Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2015
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    Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in IMF Member Countries(As of date shown on first page of country chapter; symbol key at end of table)
    Total number of member countries with these featuresAfghanistanAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaAustraliaAustriaAzerbaijanThe BahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBolivia
    Status under IMF Articles of Agreement
    Article VIII168
    Article XIV20
    Exchange Rate Arrangements
    No separate legal tender13
    Currency board10
    Conventional peg42+
    Stabilized arrangement22
    Crawling peg3
    Crawl-like arrangement20
    Pegged exchange rate within horizontal bands1
    Other managed arrangement10*
    Floating37
    Free floating30
    Exchange rate structure
    Dual exchange rates13
    Multiple exchange rates11
    Arrangements for Payments and Receipts
    Bilateral payments arrangements62
    Payments arrears24
    Controls on payments for invisible transactions and current transfers98
    Proceeds from exports and/or invisible transactions
    Repatriation requirements85
    Surrender requirements59
    Capital Transactions
    Controls on:
    Capital market securities151
    Money market instruments126
    Collective investment securities127
    Derivatives and other instruments101
    Commercial credits86
    Financial credits114
    Guarantees, sureties, and financial backup facilities77
    Direct investment151
    Liquidation of direct investment39
    Real estate transactions145
    Personal capital transactions95
    Provisions specific to:
    Commercial banks and other credit institutions174
    Institutional investors145
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    Bosnia and HerzegovinaBotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCabo VerdeCambodiaCameroonCanadaCentral African RepublicChadChileChinaColombiaComorosCongo, Dem. Rep. ofCongo, Republic ofCosta RicaCôte d’IvoireCroatia
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board+
    Conventional peg+
    Stabilized arrangement
    Crawling peg*
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to: Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    CyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFijiFinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreece
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board
    Conventional peg*
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    GrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribati
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender+
    Currency board
    Conventional peg
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floatingθ
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    KoreaKosovoKuwaitKyrgyz RepublicLao P.D.R.LatviaLebanonLesothoLiberiaLibyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritius
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board
    Conventional peg*+
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    MexicoMicronesiaMoldovaMongoliaMontenegroMoroccoMozambiqueMyanmarNamibiaNepalNetherlandsNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPalauPanamaPapua New GuineaParaguay
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board
    Conventional peg*++
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    PeruPhilippinesPolandPortugalQatarRomaniaRussiaRwandaSamoaSan MarinoSão Tomé and PríncipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth Africa
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board
    Conventional peg
    Stabilized arrangement*
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    South SudanSpainSri LankaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSudanSurinameSwazilandSwedenSwitzerlandSyriaTajikistanTanzaniaThailandTimor-LesteTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistan
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender
    Currency board
    Conventional peg+
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    TuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuelaVietnamYemenZambiaZimbabweArubaHong Kong SARCuraçao and Sint Maarten
    Status under IMF Articles of Agreement
    Article VIII
    Article XIV
    Exchange Rate Arrangements
    No separate legal tender+
    Currency board
    Conventional peg
    Stabilized arrangement
    Crawling peg
    Crawl-like arrangement
    Pegged exchange rate within horizontal bands
    Other managed arrangement
    Floating
    Free floating
    Exchange rate structure
    Dual exchange rates
    Multiple exchange rates
    Arrangements for Payments and Receipts
    Bilateral payments arrangements
    Payments arrears
    Controls on payments for invisible transactions and current transfers
    Proceeds from exports and/or invisible transactions
    Repatriation requirements
    Surrender requirements
    Capital Transactions
    Controls on:
    Capital market securities
    Money market instruments
    Collective investment securities
    Derivatives and other instruments
    Commercial credits
    Financial credits
    Guarantees, sureties, and financial backup facilities-
    Direct investment
    Liquidation of direct investment
    Real estate transactions
    Personal capital transactions
    Provisions specific to:
    Commercial banks and other credit institutions
    Institutional investors
    Key

    Indicates that the specified practice is a feature of the exchange system.

    Indicates that data were not available at the time of publication.

    Indicates that the specified practice is not regulated.

    Indicates that the country participates in the euro area.

    Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

    Indicates that flexibility is limited vis-à-vis the U.S. dollar.

    Indicates that flexibility is limited vis-à-vis the euro.

    Indicates that flexibility is limited vis-à-vis another single currency.

    Indicates that flexibility is limited vis-à-vis the SDR.

