Selected Decisions (8th Ed)

Selected Decisions (8th Ed)
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
May 1976
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    Index

    (* indicates Decision as amended)

    Decision No.Page
    A Accounting by members for transactions with the Fund170-34
    Accounts:
    General Account:
    Accounts receivable or payable, establishment for adjustment of currency holdings*3637-(72/41)G/S33
    4667-(75/82)34
    General Reserve, establishment from net income753-(58/17)162
    Payment of expenses of conducting business of Trust Fund and reimbursement5069-(76/72)186, 193
    Special account, gold collateral transactions1543-(63/39)85
    Transactions to obtain special drawing rights to pay charges or assessments3010-(70/25)G/S179
    Transfer of SDRs to participants making purchases from Fund3414-(71/98)G/S178
    B/G Res. 28-2200
    Use of special drawing rights to settle all charges2901-(69/122)G/S177
    3188-(70/106)G/S177
    Special Drawing Account (see also Exchange rates, Representative rates; Special drawing rights):
    Participant designated under Article XXV, Section 5, sale of gold to Fund2916-(69/127)89
    Payment of interest, charges, and assessments3010-(70/25)G/S179
    Review of rules for reconstitution2916-(69/127)89
    B/G Res. 28-2199
    Subsidy Account4773-(75/136)81
    Trust Fund, special accounts5069-(76/72)192
    Articles of Agreement:
    Amendments
    First2493-(68/74)165
    Second5049-(76/51)166
    B/G Res. 29-8210
    B/G Res. 29-10221
    Article I, purposes of the Fund287-336
    433-(55/42)134
    1034-(60/27)139
    1687-(64/22)88
    4377-(74/114)51
    4773-(75/136)81
    5069-(76/72)186
    Article III, Section 2, adjustment of quotas408-23
    Article III, Section 3, subscription payments298-34, 6, 7, 167
    Article III, Sections 3 and 4, changes in quotas595-38
    Article IV, Section 1, gold value298-36
    Article IV, Section 2, price of gold75-(705)11
    233-29
    Article IV, Section 3, margins269-213
    904-(59/32)13
    3463-(71/126)15
    *3637-(72/41)G/S32
    4083-(73/104)19
    Article IV, Section 4(a), exchange stability233-29
    margins3463-(71/126)14, 17
    4083-(73/104)18, 21
    members’ policies4134-(74/4)144
    4232-(74/67)22
    multiple currency practices237-2152
    Article IV, Section 4(b), purchase and sale of gold.411-131
    Article IV, Section 5, changes in par values71-230
    278-331
    Article IV, Section 8, maintenance of gold value of Fund assets*3637-(72/41)G/S33
    Article V, Section 1, borrowing arrangements1289-(62/1)31
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-3106
    gold tranche purchases3386-(71/83)70
    meaning of Section 3(a)(i)284-435
    meaning of Section 3(a)(iii)451-(55/52)36
    stand-by arrangements155-(52/57)42
    use of Fund’s resources102-(52/11)37
    2836-(69/87)69
    waivers under4241-(74/67)72
    4377-(74/114)53
    Article V, Section 3(d), gold tranche purchases2836-(69/87)69
    Article V, Section 4, gold collateral transactions1543-(63/39)84
    stand-by arrangements155-(52/57)42
    waivers under1543-(63/39)84
    4377-(74/114)53
    Article V, Section 5, limitation on use284-355
    286-155
    “is using,” meaning292-356
    Article V, Section 6, repurchase obligation119-(52/30)94
    sales of gold to Fund2916-(69/127)89
    voluntary repurchase7-(648)93
    Article V, Section 7, repurchase obligations124-290
    102-(52/11)40
    Article V, Section 7(b), borrowing arrangements1289-(62/1)104
    computations*3637-(72/41)G/S32
    gold payments of less than one bar4087-(73/105)94
    repurchase obligations447-590
    7-(648)93
    119-(52/30)94
    1371-(62/36)58
    3032-(70/38)G/S176
    3049-(70/44)91
    3320-(71/34)G/S176
    Article V, Section 7(c), repurchase obligations419-191
    3049-(70/44)91
    Article V, 8(a), (c), and (e), borrowing arrangements1289-(62/1)102
    Article V, Section 8(c), (d), and (e), charges4239-(74/67)95
    Article V, Section 8(d), consultation to reduce Fund’s holdings102-(52/11)39
    Article V, Section 8(f), rates for computations*3637-(72/41)G/S32
    stand-by arrangements155-(52/57)42
    *270-(53/95)45
    Article VI, Section 1, use of Fund’s resources71-235
    541-(56/39)97
    1238-(61/43)35
    Article VI, Section 3, controls on capital transfers541-(56/39)97
    Article VII, Section 2, borrowing1289-(62/1)98
    4242-(74/67)122
    4635-(75/47)127
    Article VII, Section 3(b), security restrictions144-(52/51)133
