Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1989
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    Appendix European Economic Community: Antidumping Duties, Countervailing Charges, and Import Surveillance Measures Introduced or Eliminated on an EEC-Wide Basis During 1988

    Antidumping Duties

    1. Introduction

    January 18. Definitive antidumping duties were imposed on imports of electronic typewriters originating in Japan (Regulation No. 154/88).

    January 20. Provisional antidumping duties were imposed on imports of certain iron and steel coils originating in Algeria, Mexico, and Yugoslavia (Regulation No. 163/88/ECSC). (Regulation No. 979/88/ECSC modified these duties.)

    January 25. Provisional antidumping duties were imposed on imports of certain iron and steel sheets and plates originating in Yugoslavia (Regulation No. 229/88/ECSC). (Regulation No. 980/88/ECSC modified these duties.)

    February 4. Provisional antidumping duties were imposed on imports of potassium permanganate originating in the People’s Republic of China (Regulation No. 360/88).

    March 15. Provisional antidumping duties were imposed on imports of oxalic acid originating in Taiwan Province of China and the Republic of Korea (Regulation No. 699/88).

    April 18. Antidumping duties imposed on certain electronic scales assembled in the EEC were extended (Regulation No. 1021/88).

    April 25. Definitive antidumping duties were imposed on imports of roller chains for cycles originating in the People’s Republic of China (Regulation No. 1198/88).

    May 11. Provisional antidumping duties on imports of certain iron and steel sheets and plates originating in Yugoslavia were extended (Regulation No. 1321/88/ECSC).

    May 11. Provisional antidumping duties on imports of certain iron and steel coils originating in Algeria, Mexico, and Yugoslavia were extended (Regulation No. 1322/88/ECSC).

    May 17. Provisional antidumping duties were imposed on imports of serial-impact dot-matrix printers originating in Japan (Regulation No. 1418/88). (Regulation No. 2943/88 of September 23 extended these duties.)

    May 31. Definitive antidumping duties were imposed on imports of potassium permanganate originating in the People’s Republic of China (Regulation No. 1531/88).

    June 14. Provisional antidumping duties were imposed on imports of polyester yarn originating in Mexico, the Republic of Korea, Taiwan Province of China, and Turkey (Regulation No. 1695/88).

    June 14. Provisional antidumping duties were imposed on imports of synthetic polyester fibers originating in Mexico, Romania, Taiwan Province of China, Turkey, the United States, and Yugoslavia (Regulation No. 1696/88).

    June 21. Provisional antidumping duties were imposed on imports of paracetamol originating in the People’s Republic of China (Regulation No. 1745/88).

    July 5. Provisional antidumping duties were imposed on imports of serial-impact fully-formed-character printers originating in Japan (Regulation No. 2005/88). (Regulation No. 3451/88 of November 4 extended these duties.)

    July 11. Definitive antidumping duties were imposed on imports of oxalic acid originating in Taiwan Province of China and the Republic of Korea (Regulation No. 2089/88).

    July 18. Definitive antidumping duties were imposed on imports of certain iron and steel sheets and plates originating in Yugoslavia (Regulation No. 2131/88/ECSC).

    July 18. Definitive antidumping duties were imposed on imports of certain iron and steel coils originating in Algeria, Mexico, and Yugoslavia (Regulation No. 2131/88/ECSC).

    July 20. Provisional antidumping duties were imposed on imports of certain iron and steel sections originating in Yugoslavia and Turkey (Regulation No. 2158/88/ECSC).

    July 29. Provisional antidumping duties were imposed on imports of copper sulfate originating in Bulgaria and the U.S.S.R. (Regulation No. 2386/88).

    August 24. Provisional antidumping duties were imposed on imports of urea originating in Austria, Hungary, Malaysia, Romania, the United States, and Venezuela (Regulation No. 2623/88).

    August 26. Provisional antidumping duties were imposed on certain imports of video cassette recorders originating in Japan and the Republic of Korea (Regulation No. 2684/88). (Regulation No. 2826/88 of December 19 amended these duties.)

    September 23. Provisional antidumping duties on imports of serial-impact dot-matrix printers originating in Japan were extended (Regulation No. 2943/88).

    September 29. Provisional antidumping duties were imposed on imports of paint, distemper, varnish, and similar brushes originating in the People’s Republic of China (Regulation No. 3052/88). (Regulation No. 3453/88 of November 4 amended these duties.)

    October 14. Provisional antidumping duties on imports of synthetic polyester fibers originating in Mexico, Romania, Taiwan Province of China, Turkey, the United States, and Yugoslavia were extended (Regulation No. 3170/88).

    October 14. Provisional antidumping duties imposed on imports of polyester yarn originating in Mexico, the Republic of Korea, Taiwan Province of China, and Turkey were extended (Regulation No. 3171/88).

    October 14. Provisional antidumping duties on imports of paracetamol originating in the People’s Republic of China were extended (Regulation No. 3172/88).

    October 17. Antidumping duties imposed on certain plain paper photocopiers assembled in the EEC were extended (Regulation No. 3205/88.)

    November 4. Provisional antidumping duties on imports of serial-impact fully-formed-character printers originating in Japan were extended (Regulation No. 3451/88).

    November 18. Definitive antidumping duties were imposed on imports of certain iron and steel sections originating in Yugoslavia and Turkey (Regulation No. 3599/88/ECSC).

    November 23. Definitive antidumping duties were imposed on dot-matrix printers originating in Japan (Regulation No. 3651/88).

    November 28. Provisional antidumping duties on imports of copper sulfate originating in Bulgaria and the U.S.S.R. were extended for two months (Regulation No. 3720/88).

    December 12. Definitive antidumping duties were imposed on imports of paracetamol originating in the People’s Republic of China (Regulation No. 3923/88).

    December 12. Definitive antidumping duties were imposed on imports of polyester yarn originating in the Republic of Korea, Mexico, Taiwan Province of China, and Turkey (Regulation No. 3905/88).