    Indicates that flexibility is limited vis-à-vis another basket of currencies.

    Country Table Matrix: Status under IMF Articles of Agreement

    Date of membership

    Article VIII

    Article XIV

    Exchange Measures

    Restrictions and/or multiple currency practices

    Exchange measures imposed for security reasons

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

    Other security restrictions

    References to legal instruments and hyperlinks

    Exchange Arrangement

    Currency

    Other legal tender

    Exchange rate structure

    Unitary Dual Multiple

    Classification

    No separate legal tender

    Currency board

    Conventional peg

    Stabilized arrangement

    Crawling peg

    Crawl-like arrangement

    Pegged exchange rate within horizontal bands

    Other managed arrangement

    Floating

    Free floating

    Official exchange rate

    Monetary policy framework

    Exchange rate anchor

    Monetary aggregate target

    Inflation-targeting framework

    Other monetary framework

    Exchange tax

    Exchange subsidy

    Foreign exchange market

    Spot exchange market

    • Operated by the central bank

      • Foreign exchange standing facility

      • Allocation

      • Auction

      • Fixing

    • Interbank market

      • Over the counter

      • Brokerage

      • Market making

    • Forward exchange market

      • Official cover of forward operations

    References to legal instruments and hyperlinks

    Arrangements for Payments and Receipts

    Prescription of currency requirements

    Controls on the use of domestic currency

    • For current transactions and payments

    • For capital transactions

      • Transactions in capital and money market instruments

      • Transactions in derivatives and other instruments

      • Credit operations

    Use of foreign exchange among residents

    Payments arrangements

    Bilateral payments arrangements

    • Operative

    • Inoperative

    Regional arrangements

    Clearing agreements

    Barter agreements and open accounts

    Administration of control

    Payments arrears

    Official

    Private

    Controls on trade in gold (coins and/or bullion)

    On domestic ownership and/or trade

    On external trade

    Controls on exports and imports of banknotes

    On exports

    • Domestic currency

    • Foreign currency

    On imports

    • Domestic currency

    • Foreign currency

    References to legal instruments and hyperlinks

    Resident Accounts

    Foreign exchange accounts permitted

    Held domestically

    • Approval required

    Held abroad

    • Approval required

    Accounts in domestic currency held abroad

    Accounts in domestic currency convertible into foreign currency

    References to legal instruments and hyperlinks

    Nonresident Accounts

    Foreign exchange accounts permitted

    Approval required

    Domestic currency accounts

    Convertible into foreign currency

    Approval required

    Blocked accounts

    References to legal instruments and hyperlinks

    Imports and Import Payments

    Foreign exchange budget

    Financing requirements for imports

    Minimum financing requirements

    Advance payment requirements

    Advance import deposits

    Documentation requirements for release of foreign exchange for imports

    Domiciliation requirements

    Preshipment inspection Letters of credit

    Import licenses used as exchange licenses

    Other

    Import licenses and other nontariff measures

    Positive list

    Negative list

    Open general licenses

    Licenses with quotas

    Other nontariff measures

    Import taxes and/or tariffs

    Taxes collected through the exchange system

    State import monopoly

    References to legal instruments and hyperlinks

    Exports and Export Proceeds

    Repatriation requirements

    Surrender requirements

    • Surrender to the central bank

    • Surrender to authorized dealers

    Financing requirements

    Documentation requirements

    Letters of credit

    Guarantees

    Domiciliation

    Preshipment inspection

    Other

    Export licenses

    Without quotas

    With quotas

    Export taxes

    Collected through the exchange system

    Other export taxes

    References to legal instruments and hyperlinks

    Payments for Invisible Transactions and Current Transfers

    Controls on these transfers

    Trade-related payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Investment-related payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Payments for travel

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Personal payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Foreign workers’ wages