    Article VIII, retention quotas201-(53/29)137
    bilateralism433-(55/42)134
    Article VIII and Article XIV1034-(60/27)139
    Article VIII, Section 2(a), security restrictions144-(52/51)133
    payments restrictions3153-(70/95)142
    Article VIII, Section 2(b), unenforceability of exchange contracts446-4131
    Article VIII, Section 3, discrimination955-(59/45)138
    multiple currency practices237-2150
    649-(57/33)153
    3463-(71/126)16
    4083-(73/104)20
    Article IX, Section 7, privilege for communications.534-3158
    Article XII, Sectiona 3(b)(i), and 3(f)2-1160
    Article XII, Sections 3(c) “the preceding two years,”597-4161
    additional appointed Executive Directors*574-2160
    Article XII, Section 5, voting power of Executive Directors180-5161
    Article XII, Section 6, establishment of a General Reserve from net income753-(58/17)162
    Article XII, Section 82603-(68/132)48
    Article XIV, retention quotas201-(53/29)135
    Articles VIII and XIV1034-(60/27)139
    bilateralism433-(55/42)134
    Article XIV, Section 2, multiple currency practices237-2150
    3463-(71/126)16
    4083-(73/104)20
    security restrictions144-(52/51)133
    payments restrictions3153-(70/95)142
    transitional arrangements446-4131
    Article XIV, Section 31034-(60/27)139
    Article XIV, Section 4237-2150
    117-1163
    Article XV, Section 2343-(54/47)164
    Article XV, Section 3, borrowing arrangements1289-(62/1)107
    Article XVI, Section 1, stand-by arrangements155-(52/57)43
    *270-(53/95)45
    borrowing arrangements1289-(62/1)107
    Article XVIII(a), list of interpretations underxix
    Article XIX(b), (c), and (b), net official holdings298-3167
    Article XIX (d)298-35, 170
    Article XIX(g), currencies deemed convertible4279-(74/83)171
    4291-(74/88)171
    4392-(74/120)171
    Article XIX(j)2836-(69/87)69
    Article XX, Section 2 (g)298-3170
    3463-(71/126)17
    4083-(73/104)21
    Article XX, Section 4298-35, 7
    Article XX, Section 4(i)284-2172
    Article XXV, Section 2, special drawing rights obtained by participant3414-(71/98)G/S178
    *3457-(71/121)G/S173
    Article XXV, Section 5, sale of gold to Fund by participant designated2916-(69/127)89
    Article XXV, Sections 6(a) and 7(f)*3457-(71/121)G/S173
    Article XXV, Section 6(b), review of rules for reconstitutionB/G Res. 28-2199
    Article XXVI, Section 5, payment of interest, charges, and assessments3010-(70/25)G/S179
    Schedule B486-2180
    510-2181
    7-(648)93
    119-(52/30)94
    3032-(70/38)G/S176
    3049-(70/44)91
    3320-(71/34)G/S176
    *3637-(72/41)G/S32
    5069-(76/72)185
    Schedule D1289-(62/1)107
    Schedule E1289-(62/1)107
    4242-(74/67)126
    Schedule G*3457-(71/121)G/S173
    3829-(72/144)S174
    B/G Res. 28-2199
    Auction system (see also Multiple currency practices)237-2148
    Audit:
    Subsidy Account4773-(75/136)82
    Trust Fund5069-(76/72)185, 192
    B Balance of payments position:
    Assessment of need for assistance from Trust Fund5069-(76/72)188
    Currency composition of drawings and repurchases1371-(62/36)59
    Discrimination for balance of payments reasons.955-(59/45)138
    Bank for International Settlements:
    Fund assistance in gold transactions316-(54/27)182
    Prescription as holder of special drawing rightsB/G Res. 29-1203
    Bilateralism433-(55/42)134
    955-(59/45)138
    Borrowing by the Fund:
    General Arrangements to Borrow1289-(62/1)98
    Renewals1951-(65/54)111
    2858-(69/96)112
    4421-(74/132)112
    Switzerland, association of1712-(64/29)114
    2377-(67/85)117
    3363-(71/60)119
    4858-(75/172)120
    In connection with oil facility4242-(74/67)122
    4635-(75/47)127
    4916-(75/208)128
    Authorization to make calls4741-(75/120)128
    4917-(75/208)129
    Calls, order4918-(75/208)129
    Interest payment4490-(74/140)129
    4636-(75/47)130
    4919-(75/208)130
    Buffer stocks, international, financing*2772-(69/47)66
    Fourth International Tin Agreement3179-(70/102)67
    3351-(71/51)68
    Gold tranche purchases3386-(71/83)70
    C Capital transfers:
    Controls by members541-(56/39)97
    4232-(74/67)29
    B/G Res. 29-10219
    Restrictions237-2148
    Use of Fund’s resources for1238-(61/43)35
    Central banks, conversion of currency1371-(62/36)62
    “Central holdings,” meaning298-3167
    Central rates3463-(71/126)14
    4083-(73/104)18
    “Changing circumstances,” adaptation of multiple currency practices237-2152
