Selected Decisions (6th Ed)

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1972
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    Index

    (* indicates Decision as amended)

    Decision No.Page
    AAccounting by members for transactions with the Fund170-32
    Accounts:
    General Account:
    Accounts receivable or payable, establishment for adjustment of currency holding3637-(72/41) G/S18
    General Reserve, establishment from net income753-(58/17)118
    Special account, gold collateral transactions1543-(63/39)53
    Transactions to obtain special drawing rights to pay charges or assessments3010-(70/25)G/S132
    Transfer of SDRs to participants making purchases from Fund3414-(71/98)G/S131
    Use of special drawing rights to settle all charges2901-(69/122)G/S130
    3188-(70/106)G/S130
    Special Drawing Account (see also Currencies convertible in fact; Currency convertible in fact; Exchange rates, representative rates):
    Participant designated under Article XXV, Section 5, sale of gold to Fund2916-(69/127)62
    Payment of interest, charges, and assessments3010-(70/25)G/S132
    Articles of Agreement:
    Amendment2493-(68/74)121
    Article I, purposes of the Fund287-321
    433-(55/42)94
    1034-(60/27)99
    1687-(64/22)56
    Article III, Section 2, adjustment of quotas408-21
    Article III, Section 3, subscription payments298-32, 4, 5, 124
    Article III, Sections 3 and 4, changes in quotas595-36
    Article IV, Section 1, borrowing arrangements1289-(62/1)78
    gold value298-34
    Article IV, Section 2, price of gold75-(705)9
    233-27
    Section 3, margins269-211
    904-(59/32)11
    3463-(71/126)13
    3637-(72/41) G/S17
    Article IV, Section 4(a), exchange stability233-27
    margins3463-(71/126)12, 15
    multiple currency practices237-2110
    Article IV, Section 4(b), purchase and sale of gold411-116
    Article IV, Section 5, changes in par values71-216
    278-317
    Article IV, Section 8, maintenance of gold value of Fund assets3637-(72/41) G/S18
    Article V, Section 1, borrowing arrangements1289-(62/1)78
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-321
    gold tranche purchases3386-(71/83)51
    meaning of Section 3 (a) (i)284-420
    meaning of Section 3(a) (iii)451-(55/52)21
    stand-by arrangements155-(52/57)27
    use of Fund’s resources102-(52/11)22
    2836-(69/87)50
    Article V, Section 3(d), gold tranche purchases2836-(69/87)50
    Article V, Section 4, gold collateral transactions1543-(63/39)52
    stand-by arrangements155-(52/57)27
    waivers under1543-(63/39)52
    Article V, Section 5, limitation on use284-335
    286-135
    “is using,” meaning292-336
    Article V, Section 6, repurchase obligation119-(52/30)67
    sales of gold to Fund2914-(69/127)58
    voluntary repurchase7-(648)66
    Article V, Section 7, repurchase obligations124-263
    102-(52/11)25
    Article V, Section 7(b), borrowing arrangements1289-(62/1)76
    computations3637-(72/41) G/S18
    repurchase obligations447-563
    7-(648)66
    119-(52/30)67
    1371-(62/36)37
    3032-(70/38)G/S129
    3049-(70/44)64
    3320-(71/34)G/S129
    Article V, Section 7(c), repurchase obligations419-164
    3049-(70/44)64
    Article V, Section 8(a), (c), and (e), borrowing arrangements1289-(62/1)74
    Article V, Section 8(d), consultation to reduce Fund’s holdings102-(52/11)24
    Article V, Section 8(f), rates for computations3637-(72/41) G/S18
    stand-by arrangements155-(52/57)27
    *270-(53/95)28
    Article VI, Section 1, use of Fund’s resources71-220
    541-(56/39)69
    1238-(61/43)20
    Article VI, Section 3, controls on capital transfers541-(56/39)69
    Article VII, Section 2, General Arrangements to Borrow1289-(62/1)70
    Article VII, Section 3(b), security restrictions144-(52/51)93
    Article VIII, retention quotas201-(53/29)97
    bilateralism433-(55/42)94
    Article VIII and Article XIV1034-(60/27)99
    Article VIII, Section 2(a), security restrictions144-(52/51)93
    payments restrictions3153-(70/95)102
    Article VIII, Section 2(b), unenforceability of exchange contracts446-491
    Article VIII, Section 3, discrimination955-(59/45)98
    multiple currency practices237-2108
    649-(57/33)111
