Selected Decisions (3rd Ed)

Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
January 1965
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    Index to Selected Decisions of the Executive Directors

    Decision No.Page
    Accounts:
    Administrative574-296
    Payable or receivable, Fund’s holdings of fluctuating currencies321-(54/32)10
    Special, gold collateral transactions1543-(63/39)45
    Special Reserve708-(57/57)115
    Administrative deficits of Fund488-(56/5)112
    708-(57/57)114
    Articles of Agreement:
    Article I, bilateralism and convertibility287-320
    433-(55/42)76
    Article III, Section 2, review of quotas408-21
    Article III, Section 3, subscriptions payment298-32
    Article III, Sections 3 and 4, changes in quotas595-36
    Article IV, Section 1, fluctuating currencies321-(54/32)8
    1283-(61/56)12
    borrowing arrangements1289-(62/1)63
    Article IV, Section 2, price of gold75-(705)13
    233-214
    Article IV, Section 3, margins269-216
    904-(59/32)16
    Article IV, Section 4(a), exchange stability233-215
    multiple currency practices237-285
    Article IV, Section 5, changes in par values71-217
    278-317
    Article IV, Section 8, fluctuating currencies321-(54/32)8, 10
    maintenance of gold value of Fund assets invested in U.S. securities.488-(56/5)113
    Article V, Section 1, borrowing arrangements1289-(62/1)64
    Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of287-319
    meaning of Section 3(a) (i)284-419
    meaning of Section 3(a) (iii)451-(55/52)20
    stand-by arrangements155-(52/57)25
    270-(53/95)26
    876-(59/15)29
    1151-(61/6)31
    use of Fund’s resources102-(52/U)21
    Article V, Section 4, fluctuating currencies321-(54/32)10
    1283-(61/56)12
    gold collateral transactions1543-(63/39)44
    stand-by arrangements155-(52/57)25
    Article V, Section 5, limitation on use284-332
    286-132
    “is using”, meaning of292-333
    Article V, Section 6(a), fluctuating currencies321-(54/32)9
    1283-(61/56)12
    repurchase obligation119-(52/30)50
    voluntary repurchase7-(648)52
    Article V, Section 7, repurchase obligations124-250
    Article V, Section 7(b), borrowing arrangements1289-(62/1)61
    fluctuating currencies321-(54/32)9
    1283-(61/56)12
    repurchase obligations447-551
    7-(648)52
    119-(52/30)50
    1371-(62/36)35
    Article V, Section 7(c), repurchase obligations419-151
    Article V, Sections 8(a) and 8(c), borrowing arrangements1289-(62/1)60
    Article V, Section 8(d)102-(52/11)22
    Article V, Section 8(f), fluctuating currencies321-(54/32)9
    stand-by arrangements155-(52/57)25
    270-(53/95)27
    Article VI, Section 1, use of Fund’s resources71-254
    1238-(61/43)54
    Article VI, Section 3, controls on capital transfers541-(56/39)55
    Article VII, Section 2, borrowing arrangements1289-(62/1)56
    fluctuating currencies1283-(61/56)12
    Article VII, Section 3(b), security restrictions144-(52/51)75
    Article VIII, retention quotas201-(53/29)79
    bilateralism433-(55/42)76
    Article VIII and Article XIV1034-(60/27)81
    Article VIII, Section 2(a), security restrictions144-(52/51)75
    Article VIII, Section 2(b), unenforceability of exchange contracts446-473
    Article VIII Section 3, discrimination955-(59/45)80
    multiple currency practices237-288
    649-(57/33)91
    Article IX, Section 7, privilege for communications534-393
    Article XII, Section 3(b)574-295
    Article XII, Section 3(b) (i) and 3(f)2-195
    Article XII, Section 3(c), “the preceding two years”, meaning of597-496
    additional appointed Executive Directors574-295
    Article XII, Section 5, voting power of Executive Directors180-596
    Article XIV, retention quotas201-(53/29)77
    Articles VIII and XIV1034-(60/27)81
    bilateralism433-(55/42)76
    Article XIV, Section 1, use of Fund’s resources196-297
    Article XIV, Section 2, multiple currency practices237-289
    security restrictions144-(52/51)75
    Article XIV, Section 31034-(60/27)82
    Article XIV, Section 4237-289
    117-198
    Article XV, Section 2343-(54/47)99
    Article XV, Section 3, borrowing arrangements1289-(62/1)64
    Article XVI, Section 1, stand-by arrangements155-(52/57)25
    270-(53/95)27
    borrowing arrangements1289-(62/1)65
    Article XVIII(a), list of interpretations underxi
    Article XIX(b), (c), and (h), net official holdings298-3100
    Article XIX (d)298-33
    Article XIX (e)486-2104
    493-3104
    Article XX, Section 4(i)284-2106
    Auction system (see also Multiple currency practices)237-287
    Balance of payments position:
    Currency composition of drawings and repurchases1371-(62/36)36
    Bilateralism433-(55/42)76
    955-(59/45)80
    Borrowing by the Fund:
    Fluctuating currencies1283-(61/56)12
    General arrangements to borrow1289-(62/1)56
    Association of Switzerland1712-(64/29)69
    Capital transfers:
    Controls by members541-(56/39)55
    Restrictions237-285
    Use of Fund’s resources for1238-(61/43)54
    Central banks, conversion of currency1371-(62/36)39
    “Central holdings”, meaning298-3100
    “Changing circumstances”, adaptation of multiple currency practices237-290
    Charges:
    Borrowing arrangements, charges and interest payable by the Fund1289-(62/1)60
