, 1985, authorized dealers were required to endorse the specific import licenses with the total value of the M forms registered by them against the import license, and to ensure that the total value of each specific import license was not exceeded by the value of M forms registered against the license, and that import licenses were utilized for their specified purposes.

    The officially designated companies for the inspection are: Cotecna, Daniel C. Griffith, and OMIC for inspection in Zone A (Australia, Asia, and the United Kingdom); Bureau Veritas and Thionville for inspection in Zone B (Africa and Europe, excluding the United Kingdom); and Swede Control and Intertek Services for inspection in Zone C (the Americas and Canada). The following items are exempted from the inspection requirement: gold, precious stones, objects of art, explosives and pyrotechnic products, ammunition, implements of war, live animals, fresh, chilled, frozen, or tinned fruits and vegetables, scrap metals, household and personal effects, including used motor vehicles, parcel post or samples, and petroleum and refined petroleum products.

    On January 2, 1985, it was announced that a system of advance payment of import duties would be introduced in 1985; detailed guidelines on the implementation of this requirement were to be issued to authorized dealers as soon as possible.

    On January 1, 1985, a regulation was introduced making outward remittances in respect of technical services and management fees (within the limit of 2 percent of profit before tax) subject to annual submission of a detailed report describing the state of implementation of the provisions of the respective agreements.

    Exports to South Africa and Namibia are prohibited.

    Among the changes introduced on January 1, 1985 was a regulation specifying that dividends due to nonresident investors could be invested in new local companies, provided that an additional amount equal to half of the remittable amount was imported; the additional capital inflow was required to enable the investor to qualify for “approved status.”

    Residents also may open foreign exchange accounts. The customer must have both income and expenditure in foreign currencies. Holdings in these accounts must not exceed the amount required to cover obligations due in the immediate future.

    See Explanatory Note on Coverage of Part Two, page 54.

    Residents are allowed to purchase Euro-krone bonds in the secondary market.

    Different rules apply to nonresident rupee accounts of individuals, firms, or companies, on the one hand, and to nonresident rupee accounts of banks, on the other hand.

    Effective July 1, 1983 the 1983/84 IPO instituted a basic change in the import regime, from a positive list system to a negative list system.

    Some categories of currently prohibited imports fall outside these categories (i.e., some prohibited items are not produced in Pakistan and they do not fit into the category of goods banned for religious, security, or luxury consumption reasons).

    Licensing restrictions are applicable to arms and ammunition, milk products, and Ovaltine.

    Industrial raw materials imported by industrial or commercial users, industrial machinery (including all capital goods but excluding consumer durables), agricultural machinery and components and spares of such machinery, raw materials used by iron, steel, and shipbreaking industries, all raw materials imported by manufacturers of electrical equipment, capital goods and engineering goods (including cycles and agricultural implements), chassis of trucks, buses, jeeps in completely knocked-down condition, construction and engineering equipment, medicines, drugs, and medical and surgical equipment and appliances, pharmaceutical raw materials, medicinal herbs and crude drugs, X-ray films, artificial limbs and hearing aids and parts thereof, raw materials imported by manufacturers of fertilizers and pesticides, raw materials imported by the vegetable, ghee, and edible oil industry, crude oil and petroleum products, newsprint, vegetable seeds, onions, tea, books, magazines, journals and periodicals, secondhand clothing, raw jute, jute bags, cement, items on the tied list, imports under barter, pulses, raw materials against import licenses issued under the Export Performance (RMR) Scheme, and motorcycles and motor scooters and auto-rickshaws (completely knocked-down condition) imported by firms which have been given sanction for “progressive” manufacture under the deletion program, potatoes, and all live animals other than swine.

    The allowances for travel to India, Bangladesh, and Afghanistan are less.

    Prohibited exports include ferrous and nonferrous metals (excluding iron and steel manufactured goods), edible oils, grains, dairy products, animal fats, beef, mutton, timber, certain hides and skins, pulses and beans, wet blue leather made from cowhides and calfhides, wheat bran, wheat straw, and charcoal.

    The exceptions are: raw cotton; cotton yarn; fish other than frozen and preserved; mutton and beef; petroleum products; crude vegetable material; wool and animal hair; crude animal material; feedstuff for animals; all grains including grain flour; stone, sand, and gravel; waste and scrap of all kinds; fertilizer crude; oilseeds, nuts, and kernels; pearls and precious stones; jewelry exported under the Entrustment Scheme; live animals; hides and skins; wet blue leather; inorganic elements, oxides, etc.; crude minerals; works of art and antiques; all metals; fur skins; and wood in rough or squared form.