    3463-(71/126)14
    Article IX, Section 7, privilege for communications534-3114
    Article XII, Section 3(b)*574-2116
    Article XII, Sections 3 (b) (i) and 3 (f)2-1116
    Article XII, Section 3(c), “the preceding two years,” meaning597-4117
    additional appointed Executive Directors*574-2116
    Article XII, Section 5, voting power of Executive Directors180-5117
    Article XII, Section 6, establishment of a General Reserve from net income753-(58/17)118
    Article XII, Section 82603-(68/132)33
    Article XIV, retention quotas201-(53/29)96
    Articles VIII and XIV1034-(60/27)99
    bilateralism433-(55/42)94
    Article XIV, Section 2, multiple currency practices237-2109
    3463-(71/126)14
    security restrictions144-(52/51)93
    payments restrictions3153-(70/95)102
    transitional arrangements446-492
    Article XIV, Section 31034-(60/27)100
    Article XIV, Section 4237-2109
    117-1119
    Article XV, Section 2343-(54/47)120
    Article XV, Section 3, borrowing arrangements1289-(62/1)79
    Article XVI, Section 1, stand-by arrangements155-(52/57)27
    *270-(53/95)29
    borrowing arrangements1289-(62/1)79
    Article XVIII (a), list of interpretations underxvi
    Article XIX (b), (c), and (h), net official holdings298-3122
    Article XIX (d)298-33
    Article XIX (j)2836-(69/87)51
    Article XX, Section 2 (g)298-3125
    3463-(71/126)15
    Article XX, Section 4298-33, 5
    Article XX, Section 4(i)284-2126
    Article XXV, Section 2, special drawing rights obtained by participant3414-(71/98)G/S131
    3457-(71/121)G/S127
    Article XXV, Section 5, sale of gold to Fund by participant designated2914-(69/127)57
    2916-(69/127)62
    Article XXV, Sections 6(a) and 7(f)3457-(71/121)G/S127
    Article XXVI, Section 5, payment of interest, charges, and assessments3010-(70/25)G/S132
    Article XXXII(b)(1) (see Currencies convertible in fact)3010-(70/25)G/S132
    Article XXXII(b)(2) (see Currency convertible in fact)
    Schedule B486-2140
    510-2141
    7-(648)66
    119-(52/30)67
    3032-(70/38)G/S129
    3049-(70/44)64
    3320-(71/34) G/S129
    3637-(72/41) G/S18
    Schedule D1289-(62/1)79
    Schedule E1289-(62/1)79
    Schedule G3457-(71/121)G/S127
    Auction system (see also Multiple currency practices237-2107
    BBalance of payments position:
    Currency composition of drawings and repurchases1371-(62/36)39
    Discrimination for balance of payments reasons955-(59/45)98
    Bilateralism433-(55/42)94
    955-(59/45)98
    Borrowing by the Fund:
    General Arrangements to Borrow1289-(62/1)70
    Association of Switzerland1712-(64/29)84
    2377-(67/85)87
    3363-(71/60)89
    Renewals1951-(65/54)83
    2858-(69/96)84
    Buffer stocks, international, financing2772-(69/47)47
    Fourth International Tin Agreement3179-(70/102)48
    3351-(71/51)49
    Gold tranche purchases3386-(71/83)51
    CCapital transfers:
    Controls by members541-(56/39)69
    Restrictions237-2106
    Use of Fund’s resources for1238-(61/43)20
    Central banks, conversion of currency1371-(62/36)41
    “Central holdings,” meaning298-3122
    Central rates3463-(71/126)12
    “Changing circumstances,” adaptation of multiple currency practices237-2110
    Charges:
    General Arrangements to Borrow1289-(62/1)74
    Gold sales to Fund by South Africa2914-(69/127)58
    Gold sales to Fund for payment of repurchase obligations119-(52/30)67
    Gold tranche purchases, no service charge after July 27, 19692836-(69/87)51
    Gold transactions of members103-(52/12)143
    Level for reduction of Fund’s holdings pursuant to Article V, Section 8(d)102-(52/11)24
    Payment in special drawing rights2901-(69/122)G/S130
    3010-(70/25) G/S132
    3188-(70/106)G/S130
    Stand-by arrangements155-(52/57)27
    *270-(53/95)29
    Refund*1345-(62/23)34
    Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)269-211
    Committee on Reform of the International Monetary System and Related IssuesB/G Res. 27-10151
    Commodities:
    Buffer stock financing2772-(69/47)47
    Tin3179-(70/102)48
    3351-(71/51)49
    Prices, effect on export earnings*1477-(63/8)43
    Reclassification where subject to multiple currency practices237-2109, 110
    Communications, privilege for534-3114
