Back Matter

Author(s):
International Monetary Fund
Published Date:
April 1970
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    Index to Selected Decisions of the Executive Directors

    Decision No.Page
    A Accounting by members for transactions with the Fund170-32
    Accounts:
    General Account:
    Accounts payable or receivable, Fund’s holdings of fluctuating currencies321-(54/32)9
    Gold and currency subscribed to the Fund170-32
    Special, gold collateral transactions1543-(63/39)52
    Special Reserve708-(57/57)141
    Transactions to obtain special drawing rights to pay charges or assessments3010-(70/25) G/S125
    Use of special drawing rights to settle all charges2901-(69/122) G/S124
    Special Drawing Account (see also Currencies convertible in fact; Exchange rates, representative rates):
    Allocation of special drawing rights to participants for first basic periodB/G Res. 24-12145
    Participant designated under Article XXV, Section 5, sale of gold to Fund2916-(69/127)61
    Payment of interest, charges, and assessments3010-(70/25) G/S125
    Articles of Agreement;
    Amendment2493-(68/74)116
    Article I, purposes of the Fund287-320
    433-(55/42)93
    1034-(60/27)98
    1687-(64/22)55
    Article III, Section 2, adjustment of quotas408-21
    Article III, Section 3, subscription payments298-32, 4, 5, 117
    Article III, Sections 3 and 4, changes in quotas595-36
    Article IV, Section 1, fluctuating currencies321-(54/32)7
    1283-(61/56)11
    borrowing arrangements1289-(62/1)76
    gold value.298-34
    Article IV, Section 2, price of gold75-(705)14
    233-212
    Article IV, Section 3, margins269-216
    321-(54/32)7
    904-(59/32)16
    Article IV, Section 4(a), exchange stability233-212
    multiple currency practices237-2107
    Article IV, Section 4(b), purchase and sale of gold411-117
    Article IV, Section 5, changes in par values71-217
    278-318
    Article IV, Section 8, fluctuating currencies321.(54/32)7,9
    maintenance of gold value of Fund assets invested in U.S. securities*488-(56/5)

    2844-(69/90)
    139
    Article V, Section 1, borrowing arrangements1289-(62/1)76
    Article V, Section 3(a), “consistent with the provisions of this Agreement,” meaning287-320
    fluctuating currencies321-(54/32)9
    meaning of Section 3(a) (i)284-419
    meaning of Section 3(a) (iii)451-(55/52)20
    stand-by arrangements155-(52/57)26
    use of Fund’s resources102-(52/11)21
    2836-(69/87)50
    Article V, Section 3(d), gold tranche purchases2836-(69/87)49
    Article V, Section 4, gold collateral transactions.1543-(63/39)51
    stand-by arrangements155-02/57)26
    waivers under321-(54/32)9
    1543-(63/39)51
    Article V, Section 5, limitation on use284-335
    286-136
    “is using,” meaning292-336
    Article V, Section 6, fluctuating currencies321-(54/32)8
    1283-(61/56)11
    repurchase obligation119-(52/30)64
    sales of gold to Fund2914-(69/127)57
    voluntary repurchase7-(648)64
    Article V, Section 7, repurchase obligations124-262
    102-(52/11)25
    Article V, Section 7(b), borrowing arrangements1289-(62/1)74
    fluctuating currencies321-(54/32)8
    repurchase obligations447-562
    7-(648)64
    119-(52/30)64
    1371-(62/36)38
    2499-(68/77)64
    Article V, Section 7(c), repurchase obligations419-163
    Article V, Section 8(a), (c), and (e), borrowing arrangements1289-(62/1)72
    2151-(66/66)88
    Article V, Section 8(d)102-(52/11)23
    Article V, Section 8(f), fluctuating currencies321.(54/32)8
    stand-by arrangements155-02/57)26
    270-(53/95)29
    Article VI, Section 1, use of Fund’s resources71-219
    541-(56/39)67
    1238-(61/43)19
    Article VI, Section 3, controls on capital transfers.541-(56/39)67
    Article VII, Section 2, bilateral borrowing2151-(66/66)87
    General Arrangements to Borrow1289-(62/1)68
    fluctuating currencies1245-(61/45)10
    1283-(61/56)11
    Article VII, Section 3(b), security restrictions144-(52/51)92
    Article VIII, retention quotas201-(53/29)96
    bilateralism433-(55/42)93
    Article VIII and Article XIV1034-(60/27)98
    Article VIII, Section 2(a), security restrictions144-02/51)92
    Article VIII, Section 2(b), unenforceability of exchange contracts446-490
    Article VIII, Section 3, discrimination955-09/45)97
    multiple currency practices237-2105
    649-(57/33)108
    Article IX, Section 7, privilege for communications.534-3110
    Article XII, Section 3(b)*574-21