    Charges:
    Extended Fund facility4377-(74/114)53
    4720-(75/114)54
    Future changes4239-(74/67)95
    General Arrangements to Borrow1289-(62/1)102
    4421-(74/132)112
    Gold sales to Fund for payment of repurchase obligations119-(52/30)94
    Gold tranche purchases, no service charge after July 27, 19692836-(69/87)70
    Gold transactions of members103-(52/12)182
    Level for reduction of Fund’s holdings pursuant to Article V, Section 8(d)102-(52/ll)39
    Oil facility424l-(74/67)73
    4634-(75/47)77
    Payment in special drawing rights2901-(69/122)G/S177
    3010-(70/25)G/S179
    3188-(70/106)G/S177
    Stand-by arrangements155-(52/57)42
    *270-(53/95)45
    Refund*1345-(62/23)49
    Trust Fund loans, interest5069-(76/72)190
    Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)269-213
    Committee on Reform of the International Monetary System and Related IssuesB/G Comp. Res.207
    Agreement that members avoid policies affecting other members4134-(74/4)144
    Final report and terminationB/G Res. 29-7208
    Guidelines for floating rates, application4232-(74/67)23
    Rome Communiqué, member policies not inconsistent with when requesting purchase under oil facility424l-(74/67)71, 73
    Support of extended Fund facility4377-(74/114)50
    Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)155
    Commodities (see also Compensatory financing…):
    Buffer stock financing*2772- (69/47)66
    Tin3179-(70/102)67
    3351-(71/51)68
    Export shortfalls4912-(75/207)63
    Reclassification where subject to multiple currency practices237-2150, 152
    Communications, privilege for534-3158
    Compensatory financing of export fluctuations4912-(75/207)62
    Gold tranche purchases2836-(69/87)69
    “Consistent with the provisions of this Agreement,” meaning in Article V, Section 3287-336
    Consultations with members:
    Bilateral arrangements433-(55/42)135
    Commodity field, attention to policies2772-(69/47)67
    Currencies to be drawn and to be used in repurchases1371-(62/36)57, 58
    3049-(70/44)91
    Exchange measures needing approval under Article VIII1034-(60/27)140
    External transactions in gold75-(705)11
    Floating exchange rates4232-(74/67)22
    Gold production subsidies233-29
    Members’ policies in present circumstances4l34-(74/4)144
    Multiple currency practices237-2146
    Periodic discussions under Article VIII1034-(60/27)140
    Purchases under oil facility4241-(74/67)72
    Reduction in Fund’s holdings102-(52/ll)39
    Retention quotas201-(53/29)136
    Stand-by arrangements:
    Clauses included2603-(68/132)48
    Resumption of purchases*270-(53/95)45
    Whether measure is exchange restriction1034-(60/27)139
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)139
    Approval of exchange restrictions1034-(60/27)139
    Balances of Article XIV currencies deemed convertible under Article XIX (g):
    Indonesian rupiah4291-(74/88)171
    Spanish peseta4279-(74/83)171
    Venezuelan bolívar4392-(74/120)171
    Bilateralism433-(55/42)134
    Consultation with Fund1034-(60/27)139
    Convertible currency margins904-(59/32)13
    Credit arrangements; see Borrowing by the Fund Currencies to be drawn and to be used in repurchases1371-(62/36)56
    3049-(70/44)91
    3414-(71/98)G/S178
    Discrimination955-(59/45)138
    Exclusion of currencies recently made convertible in calculation of repurchase obligations510-2181
    Multiple currency practices; see Multiple currency practices
    Restrictions for security reasons144-(52/51)133
    Retention quotas201-(53/29)136
    Credit tranches; see Tranche policies
    Creditworthiness, factor in determining use of Fund’s resources102-(52/ll)38
    *270-(53/95)43
    Currencies (see also Convertibility; Investment):
    Adjustment of Fund’s holdings*3637-(72/4l)G/S32
    4667-(75/82)33
    Arrangements for use in operations and transacactions of FundB/G Res. 31-2224
    Conversion298-3169
    119-(52/30)94
    1371-(62/36)61
    Convertible, use to obtain special drawing rights to pay charges or assessments3010-(70/25)G/S179
    Intervention3463-(71/126)15, 17
    4083-(73/104)18, 19, 21
    Payment of subscriptions for quota increasesB/G Res. 31-2223
    Subscribed to the Fund, ownership170-34
    To be drawn and to be used in repurchases1371-(62/36)56
    3049-(70/44)91
    3414-(71/98)G/S178
    Value dates for transfers*3637-(72/41)G/S32
    D Development Committee; see Joint Ministerial Committee . . .