    Under specified conditions authorized dealers may grant concessional finance without State Bank approval and without an irrevocable letter of credit or firm export order.

    Foreign currencies are defined as all currencies other than the kina.

    Foreign securities are defined in the Central Banking Act as including deposits in overseas bank accounts and debts due by persons outside Papua New Guinea.

    In May 1984 an official rate of ₲ 160 per US$1 was introduced for petroleum and fuel imports; in practice, such imports have been settled at a rate of ₲ 240 per US$1.

    These include table wine in bulk, natural grape must concentrate, rice in the husk or with any degree of processing, gasoline, diesel oil, gas oil, kerosene, wire, nails, dry cell batteries, and potatoes, garlic, and onions during local harvest seasons.

    These include certain textiles and continuous (paper) forms for use in cash registers and computers.

    Belgian francs, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, pounds sterling, and Swiss francs, together with U.S. dollars, are prescribed for external trade transactions. For nontrade transactions, operations may also be effected in Austrian schillings, Canadian dollars, Norwegian kroner, Swedish kronor, and Venezuelan bolívares.

    On January 1, 1985, the value-added tax rate of 11 percent came into effect.

    Including the 15 percent surcharge.

    Such payments and transfers include those for medical treatment abroad, duly authorized official travel, registration of patents and trademarks, certain advertisement costs, banking services, profits from registered investments, income of nonresidents, pension or insurance contracts, and certain technical services.

    Companies exporting at least 80 percent of their production to countries outside the Andean Pact and mining companies are exempt

    Austrian schillings, Belgian francs, Canadian dollars, deutsche mark, French francs, Hong Kong dollars, Japanese yen, Netherlands guilders, pounds sterling, Singapore dollars, Swiss francs, and U.S. dollars.

    See Explanatory Note on Coverage of Part Two, page 54.

    Canadian dollars, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, pounds sterling, Swiss francs, and U.S. dollars.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Italian lire, Irish pounds, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, South African rand, Spanish pesetas, Swedish kronor, and Swiss francs.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Irish pounds, Italian lire, Japanese yen, Luxembourg francs, Netherlands guilders, Norwegian kroner, pounds sterling, Swedish kronor, and Swiss francs.

    The participants in the CMEA are Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, Romania, U.S.S.R., and Viet Nam.

    The countries with which bilateral payments agreements were in force as of December 31, 1984 were Albania, Bangladesh, People’s Republic of China, Colombia, Ecuador, Ghana, India, Islamic Republic of Iran, Democratic People’s Republic of Korea, and Viet Nam. Settlements with Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, and U.S.S.R. take place through the multilateral payments system within the International Bank for Economic Cooperation.

    The acceptable currencies, in addition to the U.S. dollar, are Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Greek drachmas, Indian rupees, Israel shekels, Italian lire, Japanese yen, Luxembourg francs, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, Turkish liras, and Yugoslav dinars.

    Except for imports from Afghanistan, Albania, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, People’s Republic of China, Comoros, Djibouti, Gabon, Guinea, Iraq, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, Liberia, Libyan Arab Jamahiriya, Mali, Niger, Seychelles, Sierra Leone, Somalia, Syrian Arab Republic, Tanzania, Uganda, U.S.S.R., Viet Nam, Yemen Arab Republic, People’s Democratic Republic of Yemen, Zaïre, and Zimbabwe.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Lucia, and St. Vincent and the Grenadines.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Christopher and Nevis, and St. Vincent and the Grenadines.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Foreign currencies comprise all currencies other than the Eastern Caribbean dollar.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Christopher and Nevis, and St. Lucia.

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Foreign currencies include all currencies other than the Eastern Caribbean dollar.

    The East Caribbean Common Market is composed of Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Christopher and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    In addition, all imports from these countries and all exports to these countries are prohibited; payments may not be made to them or be received from them for all types of transactions whether of a current or capital nature.

    The CFA franc is issued by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to a minimum flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    Including investments made through foreign companies that are directly or indirectly controlled by persons in Senegal and those made by branches or subsidiaries abroad of companies in Senegal.

    Including those made by companies in Senegal which are directly or indirectly under foreign control and those made by branches or subsidiaries in Senegal of foreign companies.