    2620-(68/141)
    112
    Article XII, Section 30) (i) and 3(f)2-1112
    Article XII, Section 3(c),“the preceding two years,” meaning597-4113
    additional appointed Executive Directors*574-21

    2620-(68/141)
    112
    Article XII, Section 5, voting power of Executive Directors180-5113
    Article XII, Section 82603-(68/132)31
    Article XIV, retention quotas201-03/29)95
    Articles VIII and XIV1034-(60/27)98
    bilateralism433-05/42)93
    Article XIV, Section 2, multiple currency practices237-2106
    security restrictions144-02/51)92
    transitional arrangements446-491
    Article XIV, Section 31034-(60/27)99
    Article XIV, Section 4237-2106
    117-1114
    Article XV, Section 2343-(54/47)115
    Article XV, Section 3, borrowing arrangements1289-(62/1)77
    2151-(66/66)88
    Article XVI, Section 1, stand-by arrangements155-(52/57)26
    270-(53/95)28
    borrowing arrangements1289-(62/1)77
    2151-(66/66)88
    Article XVIII(a), list of interpretations underxvi
    Article XIX(b), (c), and (h), net official holdings.298-3117
    Article XlX(d)298-33
    Article XIX(e486-2120
    493-3121
    Article XIX (i)2836-(69/87)50
    Article XX, Section 4298-33,5
    Article XX, Section 4(i)284-2123
    Article XXIV, Section 1B/G Res. 24-12145
    Article XXV, Section 5, sale of gold to Fund by participant designated2914-(69/127)56
    2916-(69/127)61
    Article XXVI, Section 5, payment of interest, charges, and assessments3010-(70/25) G/S125
    Article XXXII (b)(1) (see Currencies convertible in fact)
    Schedule B486-2132
    510-2133
    7-(648)64
    119-(52/30)64
    Schedule D1289-(62/1)77
    2151-(66/66)88
    Schedule E1289-(62/1)77
    Auction system (see also Multiple currency practices)237-2104
    B Balance of payments position:
    Currency composition of drawings and repurchases1371-(62/36)40
    Discrimination for balance of payments reasons955-(59/45)97
    Bilateralism433-(55/42)93
    955-(59/45)98
    Borrowing by the Fund:
    Bilateral2151-(66/66)87
    Fluctuating currencies1283-(61/56)11
    General Arrangements to Borrow1289-(62/1)68
    Association of Switzerland1712-(64/29)82
    2377-(67/85)85
    Renewals1951-(65/54)81
    2858-(69/96)82
    Buffer stocks, international, financing2772-(69/47)48
    C Capital transfers:
    Controls by members541-(56/39)67
    Restrictions237-2103
    Use of Fund’s resources for1238-(61/43)19
    Central banks, conversion of currency1371-(62/36)42
    “Central holdings,” meaning298-3117
    “Changing circumstances,” adaptation of multiple currency practices237-2107
    Charges:
    Bilateral borrowing arrangements2151-(66/66)88
    General Arrangements to Borrow1289- (62/1)72
    Gold sales to Fund by South Africa2914-(69/127)57
    Gold sales to Fund for payment of repurchase obligations119-(52/30)64
    Gold tranche purchases, no service charge after July 27, 19692836-(69/87)50
    Gold transactions of members103-(52/12)135
    Level for reduction of Fund’s holdings pursuant to Article V, Section 8(d)102-(52/11)23
    Payment in special drawing rights2901-(69/122) G/S124
    Stand-by arrangements155-(52/57)26
    270-(53/95)28
    876-(59/15)31
    Refund*1345-(62/23)