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Credit card use abroad

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    Other payments

    • Prior approval

    • Quantitative limits

    • Indicative limits/bona fide test

    References to legal instruments and hyperlinks

    Proceeds from Invisible Transactions and Current Transfers

    Repatriation requirements

    Surrender requirements

    • Surrender to the central bank

    • Surrender to authorized dealers

    Restrictions on use of funds

    References to legal instruments and hyperlinks

    Capital Transactions

    Controls on capital transactions

    Repatriation requirements

    • Surrender requirements

      • Surrender to the central bank

      • Surrender to authorized dealers

    Controls on capital and money market instruments

    • On capital market securities

      • Shares or other securities of a participating nature

        • Purchase locally by nonresidents

        • Sale or issue locally by nonresidents

        • Purchase abroad by residents

        • Sale or issue abroad by residents

      • Bonds or other debt securities

        • Purchase locally by nonresidents

        • Sale or issue locally by nonresidents

        • Purchase abroad by residents

        • Sale or issue abroad by residents

    • On money market instruments

      • Purchase locally by nonresidents

      • Sale or issue locally by nonresidents

      • Purchase abroad by residents

      • Sale or issue abroad by residents

    • On collective investment securities

      • Purchase locally by nonresidents

      • Sale or issue locally by nonresidents

      • Purchase abroad by residents

      • Sale or issue abroad by residents

    Controls on derivatives and other instruments

    • Purchase locally by nonresidents

    • Sale or issue locally by nonresidents

    • Purchase abroad by residents

    • Sale or issue abroad by residents

    Controls on credit operations

    • Commercial credits

      • By residents to nonresidents

      • To residents from nonresidents

    • Financial credits

      • By residents to nonresidents

      • To residents from nonresidents

    • Guarantees, sureties, and financial backup facilities

      • By residents to nonresidents

      • To residents from nonresidents

    Controls on direct investment

    • Outward direct investment

    • Inward direct investment

    Controls on liquidation of direct investment

    Controls on real estate transactions

    • Purchase abroad by residents

    • Purchase locally by nonresidents

    • Sale locally by nonresidents

    Controls on personal capital transactions

    • Loans

      • By residents to nonresidents

      • To residents from nonresidents

    • Gifts, endowments, inheritances, and legacies

      • By residents to nonresidents

      • To residents from nonresidents

    • Settlement of debts abroad by immigrants

    • Transfer of assets

      • Transfer abroad by emigrants

      • Transfer into the country by immigrants

    • Transfer of gambling and prize earnings

    References to legal instruments and hyperlinks

    Provisions Specific to the Financial Sector

    Provisions specific to commercial banks and other credit institutions

    Borrowing abroad

    Maintenance of accounts abroad

    Lending to nonresidents (financial or commercial credits)