    Beginning from February 1, 1985, exchange rates for various currencies (including the pound sterling, the intervention currency) are quoted on the basis of their New York closing rates for the U.S. dollar on the previous day, using the U.S. dollar rate for the Seychelles rupee as derived from the fixed parity to the SDR.

    On February 1, 1985, a system was introduced under which importers are required to obtain import licenses from a newly established Seychelles Licensing Authority and to apply for import permits from the Import Control section of the Seychelles Marketing Board.

    As part of their adjustment efforts, the Sierra Leonean authorities, with effect from February 21, 1985, changed the exchange rate of the leone to Le 6.0 = US$1, and switched the peg for the leone from the U.S. dollar to the SDR.

    Previously, in March 1984, a Foreign Exchange Allocation Committee which, assisted by a technical subcommittee, supervised the allocation of foreign exchange within the framework of an annual foreign exchange budget, was modified to provide incentives to exporters to surrender their foreign exchange; exporters of gold and diamonds were permitted to utilize their export proceeds for the importation of approved commodities or sell all or part of such foreign exchange to other importers at rates freely determined between the two parties.

    Austrian schillings, Belgian francs, Canadian dollars, CFA francs, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    As Somalia undertook a major reform of its exchange and trade system with effect from January 1, 1985, this description is based on the new system in place as of that date.

    Deutsche mark, Djibouti francs, French francs, Italian lire, Kuwaiti dinars, pounds sterling, Saudi Arabian riyals, Swiss francs, and U.A.E. dirhams.

    Authorized dealers can permit, without Reserve Bank approval, advance payment of up to 33⅓ percent of the ex-factory cost of capital goods if such is the requirement of suppliers.

    Lilangeni bank notes issued by Swaziland are freely convertible into rand, at par, without restriction at the Central Bank of Swaziland, but they are not legal tender in South Africa. The same rules apply to maloti bank notes issued by Lesotho. Checks and other bills of exchange drawn by Lesotho and Swazi residents for payment within the Rand Monetary Area must be denominated in rand.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Fiji dollars, French francs. Hong Kong dollars, Indian rupees, Italian lire, Japanese yen, Kenya shillings, Malagasy francs, Malawi kwacha, Netherlands guilders. New Zealand dollars, Norwegian kroner, Pakistan rupees, Portuguese escudos, pounds sterling, Seychelles rupees, Spanish pesetas, Sri Lanka rupees, Swedish kronor, Swiss francs, Uganda shillings, U.S. dollars, Zaïres, and Zambian kwacha.

    Foreign currency is any currency or payment instrument for currency other than a currency that is legal tender in a country in the Rand Monetary Area.

    On March 25, 1985, the general sales tax was raised from 10 percent to 12 percent.

    On January 18, 1985, with retroactive effect from October 1, 1984, South Africa concluded a five-year agreement with the United States, with a view to controlling exports of specified types of steel to that country. Three control periods were established by the agreement as follows: (a) October 1, 1984 to December 31, 1985; (b) the three calendar years 1986 through 1988; and (c) January 1 to September 30, 1989. The quotas for the various categories of steel products during the agreement period would be determined annually and adjusted periodically on the basis of the projected consumption of these categories in the United States during a specified control period.

    For exchange control purposes, a nonresident is defined as a person whose normal place of residence or domicile is outside the Rand Monetary Area. Securities are defined as including not only quoted stocks, shares, debentures, and rights but also unquoted shares in public companies, shares in private companies, government, municipal, and public utility stocks, nonresident-owned mortgage bonds or participations in mortgage bonds, and national savings certificates. The terms “scrip” and “share certificates” include any temporary or substitute documents of title, such as letters of allotment, option certificates, balance receipts, and any other receipts for scrip.

    Approval is generally given for borrowing abroad with a maturity of at least six months by domestic entrepreneurs, except for speculation or consumer credit. Authorized dealers generally are permitted to raise funds abroad in their own names for the financing of South African foreign trade and other approved purposes.

    On January 29, 1985, in light of the considered abnormal conditions in the foreign exchange market, it was decided as an interim measure that the Reserve Bank would pay the gold mines in U.S. dollars for only 50 percent of their sales and the balance in rand.

    On January 1, 1985, the premiums on Krugerrand sold by the company “Intergold” to local distributors were reduced.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Swedish kronor, Swiss francs, and U.S. dollars.

    The proceeds of such securities that have been held for at least three years consecutively are transferable abroad.