    2620-(68/141)
    33
    Coins, dealings deemed “other exchange transactions” within-meaning of Article IV, Section 3 (see also Margins)269-216
    Commodities:
    Buffer stock financing2772-(69/47)48
    Reclassification where subject to multiple currency practices237-2106
    Communications, privilege for534-3110
    Compensatory financing of export fluctuations*1477-(63/8)

    2192-(66/81)
    43
    Gold tranche purchases2836-(69/87)50
    “Consistent with the provisions of this Agreement,” meaning in Article V, Section 3287-320
    Consultations with members:
    Bilateral arrangements433-(55/42)94
    Commodity field, attention to policies2772-(69/47)49
    Currencies to be drawn and to be used in repurchases1371-(62/36)37
    Exchange measures needing approval under Article VIII1034-(60/27)99
    External transactions in gold75-(705)14
    Gold production subsidies233-212
    Multiple currency practices237-2102
    Periodic discussions under Article VIII1034-(60/27)100
    Reduction in Fund’s holdings102-(52/11)23
    Retention quotas201.(53/29)95
    Stand-by arrangements, clauses included2603-(68/132)30
    Whether measure is exchange restriction1034-(60/27)99
    Convertibility (see also Currencies convertible in fact):
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)98
    Approval of exchange restrictions1034-(60/27)99
    Bilateralism433-(55/42)93
    Consultation with Fund1034-(60/27)99
    Convertible currency margins904.(59/32)16
    Credit arrangements (see Borrowing by the Fund)
    Currencies to be drawn and to be used in repurchases1371-(62/36)37
    Currency liabilities493-3121
    Discrimination955-(59/45)97
    Multiple currency practices (see Multiple currency practices)
    Restrictions for security reasons144.(52/51)92
    Retention quotas201-(53/29)95
    Creditworthiness, factor in determining use of Fund’s resources102-(52/11)22
    270-(53/95)28
    Currencies (see also Convertibility):298-3119
    Conversion119-(52/30)64
    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/S125
    Fluctuating (see Fluctuating currencies) To be drawn and to be used in repurchases1371-(62/36)37
    Currencies convertible in fact (see also Exchange rates, representative rates):
    Belgian franc2959-(70/8) S128
    Deutsche mark2961-(70/8) S129
    French franc2957-(70/8) S127
    Italian lira2963-(70/8) S130
    Mexican peso2965-(70/8) S130
    Netherlands guilder2988-(70/19) S131
    Sterling2955-(70/8) S126
    U.S. dollar2918-(69/128) S126
    Currency liabilities, meaning under Article XIX(e)486-2120
    493-3121
    Currency, meaning in concept “currency liabilities”.493-3121
    D Date for computations relating to fluctuating currency321-(54/32)8
    1283-(61/56)11
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)97
    Drawings (see Use of Fund’s resources)
    E Enemy-occupied, former, members, introduction of multiple currency practices237-2107
    Enemy-occupied territories, former, determination of net official holdings298-34
    “Exceptional circumstances,” meaning in Article * XIV, Section 4117-1114
    237-2106, 107
    Exchange contracts, unenforceability446-490
    Exchange control regulations, Fund prepared to advise whether maintained or imposed conconsistently with Fund Agreement446-491
    Exchange controls on capital transfers541-(56/39)67
    Exchange dealings based on parity269-216
    Exchange dealings under conditions of increasing convertibility904-09/32)16
    Exchange market, conversion in (see Currencies, conversion)
    Exchange rates:
    Borrowing arrangements by Fund1289-(62/1)75
    Buying and selling rates237-2108
    Fluctuating (see also Fluctuating currencies):
    Fund transactions and computations321-(54/32)7
    1283-(61/56)11
    Multiple currency practices (fixed and237-2101
    649-(57/33)108
    904-(59/32)16
    “Other exchange transactions” (paper269-216
    Scope of transactions to be agreed with Fund237-2105
    Free markets237-2104
    Par values (see Par values)
    Provisional, for payment of subscription in case of exchange transaction prior to establishment1687-(64/22)55
    Representative rates under Rule 0-3(ii):
    Belgian franc2960-(70/8) S128
    Deutsche mark2962-(70/8) S128
    French franc2958-(70/8) S127
    Italian lira2964-(70/8) S129
    Mexican peso2966-(70/8) S130
    Netherlands guilder2989-(70/19) S131
    Sterling2956-(70/8) S126
    Unification in multiple rate systems a basic objective of Fund649-(57/33)108
    Exchange restrictions:
    Approval1034-(60/27)99
    Bilateralism433-(55/42)93
    Capital transactions (see Capital transfers)
    Consultations with Fund1034-(60/27)99
    Discrimination955-(59/45)97
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)99
    Introduction1034-(60/27)98
    Maintenance1034-(60/27)99
    Multiple currency practices237-2101
    649-07/33)108
    Retention quotas201-(53/29)95
    Security reasons (see Payments restrictions)
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)99
    Withdrawal117-1114
    Exchange stability:
    External transactions in gold at premium prices75-(705)13
    Fund statement of June 18, 194715
    Gold subsidies233-212
    Multiple currency practices237-2102
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)99
    Exchange taxes237-2104,108
    Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
    Fluctuating currencies321-(54/32)7
    1283-(61/56)11
    Fluctuating rates of exchange237-2104
    Margins (see Margins)
    “Other,” dealings in paper money and coins269-216
    Prior to establishment of initial par value1687-(64/22)55
    Executive Directors:
    Additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c)597-4113
    Appointment by members having 5 largest quotas2-1112
    Consultations on currency composition of drawings and repurchases1371-(62/36)39
    Determination of members entitled to appoint under Article XII, Section 3(c)*574-2