    Compensatory financing of export fluctuations*1477-(63/8)42
    Gold tranche purchases2836-(69/87)51
    “Consistent with the provisions of this Agreement,” meaning in Article V, Section 3287-321
    Consultations with members:
    Bilateral arrangements433-(55/42)95
    Commodity field, attention to policies2772-(69/47)48
    Currencies to be drawn and to be used in repurchases1371-(62/36)37, 38
    3049-(70/44)64
    Exchange measures needing approval under Article VIII1034-(60/27)100
    External transactions in gold75-(705)9
    Gold production subsidies233-27
    Multiple currency practices237-2105
    Periodic discussions under Article VIII1034-(60/27)101
    Reduction in Fund’s holdings102-(52/11)24
    Retention quotas201-(53/29)96
    Stand-by arrangements:
    Clauses included2603-(68/132)32
    Resumption of purchases*270-(53/95)29
    Whether measure is exchange restriction1034-(60/27)100
    Convertibility (see also Currencies convertible in fact; Currency convertible in fact):
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)100
    Approval of exchange restrictions1034-(60/27)100
    Bilateralism433-(55/42)94
    Consultation with Fund1034-(60/27)100
    Convertible currency margins904-(59/32)11
    Credit arrangements (see Borrowing by the Fund)
    Currencies to be drawn and to be used in repurchases1371-(62/36)36
    3049-(70/44)64
    3414-(71/98)G/S131
    Discrimination955-(59/45)98
    Multiple currency practices (see Multiple currency practices)
    Restrictions for security reasons144-(52/51)93
    Retention quotas201-(53/29)96
    Creditworthiness, factor in determining use of Fund’s resource102-(52/11)23
    *270-(53/95)28
    Currencies (see also Convertibility):
    Adjustment of Fund’s holdings, rates for computations3637-(72/41) G/S17
    Conversion298-3124
    119-(52/30)67
    1371-(62/36)41
    Convertible, acceptable to the Fund in repurchases, use to obtain special drawing rights to pay charges or assessments3010-(70/25)G/S132
    Intervention3463-(71/126)12, 15
    To be drawn and to be used in repurchases1371-(62/36)36
    3049-(70/44)64
    3414-(71/98)G/S131
    Currencies convertible in fact in accordance with Article XXXII(b)(1) (see also Exchange rates, representative rates):
    French franc2957-(70/8) S134
    Sterling2955-(70/8) S133
    U.S. dollar2918-(69/128) S133
    Currency convertible in fact in accordance with Article XXXII(b)(2) (see also Exchange rates, representative rates):
    Belgian franc2959-(70/8) S135
    Deutsche mark2961-(70/8) S136
    Italian lira2963-(70/8) S137
    Mexican peso2965-(70/8) S138
    Netherlands guilder2988-(70/19) S138
    DDeputies (see Committee on Reform of the International Monetary System and Related Issues)
    Discriminatory currency arrangements3463-(71/126)14
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)98
    Drawings (see Use of Fund’s resources)
    EEnemy-occupied, former, members, introduction of multiple currency practices237-2108, 110
    Enemy-occupied territories, former, determination of net official holdings298-34
    “Exceptional circumstances,” meaning in Article XIV, Section 4117-1119
    237-2109, 110
    Exchange contracts, unenforceability446-491
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-492
    Exchange controls on capital transfers541-(56/39)69
    Exchange dealings based on parity269-211
    Exchange dealings under conditions of increasing convertibility904-(59/32)11
    Exchange markets, conversion in (see Currencies, conversion)
    Intervention3463-(71/126)15
    Exchange rates:
    Borrowing arrangements by Fund1289-(62/1)77
    Buying and selling rates237-2111
    Central rates, temporary regime3463-(71/126)12
    Computations and adjustment of Fund’s holdings of currencies3637-(72/41)G/S17
    Fluctuating:
    Multiple currency practices (fixed and fluctuating rates)237-2106
    649-(57/33)111
    904-(59/32)11
    Scope of transactions to be agreed with Fund237-2107
    Free markets237-2107
    Fund approval3504-(71/134)113
    Par values (see Par values)
    Provisional, for payment of subscription in case of exchange transaction prior to establishment of initial par value1687-(64/22)56
