Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1988
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    Summary Features of Exchange and Trade Systems in Member Countries1

    (as of date shown on first country page)2

    AfghanistanAlgeriaAntigua and BarbudaArgentinaAustraliaAustriaThe BahamasBahrainBangladeshBarbadosBelgium and LuxembourgBelizeBeninBhutanBoliviaBotswanaBrazilBurkina FasoBurmaBurundiCameroonCanadaCape VerdeCentral African Rep.Chad
    A. Acceptance of Article Status
    1. Article VIII status
    2. Article XIV status
    B. Exchange Arrangement3
    1. Exchange rate determined on the basis of:
    (a) A peg to:
    (i) the U.S. dollar
    (ii) pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies

    (b) Limited flexibility with repect to:
    (i) single currency
    (ii) cooperative arrangement
    (c) More flexible arrangements:
    (i) adjusted according to a set of indicators
    (ii) other managed floating
    (iii) independently floating
    2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3. More than one rate for imports
    4. More than one rate for exports
    5. Import rate(s) different from export rates
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1. With members
    2. With nonmembers
    E. Payments Restrictions
    1. Restrictions on payments for current transactions5
    2. Restrictions on payments for capital transactions5,6
    F. Cost-Related Import Restrictions
    1. Import surcharges
    2. Advance import deposits
    G. Surrender or Repatriation Requirement for Export Proceeds
    ChileChina, People’s Rep. ofColombiaComorosCongoCosta RicaCotô d’IvoireCyprusDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEthiopiaFijiFinlandFranceGabonThe GambiaGermany, Fed. Rep. ofGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungary
    IcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItalyJamaicaJapanJordanKenyaKiribatiKoreaKuwaitLao People’s Dem. Rep.LebanonLesothoLiberiaLibyan Arab JamahiriyaMadagascarMalawiMalaysiaMaldivesMali
    A. Acceptance of Article Status
    1. Article VIII status
    2. Article XIV status
    B. Exchange Arrangement3
    1. Exchange rate determined on the basis of:
    (a) A peg to:
    (i) the U.S. dollar
    (ii) pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies


    (b) Limited flexibility with repect to:
    (i) single currency
    (ii) cooperative arrangement
    (c) More flexible arrangements:
    (i) adjusted according to a set of indicators
    (ii) other managed floating
    iii) independently floating
    2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3. More than one rate for imports
    4. More than one rate for exports
    5. Import rate(s) different from export rates
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1. With members
    2. With nonmembers
    E. Payments Restrictions
    1. Restrictions on payments for current transactions5
    2. Restrictions on payments for capital transactions5,6
    F. Cost-Related Import Restrictions
    1. Import surcharges
    2. Advance import deposits
    G. Surrender or Repatriation Requirement for Export Proceeds
    MaltaMauritaniaMauritiusMexicoMoroccoMozambiqueNepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and GrenadinesSao Tome” and PrincipeSaudi ArabiaSenegalSeychellesSierra Leone


    SingaporeSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSyrian Arab Rep.TanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyUgandaUnited Arab EmiratesUnited KingdomUnited StatesUruguayVanuatuVenezuela
    A. Acceptance of Article Status
    1. Article VIII status
    2. Article XIV status
    B. Exchange Arrangement3
    1. Exchange rate determined on the basis of:
    (a) A peg to:
    (i) the U.S. dollar
    (ii) pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies
    (b) Limited flexibility with repect to:
    (i) single currency
    (ii) cooperative arrangement
    (c) More flexible arrangements:
    (i) adjusted according to a set of indicators
    (ii) other managed floating
    (iii) independently floating
    2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
    3. More than one rate for imports
    4. More than one rate for exports
    5. Import rate(s) different from export rates
    C. Payments Arrears
    D. Bilateral Payments Arrangements
    1. With members
    2. With nonmembers
    E. Payments Restrictions
    1. Restrictions on payments for current transactions5
    2. Restrictions on payments for capital transactions5,6
    F. Cost-Related Import Restrictions
    1. Import surcharges
    2. Advance import deposits
    G. Surrender or Repatriation Requirement for Export Proceeds
    Viet NamWestern SamoaYemen Arab Rep.Yemen, R D. R. ofYugoslaviaZaïreZambiaZimbabwe
    Annual Report on Exchange Arrangements and Exchange Restrictions 1988Key and Footnotes

    indicates that the specified practice is a feature of the exchange and trade system.

    indicates that the specified practice is not a feature of the system.

    indicates that the composite is the SDR.

    The listing includes a nonmetropolitan territory (Hong Kong) for which the United Kingdom has accepted the Fund’s Articles of Agreement, and Aruba and the Netherlands Antilles, for which the Kingdom of the Netherlands has accepted the Fund’s Articles of Agreement. Exchange practices indicated in individual countries do not necessarily apply to all external transactions.

    Usually December 31, 1987.

    It should be noted that existence of a separate rate does not necessarily imply a multiple currency practice under Fund jurisdiction. Exchange arrangements involving transactions at a unitary rate with one group of countries and at another unitary rate with a second group of countries are considered, from the viewpoint of the overall economy, to involve two separate rates for similar transactions.

    Australian dollar, Indian rupee, or South African rand.

    Restrictions (i.e., official actions directly affecting the availability or cost of exchange, or involving undue delay) on payments to member countries, other than restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

    Resident-owned funds.