    The import free list does not apply to Afghanistan, Albania, Andorra, Bhutan, the People’s Republic of China, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, Mongolia, Nepal, San Marino, Tibet, the U.S.S.R., and Viet Nam.

    The foreign content of investment by Spanish companies with foreign participation is determined in the following manner: (1) if foreign participation exceeds 50 percent, the investment is considered 100 percent foreign; (2) if foreign participation is over 25 percent but equal to or less than 50 percent, the investment is considered foreign to the extent of such participation; nevertheless, if foreign investors enjoy a position of dominance, the investment is considered 100 percent foreign; and (3) if foreign participation is 25 percent or less or if there is Spanish Government participation, the investment is considered domestic.

    However, if the purchase was made with internal pesetas, the owner of the shares must hold them for three years, after which he may transfer the liquidation proceeds abroad.

    Purchases of real estate by nonresident physical persons of foreign nationality, if financed with funds imported from abroad, are freely permitted by a general authorization, as follows: (1) one plot not exceeding 5,000 square meters for one single-family dwelling for personal use, (2) the land needed for the construction of an apartment building, and (3) up to three apartments in a single apartment building. There are separate regulations governing the purchase of business premises (see Royal Decree No. 623/81).

    Australian dollars, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Swedish kronor, Swiss francs, and U.S. dollars.

    In deutsche mark, pounds sterling, Swiss francs, and U.S. dollars.

    These include dates, chilies, onions, potatoes, certain petroleum products, films, consumer textiles, caustic soda, tea chests, jute hessian, mamoties, and matches.

    Deutsche mark, French francs. Hong Kong dollars, Japanese yen, Netherlands guilders, pounds sterling, Singapore dollars, Swedish kronor, Swiss francs, and U.S. dollars.

    Deutsche mark, French francs, Netherlands guilders, and pounds sterling.

    Australian dollars, Austrian schillings, Barbados dollars, Belgian francs, Canadian dollars, Danish kroner, deutsche mark. Eastern Caribbean dollars, French francs, Guyana dollars, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Swedish kronor, Swiss francs, Trinidad and Tobago dollars, and U.S. dollars.

    However, two specified mining companies do not need licenses for their own import requirements. Similar exemptions may be granted to foreign companies for their industrial activities in Suriname, provided that they pay for their imports from their own foreign exchange holdings.

    The prohibition applies to imports of pigs (excluding those for breeding), chicken, duck, and turkey meat, pork, fish, shrimp, and crab—fresh, cooled or frozen, salted, dried or precooked (excluding kwie-kwie fish and smoked herring)—vegetables (excluding potatoes, onions, and garlic), edible roots and tubers, citrus, bananas, plantains, and coconuts, green and roasted coffee, (excluding decaffeinated), rice and rice products (excluding baby food), sugar (excluding cubes and tablets weighing 5 grams or less a cube or tablet), aromatized or colored sugar or sugar syrup, noodles and macaroni, jam, jelly, and marmalade (excluding those for diabetics), peanut butter, syrups, and concentrates for nonalcoholic beverages in packages of less than 5 kilograms (excluding those for diabetics), firewood and other nonprocessed wood, railroad ties, shingles, wooden structures for construction, wooden tiles and panels, wooden tools, handles, and coat hangers, men’s and boy’s shoes (excluding rubber and plastic boots and sport shoes), and sand, gravel, sidewalk tiles, and road bricks. Imports of some other items such as specified explosives and narcotics, are prohibited for reasons of public policy or health.

    The commodities to which import quotas are applied include kwie-kwie fish, milk powder, potatoes, onions and garlic, fruits and nuts (other than citrus, bananas, plantains, and coconuts), decaffeinated coffee, peanuts, baby food, tomato paste, and certain preserved vegetables, matches, furnishings, and ready-made clothing, and furniture made of wood, metal, bamboo or other materials (excluding those for business establishments such as offices, theaters, clinics, hotels, restaurants, and libraries).

    Belgium, Canada, France, Federal Republic of Germany, Italy, Luxembourg, Netherlands, Netherlands Antilles, United Kingdom, and United States.

    This arrangement applies to the nationally controlled De Surinaamsche Bank and Hakrinbank and not to the Dutch-owned Algemene Bank Nederland.

    See Explanatory Note on Coverage of Part Two, page 54.

    Switzerland is not a member of the International Monetary Fund.

    Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Iraqi dinars, Italian lire, Jordan dinars, Lebanese pounds, Netherlands guilders, pounds sterling, Saudi Arabian rivals, Swedish kronor, Swiss francs, and U.S. dollars.

    The percentages required to be surrendered at the parallel market rate are as follows (the remainder being at the official rate): textiles (40–60 percent), engineering and chemical products (30–70 percent), and agricultural products (30–50 percent). The surrender ratios in other cases are determined on a commodity-by-commodity basis.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Indian rupees, Italian lire, Japanese yen, Kenyan shillings, Malawi kwacha, Mozambique meticais, Netherlands guilders, Norwegian kroner, Pakistan rupees, pounds sterling, Swedish kronor, Swiss francs, Uganda shillings, Zambian kwacha, and Zimbabwe dollars.

    No authorized company existed by end-1984.

    No such notification has yet been issued.

    These include gold, platinum, precious stones, live cattle and other specified animals, coffee, sorghum, corn, all types of sugar, brass and copper in certain forms, iron scrap and most forms of iron other than pig iron and iron ore, and Deva and Buddha images. Textile exports to certain markets are also subject to licensing.

    The CFA franc is issued by the Banque Centrale des Etats de I’Afrique de I’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the Union are subject to the flat commission of CFAF 100 levied on settlements between agencies of the BCEAO.

    This amount is adjusted for (1) the amount of foreign currency sold for CFA francs, and (2) any foreign currency acquired in Togo by (a) debit to a Foreign Account in Francs or a Foreign Account in Foreign Currency, (b) the conversion of foreign currency traveler’s checks, etc., made out in the name of the traveler, and (c) any repurchases of foreign currency (permitted up to CFAF 175,000) with CFA francs resulting from the sale of foreign currency.

    Including investments made through foreign companies that are directly or indirectly controlled by persons in Togo and those made by branches or subsidiaries abroad of companies in Togo.

    Including those made by companies in Togo that are directly or indirectly under foreign control and those made by branches or subsidiaries in Togo of foreign companies.

    Barbados dollars, Canadian dollars, deutsche mark, Eastern Caribbean dollars, French francs, Guyana dollars, Jamaica dollars, Japanese yen, Netherlands guilders, pounds sterling, and Swiss francs.

    Under Trinidad and Tobago’s exchange control regulations, all currencies other than the Trinidad and Tobago dollar are considered foreign currencies.

    If the business of a trader, firm, or company involves frequent receipts and payments in foreign currencies, permission may be granted for the retention of a portion of receipts in a Foreign Currency Account, subject to the requirement that periodic statements of credits and debits to the account be submitted to the authorities.

    The Caricom countries are Antigua and Barbuda. Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Austrian schillings, Belgian francs, Burmese kyats, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, Spanish pesetas, Swedish kronor, Swiss francs, and pounds sterling.

    Packaged rice may be imported through normal commercial channels, but such imports are not usually allowed from countries other than Guyana unless the contracted supplies are not forthcoming.

    Currencies quoted spot and at bank note rates are Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Italian lire, Japanese yen, Kuwaiti dinars, Moroccan dirhams, Netherlands guilders, Norwegian kroner, pounds sterling, Saudi Arabian riyals, Spanish pesetas, Swedish kronor, Swiss francs, U.A.E. dirhams, and U.S. dollars. Luxembourg francs, Qatar riyals, and CFA francs are quoted at bank note rates only; and Libyan dinars and Algerian dinars are quoted spot only.

    The forward rates are calculated for periods of one month to six months for the selling rates and of one, two, and three months for the buying rates.

    There are special regulations for those employed by nonresident manufacturing enterprises covered by Law No. 72–38.

    Such persons may transfer D 1,750 if the total amount of their assets does not exceed D 3,500.

    Commercial banks are free to establish their own exchange rates within a band of ± 6 percent around a “central rate” established daily by the Central Bank; the spread between the buying and selling rates of a commercial bank may not exceed 2 percent. For its own transactions with commercial banks and with the nonbank sector, the Central Bank sets up daily buying and selling rates which fall within the spread established by leading banks. A wider band of ± 8 percent is permitted for transactions in bank notes.

    The requirement under the previous regime of prior approval from other Ministries in the case of imports subject to special licensing has been eliminated, with the exception of imports of medicines, pesticides, or raw materials used in their production, which are subject to control by the Ministry of Health and Social Aid, and the Ministry of Agriculture, Forestry, and Rural Affairs, respectively.