    December 16. Definitive antidumping duties were imposed on imports of synthetic polyester fibers originating in Mexico, Romania, Taiwan Province of China, Turkey, the United States, and Yugoslavia (Regulation No. 3946/88).

    December 19. Provisional antidumping duties on imports of urea originating in Austria, Hungary, Malaysia, Romania, the United States, and Venezuela were extended (Regulation No. 4018/88).

    December 19. Provisional antidumping duties on imports of certain video cassette recorders originating in Japan and the Republic of Korea were extended (Regulation No. 4019/88).

    December 23. Provisional antidumping duties were imposed on imports of video cassettes and video tape reels originating in Hong Kong and the Republic of Korea (Regulation No. 4062/88).

    2. Elimination

    February 23. Antidumping duties on imports of polyester yarn from the United States expired (88/C/72/05).

    April 15. Antidumping duties on imports of zinc-coated steel sheets from the German Democratic Republic expired (88/C/131/03).

    April 15. Antidumping duties on imports of sheets and plates of iron and steel from the German Democratic Republic expired (88/C/131/03).

    April 20. Antidumping duties on imports of orthoxylene from the United States expired (88/C/72/05).

    April 20. Antidumping duties on imports of paraxylene from the United States and the American Virgin Islands expired (88/C/72/05).

    June 10. Antidumping duties on imports of hexamethylenetetramin from the German Democratic Republic and the U.S.S.R. expired (88/C/307/02).

    June 23. Antidumping duties on bisphenol imported from the United States expired (88/C/307/02).

    July 31. Antidumping duties on hot-rolled (A/S) iron and steel sheets and plates imported from Brazil were suspended (88/C/307/02).

    August 6. Antidumping duties on steel coils for re-rolling imported from Brazil and Venezuela were suspended (88/C/307/02).

    August 21. Antidumping duties on barium chloride imported from the People’s Republic of China and the German Democratic Republic expired (88/C/307/02).

    August 31. Antidumping duties on certain electronic scales assembled in the EEC were repealed (Regulation No. 2735/88).

    October 27. Antidumping duties on lithium hydroxide imported from the U.S.S.R. and the United States expired (88/C/307/22).

    Countervailing Charges

    1. Introduction

    January 25. Countervailing charge was imposed on fresh tangerines originating in Turkey (Regulation No. 204/88). (Countervailing charge was eliminated on February 3; see section on Elimination, below.)

    January 26. Countervailing charge was imposed on fresh lemons originating in Morocco (Regulation No. 216/88).

    January 26. Countervailing charge was imposed on artichokes originating in Egypt (Regulation No. 215/88). (Countervailing charge was eliminated on February 22; see section on Elimination, below.)

    January 26. Countervailing charge was imposed on artichokes originating in Spain (except the Canary Islands) (Regulation No. 214/88).

    February 8. Countervailing charge was imposed on artichokes originating in Egypt (Regulation No. 362/88).

    February 24. Countervailing charge was imposed on cucumbers originating in Spain (except the Canary Islands) (Regulation No. 496/88).

    March 23. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 764/88).

    March 29. Countervailing charge was imposed on artichokes originating in Spain (except the Canary Islands) (Regulation No. 836/88). (Countervailing charge was eliminated on April 11; see section on Elimination, below.)

    April 5. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 903/88). (Countervailing charge was eliminated on April 11; see section on Elimination, below.)

    April 6. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands) (Regulation No. 915/88).

    April 6. Countervailing charge was imposed on tomatoes originating in Morocco (Regulation No. 916/88). (Countervailing charge was eliminated on April 19; see section on Elimination, below.)

    April 7. Countervailing charge was imposed on tomatoes originating in the Canary Islands (Regulation No. 927/88).

    April 7. Countervailing charge was imposed on cucumbers originating in Poland (Regulation No. 928/88).

    April 14. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 985/88). (Countervailing charge was eliminated on May 3; see section on Elimination, below.)

    April 14. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands) (Regulation No. 986/88). (See section on Elimination, below.)

    April 14. Countervailing charge was imposed on artichokes originating in Spain (except the Canary Islands) (Regulation No. 987/88).

    April 14. Countervailing charge was imposed on tomatoes originating in the Canary Islands (Regulation No. 988/88).

    April 15. Countervailing charge was imposed on tomatoes originating in Turkey (Regulation No. 1003/88).

    May 4. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands) (Regulation No. 1224/88). (Countervailing charge was eliminated on May 10; see section on Elimination, below.)

    May 5. Countervailing charge was imposed on tomatoes originating in Morocco (Regulation No. 1240/88).

    May 6. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 1258/88). (Countervailing charge was eliminated on May 16; see section on Elimination, below.)

    May 6. Countervailing charge was imposed on zucchini originating in Spain (except the Canary Islands) (Regulation No. 1259/88). (Countervailing charge was eliminated on May 16; see section on Elimination, below.)

    May 10. Countervailing charge was imposed on fresh lemons originating in Cyprus (Regulation No. 1275/88).

    May 10. Countervailing charge was imposed on fresh lemons originating in Israel (Regulation No. 1276/88).

    May 16. Countervailing charge was imposed on tomatoes originating in Morocco (Regulation No. 1325/88).

    May 17. Countervailing charge was imposed on tomatoes originating in Turkey (Regulation No. 1341/88).

    May 19. Countervailing charge was imposed on tomatoes originating in Romania (Regulation No. 1373/88). (Countervailing charge was eliminated on May 30; see section on Elimination, below.)

    May 19. Countervailing charge was imposed on cucumbers originating in Poland (Regulation No. 1372/88).

    May 19. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 1371/88). (Countervailing charge was eliminated on May 24; see section on Elimination, below.)

    May 19. Countervailing charge was imposed on zucchini originating in Spain (except the Canary Islands) (Regulation No. 1370/88). (Countervailing charge was eliminated on May 24; see section on Elimination, below.)