    List Of Abbreviations*

    ACP-EC

    African, Caribbean, and Pacific State signatories to the Lomé Convention

    ACU

    Asian Clearing Union (or Unit)

    AMU

    Asian Monetary Unit

    ASEAN

    Association of South East Asian Nations

    BCEAO

    Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest)

    BEAC

    Bank of Central African States (Banque des Etats de l’Afrique Centrale)

    CACM

    Central American Common Market

    CAP

    Common Agricultural Policy (of the EC)

    Caricom

    Caribbean Common Market

    CCCN

    Customs Cooperation Council Nomenclature

    CEPGL

    Economic Community of the Great Lakes Countries

    CMEA

    Council for Mutual Economic Assistance

    EC

    European Communities

    ECCB

    Eastern Caribbean Central Bank

    ECLAC

    Economic Commission for Latin America and the Caribbean

    ECO

    Economic Cooperation Organization

    Ecowas

    Economic Community of West African States (CEDEAO)

    ECSC

    European Coal and Steel Community

    ECU

    European Currency Unit

    EEC

    European Economic Community

    EFTA

    European Free Trade Association

    EMS

    European Monetary System

    Euratom

    European Atomic Energy Community

    GATT

    General Agreement on Tariffs and Trade

    GCC

    Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf)

    GSP

    Generalized System of Preferences

    IBEC

    International Bank for Economic Cooperation

    IBRD

    International Bank for Reconstruction and Development (World Bank)

    IDA

    International Development Association

    IMF

    International Monetary Fund

    LAIA

    Latin American Integration Association (ALADI)

    LIBOR

    London interbank offered rate

    MFA

    Multifiber Arrangement

    MFN

    Most favored nation

    OECD

    Organization for Economic Cooperation and Development

    OGL

    Open general license

    PTA

    Preferential Trade Area for Eastern and Southern African States

    UDEAC

    Central African Customs and Economic Union

    UN

    United Nations

    WAEC

    West African Economic Community (CEAO)

    WAUA

    West African Unit of Account

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

    See Explanatory Note on Coverage of Part Two, page 61.

    People’s Republic of China, Czechoslovakia, German Democratic Republic, and 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. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

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

    Except for a small number of transactions that have to be effected through the free market.

    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.

    The Australian dollar also circulates in several other countries, including Kiribati, Nauru, and Tuvalu.

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

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

    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, The 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, Côte d’Ivoire, 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, 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 requirement was abolished, with effect from January 1, 1988.

    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 that 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 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 in Bahamian dollars.

    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.

    There are 12 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.

    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.

    Exchange rates for transactions under the ACU are calculated and announced on the basis of daily IMF quotations of the exchange rates of the currencies of the ACU member countries in terms of SDRs.

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

    The Caricom countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts 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, U.S. dollars, and Zaïre zaïres. The ECU (European Currency Unit) 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. Since February 1, 1988, the Greek drachma has been traded in the official market.

    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 these countries.

    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. Kitts 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, Côte d’Ivoire, 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.

    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.

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

    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.

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

    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, Côte d’Ivoire, 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 made 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.

    Under the proposed U.S.-Canada free trade agreement, regulations concerning acquisitions subject to review, and restrictions with respect to market shares and asset growth of U.S. bank subsidiaries, will be liberalized.

    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, the Congo, Equatorial Guinea, and Gabon.

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

    Intervention margins were widened to ± 3 percent on January 4, 1988.

    The maximum period was extended to 720 days in April 1988.

    The uniform tariff rate was lowered to 15 percent on January 4, 1988.

    The period was extended to 180 days in April 1988.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Hong Kong dollars, Iranian rials, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Pakistan rupees, pounds sterling, 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, Ghana, Guinea, Hungary, the Islamic Republic of Iran, Pakistan, Poland, Romania, and Sierra Leone. It also maintains operative bilateral payments agreements with Albania, Bulgaria, Cuba, Czechoslovakia, the German Democratic Republic, the Democratic People’s Republic of Korea, Mongolia, 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.

    MOFERT itself issues licenses for some restricted imports into Beijing; for the rest, it delegates its authority to its special commission offices at major ports and to its regional counterparts—commissions on foreign economic relations and trade (COFERT).

    A retention quota constitutes a right to purchase foreign exchange in the future for renminbi.

    As of October 1987, there were 46 goods on the restricted list, including 23 kinds of assembly lines counted as one item.

    In principle, the restricted list can change on a monthly basis. The coverage of the imporat plan also changes. Therefore, the degree of overlap changes over time.

    These countries are as follows (classified by geographical ares): (1) Africa: Benin, Burundi, Cameroon, Central African Republic, Chad, Congo, Egypt, Equatorial Guinea, Ethiopia, Gabon, The Gambia, Ghana, Mauritania, Morocco, Niger, Nigeria, Rwanda, Sao Tome and Principe, Sierra Leone, Somalia, Sudan, Tanzania, Togo, Tunisia, Zaire, Zambia, and Zimbabwe.

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

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

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

    (5) Oceania: Australia and New Zealand.

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

    The SAEC is the sole agency for monitoring and controlling China’s external borrowing. The SAEC permits the BOC and other financial and nonfinancial institutions responsible for undertaking commercial borrowing to borrow up to specified limits without prior approval. All bond issues, however, are subject to prior approval by the SAEC. In August 1987, comprehesive regulations were issued requiring all foreign borrowing to be registered with the SAEC. Borrowers who do not comply will not be permitted to transfer foreign exchange abroad to meet their debt service obligations and will be subject to other penalties.

    To assist individual enterprises balance their foreign receipts and payments, enterprises with a surplus of foreign exchange may sell it to enterprises with a deficit.

    The special tax rate for these firms is 15 percent. In addition, new joint ventures scheduled to operate for ten years or more may, inter alia, be exempted from taxation in the first and second profitmaking years.

    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 payment agreements with Bulgaria, Hungary, Poland, and Romania.

    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).

    Currencies quoted on the paris official market: Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Djibouti francs, ECUs, Finnish markkaa, Greek dranchmas, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterlings, spanish pesetas, Swedish kronor, Swiss francs, U.S.dollars, and zaïres.

    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, the Central African Republic, Chad, Gabon, and Equatorial Guinea.

    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 captial of a Congolese company.

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

    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, Côte d’Ivoire, Mail, Niger, Senegal, and Togo.