    Foreign currencies are all currencies other than the Uganda shilling.

    Austrian schillings, Belgian francs, Canadian dollars, Danish and Faeroese kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, Spanish pesetas, Swedish kronor, Swiss francs, U.S. dollars, and all currencies of the former Sterling Area other than the Uganda shilling.

    The seven federated states of the United Arab Emirates are Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Qaiwain, Ras al Khaimah, and Fujairah.

    The ACP Area comprises Antigua and Barbuda, Bahamas, Barbados, Belize, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, The Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Ivory Coast, Jamaica, Kenya, Kiribati, Lesotho,. Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Niger, Nigeria, Papua New Guinea, Rwanda, São Tomé and Principe, Senegal, Seychelles, Sierra Leone, Somalia, Solomon Islands, St. Lucia, St. Vincent and the Grenadines, Sudan, Suriname, Swaziland, Tanzania, Togo, Tonga, Trinidad and Tobago, Tuvalu, Uganda, Vanuatu, Western Samoa, Zaïre, Zambia, and Zimbabwe.

    The CEFTA Area comprises Austria, Belgium, Denmark, Finland, France, Federal Republic of Germany and Berlin (West), Greece, Iceland, Republic of Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Sweden, Switzerland, and the United Kingdom.

    The Community Area comprises all EC member states.

    The Dollar Area comprises Bolivia, Canada, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Liberia, Mexico, Nicaragua, Panama, Philippines, United States, and Venezuela.

    The Far Eastern and Western Area comprises Australia, Canada, Japan, New Zealand, and United States.

    The Mediterranean Area comprises Cyprus, Egypt, Israel, Lebanon, Malta, Morocco, Spain, Tunisia, Turkey, and Yugoslavia.

    The OCT Area comprises British Antarctic Territory, British Indian Ocean Territory, British Virgin Islands, Brunei, Cayman Islands, Falkland Islands and Dependencies, French Polynesia, French Southern and Antarctic Territories, Mayotte, Montserrat, Netherlands Antilles (Aruba, Bonaire, Curaçao, St. Eustatius, St. Maarten (South), and Saba), New Caledonia and Dependencies, Pitcaim, St. Helena and Dependencies, St. Pierre and Miquelon, Turks and Caicos Islands, Wallis and Futuna Islands, and West Indies Associated States (St. Christopher and Nevis and Anguilla).

    The State-Trading Area comprises Albania, Bulgaria, People’s Republic of China, Czechoslovakia, German Democratic Republic and Berlin (East), Hungary, Democratic Kampuchea, Democratic People’s Republic of Korea, Lao People’s Democratic Republic, Mongolia, Poland, Romania, U.S.S.R., and Viet Nam.

    The Residual Textile Area comprises all countries and territories other than Algeria, Argentina, Bangladesh, Bolivia, Brazil, Colombia, El Salvador, Guatemala, Haiti, Hong Kong, India, Indonesia, Islamic Republic of Iran, Jordan, Republic of Korea, Macao, Malaysia, Maldives, Mexico, Nicaragua, Pakistan, Paraguay, Peru, Philippines, Singapore, Sri Lanka, Syrian Arab Republic, Taiwan (see Explanatory Note on Coverage of Part Two, page 54), Thailand, Uruguay, and those comprising the ACP Area, the CEFTA Area, the Far Eastern and Western Area, the Mediterranean Area, the OCT Area, and the State-Trading Area.

    The restrictions on textiles do not apply to countries in Western Europe, Australia, Canada, New Zealand, or the United States.

    The skins of certain rare animals, most primary whale products, and a number of other wildlife products, including raw ivory, tortoiseshell, and plumage, cannot be imported without an import license issued by the appropriate department. Cocoa and cocoa products may be imported only if consignments are certified that buffer stock payments required under the international cocoa agreement of 1980 have been made.

    Exports of certain commodities are controlled for reasons of national security, animal welfare, national heritage, and international agreements.

    See Explanatory Note on Coverage of Part Two, page 54.

    On May 7, 1985, the United States imposed an embargo on trade with Nicaragua, along with restrictions on dealings with Nicaraguan air carriers and Nicaraguan-registered vessels. Payments related to prohibited transactions, including payments for prohibited imports and exports, were prohibited under the Nicaraguan Trade Control Regulations, which were issued in implementation of the embargo.

    Under the agreement on settlement of claims, concluded between the United States and Czechoslovakia in 1981, blocked accounts between the two countries were unblocked in March 1982.