    May 20. Countervailing charge was imposed on fresh lemons originating in Cyprus (Regulation No. 1392/88).

    May 24. Countervailing charge was imposed on tomatoes originating in Poland (Regulation No. 1409/88). (Countervailing charge was eliminated on June 2; see section on Elimination, below.)

    May 25. Countervailing charge was imposed on fresh lemons originating in Israel (Regulation No. 1419/88).

    May 30. Countervailing charge was imposed on fresh lemons originating in Cyprus (Regulation No. 1486/88).

    May 30. Countervailing charge was imposed on cucumbers originating in Poland (Regulation No. 1487/88).

    June 3. Countervailing charge was imposed on apricots originating in Spain (except the Canary Islands) (Regulation No. 1553/88). (Countervailing charge was eliminated on June 22; see section on Elimination, below.)

    June 3. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 1554/88).

    June 6. Countervailing charge was imposed on apricots originating in Tunisia (Regulation No. 1560/88).

    June 10. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 1627/88).

    June 10. Countervailing charge was imposed on apricots originating in Spain (except the Canary Islands) (Regulation No. 1628/88).

    June 15. Countervailing charge was imposed on peaches, including nectarines, originating in Spain (except the Canary Islands) (Regulation No. 1679/88). (Countervailing charge was eliminated on June 21; see section on Elimination, below.)

    June 15. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 1680/88). (Countervailing charge was eliminated on June 20; see section on Elimination, below.)

    June 21. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands) (Regulation No. 1746/88). (Countervailing charge was eliminated on June 30; see section on Elimination, below.)

    July 4. Countervailing charge was imposed on fresh lemons originating in Argentina (Regulation No. 1965/88).

    July 7. Countervailing charge was imposed on cherries originating in Hungary (Regulation No. 2011/88). (Countervailing charge was eliminated on July 18; see section on Elimination, below.)

    July 8. Countervailing charge was imposed on fresh lemons originating in Argentina (Regulation No. 2042/88).

    July 8. Countervailing charge was imposed on tomatoes originating in Poland (Regulation No. 2043/88). (Countervailing charge was eliminated on July 19; see section on Elimination, below.)

    July 12. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 2073/88).

    July 18. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 2139/88).

    July 18. Countervailing charge was imposed on eggplants originating in Spain (except the Canary Islands) (Regulation No. 2141/88).

    August 4. Countervailing charge was imposed on table grapes originating in Chile (Regulation No. 2460/88). (Countervailing charge was eliminated on August 16; see section on Elimination, below.)

    August 10. Countervailing charge was imposed on certain varieties of plum originating in Yugoslavia (Regulation No. 2518/88).

    August 26. Countervailing charge was imposed on certain varieties of plum originating in Yugoslavia (Regulation No. 2662/88).

    August 26. Countervailing charge was imposed on table grapes originating in Cyprus (Regulation No. 2663/88). (Countervailing charge was eliminated on September 7; see section on Elimination, below.)

    August 29. Countervailing charge was imposed on tomatoes originating in Portugal (Regulation No. 2676/88). (Countervailing charge was eliminated on September 20; see section on Elimination, below.)

    September 5. Countervailing charge was imposed on fresh lemons originating in Turkey (Regulation No. 2763/88). (Countervailing charge was eliminated on September 12; see section on Elimination, below.)

    September 7. Countervailing charge was imposed on certain varieties of plum originating in Spain (except the Canary Islands) (Regulation No. 2783/88). (Countervailing charge was eliminated on September 8; see section on Elimination, below.)

    September 19. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 2887/88).

    September 20. Countervailing charge was imposed on tomatoes originating in Portugal (Regulation No. 2899/88).

    September 21. Countervailing charge was imposed on fresh lemons originating in Turkey (Regulation No. 2911/88). (Countervailing charge was eliminated on October 10; see section on Elimination, below.)

    October 5. Countervailing charge was imposed on apples originating in Australia (Regulation No. 3078/88). (Countervailing charge was eliminated on November 14; see section on Elimination, below.)

    October 6. Countervailing charge was imposed on apples originating in Portugal (Regulation No. 3089/88). (Countervailing charge was eliminated on October 19; see section on Elimination, below.)

    October 17. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands) (Regulation No. 3186/88).

    October 17. Countervailing charge was imposed on tomatoes originating in Romania (Regulation No. 3187/88). (Countervailing charge was eliminated on October 28; see section on Elimination, below.)

    October 18. Countervailing charge was imposed on tomatoes originating in Poland (Regulation No. 3203/88). (Countervailing charge was eliminated on October 27; see section on Elimination, below.)

    October 20. Countervailing charge was imposed on cucumbers originating in Spain (except the Canary Islands) (Regulation No. 3233/88).

    November 17. Countervailing charge was imposed on fresh lemons originating in Spain (except the Canary Islands) (Regulation No. 3581/88). (Countervailing charge was eliminated on November 23; see section on Elimination, below.)

    November 17. Countervailing charge was imposed on tomatoes originating in Spain (except the Canary Islands).

    November 18. Countervailing charge was imposed on fresh lemons originating in Cyprus (Regulation No. 3603/88). (Countervailing charge was eliminated on November 24; see section on Elimination, below.)

    November 23. Countervailing charge was imposed on tomatoes originating in Morocco (Regulation No. 3649/88).

    November 25. Countervailing charge was imposed on artichokes originating in Spain (except the Canary Islands) (Regulation No. 3690/88). (Countervailing charge was eliminated on December 1; see section on Elimination, below.)

    December 5. Countervailing charge was imposed on fresh tangerines originating in Morocco (Regulation No. 3796/88).

    December 7. Countervailing charge was imposed on fresh tangerines originating in Spain (except the Canary Islands) (Regulation No. 3821/88). (Countervailing charge was eliminated on December 12; see section on Elimination, below.)

    December 7. Countervailing charge was imposed on fresh lemons originating in Turkey (Regulation No. 3820/88).

    2. Elimination

    January 4. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 7/88).