    2620-(68/141)
    112
    Voting power, effect of quota changes180-5113
    Export shortfalls, financing (see Compensatory financing of export fluctuations)
    Financial year, application to repurchase obligations419-163
    447-563
    7-(648)64
    Fluctuating currencies:
    Application of provisions of Fund Agreement321-(54/32)7
    1283-(61/56)11
    Date for computations321-(54/32)7
    1283-(61/56)11
    Revaluation of Fund’s holdings321-(54/32)9
    Transactions and computations involving321-(54/32)7
    1245-(61/45)10
    1283-(61/56)11
    Fluctuating rates of exchange (see Exchange rates)
    Free markets (see Exchange rates)
    Full employment, maintenance of (see Fundamental disequilibrium)
    Fundamental disequilibrium:
    Change in par value71-217
    Correction by change in par value278-318
    Full employment71-217
    Measures necessary to correct, interpretation of Articles of Agreement71-217
    G General 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)100
    General Arrangements to Borrow (see Borrowing by the Fund)
    Gold (see also Subscriptions):
    Consultations re external transactions in75-(705)14
    Fund’s holdings (see Investment of the Fund’s assets)
    Handling charges:
    Sale of gold to Fund by participant designated under Article XXV, Section 52916-(69/127)61
    Sale to Fund by South Africa2914-(69/127)57
    Looted, claim by members not a “holding”298-34
    Net official holdings of members298-32, 117
    Payment of stand-by charges155-(52/57)26
    270-(53/95)29
    Pledge agreement for gold collateral transactions1543-(63/39)51
    Premium prices, transactions at75-(705)13
    233-212
    Fund statement of June 18, 194714
    Purchase or sale by Fund with fluctuating currencies321-(54/32)8
    1245-(61/45)10
    1283-(61/56)11
    Purchase or sale for settlement of international transactions411-117
    Sale to Fund by participant designated under Article XXV, Section 52916-(69/127)61
    Sale to Fund by South Africa, policy2914-(69/127)56
    Sale to Fund in discharge of repurchase obligation—Rule G-7119-(52/30)64
    Subsidies for production, members’ obligation to consult Fund233-212
    Transactions at premium prices (see Premium prices, above)
    Transactions of members, Fund assistance103-(52/12)135
    316-(54/27)135
    572-06/55)136
    1033-(60/26)136
    1116-(60/51)137
    “Gold tranche” transactions (see also Use of Fund’s resources):
    Charges under stand-by arrangements155-(52/57)26
    270-03/95)29
    876-(59/15)33
    Members given overwhelming benefit of doubt102-O2/H)21n,24
    Prior to establishment of initial par value1687-(64/22)55
    “Gold tranche” transactions
    Procedure for drawings2836-(69/87)49
    Repurchase102-(52/11)24
    Service charge, elimination2836~(69/87)50
    H “Holding” of gold or United States dollars, meaning298-33
    Holdings of the Fund (see Currencies; Fluctuating currencies; Investment of the Fund’s assets; Repurchases)
    I Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)100
    Income, Fund’s (see Investment of the Fund’s assets)
    Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership)
    Interest:
    Payment on Fund indebtedness under General Arrangements to Borrow1289-(62/1)72
    Payment on Fund indebtedness under bilateral borrowing2151-(66/66)88
    Investment of the Fund’s assets*488-(56/5) 2844-(69/90)138
    708-(57/57)140
    905-(59/32)141
    1107-(60/50)141
    1272-(61/53)142
    “Is using,” meaning in Article V, Section 5292-336
    M Managing Director:
    Consultation on currencies and amounts to be used in acquiring special drawing rights3010-(70/25)G/S 125
    Consultations with on currencies to be drawn and used in repurchases1371-(62/36)37
    Margins (see also Exchange rates):
    Exchange rates for spot exchange transactions in a convertible currency904-(59/32)16
    “Other exchange transactions” (paper money and coins)269-216
    Price of gold75-(705)13
    233-212
    Rates differing from parity by more than 1 percent constitute multiple currency practices237-2108
    Spot exchange transactions904-(59/32)16
    Monetary reserves of members:
    Calculation486-2132
    Increases resulting from allocations of special drawing rights not taken into account2901-(69/122)G/S 124
    Data:
    Means to speed collection and reporting102-(52/11)25
    Prompt reporting*1813-(65/4)