    Restrictions on payments to the Islamic Republic of Iran, except for payments from Iranian assets blocked as of January 19, 1981, were revoked on January 19, 1981, pursuant to Executive Orders and regulations issued thereunder. Iranian assets blocked as of January 19, 1981 have, with limited exceptions, been transferred to the Islamic Republic of Iran or to various escrow accounts as set forth in the January 19, 1981 agreements between the United States and the Islamic Republic of Iran.

    Antigua and Barbuda, Barbados, Belize, British Virgin Islands, Costa Rica, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Montserrat, the Netherlands Antilles, Panama, St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.

    Certain payments and transfers to the Government of the Islamic Republic of Iran, its instrumentalities, and controlled entities involving stand-by letters of credit, performance bonds, and similar obligations with the Islamic Republic of Iran contracted prior to January 19, 1981 are subject to restrictions.

    These are defined as domestically chartered corporations authorized to engage in international banking and financial operations.

    See Explanatory Note on Coverage of Part Two, page 54.

    On April 1, 1985 the rate was changed to VT 110 = SDR 1, representing a devaluation of 8.5 percent.

    Australian dollar, French franc, CFP franc, Fiji dollar, deutsche mark, Hong Kong dollar, Japanese yen, New Zealand dollar, pound sterling, Singapore dollar, and U.S. dollar.

    Including coconut crabs for conservation purposes.

    Canadian dollar, deutsche mark, French franc, Italian lira, Japanese yen, Portugese escudo, pound sterling, Spanish peseta, and Swiss franc.

    Access to this preferential rate for payment of “essential” imports is scheduled to be discontinued after December 31, 1985.

    Access to this rate in the cases of items (a) and (c) is scheduled to be discontinued after December 31, 1985.

    At the end of 1984 Viet Nam had bilateral payments agreements with eight countries that were not members of the IMF—Albania, Bulgaria, Czechoslovakia, the German Democratic Republic, Mongolia, the Democratic People’s Republic of Korea, Poland, and the U.S.S.R., and with six IMF members—Bangladesh, the People’s Republic of China, the Lao People’s Democratic Republic, Mali, Romania, and the Syrian Arab Republic.

    On March 1, 1985, the Western Samoan authorities discontinued the fixed link between the Western Samoan tala and the New Zealand dollar, and introduced a system under which the exchange rate of the tala would be determined in terms of a peg to a basket of currencies of five countries with the largest shares in its foreign trade or constituting major sources of private inward transfers. In addition, the U.S. dollar replaced the New Zealand dollar as the intervention currency.

    Beer, cigarettes, timber, veneer, matches, and cigarette lighters.

    The export levy on cocoa is activated at a price of WS$800 a ton.

    Deutsche mark, French francs, Italian lire, Japanese yen, Jordan dinars, Kuwaiti dinars, Lebanese pounds, Netherlands guilders, pounds sterling, Saudi Arabian riyals, Swedish kronor, and Swiss francs.

    One tola is equal to 180 grains troy or 0.4114 ounce.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Iraqi dinars, Italian lire, Japanese yen, Kuwaiti dinars, Netherlands guilders, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, and Swiss francs.

    Accounts may be denominated in any of the following currencies: Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    In principle, any such allocation among importers must be agreed on among economic organizations within the Chamber of Economy according to projections of material balances for each commodity, which are based on the projected growth rates of production. If the importers are unable to agree among themselves or if the allocation decided upon does not correspond to established principles, the Federal Secretariat for Foreign Trade is authorized to decide on the distribution.

    Belgian francs, Burundi francs, Canadian dollars, CFA francs, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Kenya shillings, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Rwanda francs, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    Cameroon, the Central African Republic, Chad, the Congo, and Gabon.

    Authorized banks are required to obtain prior permission of the exchange control authorities before designating any new External Account except where the account is to be opened for a temporary visitor.

    Services rendered by a parent company abroad to its branch or wholly owned subsidiary in Zambia are not generally approved.

    An auditor’s certificate must be submitted to the effect that the amount to be transferred represents bona fide realized profits derived from the year’s operations after full provision has been made for local taxation. The profit and loss account and balance sheet for the year in respect of which application is being made must also be submitted.

    There are 17 denominated currencies which are freely convertible through authorized dealers: Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, South African rand, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    This list does not include abbreviations of purely national institutions mentioned in the country pages.

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