    January 11. Countervailing charge on tangerines originating in Morocco was eliminated (Regulation No. 68/88).

    February 3. Countervailing charge on fresh tangerines originating in Turkey was eliminated (Regulation No. 324/88).

    February 22. Countervailing charge on artichokes originating in Egypt was eliminated (Regulation No. 482/88).

    April 11. Countervailing charge on artichokes originating in Spain (except the Canary Islands) was eliminated (Regulation No. 955/88).

    April 11. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation 956/88).

    April 19. Countervailing charge on tomatoes originating in Morocco was eliminated (Regulation No. 1028/88).

    May 3. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1213/88).

    May 10. Countervailing charge on tomatoes originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1278/88).

    May 16. Countervailing charge on zucchini originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1234/88).

    May 16. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1323/88).

    May 24. Countervailing charge on zucchini originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1410/88).

    May 24. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1408/88).

    May 30. Countervailing charge on tomatoes originating in Morocco was eliminated (Regulation No. 1488/88).

    May 30. Countervailing charge on tomatoes originating in Romania was eliminated (Regulation No. 1490/88).

    June 2. Countervailing charge on tomatoes originating in Poland was eliminated (Regulation No. 1536/88).

    June 20. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1726/88).

    June 21. Countervailing charge on peaches, including nectarines, originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1747/88).

    June 22. Countervailing charge on apricots originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1760/88).

    June 30. Countervailing charge on tomatoes originating in Spain (except the Canary Islands) was eliminated (Regulation No. 1899/88).

    July 18. Countervailing charge on cherries originating in Hungary was eliminated (Regulation No. 2140/88).

    July 19. Countervailing charge on tomatoes originating in Poland was eliminated (Regulation No. 2151/88).

    August 16. Countervailing charge on table grapes originating in Chile was eliminated (Regulation No. 2556/88).

    August 22. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 2612/88).

    September 7. Countervailing charge on table grapes originating in Cyprus was eliminated (Regulation No. 2785/88).

    September 8. Countervailing charge on certain types of plum originating in Spain (except the Canary Islands) was repealed (Regulation No. 2795/88).

    September 12. Countervailing charge on imports of fresh lemons originating in Turkey was eliminated (Regulation 2814/88).

    September 20. Countervailing charge on tomatoes originating in Portugal was eliminated (Regulation 2899/88).

    October 10. Countervailing charge on fresh lemons originating in Turkey was eliminated (Regulation No. 3120/88).

    October 19. Countervailing charge on apples originating in Portugal was eliminated (Regulation No. 3214/88).

    October 27. Countervailing charge on tomatoes originating in Poland was eliminated (Regulation No. 3339/88).

    October 28. Countervailing charge on tomatoes originating in Romania was eliminated (Regulation No. 3374/88).

    November 14. Countervailing charge on apples originating in Australia was eliminated (Regulation No. 3534/88).

    November 23. Countervailing charge on fresh lemons originating in Spain (except the Canary Islands) was eliminated (Regulation No. 3650/88).

    November 24. Countervailing charge on fresh lemons originating in Cyprus was eliminated (Regulation No. 3671/88).

    December 1. Countervailing charge on artichokes originating in Spain (except the Canary Islands) was eliminated (Regulation No. 3766/88).

    December 12. Countervailing charge on tangerines originating in Spain (except the Canary Islands) was eliminated (Regulation No. 3855/88).

    Import Surveillance

    1. Introduction

    January 1. Certain petroleum products refined in Turkey were subjected to import surveillance by the Community (Council Regulation (EEC) No. 4175/87, December 21, 1987).

    January 1. Imports of certain cotton and wool textile products originating in Malta were subjected to ceilings and to import surveillance by the Community. (Council Regulation (EEC) No. 4166/87, December 21, 1987).

    January 1. Imports of goods falling under the European Coal and Steel Community (ECSC) Treaty originating in Yugoslavia (i.e., certain iron and steel products) were subjected to a ceiling and to import surveillance by the Community (87/612/ECSC).

    July 1. Imports of dessert apples originating in New Zealand were subjected to licensing (Regulation No. 1934/88).

    Summary Features of Exchange and Trade System in Member Countries1

    (as of date shown on first country page)2

    AfghanistanAlgeriaAntigua and BarbudaArgentinaArubaAustraliaAustriaThe BahamasBahrainBangladeshBarbadosBelgium and LuxembourgBelizeBeninBhutanBoliviaBotswanaBrazilBurkina FasoBurmaBurundiCameroonCanadaCape VerdeCentral African Rep.
    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) the pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies
    (b) Limited flexibility with respect 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
    ChadChileChina, People’s Rep.ofColombiaComorosCongoCosta RicaCôte 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) the pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies
    (b) Limited flexibility with respect 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) the pound sterling
    (iii) the French franc
    (iv) other currencies4
    (v) a composite of currencies
    (b) Limited flexibility with respect 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, P. D. R. ofYugoslaviaZaïreZambiaZimbabwe
    Annual Report on Exchange Arrangements and Exchange Restrictions 1989Key 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, 1988.

    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 a 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

    Anzcerta

    Australia-New Zealand Closer Economic Relations and Trade Agreement

    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

    CMA

    Common Monetary Area

    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

    EMCF

    European Monetary Cooperation Fund

    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)

    ICO

    International Coffee Organization

    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

    MTN

    Multilateral Trade Negotiations (the Uruguay Round)

    OECD

    Organization for Economic Cooperation and Development

    OGL

    Open general license

    PTA

    Preferential Trade Area for Eastern and Southern African States

    Sparteca

    South Pacific Regional Trade and Economic Cooperation Agreement

    UDEAC

    Central African Customs and Economic Union

    UN

    United Nations

    WAEC

    West African Economic Community (CEAO)

    WAMU

    West African Monetary Union

    WAUA

    West African Unit of Account

    The Fund has not received from the authorities of Democratic Kampuchea the information required for a description of the exchange and trade system as of December 31, 1988.