    Lending locally in foreign exchange

    Purchase of locally issued securities denominated in foreign exchange

    Differential treatment of deposit accounts in foreign exchange

    • Reserve requirements

    • Liquid asset requirements

    • Interest rate controls

    • Credit controls

    Differential treatment of deposit accounts held by nonresidents

    • Reserve requirements

    • Liquid asset requirements

    • Interest rate controls

    • Credit controls

    Investment regulations

    • Abroad by banks

    • In banks by nonresidents

    Open foreign exchange position limits

    • On resident assets and liabilities

    • On nonresident assets and liabilities

    Provisions specific to institutional investors

    Insurance companies

    • Limits (max.) on securities issued by nonresidents

    • Limits (max.) on investment portfolio held abroad

    • Limits (min.) on investment portfolio held locally

    • Currency-matching regulations on assets/liabilities composition

    Pension funds

    • Limits (max.) on securities issued by nonresidents

    • Limits (max.) on investment portfolio held abroad

    • Limits (min.) on investment portfolio held locally

    • Currency-matching regulations on assets/liabilities composition

    Investment firms and collective investment funds

    • Limits (max.) on securities issued by nonresidents

    • Limits (max.) on investment portfolio held abroad

    • Limits (min.) on investment portfolio held locally

    • Currency-matching regulations on assets/liabilities composition

    References to legal instruments and hyperlinks

    Changes during 2014

    Status under IMF Articles of Agreement

    Exchange measures

    Exchange arrangement

    Arrangements for payments and receipts

    Resident accounts

    Nonresident accounts

    Imports and import payments

    Exports and export proceeds

    Payments for invisible transactions and current transfers

    Proceeds from invisible transactions and current transfers

    Capital transactions

    Repatriation and surrender requirements

    Controls on capital and money market instruments

    Controls on derivatives and other instruments

    Controls on credit operations

    Controls on direct investment

    Controls on liquidation of direct investment

    Controls on real estate transactions

    Controls on personal capital transactions

    Provisions specific to the financial sector

    Provisions specific to commercial banks and other credit institutions

    Provisions specific to institutional investors

    Changes during 2015

    Status under IMF Articles of Agreement

    Exchange measures

    Exchange arrangement

    Arrangements for payments and receipts

    Resident accounts

    Nonresident accounts

    Imports and import payments

    Exports and export proceeds

    Payments for invisible transactions and current transfers

    Proceeds from invisible transactions and current transfers

    Capital transactions

    Repatriation and surrender requirements

    Controls on capital and money market instruments

    Controls on derivatives and other instruments

    Controls on credit operations

    Controls on direct investment

    Controls on liquidation of direct investment

    Controls on real estate transactions

    Controls on personal capital transactions

    Provisions specific to the financial sector

    Provisions specific to commercial banks and other credit institutions

    Provisions specific to institutional investors

    These chapters are available on AREAER Online (www.elibrary-areaer.imf.org/). The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

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

    In addition to the 188 IMF member countries, the report includes information on Hong Kong SAR (China) as well as Aruba and Curaçao and Sint Maarten (all in the Kingdom of the Netherlands).

    The IMF’s Articles of Agreement are available at www.imf.org/external/pubs/ft/aa/index.htm.

    The information on restrictions and MCPs consists of verbatim quotes from each country’s most recent published IMF staff report as of December 31, 2014, and represents the views of the IMF staff, which may not necessarily have been endorsed by the IMF Executive Board. In cases in which the information is drawn from IMF staff reports that have not been made public, the quotes have been included with the express consent of the member country. In the absence of such consent, the relevant information is reported as “not publicly available.” Any changes to these restrictions and MCPs implemented after the relevant IMF report has been issued will be reflected in the subsequent issue of the AREAER that covers the year during which the IMF staff report with information on such changes is issued.

    The information on exchange measures imposed for security reasons is based solely on information provided by country authorities.

    For further information on these resources, see www.imf.org/external/publications/index.htm, www.imfbookstore.org, or www.elibrary.imf.org.

    The date of the latest reported development is indicated for each country in the country chapters on the CD accompanying the printed version of the Overview and in the AREAER Online database as Position date. The exchange rate classification for all countries reflects the status as of April 30 of the year of publication regardless of the position date.

    This section summarizes developments between May 1, 2014, and April 30, 2015.

    The Iranian rial was reclassified retroactively to stabilized from other managed arrangement as of July 2013, and reclassified again to a crawl-like arrangement as of March 2014. The first change is reflected as of January 1, 2014, corresponding to the first day of the period covered in this year’s AREAER.

    Monetary anchors are defined as the main intermediate target the authorities pursue to achieve their policy goal (which, overwhelmingly, is price stability). The inventory of monetary anchors is based mainly on members’ declaration in the context of the yearly AREAER update or Article IV consultations. For the 2010 reporting year, country officials were asked for the first time to report specific information about the monetary policy framework, and as a result, the information provided by officials improved considerably.

    The officially announced monetary anchor may differ from the anchor implemented in practice, as a result of the de facto exchange rate arrangement.

    Inflation targeting aims to address the problem of exchange rates and monetary aggregates that do not have a stable relationship with prices, making intermediate targets less suitable for inflation control.

    Preannounced programs of purchases and/or sales of foreign exchange typically do not qualify as interventions because the design of these programs minimizes the impact on the exchange rate. Very small, retail-type transactions are also disregarded.

    The AREAER does not indicate whether the Executive Board of the IMF has approved such measures.

    The member countries that avail themselves of the transitional arrangements under Article XIV are Afghanistan, Albania, Angola, Bhutan, Bosnia and Herzegovina, Burundi, Eritrea, Ethiopia, Iraq, Kosovo, Liberia, Maldives, Myanmar, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Syria, Turkmenistan, and Tuvalu.

    See Decision No. 144-(52/51) in Selected Decisions and Selected Documents of the International Monetary Fund, Issue 36 (Washington: IMF, 2012).

    The total number of measures includes a large number of changes reported by Cyprus, similar to the previous reporting period. Cyprus, to deal with its economic crisis, imposed wide-ranging temporary restrictions in March 2013 that significantly constrained capital transactions across many categories. Subsequently, as conditions improved, restrictions were gradually eased starting as early as April 2013 and finally all restrictions were eliminated in April 2015. The AREAER records the imposition of these restrictions and their step-by-step removal across many categories of transactions, thereby showing a large number of measures taken by Cyprus.