    Representative rates under Rule 0-3, computations of members’ currency having wider margins3637-(72/41) G/S18
    Representative rates under Rule 0-3 (ii):
    Belgian franc2960-(70/8) S135
    Deutsche mark2962-(70/8) S135
    French franc2958-(70/8) S134
    Italian lira2964-(70/8) S136
    Mexican peso2966-(70/8) S137
    Netherlands guilder3338-(71/44) S138
    Sterling2956-(70/8) S133
    Unification in multiple rate systems a basic objective of Fund649-(57/33)111
    Exchange restrictions:
    Approval1034-(60/27)100
    Bilateralism433-(55/42)94
    Capital transactions (see Capital transfers)
    Consultations with Fund1034-(60/27)100
    Discrimination955-(59/45)98
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)100
    Introduction1034-(60/27)100
    Maintenance1034-(60/27)100
    Multiple currency practices237-2105
    649-(57/33)111
    Retention quotas201-(53/29)97
    Security reasons (see Payments restrictions)
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)100
    Withdrawal117-1119
    Exchange stability:
    External transactions in gold at premium prices75-(705)8
    Fund statement of June 18, 194710
    Gold subsidies233-27
    Multiple currency practices237-2106
    3463-(71/126)15
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)100
    Exchange taxes237-2111
    Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
    Fluctuating rates of exchange237-2107
    Margins (see Margins)
    “Other,” dealings in paper money and coins269-211
    Prior to establishment of initial par value1687-(64/22)56
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4117
    Appointment by members having 5 largest quotas2-1116
    Consultations on currency composition of drawings and repurchases1371-(62/36)38
    Determination of members entitled to appoint under Article XII, Section 3 (c)*574-2116
    Participation in meetings of the DeputiesB/G Res. 27-10153
    Prompt notification of request for purchase under stand-by arrangement3006-(70/24)34
    Reports to Board of Governors on reform of international monetary systemB/G Res. 26-9150
    To receive reports on operation of buffer stock and developments under Fourth International Tin Agreement3179-(70/102)49
    Voting power, effect of quota changes180-5117
    Export shortfalls, financing (see Compensatory financing of export fluctuations)
    FFinancial year, application to repurchase obligations419-164
    447-563
    7-(648)66
    Fluctuating rates of exchange (see Exchange rates)
    Free markets (see Exchange rates)
    Full employment, maintenance (see Fundamental disequilibrium)
    Fundamental disequilibrium:
    Change in par value71-216
    Correction by change in par value278-317
    Full employment71-216
    Measures necessary to correct, interpretation of Articles of Agreement71-216
    GGeneral Account (see Accounts)
    General Agreement on Tariffs and Trade, contracting parties, mutual members to continue to send information on import restrictions imposed for balance of payments reasons1034-(60/27)101
    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)9
    Handling charges:
    Sale of gold to Fund by participant designated under Article XXV, Section 52916-(69/127)62
    Sale to Fund by South Africa2914-(69/127)58
    Looted, claim by members not a “holding”298-34
    Net official holdings of members298-32, 122
    Payment of stand-by charges155-(52/57)27
    *270-(53/95)30
    Pledge agreement for gold collateral transactions1543-(63/39)52
    Premium prices, transactions at75-(705)8
    233-27
    Fund statement of June 18, 19479
    Purchase or sale for settlement of international transactions411-116
    Sale to Fund by participant designated under Article XXV, Section 52916-(69/127)62
    Sale to Fund by South Africa, policy2914-(69/127)57
    Sale to Fund in discharge of repurchase obligation—Rule G-7119-52/30)67
    Subsidies for production, members’ obligation to consult Fund233-27
    Transactions at premium prices (see Premium prices, above)
    Transactions of members, Fund assistance103-(52/12)143
    316-(54/27)143
    572-(56/55)144
    1033-(60/26)144
    1116-(60/51)145
    Gold tranche transactions (see also Use of Fund’s resources):