    Discriminatory currency arrangements3463-(71/126)16
    4083-(73/104)20
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)138
    Drawings; see Use of Fund’s resources
    E Enemy-occupied, former, members, introduction of multiple currency practices237-2150, 151
    Enemy-occupied territories, former, determination of net official holdings298-37
    “Exceptional circumstances,” meaning in Article XIV, Section 4117-1163
    237-2150, 151
    Exchange contracts, unenforceability446-4132
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-4131
    Exchange controls on capital transfers541-(56/39)97
    Exchange dealings based on parity269-213
    Exchange dealings under conditions of increasing convertibility904-(59/32)13
    Exchange markets:
    Conversion in; see Currencies, Conversion
    Intervention3463-(71/126)17
    4083-(73/104)20,21
    4232-(74/67)24,27
    Exchange rates (see also Margins; Par values):
    Borrowing arrangements by Fund1289-(62/1)105
    Central rates, temporary regime3463-(71/126)14
    4083-(73/104)18
    Computations and adjustment of Fund’s holdings of currencies*3637-(72/4l)G/S32
    4667-(75/82)34
    Effective rates4232-(74/67)27
    Floating, guidelines4232-(74/67)21
    B/G Res. 29-10219
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2147
    649-(57/33)152
    904-(59/32)13
    Scope of transactions to be agreed with Fund237-2148
    Free markets237-2148
    Fund approval3504-(71/134)154
    Provisional, for payment of subscription in case of exchange transaction prior to establishment of initial par valuel687-(64/22)88
    Representative rates under Rule 0-3, computations of members’ currency for which margins are not maintained*3637-(72/4l)G/S32
    4667-(75/82)34
    Unification in multiple rate systems a basic objective of Fund649-(57/33)153
    Exchange restrictions:
    Approval1034-(60/27)140
    Avoidance of escalation4l34-(74/4)144
    4254-(74/75)155
    Avoidance of use4912-(75/207)63
    Bilateralism433-(55/42)134
    Capital transactions; see Capital transfers Consultations with Fund1034-(60/27)140
    Discrimination955-(59/45)138
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)139
    Introduction1034-(60/27)140
    Maintenance1034-(60/27)140
    Member with floating rate4232-(74/67)25
    Multiple currency practices237-2147
    649-(57/33)153
    Retention quotas201-(53/29)135
    Security reasons; see Payments restrictions Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)139
    Withdrawal117-1163
    Exchange stability:
    External transactions in gold at premium prices.75-(705)10
    Fund statement of June 18, 194711
    Floating exchange rates4232-(74/67)22
    Gold subsidies233-29
    Multiple currency practices237-2147
    Obligation of members3463-(71/126)15, 17
    Exchange systems, avoidance of use for nonbalance1034-(60/27)140
    Exchange taxes237-2148, 152
    Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
    Fluctuating rates of exchange237-2148
    “Other,” dealings in paper money and coins269-213
    Prior to establishment of initial par value1687-(64/22)88
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4161
    Appointment by members having 5 largest quotas2-1160
    Consultations on currency composition of drawings and repurchases1371-(62/36)59
    Determination of members entitled to appoint under Article XII, Section 3(c)*574-2160
    Participation in meetings of Development CommitteeB/G Res. 29-9214
    Participation in meetings of Interim Committee.B/G Res. 29-8209
    Prompt notification of request for purchase under stand-by arrangement3006-(70/24)50
    Review of oil facility; see Oil facility
    To receive reports on operation of buffer stock and developments under Fourth International Tin Agreement3179-(70/102)68
    Voting power, effect of quota changes180-5161
    Export shortfalls, financing; see Compensatory financing of export fluctuations
    Extended Fund facility4377-(74/ll4)50
    4912-(75/207)65
    4934-(76/5)54
    Assistance from Trust Fund5069-(76/72)188
    Charge4377-(74/ll4)53
    4720-(75/ll4)54
    F Financial year, application to repurchase obligations419-191
    447-590
    7-(648)93
    Floating rates; see Exchange rates
    Fluctuating rates of exchange; see Exchange rates
    Free markets; see Exchange rates
    Full employment, maintenance; see Fundamental disequilibrium
    Fund resources, use; see Use of Fund’s resources
    Fundamental disequilibrium:
    Change in par value71-230
    Correction by change in par value278-331
    Full employment71-230
    Measures necessary to correct, interpretation of Articles of Agreement71-230
    G General Account; see Accounts