    CFMs encompass a broad spectrum of measures. For the purposes of the IMF’s institutional view, the term “capital flow management measures” refers to measures designed to limit capital flows. CFMs comprise residency-based CFMs, which encompass a variety of measures (including taxes and regulations) affecting cross-border financial activity that discriminate on the basis of residency—also generally referred to as capital controls—and other CFMs, which do not discriminate on the basis of residency but are nonetheless designed to limit capital flows. These other CFMs typically include measures, such as some prudential measures, that differentiate transactions on the basis of currency as well as other measures that typically apply to the nonfinancial sector. The concept of capital controls in the AREAER is quite similar to that of the CFM: it encompasses regulations that limit capital flows and includes various measures that regulate the conclusion or execution of transactions and transfers and the holding of assets at home by nonresidents and abroad by residents. See “The Liberalization and Management of Capital Flows: An Institutional View” (Washington: IMF, 2012).

    Capital controls and prudential measures are highly intertwined because of their overlapping application. For example, some prudential measures (such as different reserve requirements for deposit accounts held by residents and nonresidents) could also be regarded as capital controls because they distinguish between transactions with residents and nonresidents and hence influence capital flows.

    Inclusion of an entry in this category does not necessarily indicate that the aim of the measure is to control the flow of capital.

    Peru gradually decreased its multicomponent reserve requirements in 31 steps. Turkey introduced a reserve option mechanism, under which a gradually increasing share of required reserves on lira liabilities may be held in foreign currency and gold. The new regime was implemented in several steps, which increased the number of changes significantly.

    Depending on the policy objective, reserve requirement ratios are often differentiated according to maturity, the denomination of the liability, or the residency of the depositor or lender. Reserve requirements imposed at different levels or under different conditions for liabilities to residents and nonresidents are considered capital controls.

    In order to encourage dedollarization, Peru increased the marginal reserve requirement on foreign currency from 50 percent to 60 percent in January 2015 and to 70 percent in March 2015, while it lowered reserve requirements on local currency.

    To address concerns with respect to consumer credit growth, the Central Bank of Tunisia imposed an additional 50 percent reserve requirement on increases in consumer credit in late 2012. The rate was subsequently reduced to 30 percent in March 2013,

    Asymmetric open foreign exchange position limits are often considered capital controls because they have the effect of influencing capital flows.

    Regulation (EU) No. 575/2013 (Capital Requirements Regulation) and Directive No. EU/2013/36 (Capital Requirements Directive IV).

    Prepared by Salim M. Darbar and Viktoriya V. Zotova.

    Per the original Articles of Agreement in effect prior to their second amendment in 1978, Article XIV, Section 4, read: “Action of the Fund relating to restriction[:] Not later than three years after the date on which the Fund begins operations and in each year thereafter, the Fund shall report on the restrictions still in force under Section 2 of this Article. Five years after the date on which the Fund begins operations, and in each year thereafter, any member still retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4, shall consult the Fund as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representation to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XV, Section 2(a).”

    Per the original Articles of Agreement before the second amendment, Article XIV, Section 2, read: “Exchange Restrictions[:] In the post-war transitional period members may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances (and in the case of members whose territories have been occupied by the enemy, introduce where necessary) restrictions on payment and transfers for current international transactions. Members shall, however, have continuous regard in their foreign exchange policies to the purpose of the Fund; and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the maintenance of exchange stability. In particular, members shall withdraw restrictions maintained or imposed under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the resources of the Fund.”

    First Annual Report on Exchange Restrictions (IMF 1950).

    See the Fourth Annual Report on Exchange Restrictions (IMF 1953). Bilateral consultations began in 1952, after the IMF completed five years of operations, as required by Article XIV, with members still under the transitional provisions of the Articles of Agreement. The nature of these initial consultations is contained in the Third Annual Report on Exchange Restrictions (IMF 1952).

    See IMF Executive Board Minutes (EBM) 55/9. During the first few decades, the board provided comments on a draft report during a board discussion and then approved a final version. Comments on Part II were provided directly to the IMF staff by country authorities and/or by Executive Directors’ offices. Over time, as the reports evolved, so did the role of the board, particularly with reference to Part I. Today, the board no longer reviews the AREAER, but country authorities still provide input to the country surveys, either directly or through their Executive Directors.

    See EBM/79/13 and EBM/79/76.

    Annual Report on Exchange Arrangements and Exchange Restrictions, 1989—Proposed Outline (EBD/89/13).