    2499-(68/77)
    65
    Effect of payment of gold subscriptions124-262
    Importance of gold holdings75-(705)13
    Use in repurchases under Article V, Section 7(b)(i) or (ii)447-562
    Monetary stabilization operations, use of Fund’s resources71-219
    Money (see Paper money)
    Multiple currency practices (see also Exchange rates; Exchange restrictions):
    Auction system

    Fixed rates

    Fluctuating rates
    237-2

    649-(57/33)
    101

    108
    Margin for spot exchange transactions904-(59/32)16
    Rates differing from parity by more than 1 per237-2108
    N Net official holdings of members, principles of interpretation298-32, 117
    O “Official holdings of a member,” meaning298-3117
    “Other official institutions” and “other banks,” meaning298-3118
    P Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-216
    Par values:
    Change to correct a fundamental disequilibrium71-217
    278-318
    Exchange transactions prior to establishment of initial par value1687-(64/22)55
    Extent of change278-318
    Fund’s authority278-318
    Marginss (see Margins)
    Payments restrictions (see also Exchange restrictions):
    For security reasons, Fund jurisdiction144-(52/51)92
    “Presently needed,” meaning in Article V, Section 3 (a) (i)284-420
    Prior agreement of Fund (see Repurchases) “Prior notice” provision in stand-by arrangements.1151-(61/6)34
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)92
    Purchase transactions (see Use of Fund’s resources)
    Q Quotas:
    Adjustment, first interval of five years408-21
    Change:
    Effect on voting power of elected Executive Director180-5113
    Payment595-36
    Increases granted in accordance with compensatory financing decision*1477-(63/8)