    General Agreement on Tariffs and Trade1034-(60/27) 140
    4254-(74/75)156
    B/G Res. 29-10219
    General Arrangements to Borrow; see Borrowing by the Fund
    General Reserve; see Accounts, General Account
    Gold (see also Subscriptions):
    Consultations re external transactions in75-(705)11
    Distribution of profits from sale for benefit of developing countries5069-(76/72)186
    Handling charge, sale to Fund by participant designated under Article XXV, Section 52916-(69/127)89
    Looted, claim by members not a “holding”298-36
    Net official holdings of members298-34, 167
    Payment of interest and charges under General
    Arrangements to Borrow1289-(62/1)102
    Payment of stand-by charges155-(52/57)42
    *270-(53/95)45
    Payments of less than one bar4087-(73/105)94
    Pledge agreement for gold collateral transactions1543-(63/39)83
    Premium prices, transactions75-(705)10
    233-29
    Fund statement of June 18, 194711
    Purchase or sale for settlement of international transactions411-131
    Sale, amounts available to Trust Fund5069-(76/72)191
    Sale to Fund by participant designated under Article XXV, Section 52916-(69/127)89
    Sale to Fund in discharge of repurchase obligation—Rule G-7119-(52/30)94
    Sale, transfer of profits to Trust Fund5069-(76/72)187
    Study of arrangements in light of agreed objectives of international monetary reformB/G Res. 29-10220
    Subscribed to Fund, ownership170-34
    Subsidies for production, members’ obligation to consult Fund233-29
    Transactions at premium prices; see Premium prices, above
    Transactions of members, Fund assistance103-(52/12)182
    316-(54/27)182
    572-06/55)183
    1033-(60/26)183
    1116- (60/51)184
    Gold tranche transactions (see also Use of Fund’s resources):
    Buffer stock financing facility3386-(71/83)70
    Charges under stand-by arrangements155-(52/57)43
    *270-(53/95)46
    Compensatory financing of export fluctuations2836-(69/87)69
    Members given overwhelming benefit of doubt102-(52/11)40
    Prior to establishment of initial par value1687-(64/22)88
    Prior to use of oil facility4337-(74/102)76
    4638-(75/47)78
    Procedure for drawings2836-(69/87)69
    Repurchase102-(52/ll)40
    Service charge, elimination2836-(69/87)70
    H“Holding” of gold or United States dollars, meaning298-35
    Holdings of the Fund; see Currencies; Repurchases
    I Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)140
    Income, net, of the Fund, establishment of General Reserve from753-(58/17)162
    Ineligibility; see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership
    Interest:
    Charge on loans from Trust Fund5069-(76/72)190
    Payment on Fund indebtedness under General Arrangements to Borrow1289-(62/1)102
    4421-(74/132)112
    Payment on Fund indebtedness under oil facility4242-(74/76)124
    4490-(74/140)129
    4635-(75/47)127
    4636-(75/47)130
    4919-(75/208)130
    Special drawing rights3010-(70/25)G/S179
    Interim Committee of the Board of Governors on the International Monetary System, establishmentB/G Res. 29-8208
    International Monetary Fund:
    Administration of Trust Fund5069-(76/72)191
    Agreement with United Nations227
    UN Convention on Privileges and Immunities, application to Fund255
    members which have accepted with respect to Fund256
    International monetary system, reformB/G Comp. Res.207
    International Tin Agreement, Fourth, Fund’s buffer stock financing facility3179-(70/102)67
    3351-(71/51)68
    Intervention; see Currencies; Exchange markets
    “Is using,” meaning in Article V, Section 5292-356
    Investment:
    Currencies held in Subsidy Account4773-(75/136)82
    Currency balances held by Trust Fund5069-(76/72)193
    J Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, establishmentB/G Res. 29-9212
    M Managing Director:
    Arrangements for consultations on payment of interest on loans under oil facility4490-(74/140)129
    4636-(75/47)130
    4919-(75/208)130
    Authority to establish Subsidy Account4773-(75/136)81
    Authority to make calls under borrowing arrangements for oil facility4741-(75/120)128
    4917-(75/208)129
    Consultation by eligible member to request assistance from Trust Fund5069-(76/72)188
    Consultation on currencies and amounts to be used in acquiring special drawing rights3010-(70/25)G/S179
    Consultation with member contemplating request under extended Fund facility4377-(74/114)51
    Consultations on currencies to be drawn and used in repurchases1371-(62/36)57, 58
    3049-(70/44)91
    Initiation of procedure for calls under General Arrangements to Borrow1289-(62/1)101
    1712-(64/29)115