    Transters between member countries of the WAMU 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 côte d’Ivoire and those made by branches or subsidiaries abroad of companies resident in côte d’Ivoire.

    Including those made in Côte d’Ivoire by companies that are directly or indirectly under foreign control and those made by branches or subsidiaries in Côte d’Ivoire of foreign companies.

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

    Foregin currencies are all currencies other the Cyprus pound.

    Austrian schillings, Belgian francs, Canadian dollars, deutsche mark, Greek drachmas, ECUs, Finnish markkaa, French francs, Icelandic Krónur, 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 captial 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. Kitts and Nevis, St. Lucia and St. Vincent and Grenadines.

    The Caricom countries are Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monsterrat, St. Kitts and Nevis, St. Lucia, St. Vicent and the Grendines, and Trinidad and Tobago.

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

    Import of food, fertiltzer, petroleum, medicine, and agricultural imports are exempted from this commission.

    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 bankings 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 payment of import duties.

    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 esudos, pounds sterling, Swedish kronor, and Swiss francs.

    Effective February 11, 1988, the commercial banks have been autorized to use a portion of foreign exchange resorces to settle private debt service obligations due after this date. Priority is given to settlements of private debt obligations related to imports, and the Central Bank determines the maximum foregin exchange allocations for each commercial bank.

    At the end of December 31, 1987 Egypt maintained operative bilateral payments agreements with the Democratic people’s Republic of Korea, Sudan, and the U.S.S.R.

    This payment mechanism became operational in El Salvador in early 1987.

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

    Regulations on capital transactions, such as the sale of foreign securities in Equatorial Guinea or direct investments, have been prepared and are pending approval. The authorities are also in the process of drafting legislation aimed at stimulating foreign investment in the agricultural, forestry, construction, public works, mining, and industrial equipment maintenance sectors.

    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, 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 concluded for each year. Under an agreement concluded between Finland and Czechoslovakia in August 1985, the practice whereby transactions are settled in convertible currencies was extended for three years from the beginning of 1986; the payments arrangement is henceforth to be renewed automatically for three years, unless otherwise agreed. Under an agreement concluded between Finland and Poland in December 1985 and renewed for another year in December 1986, payments may be effected in Finnish markkaa as well as in U.S. dollars. In January 1987 Finland and the U.S.S.R. signed a credit agreement under which a maximum of rub 285 million was transferred from the clearing account between the two countries to a special interest-bearing account denominated in clearing rubles. This special account is protected by an exchange rate guarantee. The balance in the special account is to be repaid by the U.S.S.R. by the end of 1991, mainly in the form of shipments of goods paid for through the clearing account.

    On January 1, 1986 previous “Restricted Accounts” were abolished, with the Suomen Pankki reserving the power to reintroduce them in case of need.

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

    Currently, Taiwan Province of China (see Explanatory Note on Coverage of Part Two, page 61) 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 kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kroner, Swiss francs, U.S. dollars, and zaïres.

    Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Cotô d’Ivoire, Equatorial Guinea, Gabon, 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).

    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.

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

    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, the Congo, and Equatorial Guinea.

    Currently totaling about 30 items, including cement, ham, mineral water, plastic goods, 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).

    “Upper” and “lower” denote the most appreciated and the most depreciated rate of the deutsche mark, respectively.

    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 es-cudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and U.S. dollars.

    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. Countries in List A/B are those of the former OEEC area and Finland and all other countries except those in List C.

    “Upper” and “lower” denote the most appreciated and the most depreciated rate of the deutsche mark, respectively.

    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.

    With effect from February 1, 1988 foreign exchange bureaus were allowed to be opened by any person, bank, or institution licensed by the Bank of Ghana. Each foreign exchange bureau may only purchase traveler’s checks in pounds sterling and U.S. dollars, but may purchase and sell currency notes in Canadian dollars, deutsche mark, French (and CFA) francs, Japanese yen, pounds sterling, Swiss francs, and U.S. dollars. Each foreign exchange bureau is free to quote buying and selling rates.

    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, Swiss francs, Portuguese es-cudos, Spanish pesetas, U.S. dollars, and ECUs.

    Effective January 1, 1988, the amount was increased to ECU 840.

    These rebates will be gradually eliminated by January 1, 1990 for exports to EC countries and by 1992 for exports to non-EC countries.

    This subsidy was eliminated as of January 1, 1988.

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

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

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

    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.

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

    Several restrictions apply to transactions in the free foreign exchange market, which affect their volume and exchange rate. Exporters are not authorized to transact in this market and the main sources of foreign exchange are receipts from tourism and remittances.

    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.

    At the end of December 1987 the implicit value of the lempira in this market was L 2.7 per US$1.

    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.

    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, the German Democratic Republic, Hungary, Mongolia, Poland, Romania, the U.S.S.R., and Viet Nam.

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

    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, U.S. dollars, and European Currency Units (ECUs). 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 checks and bank notes, a 6 percent spread is maintained between buying and selling rates.

    On January 1, 1988 the exchange rate of the forint against the transferable ruble was revalued to Ft 25.9740 (buying) and Ft 26.0260 (selling).

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

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

    At the end of December 1987, Hungary had bilateral payments agreements with Albania, the People’s Republic of China, Colombia, Ecuador, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, and the People’s Republic of Kampuchea. Hungary also had trade agreements with bilateral payments features for certain commodities with Afghanistan, Bangladesh, and Pakistan. Except for Albania, the People’s Republic of China, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, and the People’s Republic of Kampuchea, 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, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, and the People’s Republic of Kampuchea, in clearing rubles.

    With effect from April 1, 1988, the customs fee was reduced to 2 percent and the statistical fee was reduced to 3 percent.

    The quota for 1988 has been set at US$170 million.

    Effective January 1, 1988, the 6 percent tax refund on exports settled in convertible currencies has been terminated.

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

    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.