    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 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.

    Effective February 6, 1989, a new exchange system consisting of three exchange rates was introduced: (1) a commercial exchange rate to apply to the proceeds from exports of agricultural commodities, to 50 percent of the proceeds from exports of industrial products that were transacted in the official market, and to public sector debt and debt-service transactions; (2) a special exchange rate, to apply to 50 percent of the proceeds from exports of industrial products, to the major part of imports that were previously transacted in the free exchange market, and to transactions with international organizations; and (3) a free exchange market, to apply to all other transactions, including capital transactions. The exchange rate will be depreciated periodically on the basis of the guidelines that were applied to adjustments of the previous official rate. The special exchange rate will be maintained initially at a level representing a 25 percent depreciation of the commercial exchange rate in foreign currency terms. The free exchange market will be market-determined, and the Central Bank will not intervene in the market. At the same time, the authorities announced a schedule for transferring exports from the commercial exchange market to the special commercial exchange market and the free exchange market during 1989. Effective April 17, 1989, the official market ceased to operate, and a free foreign exchange market was established. The exchange rate in the market is determined by supply and demand conditions, and all transactions are channeled through the 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.

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

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

    Industries subject to an industry plan involving import protection are passenger motor vehicles, textiles, clothing, and footwear. The shipbuilding industry is assisted by production subsidies. Chemicals and plastics, for which tariffs have been phased down to 15 percent, will remain at that level.

    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.

    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, Côte d’lvoire, Cuba, Cyprus, Denmark (including Faeroe Islands and Greenland), Dominica, Dominican Republic, Ecuador, Egypt, Equatorial Guinea, Fiji, Finland, France, Gabon, The Gambia, Federal Republic of Germany, Ghana, Greece, Grenada, Guinea-Bissau, Guyana, Haiti, Iceland, India, Indonesia, Ireland, Israel, Italy, 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, Sao Tome 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.

    With effect from February 1, 1989, the limit was raised to S 100,000.

    As of February 1, 1989, virtually all restrictions on long-term capital transfers were abolished. The only remaining restrictions concern (1) the issuance of domestic bonds on foreign capital markets and foreign bonds on domestic capital markets; and (2) the acquisition of real estate by foreigners and nonresidents.

    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.

    As of January 1, 1989, the Mint was acquired by the Austrian National Bank.

    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.

    Beginning in June 1988, the Central Bank established a branch of its Exchange Control Department in Grand Bahama to serve the foreign exchange needs of residents in that area.

    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 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.

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

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

    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.

    Only with respect to the official (or regulated) exchange rate; the EMS mechanism does not apply to the free exchange market rate.

    Currencies dealt in the official market are Australian dollars, Austrian schillings, 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, 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 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 Central Bank quotes exchange rates for Barbados dollars, Eastern Caribbean dollars, Guyana dollars, Jamaica dollars, and Trinidad and Tobago dollars.

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

    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’lvoire, Mali, Niger, Senegal, and Togo.

    Transfers between member countries of the WAMU 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.

    On January 16, 1989, the external value of the Brazilian currency was devalued by 14.1 percent in U.S. dollar terms, and a new currency, the new Cruzado (NCz$), equivalent to Cruzado (Cz$) 1,000, was introduced.

    On December 22, 1988, the Central Bank announced the introduction of an exchange market for tourism transactions at a rate to be freely determined by market participants. The market came into operation on January 9, 1989. A limit of US$4,000 a traveler a trip was placed on sales of foreign exchange, but no limits were placed on purchases of foreign exchange.

    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.

    Selected imports are exempted from the requirement of import programs, including imports to the free-trade zone of Manaus, wheat and petroleum imports, imports under the drawback scheme, and imports of goods included in trade agreements negotiated with LAIA member countries. Regulations governing the 1989 import programs were issued on November 21, 1988.

    Certain specified imports, including imports under the drawback scheme and direct imports by public administrative bodies, are exempt from this requirement.

    The limits of purchases of foreign exchange for travel to all destinations increased to US$4,000 a passenger a trip, effective January 9, 1989.

    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’lvoire, 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 Canada-United States free trade agreement, regulations concerning acquisitions are 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.

    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, Macao patacas, 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 foreìgn exchange in the future for renminbi.

    As of October 1988, there were 46 goods on the restricted list, including 23 kinds of assembly lines counted as 1 item.

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

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

    (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, Zaïre, 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 capital.

    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, comprehensive 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 payments 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 drachmas, Irish pounds, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, 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 capital 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, Mali, Niger, Senegal, and Togo.

    Transfers 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), Canadian dollars, Danish kroner, Finnish markkaa, French francs, Italian lire, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, Spanish pesetas, Swedish kronor, and Swiss francs.

    Foreign currencies are all currencies other than the Cyprus pound.

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

    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 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.

    Imports of food, fertilizer, petroleum, medicine, and agricultural products are exempted from this commission.

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

    Effective February 11, 1988, the commercial banks have been authorized to use a portion of foreign exchange resources 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 foreign exchange allocations for each commercial bank.

    At the end of December 31, 1988, 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 maturity date of letters of credit was extended to 180 days, effective January 1, 1989.

    The selective consumption tax was abolished on February 14, 1989.

    The CFA franc circulating in Equatorial Guinea 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 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 and in December 1987, 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 September 9, 1988, Finland and the U.S.S.R. concluded an agreement to use convertible currencies to settle the trade imbalance between the two countries. The maximum imbalance in the clearing account is to be limited to rub 200 million beginning January 1, 1990, and the imbalance exceeding this limit will be settled quarterly in convertible currencies; the imbalance exceeding rub 100 million will earn interest at an international money market rate.

    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 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 kronor, Swiss francs, U.S. dollars, and zaïres.

    Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Côte 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, 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.

    All restrictions on lending in French francs to nonresidents were abolished, effective March 9, 1989.

    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 escudos, 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.

    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.

    Effective January 14, 1989, the import-licensing system was abolished, and importers were required only to file an import declaration form at the commercial banks.