    Participation in meetings of Development CommitteeB/G Res. 29-9214
    Participation in meetings of Interim Committee.B/G Res. 29-8210
    Margins (see also Exchange rates):
    Exchange rates for spot exchange transactions in a convertible currency904-(59/32)13
    Maintenance against intervention currency3463-(71/126)17
    4083-(73/104)21
    “Other exchange transactions” (paper money and coins)269-213
    Price of gold75-(705)10
    233-29
    Rates differing from parity by more than 1 percent constitute multiple currency practices237-2152
    Rates not maintained within margins under Article IV, Section 3*3637- (72/41)G/S32
    Spot exchange transactions904-(59/32)13
    3463-(71/126)14
    4083-(73/104)18
    Wider, temporary regime3463-(71/126)14
    4083-(73/104)18
    Monetary reserves of members:
    Calculation486-2180
    510-2181
    3049-(70/44)92
    Exclusion of special drawing rights2901-(69/122)G/S175
    3034-(70/38)175
    3032-(70/38)G/S176
    3320-(71/34)G/S176
    Data, means to speed collection and reporting102-(52/11)40
    Effect of payment of gold subscriptions124-290
    Importance of gold holdings75-(705)11
    Use in repurchases under Article V, Section 7(b)447-590
    Monetary stabilization operations, use of Fund’s resources71-235
    Money; see Paper money
    Multiple currency practices (see also Exchange rates; Exchange restrictions):
    237-2145
    649-(57/33)152
    Fund approval3504-(71/134)154
    Margin for spot exchange transactions904-(59/32)13
    Rates differing from parity by more than 1 percent237-2152
    Temporary regime of central rates and wider margins3463-(71/126)16
    4083-(73/104)20
    N Net official holdings of members, principles of interpretation298-34, 167
    O “Official holdings of a member,” meaning298-3167
    Oil facility4241-(74/67)70
    4393-(74/121)75
    4529-(74/153)75
    1975 facility4634-(75/47)76
    Review of decision4769-(75/133)78
    4874-(75/180)79
    4900-(75/198)80
    4954-(76/l6)80
    4986-(76/47)81
    Subsidy Account to assist members most seriously affected by situation4773-(75/136)81
    Borrowing4242-(74/67)122
    4490-(74/140)129
    4635-(75/47)127
    4636-(75/47)130
    4741-(75/120)128
    4916-(75/208)128
    4917-(75/208)129
    4918-(75/208)129
    4919-(75/208)130
    Prior use of gold tranche4337-(74/102)76
    4638-(75/47)78
    “Other official institutions” and “other banks,” meaning298-3168
    Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-213
    Par values (see also Central rates; Margins):
    Change to correct a fundamental disequilibrium71-230
    278-331
    Exchange transactions prior to establishment of initial par valuel687-(64/22)88
    Extent of change278-331
    Fund’s authority278-331
    Payments arrears3153-(70/95)142
    Payments policies of members4134-(74/4)144
    Payments restrictions (see also Exchange restrictions; Payments arrears):
    For security reasons, Fund jurisdiction144-(52/51)133
    Withdrawal or general abandonment117-1163
    Petroleum; see Oil facility
    “Presently needed,” meaning in Article V, Section 3(a) (i)284-436
    Prior agreement of Fund; see Repurchases
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)133
    Purchase transactions; see Use of Fund’s resources
    Q Quotas:
    Adjustment, first interval of five years408-23
    Change:
    Effect on voting power of elected Executive Director180-5161
    Payment595-38
    IncreasesB/G Res. 31-2222
    Relation to drawing rights451-(55/52)37
    Review, first408-23
    Review, sixth generalB/G Res. 29-10

    B/G Res. 31-2
    221

    222
    R Rates for official communications of Fund534-3158
    Rates of exchange; see Exchange rates; Multiple currency practices
    Reconstitution of special drawing rights, procedures*3457-(71/121)G/S173
    3829-(72/144)S174
    B/G Res. 28-2199
    Refunds; see Stand-by arrangements, Charges
    Repayment by Fund of borrowed currency1289-(62/1)103
    1712-(64/29)115
    4242-(74/67)124
    4421-(74/132)113
    Representative rates; see Exchange rates
    “Represents,” meaning in Article V, Section 3 (a)(i)284-435
    Repurchase obligations:
    Application at end of financial year in which calculated419-191
    Calculation486-2180
    510-2181
    Effect of payment of subscriptions124-290
    Exceeding limit specified in Article V, Section 7(c)3049-(70/44)91
    Gold payments less than one bar4087-(73/105)94
    Relation to Rule G-7119-(52/30)94
    Repayment within period of 3 to 5 years102-(52/11)39
    Use of monetary reserves for repurchases under Article V, Section 7(b)447-590
    Repurchases:
    Augmentation of stand-by arrangement by equivalent amount876-(59/15)47