    Effective January 1, 1988, matters concerning exports were transferred from the Ministry of Commerce to the Ministry of Foreign Affairs.

    Residents who hold foreign currency that they are not required to sell to authorized dealers may open Foreign Accounts with Icelandic banks. Exporters can similarly deposit, up to six months, foreign exchange proceeds in identical accounts to meet foreign exchange outlays in their business. 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, Islamic Republic of Iran, Pakistan, and Sri Lanka. Although it is 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, Netherland guilders, Norwegian kroner, pounds sterling, Singapore dollars, Swedish kronor, Swiss francs, and U.S. dollars.

    Czechoslovakia, German Democratic Republic, Poland, Romania, and 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 prohibited 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 non-trade-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 (OGL), 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 recorders, record players, 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, 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, sugar cane, Khandsari sugar, palmyra sugar candy, frogs’ legs, jaggery, specified animal skins, and human skeletons.

    Persons of Indian nationality or origin who are resident abroad 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. Overseas companies and partnership firms which are owned by the extent of at least 60 percent by nonresidents of Indian nationality or origin are also allowed to invest in any public or private limited companies in accordance with the above provisions. Nonresident Indians and overseas companies defined above can use funds derived from fresh remittances or held in their Nonresident (External) or Foreign Currency (Nonresident) Accounts to (1) make portfolio investment, 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 (a) 5 percent of the paid-up capital of the company concerned, or (b) 5 percent of the total paid-up value of each series of debentures issued by the company concerned; (2) invest freely in National Savings Certificates with full repatriation benefit; (3) invest up to 40 percent of the new equity capital issued by a company (other than a FERA company) setting up industrial manufacturing projects, hospitals (including diagnostic centers), hotels of at least three-star category, shipping, software, and oil exploration services with repatriation rights for capital and income, subject to deduction of applicable Indian taxes; and (4) invest 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 three-, four-, or five-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 (1) the deposits are made for a period of three years; (2) the deposits are made in conformity with the prevailing rules and within the limits prescribed for acceptance of deposits by such companies; and (3) the funds are made available by the depositors by remittance from abroad or by payment from their Nonresident (External) or Foreign Currency (Nonresident) Accounts. Special tax concessions are applicable to investments by nonresident Indians.

    Indonesia formally accepted the obligations of Article VIII, Sections 2, 3, and 4, of the Fund Agreement as from May 7, 1988.

    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.

    Items affected by such controls 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, raw rattan, and meat.

    Under this scheme, exporters are classified as producer-exporters (firms that export at least 65 percent of their total production) or as exporter-producers (firms that export 85 percent of their production and producers of textiles in general). Producer-exporters may bring into the country their imports free of licensing restrictions and import duties, but with ex post documentation. If exporter-producers can demonstrate that their output was, or will be, exported or their output was an input in an exported output, then they can also receive the same permission to import their inputs as producer-exporters. The scheme also allows indirect exporters to reclaim import duties through a duty drawback facility.

    Projects or parts thereof financed with concessional loans as well as with credits from the IBRD, 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, German Democratic Republic, Hungary, Democratic People’s Republic of Korea, Poland, Romania, Syrian Arab Republic, U.S.S.R., and Yugoslavia.

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

    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.

    Effective January 1, 1988, the limit was increased to Ir£250.

    Effective January 1, 1988, the limit was increased to Ir£l,200.

    Effective January 1, 1988, the limit was increased to Ir£5,000.

    Effective January 1, 1988, the limit was increased to Ir£5,000.

    Effective January 1, 1988, the limit was increased to Ir£200.

    Effective January 1, 1988, the limit was increased to Ir£l,200.

    Effective January 1, 1988, the limit was increased to Ir£150.

    Effective January 1, 1988, the limit was increased to Ir£250.

    Effective January 1, 1988, the limit was increased to Ir£50,000

    Effective January 1, 1988, the limit was increased to Ir£50,000.

    Effective January 1, 1988, the limit was increased to Ir£3,000.

    This requirement was elimintaed on January 1, 1988.

    With effect from February 2, 1988, this time limit was extended to 30 years.

    With effect from February 2, 1988, this time limit was extended to 30 years.

    Currencies officially quoted are Australian dollars, 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 located in Italy.

    This requirement was abolished on January 20, 1988.

    The limit was increased to 60 days on January 20, 1988.

    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 currency notes and coin.

    The limit was increased to 120 days on January 20, 1988.

    The limit was raised to 30 days, with effect from January 20, 1988.

    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.

    On January 20, 1988, the maximum holding periods for funds credited to foreign exchange accounts were increased from 30 to 120 days for currency acquired directly from abroad, from 15 to 60 days for foreign currency purchased against lira, and from 15 to 30 days for funds in ordinary waiting accounts.

    See Appendix II on the European Economic Community (EEC) for a summary of antidumping duties, countervailing charges, and import surveillance measures introduced or eliminated on an EEC-wide basis during 1987, page 541.

    Austrian schillings, Belgian francs, Canadian dollars, deutsche mark, French francs, Irish pounds, Italian lire, Japanese yen, Mexican pesos, Netherlands guilders, pounds sterling, Swiss francs, U.S. dollars, Venezuelan bolívares, and the currencies of member countries of Caricom. The Caricom member countries are Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts 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.

    This 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.

    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.

    U.S. dollar, Fiji dollar, pound sterling, New Zealand dollar, Japanese yen, Hong Kong dollar, deutsche mark, Singapore dollar, Canadian dollar, Papua New Guinea kina, Solomon Islands dollar, Swiss franc, Tongan pa’anga, Vanuatu vatu, and Western Samoa tala.

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

    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 Fund that have accepted the obligations of Article VIII of the Fund’s Articles of Agreement.

    On January 1, 1988, 8 additional items were removed, leaving 48 items on the list.

    Those who are visiting countries whose currencies have appreciated significantly against the U.S. dollar can carry an additional US$2,500.