    2192-(66/81)
    43
    Relation to drawing rights451-(55/52)20
    Review, first408-21
    R Rates for official communications of Fund534-3110
    Rates of exchange (see Exchange rates; Multiple currency practices)
    Refund (see Stand-by arrangments, charges)
    Repayment by Fund of borrowed currency1283-(61/56)11
    1289-(62/1)73
    2151-(66/66)87
    Representative rates (see Exchange rates)
    “Represents” meaning in Article V, Section 3(a) (i)284-419
    Repurchase obligations:
    Application at end of financial year in which calculated419-163
    Calculation486-2132
    Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year510-2133
    *1813-(65/4)

    2499-(68/77)
    65
    Effect of payment of subscriptions124-262
    Minimal2499-(68/77)64
    Relation to Rule G-7119-(52/30)64
    Repayment within period of 3 to 5 years102-(52/11)23
    Small amounts included in Article V, Section 7(b) obligations2499-(68/77)64
    Use of monetary reserves for repurchases under Article V, Section 7(b)(i) or (ii)447-562
    Repurchases:
    Augmentation of stand-by arrangement by equivalent amount876-(59/15)31
    Buffer stock financing2772-(69/47)49
    Currency borrowed by Fund1289-(62/1)73
    Currency composition1371-(62/36)37
    Drawings under compensatory financing decision*1477-(63/8)

    2192-(66/81)
    46
    Gold collateral transactions1543-(63/39)51
    Involving fluctuating currencies321.(54/32)8
    Of Fund’s holdings102-(52/11)21
    270.(53/95)27
    Prior agreement of Fund needed1371-(62/36)38
    Sale of gold to Fund—Rule G-7119-(52/30)64
    Small amounts included in Article V, Section 7(b)2499-(68/77)64
    Stand-by arrangements270-(53/95)27
    Use of special drawing rights2901-(69/122)G/S 124
    Voluntary7-(648)63
    Voluntary, computation of rate for fluctuating currency321-(54/32)8
    1283-(61/56)11
    Within range of 3 to 5 years102-(52/11)23
    Reserve position of members, consideration in currency composition of drawings and repurchases1371.(62/36)39
    Reserve, Special, of the Fund708.(57/57)141
    Restrictions (see Exchange restrictions; Payments restrictions)
    Retention quotas201.(53/29)95
    Rule G-7, sale of gold to Fund in discharge of repurchase obligation119-(52/30)64
    Schedules B, D, and E (see Articles of Agreement)
    Security, payments restrictions imposed for144-(52/51)92
    “Similar fiscal agency,” meaning298-3117
    South Africa, sales of gold to Fund, policy2914-(69/127)56
    Special Drawing Account (see Accounts)
    Special drawing rights:
    Allocation for first basic periodB/G Res. 24-12145
    Obtained in transaction through General Account to pay charges or assessments3010-(70/25)G/S 125
    Use in repurchases and payment of charges2901-(69/122)G/S 124
    Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility904-(59/32)16
    Stabilization of prices of primary products2772-(69/47)48
    Stand-by arrangements:
    Amounts155-(52/57)25
    270-(53/95)27
    876-(59/15)31
    Augmentation by amounts of repurchases876-(59/15)31
    Cancellation, repayment of portion of charge270-(53/95)29
    876-(59/15)33
    Charges155-(52/57)26
    270-(53/95)28
    876.(59/15)33
    Refund*1345-(62/23)