    Buffer stock financing*2772-(69/47)67
    Currency composition1371-(62/36)56, 61
    3049-(70/44)91
    Currency borrowed by Fund1289-(62/l)104
    Drawings under compensatory financing decision4912-(75/207)64
    Exclusion of special drawing rights2901-(69/122)G/S175
    3032-(70/38)G/S176
    3034-(70/38)175
    3320-(71/34)G/S176
    Extended Fund facility4377-(74/114)53
    Gold collateral transactions1543-(63/39)84
    Of Fund’s holdings102-(52/11)37
    *270-(53/95)43
    Oil facility4241-(74/67)73
    4634-(75/47)77
    Prior agreement of Fund needed1371-(62/36)58
    Sale of gold to Fund—Rule G-7119-(52/30)94
    Use of special drawing rights2901-(69/122)G/S177
    3188-(70/106)G/S177
    Voluntary7-(648)93
    Reserve, General, of the Fund; see Accounts, General Account
    Reserve position of members, consideration in currency composition of drawings and repurchases1371-(62/36)59
    Restrictions; see Exchange restrictions; Payments restrictions
    Retention quotas201-(53/29)135
    Rule G-7, sale of gold to Fund in discharge of repurchase obligation119-(52/30)94
    Rule O-3, rates for computations and adjustment of Fund’s holdings of currencies*3637-(72/41)G/S33
    4667-(75/82)34
    Rule P-2, reconstitution, allocation of SDRs*3457-(71/121)G/S173
    S Schedules B, D, E, G; see Articles of Agreement
    Securities; see Investment
    Security, payments restrictions imposed for144-(52/51)133
    “Similar fiscal agency,” meaning298-3167
    Special Drawing Account; see Accounts
    Special drawing rights:
    Assumption with respect to allocations or cancellations*3457-(71/121)G/S173
    3829-(72/144)174
    Exclusion in calculating monetary reserves2901-(69/122)G/S175
    3032-(70/38)G/S176
    3034-(70/38)175
    3320-(71/34)G/S176
    Holder, Bank for International SettlementsB/G Res. 29-1203
    Interim valuationB/G Res. 29-10220
    Loans from Trust Fund expressed in5069-(76/72)190
    Obtained in transaction through General Account to pay charges or assessments3010-(70/25)G/S179
    Obtained to promote reconstitution*3457-(71/121)G/S173
    Review of rules for reconstitutionB/G Res. 28-2199
    Transfer to participants making purchases from Fund3414-(71/98)G/S178
    Use in payment of 25 per cent of quota increasesB/G Res. 31-2223
    Use in repurchases and payment of charges2901-(69/122)G/S

    3188-(70/106)G/S
    177

    177
    Valuation, change, application in borrowing under oil facility4242-(74/67)125
    Valuation for adjustment of member’s currency holdings4667-(75/82)34
    Spot exchange transactions904-(59/32)13
    3463-(71/126)14
    4083-(73/104)18
    Stabilization of prices of primary products*2772-(69/47)66
    Fourth International Tin Agreement: buffer stock financing3179-(70/102)67
    3351-(71/51)68
    Stand-by arrangements:
    Amounts155-(52/57)42
    *270-(53/95)44
    876-(59/15)47
    Assistance to member from Trust Fund5069-(76/72)188
    Augmentation by amounts of repurchases876-(59/15)47
    Avoidance of contractual language2603-(68/132)49
    Cancellation, repayment of portion of charge*270-(53/95)46
    Charges155-(52/57)42
    *270-(53/95)45
    Refund*1345-(62/23)49
    Consultation, phasing and performance clauses2603-(68/132)48
    Currency borrowed by the Fund1289-(62/1)104
    Currency composition of drawings1371-(62/36)57
    Extended Fund facility, relationship4377-(74/114)54
    First credit tranche, increase4934-(76/5)41
    Gold tranche drawings155-(52/57)43
    *270-(53/95)46
    2836-(69/87)69
    Ineligibility155-(52/57)43
    *270-(53/95)44
    Payments arrears, performance criteria3153-(70/95)143
    Period155-(52/57)42
    *270-(53/95)44
    Phasing and performance clauses2603-(68/132)48
    Policies and procedures155-(52/57)42
    *270-(53/95)43
    2603-(68/132)47
    Procedures for purchases under3006-(70/24)50
    Renewal155-(52/57)42
    *270-(53/95)44
    Suspension of rights to engage in drawings155-(52/57)43
    *270-(53/95)45
    Subscriptions (see also Net official holdings of members):
    Currency, payment on basis of provisional exchange rate for exchange transaction prior to establishment of initial par value1687-(64/22)88
    Gold:
    Calculation298-34,169
    Effect of payment on repurchase obligations124-290
    Payments for quota increases595-38
    Gold and currency, ownership by Fund170-34
    Payment of quota increasesB/G Res. 31-2223
    Subsidy Account4773-(75/136)81
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)114
    Extensions2377-(67/85)117
    3363-(71/60)119
    4858-(75/172)120
    Party to gold transactions with Fund members.316-(54/27)182
    T Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)154