    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, Swiss francs, and Thai baht.

    Coffee, tobacco, cardamom, benzoin, stick lac, processed wood, rattan, cattle, wild animals, minerals, and other special goods.

    With effect from January 1, 1988, export taxes have been reduced or eliminated.

    U.S. dollar notes, which used to form a major portion of the currency in circulation, have almost totally disappeared from circulation. Full convertibility between the Liberian dollar and the U.S. dollar at par does not, de facto, exist, and the U.S. dollar attracts a substantial premium in large parallel market transactions, and abnormally high commissions are charged by commercial banks for their sales of offshore funds.

    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.

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

    An open licensing system (OGL) was introduced for raw materials and spare parts on February 1, 1988; it is expected to be introduced for investment goods on May 1, 1988, and for all goods on July 1, 1988.

    The export card and export declaration requirements were abolished in February 1988. In addition, beginning in 1988 all agricultural products, with the exception of coffee and vanilla, can be exported freely.

    Since February 1, 1988 this period has been extended to 90 days of the shipment of the goods.

    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.

    These arrears were settled January 1988.

    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.

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

    The CFA franc is issued by the Banque Centraie des Etats de 1’ Afrique de l’Ouest (BCEAO) and is the common currency in Benin, Burkina Faso, Côte d’Ivoire, 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.

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

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

    As of December 31, 1987, Malta maintained bilateral payments agreements with Bulgaria, Czechoslovakia, the Socialist People’s Libyan Arab Jamahiriya, Poland, and Turkey.

    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 purposes of this Act, the term nonresidents means (1) individuals who are not residents of Malta; and (2) any association of persons, or any entity, whether corporate or not, if (a) it is registered outside Malta, (b) it has its principal place of residence or business outside Malta, (c) 20 percent or more of its shares 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, CFA francs, 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.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, 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 and Gibraltar pounds.

    Guinea and Mali; however, these agreements are inoperative.

    This arrangement has been inoperative for some time.

    With effect from March 21, 1988, crediting with proceeds from the repatriation of foreign bank notes has been permitted.

    Foreign Accounts in Convertible Dirhams may be credited with dirham proceeds from the surrender of foreign bank notes, upon presentation of the original customs declaration justifying the importation of the foreign exchange surrendered.

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

    On January 28, 1988 the requirement to declare and state the source of funds at customs was abolished.

    With effect from March 14, 1988, operations involving the conveyance of real property located in Morocco and belonging to foreign persons are no longer subject to authorization by the Exchange Office.

    With effect from March 1, 1988, the following types of investment have been permitted without the prior authorization of the Exchange Office: (1) participation in the equity capital of a company being established; (2) subscription to the capital increase of an existing company; (3) purchase of Moroccan securities; (4) non-interest-bearing contributions to partnership current accounts; (5) purchase of real property; (6) selffinancing of construction projects; (7) creation or purchase of a sole proprietorship; and (8) operations to increase capital through the capitalization of reserves, carryovers, or reserve provisions that have become available, or the consolidation of partnership current accounts. Similarly, operations involving the conveyance of investments between foreigners no longer require the authorization of the Exchange Office, even in cases where such investments do not entail guaranteed retransferability. In addition, the banks have been authorized to transfer to nonresident foreign persons, without limits as to amount or timing, the income generated by their investment in Morocco (dividends, attendance fees, profits generated by the Moroccan branches of foreign companies, rental income payable to foreign nonresident recipients, and interest generated by loans authorized by the Exchange Office).

    With effect from January 1, 1988, the exchange rates of the metical were adjusted to Mt. 450 = US$1 (buying) and Mt. 459 = US$1 (selling).

    Austrian schilling, Belgian franc, Canadian dollar, Danish krone, deutsche mark, Finnish markka, French franc, Italian lira, Japanese yen, Malawi kwacha, Netherlands guilder, Norwegian krone, Portuguese escudo, 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, and Singapore dollars.

    Nepal maintains bilateral payments agreements with Bulgaria, Czechoslovakia, Poland, and the U.S.S.R.; payments for transactions under the agreement with Poland are settled through a special account in pounds sterling.

    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. On January 1, 1986 the island of Aruba, which was formerly a part of the Netherlands Antilles, became a separate nonmetropolitan territory within the Kingdom of the Netherlands.

    Aruban florins, Canadian dollars, deutsche mark, French francs, Italian lire, Netherlands guilders, pounds sterling, Suriname guilders, and Swiss francs. All currencies other than the Netherlands Antillean guilder are considered foreign currencies.

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

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

    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.

    With the exception of some industries subject to special industrial plans (e.g., footwear, clothing, and some motor vehicles), import licensing is scheduled to cease on July 1, 1988.

    On February 15, 1988 a new monetary unit, the new córdoba, equal to 1,000 old c6rdobas, was introduced, and the new official exchange rate was set at C$10 per US$1.

    The policy of guaranteed producer prices in local currency for certain traditional export products also results in different implicit exchange rates.

    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, Côte d’Ivoire, Mali, Niger, Senegal, and Togo.

    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.

    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.

    Quotation on the Foreign Exchange at noon.

    Residents with both income and expenditures in foreign currencies may also open foreign exchange accounts at domestic banks without a license from the Bank of Norway.

    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.

    Some categories of currently prohibited imports fall outside of 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.

    The list consists mostly of raw materials and capital goods.

    The allowances for travel to India and Bangladesh are less; there is no such allowance for travel to Afghanistan.

    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; jewelr 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.

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

    The average rate includes the 20 percent surcharge.

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

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

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

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

    For these purposes, profitability is defined as having been achieved when the ratio of the export price of a particular commodity to its domestic price (both expressed in a common currency) is equal to or greater than unity.

    On February 1, 1988 the value of the zloty for the U.S. dollar was changed from Zl 320 = US$1 to Zl 380 = US$1.

    Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, Danish krone, deutsche mark, Finnish markka, French franc, Greek drachma, Indian rupee, Italian lira, Iranian rial, Irish pound, Japanese yen, Kuwaiti dinar, Lebanese pound, Libyan dinar, Luxembourg franc, Netherlands guilder, Norwegian krone, pound sterling, Portuguese escudo, Saudi Arabian riyal, Spanish peseta, Swedish krona, Swiss franc, U.S. dollar, Turkish lira, and Yugoslav dinar.

    Indian rupee, Iranian rial, Irish pound, Kuwaiti dinar, Libyan dinar, and Saudi Arabian riyal.

    The buying and selling rates for spot transactions in U.S. dollars on February 1, 1988 were Zl 378.10 and Zl 381.90, respectively, per US$1.

    On February 1, 1988 the exchange rate for the transferable ruble (TR) was changed from Zl 140 = TR1 to Zl 170 = TR1.

    The buying and selling rates for the zloty against transferable and clearing rubles on February 1, 1988 were Zl 169.15 and Zl 170.85, respectively, per 1 ruble.

    At the end of December 1987, Poland had bilateral payments agreements with Albania, Bangladesh, Brazil, the People’s Republic of China, Colombia, Ecuador, India, the Islamic Republic of Iran, Democratic Kampuchea, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, Lebanon, and Nepal. Poland also had trade agreements with bilateral payments features for certain commodities with Argentina, Bangladesh, Malta, Pakistan, and Yugoslavia. Except for bilateral agreements with Albania, the People’s Republic of China, India, Democratic Kampuchea, the Democratic People’s Republic of Korea, the Lao People’s Democratic Republic, and Nepal, settlements under bilateral agreements were in U.S. dollars. Settlements with the People’s Republic of China were in Swiss francs; with India, in Indian rupees; with Nepal, in pounds sterling; and in clearing rubles with Albania, Democratic Kampuchea, the Democratic People’s Republic of Korea, and the Lao People’s Democratic Republic.

    During 1982–86, claims on “ROD” accounts were not the property of the enterprise, except in the case of joint ventures incorporated under the 1986 Law on Companies with Foreign Capital Participation. It represented priority rights to purchase foreign exchange up to a specified proportion of the foreign exchange earned from an enterprise’s sale of goods and services to the convertible currency area. Provision has been made for a similar priority rights scheme with respect to foreign exchange earnings in transferable rubles, but there have not yet been any accounts established under the scheme. Retention rights are also authorized for exports to bilateral payments agreement countries that are not members of the CMEA. In addition to the ROD accounts available to exporters of most commodities, there are a number of other retention schemes that apply to particular exports or exporters.

    Since 1977, except from December 1985 to April 1986.

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

    The use of credit cards abroad has been liberalized since January 2, 1986. However, legislation in force envisages the possibility of reimposing restrictions by the Bank of Portugal whenever deemed necessary. Also, payments of travel and accommodation expenses abroad for tourism purposes have been liberalized, if paid through a Portuguese travel agency.

    See Appendix II on the European Economic Community (EEC) for a summary of antidumping duties, countervailing charges, and import surveillance measures introduced or eliminated on an EEC-wide basis during 1987, Page 541.

    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, the German Democratic Republic, Hungary, Mongolia, Poland, Romania, the U.S.S.R., and Viet Nam.

    The countries with which bilateral payments agreements were in force as of December 31, 1987 were Albania, Bangladesh, the People’s Republic of China, Colombia, Ghana, India, the Islamic Republic of Iran, and the Democratic People’s Republic of Korea. Settlements with Bulgaria, Cuba, Czechoslovakia, the German Democratic Republic, Hungary, Mongolia, Poland, the U.S.S.R., and Viet Nam 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, Israeli new sheqalim, 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, 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, and Zaïre.

    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. Kitts 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. Kitts and Nevis, and St. Vincent and the Grenadines.

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

    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. Kitts and Nevis, and St. Lucia.

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

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

    The ECCM is composed of Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    In addition, all imports from 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.

    Effective January 2, 1988, the minimum customs duty was raised to percent and the number of duty-free imports was reduced.

    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, Côte d’Ivoire, 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.

    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.

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

    This bilateral payments agreement has been inoperative since 1977.

    Authorized dealers can permit, without Reserve Bank approval, advance payment of up to 33Vs 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, but they are not legal tender in South Africa. Maloti bank notes issued by Lesotho are freely convertible into rand at par, but they are not legal tender in South Africa.

    Foreign currency, foreign exchange, exchange, and specified currency mean any currency other than currency which is legal tender in South Africa but exclude the currencies of Lesotho and Swaziland.

    A nonresident is a person (i.e., a natural person or legal entity) whose normal place of residence, domicile, or registration is outside the Common Monetary Area.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Greek drachmas, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Swedish kronor, Swiss francs, U.S. dollars, and European Currency Units (ECUs).

    African, Caribbean, and Pacific State signatories to the Lomé Convention with the EC.

    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.

    As part of the set of measures introduced under the 1988 budget, the maximum import duty rate was lowered from 100 percent to 60 percent, except for luxury items, and the minimum rate was raised from zero to percent, except for fertilizers, dried fish, “books, and aids for the handicapped.

    These include dates, chilies, onions, potatoes, certain petroleum products, film, 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.

    As part of the set of measures introduced under the 1988 budget, export duties on nontraditional exports of agricultural and marine products were eliminated, and export duties on tea were reduced by an average 33.5 percent. In addition, export licensing restrictions were lifted for a number of products.

    Deutsche mark, French francs, Netherlands guilders, pounds sterling, Barbados dollars, and Guyana dollars.