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

    Effective February 1, 1989, transfers of profits and dividends were allowed through the auction market.

    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 escudos, Spanish pesetas, U.S. dollars, and ECUs.

    Effective January 30, 1989, the amount was increased to Dr 20,000.

    Effective January 30, 1989, the amount was increased to Dr 100,000.

    See Appendix for a summary of antidumping duties, countervailing charges, and import surveillance measures introduced or eliminated by the European Economic Community during 1988, page 561.

    The Eastern Caribbean dollar is also the currency of Anguilla, Antigua and Barbuda, Dominica, 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.

    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.

    As of the end of 1988, the tax has not been enforced.

    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 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, Belgian francs, deutsche mark, French francs, Italian lire, Netherlands guilders, pounds sterling, Swedish kronor, Swiss francs, and U.S. dollars.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Irish pound, 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 for traveler’s checks, for 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.

    Effective January 1, 1989, commercial banks have been authorized to quote forward rates for Hungarian enterprises on the basis of the forward quotations of the National Bank of Hungary. The Bank is ready to quote rates for commercial banks up to the amount of their net position arising from the deals of the commercial banks with Hungarian enterprises. Forward rates are quoted according to international methods, that is, based on the daily official rates and swap differentials between the Hungarian forint and other currencies.

    On January 1, 1989, the middle exchange rate of the forint against the transferable ruble was adjusted to Ft 29.00.

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

    Until the end of November 1988, more than 850 economic entities had been registered, and over 300 private persons were entitled to carry out foreign trade activity. In addition, approvals for ad hoc foreign trade activities were given in more than 1,500 cases during 1988.

    Effective January 18, 1989, the coverage of the negative lists has been reduced.

    At the end of December 1988, 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 Democratic 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 Democratic 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 Democratic Kampuchea, in clearing rubles.

    Effective January 1, 1989, the import-licensing procedures have been liberalized with a number of products transferred to a positive list that is not subject to a licensing requirement. For the purpose of collecting statistical data only, importers of these products are required to report their contracting activities to the Ministry of Trade.

    Before April 1, 1988, the customs fee was 4 percent and the statistical fee was 5 percent.

    The quota for 1989, which covers a smaller group of goods, has been set at US$200 million.

    Effective January 1, 1989, this limit was increased to Ft 4,000.

    Effective October 1, 1988, the requirement of convertible currency holdings was abolished.

    Effective January 1, 1989, this requirement was abolished with respect to travel between Hungary and Czechoslovakia.

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

    Effective January 1, 1989, the licensing requirement has been abolished for joint ventures in which foreign participation does not exceed 50 percent; foreign participation up to 100 percent may also be allowed subject to approval.

    Effective January 3, 1989, the external value of the Icelandic króna was devalued by 4.9 percent against the basket, and the Central Bank was authorized to fix the daily rate of the króna within a limit of 1.25 percent on either side of its effective basket rate.

    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.

    Effective January 1, 1989, all goods may be freely imported on a deferred payment basis up to three months if not guaranteed by a domestic commercial bank, savings bank, insurance company, or a public investment fund.

    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, Netherlands 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, 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, 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 an 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.

    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 per cent 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 that 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.

    The following are exempted from these requirements: (1) sources of import financing that are derived from soft loans, and loans from the World Bank, the Islamic Development Bank; (2) domestic components contained in the contract with the foreign suppliers, such as components of services, goods, and taxes/duties; (3) services that are used by various government agencies related to specific expertise, such as foreign accountants, lawyers, surveyors, consultants’ services, purchase of technology (patent), etc.; and (4) purchases or imports under the joint-venture system between state companies and foreign companies.

    On March 25, 1989, Bank Indonesia enacted a measure limiting net open foreign exchange to not more than 25 percent of own capital for foreign exchange banks and nonbank financial institutions. Foreign exchange banks’ offshore borrowing, which was previously subject to clearance by Bank Indonesia, is no longer limited or regulated.

    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.

    As from January 1, 1989, all restrictions on purchases of foreign securities with maturities exceeding two years were eliminated.

    On January 3, 1989, the new sheqel was devalued by a further 8 percent against the currency basket. At the same time, margins of 3 percent around the base rate relative to the basket were adopted by the Bank of Israel for the daily management of the exchange rate.

    Effective April 1, 1989, this percentage was reduced to 90 percent.

    As of January 3, 1989, the maturity period was reduced to 24 months, and on April 1, 1989, it was further reduced to 18 months. As from January 5, 1989, exporters have been allowed to receive credit in foreign currency directly from overseas (from both banks and Israeli subsidiaries).

    Currencies quoted are Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, French francs, Greek drachmas, Irish pounds, Japanese yen, Netherlands guilders, Norwegian kroner, Portuguese escudos, pounds sterling, Spanish pesetas, Swedish kronor, Swiss francs, U.S. dollars, and ECUs. These currencies are referred to in the Italian regulations as the conto valutario currencies.

    However, foreign currency acquired in connection with commercial and financial transactions can be held in accounts with domestic banks for up to 120 days.

    For transactions up to Lit 10 million, the operator is required to make only a verbal declaration. For operations exceeding Lit 20 million, documents must be submitted together with forms.

    See Appendix for a summary of antidumping duties, countervailing charges, and import surveillance measures introduced or eliminated by the European Economic Community during 1988, page 561.

    Austrian shillings, 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, The Bahamas, 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, pounds Sterling, Swedish kronor, and Swiss francs.

    These include carbonio 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 before 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, Uganda 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, 1989, the remaining 34 items were removed.

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

    Kuwait has also negotiated trade and economic agreements with Cyprus, Italy, and Jordan. The Jordanian agreement calls for the gradual elimination of tariffs on some items over a period of five years and the immediate elimination of tariffs on other goods.

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

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

    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.

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

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

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

    Certain agricultural and food products, new (military type) and used clothing, gold, sugar, fertilizers, newsprint and certain paper products, 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.