    12620-(68/141)
    33
    Consultation, phasing and performance clauses2603-(68/132)31
    Currency borrowed by the Fund1289-(62/1)70
    Currency composition of drawings1371-(62/36)38
    Gold tranche drawings155-(52/57)26
    270-03/95)28
    876-(59/15)33
    2836-(69/87)50
    Ineligibility155-02/57)25
    270-03/95)27
    1151-(61/6)34
    Period155-02/57)25
    270-03/95)27
    Policies and procedures155-02/57)25
    270-03/95)27
    876-09/15)31
    1151-(61/6)34
    2603-(68/132)30
    Prior notice1151-(61/6)34
    Procedures for purchases under3006-(70/24)35
    Renewal155-02/57)26
    270-03/95)27
    876-09/15)33
    Suspension of rights to engage in drawings155-02/57)26
    270-03/95)28
    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)55
    Gold:
    Calculation298-33
    Effect of payment on repurchase obligations124-262
    Payments for quota increases595-36
    Gold and currency, ownership by Fund170-32
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)82
    2377-(67/85)85
    Party to gold transactions with Fund members316-04/27)135
    T Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)109
    Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
    Transitional provisions of Article XIV1034-(60/27)99
    237-2103
    117-1114
    U Unenforceability (see Exchange contracts)
    “United States dollars,” holdings of, interpretation298-33
    United States, purchase or sale of gold within meaning of Article IV, Section 4(b)411-118
    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 drawings.155-(52/57)25
    270-(53/95)28
    Authority to use resources of Fund71-219
    Balance of payments deficit on current account.71-219
    Buffer stock financing2772-(69/47)48
    Capital transfers1238-(61/43)19
    Conditions in Article V, Section 5(a) (i)284-419
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning287-320
    Currency borrowed by the Fund1289-(62/1)73
    Currency composition of drawings1371-(62/36)37
    Drawing policies in connection with compensatory financing of export fluctuations*1477-(63/8)

    2192-(66/81)
    44
    Drawing rights, meaning of 25 per cent of quota451-(55/52)20
    Exchange transactions prior to establishment of initial par value1687-(64/22)55
    Gold collateral transactions1543-(63/39)51
    “Gold tranche” drawings102-(52/11)24
    155-(52/57)26
    270-(53/95)29
    876-(59/15)33
    1687-(64/22)55
    2836-(69/87)49
    In accordance with purposes of Fund102-(52/11)21
    Ineligibility:
    Effect on purchases under stand-by arrangement155-(52/57)26
    270-(53/95)27
    1151-(61/6)34
    284-335
    Under Article XV, Section 2(a)343–(54/47)115
    ‘Is using” in Article V, Section 5, meaning.292-336
    Limitation under Article V, Section 5284-335
    286-136
    Monetary stabilization71-219
    Period of use102-(52/11)23
    155-(52/57)25
    270-(53/95)27
    Policy102-(52/11)21
    155-(52/57)25
    270-(53/95)27
    649-(57/33)109
    Postponement:
    Limitation under Article V, Section 5286-136
    Under Article XX, Section 4(i)284-2123
    “Presently needed” in Article V, Section 3(a) (i), meaning284-420
    Prior to establishment of initial par value1687-(64/22)55
    Purchases under stand-by arrangement, procedure3006-(70/24)35
    “Represents” in Article V, Section 3(a) (i), meaning284-419
    Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration649-(57/33)109
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal1151-(61/6)34
    Suspension of transactions under stand-by arrangements155-(52/57)26
    270-(53/95)28
    Temporary assistance in financing balance of payments deficits71-219
    Tranche policies21»
    Waiver of 200 per cent of quota limit*1477-(63/8)

    2192-(66/81)
    47
    2772-(69/47)48
    Voting power, elected Executive Directors, effect of change in quota180-5113
    Withdrawal from membership343-(54/47)115
    Effect on participant in borrowing arrangement1289-(62/1)77
    “Working balances,” meaning298-3118

    As amended by the following decision.

    The Agreement came into force November 15, 1947.

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