    Buffer stock financing facility3386-(71/83)51
    Charges under stand-by arrangements155-(52/57)28
    *270-(53/95)31
    Compensatory financing of export fluctuations2836-(69/87)51
    Members given overwhelming benefit of doubt102-(52/11)25, 26
    Prior to establishment of initial par value1687-(64/22)56
    Procedure for drawings2836-(69/87)50
    Repurchase102-52/11)25
    Service charge, elimination2836-(69/87)51
    H“Holding” of gold or United States dollars, meaning298-33
    Holdings of the Fund (see Currencies; Repurchases)
    IImport restrictions imposed for balance of payments reasons, GATT members1034-(60/27)101
    Income, net, of the Fund, establishment of General Reserve from753-58/17)118
    Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership)
    International Monetary Fund:
    Agreement with United Nations157
    UN Convention on Privileges and Immunities, application to Fund182
    members which have accepted with respect to Fund183
    International monetary system, reformB/G Res. 26-9149
    Establishment of Board of Governors CommitteeB/G Res. 27-10151
    Interest:
    Payment on Fund indebtedness under General Arrangements to Borrow1289-(62/1)74
    Special drawing rights3010-(70/25)G/S132
    International Tin Agreement, Fourth, Fund’s buffer stock financing facility3179-(70/102)48
    3351-(71/51)49
    “Is using,” meaning in Article V, Section 5292-336
    MManaging Director:
    Consultation on currencies and amounts to be used in acquiring special drawing rights3010-(70/25)G/S132
    Consultations with on currencies to be drawn and used in repurchases1371-(62/36)37, 38
    3049-(70/44)64
    Initiation of procedure for calls under General Arrangements to Borrow1289-(62/1)72
    Participation in meetings of Committee on Reform of the International Monetary System and Related IssuesB/G Res. 27-10152
    Margins (see also Exchange rates):
    Exchange rates for spot exchange transactions in a convertible currency904-(59/32)11
    Maintenance of 1 per cent margin against intervention currency3463-(71/126)15
    “Other exchange transactions” (paper money and coins)269-211
    Price of gold75-(705)8
    233-27
    Rates differing from parity by more than 1 per cent constitute multiple currency practices237-2111
    Rates not maintained within margins of Article IV, Section 33637-(72/41) G/S17
    Spot exchange transactions904-(59/32)11
    3463-(71/126)12, 15
    Wider, temporary regime3463-(71/126)12
    Monetary reserves of members:
    Calculation486-2140
    510-2141
    3049-(70/44)65
    Exclusion of special drawing rights2901-(69/122)G/S128
    3034-(70/38)128
    3032-(70/38) G/S129
    3320-(71/34)G/S129
    Data, means to speed collection and reporting102-(52/11)25
    Effect of payment of gold subscriptions124-263
    Importance of gold holdings75-(705)9
    Use in repurchases under Article V, Section 7(b)447-563
    Monetary stabilization operations, use of Fund’s resources71-220
    Money (see Paper money)
    Multiple currency practices (see also Exchange rates; Exchange restrictions):
    Auction system

    Fixed rates

    Fluctuating rates
    237-2

    649-(57/33)
    104

    111
    Fund approval3504-(71/134)113
    Margin for spot exchange transactions904-(59/32)11
    Rates differing from parity by more than 1 per cent237-2111
    Temporary regime of central rates and wider margins3463-(71/126)14
    NNet official holdings of members, principles of interpretation298-32, 122
    O“Official holdings of a member,” meaning298-3122
    “Other official institutions” and “other banks,” meaning298-3123
    PPaper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-211
    Par values:
    Change to correct a fundamental disequilibrium71-216
    278-317
    Exchange transactions prior to establishment of initial par value1687-(64/22)56
    Extent of change278-317
    Fund’s authority278-317
    Margins (see Margins)
    Payments arrears3153-(70/95)102
    Payments restrictions (see also Exchange restrictions):
    For security reasons, Fund jurisdiction144-(52/51)93
    Withdrawal or general abandonment117-1119
    “Presently needed,” meaning in Article V, Section 3(a) (i)284-421