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

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

    The prohibition applies to imports of pigs (excluding those forbreeding), chicken, duck, and turkey meat, pork, fish (excluding kwie kwie fish and smoked herring), shrimp, and crab (fresh, cooled or frozen, salted, dried or precooked), vegetables (excluding potatoes, onions, andgarlic), 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 5grams or less a cube or tablet), aromatized or colored sugar or sugarsyrup, noodles and macaroni, jam, jelly, and marmalade (excluding thosefor diabetics), peanut butter, syrups, and concentrates for nonalcoholicbeverages in packages of less than 5 kilograms (excluding those fordiabetics), firewood and other nonprocessed wood, railroad ties, shingles, wooden structures for construction, wooden tiles and panels, woodentools, handles, and coat hangers, men’s and boys’ shoes (excluding rubberand plastic boots and sport shoes), and sand, gravel, sidewalk tiles, androad bricks. Imports of some other items such as specified explosivesand 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 (otherthan citrus, bananas, plantains, and coconuts), decaffeinated coffee, peanuts, baby food, tomato paste, certain preserved vegetables, matches, furnishings, ready made clothing, and furniture made of wood, metal, bamboo, or other materials (excluding those for business establishmentssuch as offices, theaters, clinics, hotels, restaurants, and libraries).

    Belgium, Canada, France, Federal Republic of Germany, Italy, Lux embourg, Netherlands, Netherlands Antilles, United Kingdom, and UnitedStates.

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

    Switzerland is not a member of the International Monetary Fund.

    On January 1, 1988 the official market rate was changed from LS3.925 = US$1 to LS 11.225 = US$1. All of the more appreciated rateswere, in principle, abolished and the transactions that were conducted atthese rates were transferred to the new official market rate. However, certain student expenses abroad are effected at three different rates; i.e., LS 3.95 = US$1, LS 5.45 = US$1, and LS 10.00 = US$1, dependingon the date on which the student started his studies abroad, and theserates will be applied until the beneficiaries conclude their studies.

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

    Australian dollars, Austrian schillings, Belgian francs, Canadian dol lars, Danish kroner, deutsche mark, French francs, Indian rupees, Italianlire, Japanese yen, Kenya shillings, Malawi kwacha, Mozambique meti cais, Netherlands guilders, Norwegian kroner, Pakistan rupees, poundssterling, Swedish kronor, Swiss francs, Uganda shillings, Zambian kwa cha, and Zimbabwe dollars.

    No such notification has yet been issued.

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

    The CFA franc is issued by the Banque Centrale des Etats de 1’Afriquede l’Ouest (BCEAO) and is the common currency in Benin, BurkinaFaso, Côte d’Ivoire, 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.

    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 ForeignCurrency, (b) the conversion of foreign currency traveler’s checks, etc., made out in the name of the traveler, and (c) any repurchases of foreigncurrency (permitted up to CFAF 175,000) with CFA francs resulting fromthe sale of foreign currency.

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

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

    Canadian dollars, deutsche mark, Fiji dollars, French francs, HongKong dollars, Indian rupees, Italian lire, Japanese yen, Netherlandsguilders, New Zealand dollars, pounds sterling, Singapore dollars, Swedishkronor, Swiss francs, and U.S. dollars.

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

    Canadian dollars, deutsche mark, French francs, Japanese yen, Neth erlands guilders, pounds sterling, and Swiss francs.

    Under Trinidad and Tobago’s exchange control regulations, all cur rencies other than the Trinidad and Tobago dollar are considered foreigncurrencies.

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

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

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

    Effective January 2, 1988, a new system of foreign exchange allocationwas put in place. Under this system, trade allocation certificates containingan approved amount in local currency are issued to importers registeredat the Central Bank. These certificates are used toward the purchase offoreign exchange for imports during the year.

    Effective January 2, 1988, the stamp duty on capital goods, plantmachinery, and equipment was increased from 6 percent to 10 percent;the stamp duty on all other goods (with the exception of basic food items, drugs, books, news print, and raw materials) was raised from 12 percentto 20 percent.

    Currencies quoted spot and at bank note rates are Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnishmarkkaa, French francs, Italian lire, Japanese yen, Kuwaiti dinars, Moroccan dirhams, Netherlands guilders, Norwegian kroner, poundssterling, Saudi Arabian riyals, Spanish pesetas, Swedish kronor, Swissfrancs, U.A.E. dirhams, U.S. dollars, and European Currency Units(ECUs). Luxembourg francs, Qatar riyals, and CFA francs are quoted atbank note rates only; Algerian dinars are quoted spot only.

    There are special regulations for foreign nationals employed by nonresident manufacturing enterprises covered by Law No. 72-38.

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

    This rate was raised to 15 percent on February 4, 1988, but is scheduled to be reduced to 7 percent by May 1, 1988.

    On May 15, 1987 a new Uganda shilling was introduced, with onenew shilling replacing 100 old shillings.

    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, Span ish 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 AbuDhabi, Dubai, Sharjah, Ajman, Umm al Qaiwain, Ras al Khaimah, and Fujairah.

    The ACP Area comprises Angola, Antigua and Barbuda, The Bahamas, Barbados, Belize, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, the Central African Republic, Chad, the Comoros, the Congo, Côte d’Ivoire, Djibouti, Dominica, Equatorial Guinea, Ethiopia, Fiji, Gabon, The Gambia, Ghana, Grenada, Guinea, Guinea-Bissau, Guyana, Jamaica, Kenya, Kiribati, Lesotho, Liberia, Madagascar, Ma lawi, Mali, Mauritania, Mauritius, Mozambique, Niger, Nigeria, Papua New Guinea, Rwanda, São Tomé and Principe, Senegal, Seychelles, Sierra Leone, Somalia, Solomon Islands, St. Kitts and Nevis, 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, the Federal Republic of Germany and Berlin (West), Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

    The Community Area comprises all EC member states.