    Imports of petroleum products have not been subject to tight foreign exchange controls.

    The surtax is levied on both imported and domestically produced manufactured goods.

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

    The cess on tobacco is also levied, with some exemptions, on tobacco sold locally.

    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’lvoire, 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, 1988, 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 but excluding Maltese citizens living abroad or foreign spouses of citizens 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, Saudi rial, Spanish pesetas, Swedish kronor, and Swiss francs.

    However, the state mining enterprise (SNIM) is exempted from all import-licensing requirements, and the National Import-Export Corporation (Sonimex) is exempted from exchange control approval by the Central Bank.

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

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

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

    The exchange rate in the controlled and free markets was held constant during March–December 1988. Beginning January 1, 1989, the peso is being depreciated daily against the U.S. dollar by preannounced fixed amounts.

    Restrictions on participation by foreign capital in new direct foreign investment were liberalized substantially in May 1989.

    Austrian schillings, Belgian francs, Canadian dollars, Danish kroner, deutsche mark, Finnish markkaa, Italian lire, Japanese yen, Kuwaiti dinars, Mauritanian ouguiya 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.

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

    Operations involving the conveyance of real property located in Morocco and belonging to foreign persons are not subject to authorization by the Exchange Office.

    With effect from January 1, 1989, the exchange rates of the metical were adjusted to Mt. 645.00 = US$1 (buying) and Mt. 657.90 = 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, Sur-iname 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.

    Industries covered by industry plans include canned fruits, carpets, ceramics, electronics, footwear, general rubber goods, glassware, margarine, motor vehicles and components, plastics, shipbuilding, starch and related products, textiles and apparel, tobacco, tires and tubes, wines, and writing instruments. Industries covered by the plans account for about 30 percent of total industrial production.

    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.

    However, by virtue of Decree No. 1-L (effective March 1, 1963), the exchange proceeds from bananas, coconuts, copra, and coconut by-products 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 old and new córdobas have the same symbol (C$).

    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’lvoire, Mali, Niger, Senegal, and Togo.

    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.

    Effective January 9, 1989, the exchange system was unified, replacing the two-tier FEM. The new foreign exchange system consists of a dealer market and a daily allocation of foreign exchange to that market by the Central Bank of Nigeria at the prevailing market exchange rate. In the dealer market, foreign exchange from sources other than official receipts from oil exports and official borrowing is sold directly by private sector recipients to the foreign exchange dealers. The Central Bank allocates to foreign exchange dealers all official foreign exchange receipts (after deduction for official payments abroad and the targeted accumulation of international reserves), but the dealers are free to sell to their customers for any payments abroad consistent with Nigeria’s liberal exchange control system. The applicable exchange rate, called the central rate, is based on a simple or weighted average of bids submitted by the banks on that day. Variations in the central rate do not exceed 2 percent between any two business days. Unified buying and selling rates are also announced based on bids. Authorized dealers must sell foreign exchange obtained through the market at a margin of not more than 1 percent of the buying rate. On March 11, 1989, the central rate was ₦ 7.59 = US$1, and the buying and the selling rate was ₦ 7.55 and ₦, 7.03 per US$1, respectively. The buying and selling rates of authorized dealers do not differ significantly from the Central Bank’s rates.

    Since January 9, 1989, in the new foreign exchange market.

    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 ammunitions, 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; jewelry exported under the Entrustment Scheme; live animals; hides and skins; wet-blue leather; inorganic elements, oxides, etc; crude minerals; works of art and antiques; all metals; fur skins; and wood in rough or squared form.

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

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

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

    Effective February 28, 1989, the exchange rate system was unified, and a flexible exchange rate system under which the exchange rate is determined by market forces was adopted. The Central Bank intervenes in the exchange market, when necessary, to smooth out excessive fluctuations in exchange rates.

    Effective February 28, 1989, the official foreign exchange assessment (aforos cambiarios) was abolished.

    Effective February 28, 1989, the system of minimum export surrender prices (aforos) was replaced by temporary export levies of 1 percent for cotton and between 1 and 10 percent for other products, and exporters are allowed to sell their export proceeds to the commercial banks instead of surrendering them to the Central Bank.

    Since December 31, 1988, importers have also been authorized to participate in this market.

    On January 6, 1989, the rate of this tax was unified at 6 percent.

    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.

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

    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 considered to have been achieved when the ratio of the export transaction price of a particular product to its domestic price (both expressed in a common currency) is equal to or greater than unity.

    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 rival.

    Since March 15, 1989, a private foreign exchange market consisting of licensed foreign exchange bureaus has been in operation. The exchange rates in this market are determined by supply and demand conditions.

    At the end of December 1988, 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.

    Prior to July 1, 1988, these accounts required a declaration of the sources of funds (i.e., royalties, copyright, gifts from nonresidents). Effective July 1, 1988, these accounts consolidated accounts “N,” which had been available since April 1, 1985 and which could be freely credited with convertible currencies without a declaration requirement. Previously, funds on deposit in accounts “N” could not be transferred or used to finance travel abroad, but after one year the funds were transferable to an individual’s account “A.”

    During 1982–86, claims on ROD accounts were (with few exceptions) not the property of the enterprise. 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 was made in 1986–87 for a similar priority rights scheme with respect to foreign exchange earnings in transferable rubles. 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.

    These deposit certificates are distinct from Bank PKO coupons, which can be used to buy “internal exports” in hard currency stores and other designated sales outlets. Since November 1, 1987, the Bank PKO, S.A. has offered to convert these coupons into zlotys at a small discount from the exchange rate prevailing in the parallel market. Effective June 16, 1988, the Bank PKO, S.A. stood ready to sell (buy) these coupons to (from) Polish residents in return for zlotys, also at rates close to the parallel market exchange rate.