    Prior agreement of Fund (see Repurchases)
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)93
    Purchase transactions (see Use of Fund’s resources)
    QQuotas:
    Adjustment, first interval of five years408-21
    Change:
    Effect on voting power of elected Executive Director180-5117
    Payment595-36
    Increases granted in accordance with compensatory financing decision*1477-(63/8)43
    Relation to drawing rights451-(55/52)22
    Review, first408-21
    RRates for official communications of Fund534-3114
    Rates of exchange (see Exchange rates; Multiple currency practices)
    Reconstitution of special drawing rights, procedures.3457-(71/121)G/S127
    Refund (see Stand-by arrangements, charges)
    Repayment by Fund of borrowed currency1289-(62/1)75
    Representative rates (see Exchange rates)
    “Represents,” meaning in Article V, Section 3(a) (i)284-420
    Repurchase obligations:
    Application at end of financial year in which calculated419-164
    Calculation486-2140
    Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year510-2141
    Effect of payment of subscriptions124-263
    Exceeding limit specified in Article V, Section 7(c)3049-(70/44)64
    Relation to Rule G-7119-(52/30)67
    Repayment within period of 3 to 5 years102-(52/11)24
    Use of monetary reserves for repurchases under Article V, Section 7(b)447-563
    Repurchases:
    Augmentation of stand-by arrangement by equivalent amount876-(59/15)31
    Buffer stock financing2772-(69/47)48
    Currency borrowed by Fund1289-(62/1)76
    Currency composition1371-(62/36)36
    Drawings under compensatory financing decision*1477-(63/8)45
    Exclusion of special drawing rights2901-(69/122)G/S128
    3034-(71/38)128
    3032-(70/38)G/S129
    3320-(71/34)G/S129
    Gold collateral transactions1543-(63/39)52
    Of Fund’s holdings102-(52/11)22
    *270-(53/95)28
    Prior agreement of Fund needed1371-(62/36)37
    Sale of gold to Fund—Rule G-7119-(52/30)67
    Use of special drawing rights2901-(69/122)G/S130
    3188-(70/106)G/S130
    Voluntary7-(648)66
    Within 3 to 5 years102-(52/11)24
    Reserve, General, and Reserve, Special, of the Fund (see Accounts, General Account)
    Reserve position of members, consideration in currency composition of drawings and repurchases1371-(62/36)39
    Restrictions (see Exchange restrictions; Payments restrictions)
    Retention quotas201-(53/29)96
    Rule G-7, sale of gold to Fund in discharge of repurchase obligation119-(52/30)67
    Rule P-2, reconstitution, allocation of SDRs3457-(71/121)G/S127
    SSchedules B, D, E, G (see Articles of Agreement)
    Security, payments restrictions imposed for144-(52/51)93
    “Similar fiscal agency,” meaning298-3122
    South Africa, sales of gold to Fund, policy2914-(69/127)57
    Special Drawing Account (see Accounts)
    Special drawing rights:
    Exclusion in calculating monetary reserves2901-(69/122)G/S128
    3032-(70/38)G/S129
    3034-(70/38)128
    3320-(71/34)G/S129
    Obtained in transaction through General Account to pay charges or assessments3010-(70/25)G/S132
    Obtained to promote reconstitution3457-(71/121)G/S127
    Transfer to participants making purchases from Fund3414-(71/98)G/S131
    Use in repurchases and payment of charges2901-(69/122)G/S130
    3188-(70/106)G/S130
    Spot exchange transactions904-(59/32)11
    3463-(71/126)12, 15
    Stabilization of prices of primary products2772-(69/47)47
    Fourth International Tin Agreement: buffer stock financing3179-(70/102)48
    3351-(71/51)49
    Stand-by arrangements:
    Amounts155-(52/57)27
    *270-(53/95)28
    876-(59/15)31
    Augmentation by amounts of repurchases876-(59/15)31
    Cancellation, repayment of portion of charge*270-(53/95)30
    Charges155-(52/57)27
    *270-(53/95)29
    Refund*1345-(62/23)34
    Consultation, phasing and performance clauses.2603-(68/132)32
    Currency borrowed by the Fund1289-(62/1)72
    Currency composition of drawings1371-(62/36)37
    Gold tranche drawings155-(52/57)27
    *270-(53/95)31
    2836-(69/87)51
    Ineligibility155-(52/57)27
    *270-(53/95)28
    Payments arrears, performance criteria3153-(70/95)103
    Period155-(52/57)26
    *270-(53/95)28
    Phasing and performance clauses2603-(68/132)33