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

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

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

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

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

    The Residual Textile Area comprises all countries and territories other than Algeria, Argentina, Bangladesh, Bolivia, Brazil, Brunei Darussalem, Colombia, the Dominican Republic, El Salvador, Guatemala, Haiti, HongKong, India, Indonesia, the Islamic Republic of Iran, Jordan, the Republic of Korea, Macao, Malaysia, Maldives, Mexico, Nicaragua, Pakistan, Panama, Paraguay, Peru, the Philippines, Singapore, Sri Lanka, the Syrian Arab Republic, Taiwan Province of China (see Explanatory Noteon Coverage of Part Two, page 61), 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 of textiles do not apply to countries in the Community Area other than Portugal and Spain, Australia, Canada, New Zealand, or the United States.

    The skins of certain rare animals, most primary whale products, anda 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 1986 have been made.

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

    Except that there is a voluntary ban on new direct investment in South Africa by residents, which was announced on October 30, 1986.

    As cited in the relevant national regulations.

    Restrictions on payments to the Islamic Republic of Iran, except forpayments from Iranian assets blocked as of January 19, 1981, wererevoked on January 19, 1981, pursuant to Executive Orders and regulationsissued thereunder. Iranian assets blocked as of January 19, 1981 have, with limited exceptions, been transferred to the Islamic Republic of Iranor to various escrow accounts as set forth in the January 19, 198 1agreements between the United States and the Islamic Republic of Iran.

    Bengladesh, Benin, Bhutan, Botswan, Byrkin, Fasco, Burundi, Cape Verde, Central African Republic, Chad, Comoros, Djibouti, Equatorial Guinea, The Gambia, Guinea, Guinea-Bissau, Haiti, Lesotho, Malawi, Maldives, Mali, Nepal, Niger, Rwanda, Sāo Tomé and Principe, Sierra, Leone, Smolia, Sudan, Tanzania, Togo, Uganda, Wentern Samoa, and, Yemen Arab Republic.

    Antigua and Barbuda, The Bahamas, Barbados, Belize, British Virgin Islands, Costa Rica, Dominican Republic, El Salvador, Grenda, Guatemala, Haiti, Honduras, Jmaica, Monserrat, Netherlands Antilles, Panama, St. Kitts 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.

    Including coconut crabs for conservation purposes.

    Debts amounting to US$500,000 or less, export credits with foreign official guarantee due prior to July 17, 1986, and debts in the form of certificates of deposit or foreign currency deposits. Debts of between US$500,000 and US$1 million, although eligible for immediate payment, are to be amortized at the rate of Bs 7.50 per US$1. Export credits with foreign official guarantee due after July 17, 1986 can be amortized at the rate of Bs 7.50 per US$1 on their respective dates of maturity, if the debtor subscribes to the optional foreign exchange guarantee scheme, except for the amounts falling due after July 17, 1986 but prior to the signing of a contract between the debtor and the Central Bank, in which case amortization payments can be made immediately at Bs 7.50 per US$1. Amortization payments of private debts that have been assumed by the Government as guarantor are also effected at the rate of BS 7.50 per US$1.

    I.e., debts of between US$500,000 and US$1 million, export credits with official guarantee falling due after July 17, 1986 and the date of the signing of the contracts between the debtor and the Central Bank, and 90 percent of the debts covered previously under the five-year rescheduling scheme, provided the debtor subscribes to the optional guarantee scheme introduced in December 1986.

    Canadian dollars, deutsche mark, French francs, Italian lire, Japanese yen, Portuguese escudos, pounds sterling, Spanish pesetas, and Swiss francs.

    The premium varies according to the foreign interest rate under which interest payments are to be covered by the exchange rate guarantee (about Bs 0.17 per percentage point), up to a maximum rate of 9 percent.

    In accordance with the longer repayment period established for such debts, the premium has been set somewhat higher than for private debts (Bs 3.50 for each U.S. dollar of principal, and Bs 0.25 for each percentage point of interest covered).

    This rate was adjusted to D 900 per US$1 on February 24, 1988.

    At the end of 1987, Viet Nam maintained bilateral payments agreements with three member countries of the Fund—the Lao People’s Democratic Republic, Mali, and the Syrian Arab Republic (only the agreement with the Lao People’s Democratic Republic was operative), and with two countries that are not members of the Fund—Albania and the Democratic People’s Republic of Korea.

    As from February 1988, private travel has been permitted for specified reasons, including study, health, and visiting relatives abroad. In the latter case, the traveler must have a round-trip ticket and adequate funds provided by transfers from the relatives abroad.

    Beer, cigarettes, timber, veneer, matches, and disposable cigarette lighters, sandals/thongs, bottled and canned soft drinks, and ice cream and ice cream products.

    The export levy on cocoa is activated at prices in excess of WS$800 a ton.

    On February 1, 1988, the official exchange rate was unified with the commercial bank rate at YRls 9.75 = US$1 (buying) and YRls 9.77 = US$1 (selling).

    Bahrain dinars, deutsche mark, French francs, Italian lire, Japanese yen, Jordan dinars, Kuwaiti dinars, Lebanese pounds, Netherlands guilders, pounds sterling, Qatar rials, Saudi Arabian riyals, Swedish kronor, Swiss francs, and U.A.E. dirhams.

    These transactions are government loans and grants, official service receipts, government imports, debt service, and a small number of other invisible items.

    On January 9, 1988, these rates were reduced to 25 percent for foodstuffs, medicine, and petroleum products; to 35 percent for raw materials, spare parts, and building materials; and to 60 percent for all other products.

    These limits were increased to US$15,000 and US$1,500, respectively, on January 9, 1988.

    Since January 1, 1988, exporters have been allowed to use 100 percent of their foreign exchange receipts for this purpose.

    This requirement was abolished on January 15, 1988.

    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, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, and European Currency Units (ECUs).

    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.

    Austrian schillings, 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, Central African Republic, Chad, People’s Republic of the Congo, Equatorial Guinea, and Gabon.

    Effective January 30, 1988, a levy of 1 percent was imposed on the sale of foreign exchange by the commercial banks.

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

    There are 17 denominated currencies that 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.

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