    Tin Agreement, Fourth International; see Buffer stocks
    Trade, Voluntary Declaration4254-(74/75)155
    B/G Res. 29-10219
    Tranche policies (see also Gold tranche)41
    2603-(68/132)48
    2836-(69/87)69
    4241-(74/67)72
    4377-(74/114)51,53
    4912-(75/207)65,66
    Increase in credit tranches4934-(76/5)41
    Purchases on concessional terms5069-(76/72)188
    Transfers, restrictions on; see Exchange restrictions; Payments restrictions
    Transitional provisions of Article XIV1034-(60/27)139
    237-2147,151
    117-1163
    Trust Fund5069-(76/72)185
    U Unenforceability; see Exchange contracts United Nations:
    Agreement with International Monetary Fund227
    Convention on the Privileges and Immunities of the Specialized Agencies235
    U.S. dollars, determination of net official holdings of members298-34,167
    “United States dollars,” holdings of, interpretation.298-35
    United States, purchase or sale of gold within meaning of Article IV, Section 4(b)411-131
    Use of Fund’s resources (see also Borrowing by the Fund; Charges; Stand-by arrangements):
    Application of same policy to stand-by arrangements as to requests for immediate drawings155-(52/57)42
    *270-(53/95)44
    Authority to use resources of Fund71-235
    Balance of payments deficit on current account71-235
    Buffer stock facility as applied to Fourth International Tin Agreement3179-(70/102)67
    3351-(71/51)68
    Buffer stock financing*2772-(69/47)66
    Capital transfers1238-(61/43)35
    Conditions in Article V, Section 3 (a) (i)284-435
    Concessional terms; see Trust Fund
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-336
    Credit tranches, increase4934-(76/5)41
    Currency borrowed by the Fund1289-(62/1)103
    Currency composition of drawings1371-(62/36)56
    Drawing policies in connection with compensatory financing of export fluctuations4912-(75/207)62
    Drawing rights, meaning of 25 per cent of quota451-(55/52)36
    Exchange transactions prior to establishment of initial par value1687-(64/22)88
    Extended Fund facility4377-(74/114)50
    4912-(75/207)65
    4934-(76/5)54
    “First credit tranche”41
    Gold collateral transactions1543-(63/39)83
    “Gold tranche” drawings102-(52/11)40
    155-(52/57)43
    *270-(53/95)46
    1687-(64/22)88
    2836-(69/87)69
    3386-(71/83)70
    4337-(74/102)76
    4638-(75/47)78
    In accordance with purposes of Fund102-(52/11)37,40
    Ineligibility:
    Effect on purchases under stand-by arrangement155-(52/57)42
    *270-(53/95)44
    Under Article V, Section 5284-355
    Under Article XV, Section 2 (a)343-(54/47)164
    “Is using” in Article V, Section 5, meaning292-356
    Limitation under Article V, Section 5284-355
    286-155
    Monetary stabilization71-235
    Oil facility; see Oil facility
    Period of use102-(52/11)39
    155-(52/57)42
    *270-(53/95)43
    Policy102-(52/11)37
    155-(52/57)42
    *270-(53/95)43
    649-(57/33)154
    Postponement:
    Limitation under Article V, Section 5286-155
    Under Article XX, Section 4 (i)284-2172
    “Presently needed” in Article V, Section 3 (a) (i), meaning284-436
    Prior to establishment of initial par value1687-(64/22)88
    Purchases under stand-by arrangements, procedure3006-(70/24)50
    “Represents” in Article V, Section 3 (a)(i), meaning284-435
    Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration649-(57/33)154
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)45
    Suspension of exchange transaction, effect on borowing arrangements1289-(62/1)107
    Suspension of transactions under stand-by arrangements155-(52/57)43
    *270-(53/95)45
    Temporary assistance in financing balance of payments deficits71-235
    Tranche policies41
    2603-(68/132)48
    2836-(69/87)69
    4241-(74/67)72
    4377-(74/114)53
    4912-(75/207)65
    4934-(76/5)41
    5069-(76/72)188
    Transfer of SDRs in General Account to participants3414-(71/98)G/S178
    Waiver of 200 per cent of quota limit*2772-(69/47)66
    4912-(75/207)65
    Waiver of conditions of Article V, Section 3 (a) (iii)4241-(74/67)72
    4377-(74/114)53
    V Voluntary Declaration on Trade and Other Current Account Measures4254-(74/75)155
    B/G Res. 29-10219
    Voting power, elected Executive Directors, effect of change in quota180-5161
    W Withdrawal from membership343-(54/47)164
    Effect on participant in borrowing arrangement1289-(62/1)107
    Lender to oil facility4242-(74/67)126
    “Working balances,” meaning298-3168

    International Monetary Fund, Washington, DC. 20431, U.S.A.

    Telephone number: 202 477 7000

    Cable address: Interfund

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