    This law was superseded on December 23, 1988 by the Law on Economic Activity with Participation of Foreign Parties, which became effective January 1, 1989. Under the 1988 law, the maximum tax rate is 40 percent, the initial tax holiday period is extended to three years, and the tax holiday for joint ventures in preferential sectors can be extended at the discretion of the Council of Ministers by up to an additional three years. The retention rate under ROD accounts for joint ventures is set at 85 percent.

    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, Swiss francs, and Macao patacas.

    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.

    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 coountries with which bilateral payments agreements were in force as of December 31, 1988 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 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 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 any type of transaction, whether of a current or capital nature.

    Certain imports from Lebanon are subject at present to proof-of-origin requirements.

    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’ I voire, 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 rivals, 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 33⅓ percent of the ex-factory cost of capital goods, if suppliers require it.

    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 that is legal tender in the Republic of 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.

    The general sales tax has been raised to 13 percent, with effect from March 20, 1989.

    Securities are defined as including not only quoted stocks, shares, debentures, and rights, but also unquoted shares in public companies, shares in private companies, government, municipal, and public utility stocks, non-resident-owned mortgage bonds, or participations in mortgage bonds. The terms “scrip” and “share certificates” include any temporary or substitute documents of title, such as letters of allotment, option certificates, balance receipts, and any other receipts for scrip.

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

    Subject, however, to the standstill arrangements, where applicable.

    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.

    This limit was eliminated at the end of 1988.

    See Appendix for a summary of antidumping duties, countervailing charges, and import surveillance measures introduced or eliminated by the European Economic Community during 1988, page 561.

    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, French francs, Japanese yen, 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 5 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.

    An exchange rate of LSd 4.10 per US$1 is applied to transactions under the bilateral clearing arrangement with Egypt.

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

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

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

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

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

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

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

    Previously called the Rand Monetary Area.

    Switzerland is not a member of the International Monetary Fund.

    The requirement that banks and finance companies report their dealer position on a weekly basis was abolished, as from February 13, 1989.

    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, Swedish kronor, Swiss francs, and U.S. dollars.

    Australian dollars, Austrian schillings, Belgian francs, Canadian dollars, Comorian francs, Danish kroner, deutsche mark, Netherlands guilders, Ethiopian birr, French francs, Indian rupees, Italian lire, Japanese yen, Kenya shillings, Lesotho mal-oti, Malawian kwacha, Mauritian rupees, Mozambique meticais, Norwegian kroner, Pakistan rupees, pounds sterling, Rwanda francs, Somali shillings, Swaziland emalangeni, Swedish kronor, Swiss francs, Uganda shillings, Zambian kwacha, and Zimbabwe dollars.

    No such notification has yet been issued.

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

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

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

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

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

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

    Canadian dollars, deutsche mark, Fiji dollars, French francs, Hong Kong dollars, Indian rupees, Italian lire, Japanese yen, Netherlands guilders, New Zealand dollars, pounds sterling, Singapore dollars, Swedish kronor, 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, Netherlands guilders, pounds sterling, and Swiss francs.

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

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

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

    There are special regulations for foreign nationals employed by nonresident manufacturing enterprises covered by Title 2 of Law No. 87-51.

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

    This rate was raised to 15 percent on October 15, 1988, but is scheduled to be reduced to 7 percent by June 1, 1989.

    Foreign currencies are all currencies other than the Uganda shilling.

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

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

    The ACP Area comprises 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, Malawi, Mali, Mauritania, Mauritius, Mozambique, Niger, Nigeria, Papua New Guinea, Rwanda, Sao Tome and Principe, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Senegal, Seychelles, Sierra Leone, Solomon Islands, Somalia, 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, Turkey, 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, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Hong Kong, 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, 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, and the United States.

    The skins of certain rare animals, most primary whale products, and a number of other wildlife products, including raw ivory, tortoiseshell, and plumage, cannot be imported without an import license issued by the appropriate department. Cocoa and cocoa products may be imported only if consignments are certified that buffer stock payments required under the international cocoa agreement of 1986 have been made.

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

    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.

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

    Bangladesh, Benin, Bhutan, Botswana, Burkina Faso, Burundi, Cape Verde, Central African Republic, Chad, Comoros, Djibouti, Equatorial Guinea, The Gambia, Guinea, Guinea-Bissau, Haiti, Lesotho, Malawi, Maldives, Mali, Nepal, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, Somalia, Sudan, Tanzania, Togo, Uganda, Western Samoa, and Yemen Arab Republic.

    Antigua and Barbuda, The Bahamas, Barbados, Belize, British Virgin Islands, Costa Rica, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, 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. Payments and transfers of any kind to the Noriega/Solis regime of Panama by U.S. persons and by Panamanian juridical entities owned or controlled by U.S. persons are prohibited with certain exceptions.

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

    Including coconut crabs for conservation purposes.

    Effective March 13, 1989, the multiple exchange rate system was abolished, and the external value of the bolivar was allowed to float in response to the supply and demand conditions in the unified interbank market. Repayments of certain registered private sector debt and trade credits outstanding before the adoption of the new exchange system are being effected at the exchange rates of Bs 7.50 and Bs 14.50 per US$1, respectively, until December 31, 1989.

    Debts amounting to US$500,000 or less, export credits with foreign official guarantee due before 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 before 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 guarantees falling due between 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 a 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).

    At the end of 1988, 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 of 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.

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

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

    The deposit requirement was abolished, effective April 1, 1989. The commercial banks may require, on their own discretion, deposits against letters of credit.

    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, the Congo, Equatorial Guinea, and Gabon.

    Effective January 1, 1989, nonresident ordinary accounts may be opened without the prior authorization of the Bank of Zaïre only by embassies and diplomatic missions, offices representing international and municipal organizations in Zaïre, and offices representing foreign civilians or military cooperative programs.

    There are, however, several exceptions. Companies in certain sectors are allowed to retain a portion of their foreign exchange earnings (see section on Exports and Export Proceeds) in such accounts.

    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.

    Effective January 20, 1989, repatriation at accelerated rates, depending on discounted sales prices of net equity, is allowed.

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

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