    Policies and procedures155-(52/57)26
    *270-(53/95)28
    2603-(68/132)32
    Procedures for purchases under3006-(70/24)34
    Renewal155-(52/57)26
    *270-(53/95)28
    Suspension of rights to engage in drawings155-(52/57)27
    *270-(53/95)29
    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)56
    Gold:
    Calculation298-33, 124
    Effect of payment on repurchase obligations124-263
    Payments for quota increases595-36
    Gold and currency, ownership by Fund170-32
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)84
    2377-(67/85)87
    3363-(71/60)89
    Party to gold transactions with Fund members316-(54/27)143
    TTechnical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)112
    Tin Agreement, Fourth International (see Buffer stocks)26
    Tranche policies (see also Gold tranche)* 1477-(63/8)46
    Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
    Transitional provisions of Article XIV1034-(60/27)100
    237-2106, 109
    117-1119
    UUnenforceability (see Exchange contracts)
    United Nations:
    Agreement with International Monetary Fund157
    Convention on the Privileges and Immunities of the Specialized Agencies164
    U.S. dollars, determination of net official holdings of members298-32, 122
    “United States dollars,” holdings of, interpretation298-33
    United States, purchase or sale of gold within meaning of Article IV, Section 4(b)411-117
    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)26
    *270-(53/95)29
    Authority to use resources of Fund71-220
    Balance of payments deficit on current account71-220
    Buffer stock facility as applied to Fourth International Tin Agreement3179-(70/102)48
    3351-(71/51)49
    Buffer stock financing2772-(69/47)47
    Capital transfers1238-(61/43)20
    Conditions in Article V, Section 3(a) (i)284-420
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-321
    Currency borrowed by the Fund1289-(62/1)73
    Currency composition of drawings1371-(62/36)36
    Drawing policies in connection with compensatory financing of export fluctuations*1477-(63/8)43
    Drawing rights, meaning of 25 per cent of quota451-(55/52)21
    Exchange transactions prior to establishment of initial par value1687-(64/22)56
    Gold collateral transactions1543-(63/39)52
    “Gold tranche” drawings102-(52/11)25
    155-02/57)27
    *27O-03/95)31
    1687-(64/22)56
    2836-(69/87)50
    3386-(71/83)51
    In accordance with purposes of Fund102-(52/11)22, 25
    Ineligibility:
    Effect on purchases under stand-by arrangement155-(52/57)27
    *270-(53/95)28
    Under Article V, Section 5284-335
    Under Article XV, Section 2(a)343-(54/47)120
    “Is using” in Article V, Section 5, meaning292-336
    Limitation under Article V, Section 5284-335
    286-135
    Monetary stabilization71-220
    Period of use102-(52/11)24
    155-02/57)27
    *270-(53/95)28
    Policy102-(52/11)22
    155-02/57)26
    *270-(53/95)29
    649-07/33)112
    Postponement:
    Limitation under Article V, Section 5286-135
    Under Article XX, Section 4(i)284-2126
    “Presently needed” in Article V, Section 3(a)(i), meaning284-421
    Prior to establishment of initial par value1687-(64/22)56
    Purchases under stand-by arrangements, procedure3006-(70/24)34
    “Represents” in Article V, Section 3(a) (i), meaning284-420
    Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration649-(57/33)112
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal*270-(53/95)29
    Suspension of exchange transaction, effect on borrowing arrangements1289-(62/1)79
    Suspension of transactions under stand-by arrangements155-(52/57)27
    *270-(53/95)29
    Temporary assistance in financing balance of payments deficits71-220
    Tranche policies26
    *1477-(63/8)46
    Transfer of SDRs in General Account to participants3414-(71/98)G/S131
    Waiver of 200 per cent of quota limit*1477-(63/8)46
    2772-(69/47)48
    VVoting power, elected Executive Directors, effect of change in quota180-5117
    WWithdrawal from membership343-(54/47)120
    Effect on participant in borrowing arrangement1289-(62/1)79
    “Working balances,” meaning298-3123

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