    Gold transactions of members103-(52/12)110
    Reduction of Fund’s holdings pursuant to Article V, Section 8(d)102-(52/11)22
    Stand-by arrangements155-(52/57)25
    270-(53/95)27
    876-(59/15)29
    Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3(see also Margins)269-216
    Commodities, reclassification where subject to multiple currency practices237-289, 90
    Communications, privilege for534-393
    Compensatory financing of export fluctuations1477-(63/8)40
    “Consistent with the provisions of this Agreement”, meaning in Article V, Section 3287-319
    Consultations with members:
    Bilateral arrangements433-(55/42)77
    Currencies to be drawn and to be used in repurchases1371-(62/36)34
    Exchange measures needing approval under Article VIII1034-(60/27)82
    External transactions in gold75-(705)14
    Gold production subsidies233-214
    Multiple currency practices, changes237-285
    Periodic discussions under Article VIII1034-(60/27)83
    Reduction in Fund’s holdings102-(52/11)23
    Retention quotas201-(53/29)78
    Whether measure is exchange restriction1034-(60/27)82
    Conversion of currency298-3102
    1371-(62/36)38
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)81
    Approval of exchange restrictions1034-(60/27)82
    Bilateralism433-(55/42)76
    Consultation with Fund1034-(60/27)82
    Convertible currency margins904-(59/32)16
    Credit arrangements (see Borrowing)
    Currencies to be drawn and to be used in repurchases1371-(62/36)33
    Discrimination955-(59/45)80
    Multiple currency practices (see Multiple currency practices)
    Restrictions for security reasons144-(52/51)75
    Retention quotas201-(53/29)78
    Creditworthiness, factor in determining use of Fund’s resources102-(52/11)21
    270-(53/95)26
    Currencies:
    Fluctuating (see Fluctuating currencies)
    To be drawn, composition of drawings1371-(62/36)36
    To be used in repurchases, composition of repurchases1371-(62/36)38
    Currency liabilities, meaning under Article XIX (e)486-2104
    Currency, meaning in the concept “currency liabilities”493-3105
    Date for computations relating to fluctuating currency321-(54/32)9
    1283-(61/56)12
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)80
    Drawing rights (see Use of Fund’s resources)
    Drawings, currency composition1371-(62/36)36
    Enemy-occupied, former, members, introduction of multiple currency practices237-290
    “Exceptional circumstances”, meaning in Article XIV, Section 4117-198
    237-290
    Exchange contracts, unenforceability446-473
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-473
    Exchange controls on capital transfers541-(56/39)55
    Exchange dealings under conditions of increasing convertibility904-(59/32)16
    Exchange market, conversion in1371-(62/36)39
    Exchange rates:
    Borrowing arrangements by Fund1289-(62/1)63
    Buying and selling rates237-291
    Fluctuating:
    Fund transactions and computations321-(54/32)8
    1283-(61/56)12
    Multiple currency practices (fixed and fluctuating rates)237-287
    649-(57/33)91
    “Other exchange transactions” (paper money and coins)269-216
    Scope of transactions to be agreed with Fund237-288
    Free markets237-287
    Par values (see Par values)
    Provisional, for payment of subscription in case of exchange transaction prior to establishment of initial par value1687-(64/22)48
    Spot exchange transactions in convertible currency904-(59/32)16
    Unification in multiple rate systems a basic objective of Fund649-(57/33)91
    Exchange restrictions:
    Approval1034-(60/27)82
    Bilateralism433-(55/42)76
    Consultations with Fund1034-(60/27)82
    Discrimination955-(59/45)80
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)81
    Introduction1034-(60/27)82
    Maintenance1034-(60/27)82
    Multiple currency practices237-284
    649-(57/33)91
    Retention quotas201-(53/29)77
    Security reasons (see Payments restrictions)
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)81
    Withdrawal117-198
    Exchange restrictions on capital transactions (see Capital transfers)
    Exchange stability:
    External transactions in gold at premium prices75-(705)13
    Gold subsidies233-214
    Multiple currency practices237-285
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)82
    Exchange taxes237-287, 91
    Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
    Fluctuating currencies321-(54/32)8
    1283-(61/56)12
    Fluctuating rates of exchange237-287
    Margins (see Margins)
    “Other”, dealings in paper money and coins269-216
    Prior to establishment of initial par value1687-(64/22)48
    Executive Directors:
    Appointment by members having 5 largest quotas2-195
    Consultations on currency composition of drawings and repurchases1371-(62/36)36
    Determination of members entitled to appoint under Article XII, Section 3(c)574-295
    Meaning of “the preceding two years” in Article XII, Section 3(c)597-496
    Voting power, effect of quota changes180-596
    Export shortfalls. financing (see Compensatory financing of export fluctuations)
    Financial year, application to repurchase obligations419-151
    447-551
    7-(648)52
    Fluctuating currencies:
    Application of provisions of Fund Agreement321-(54/32)8
    1283-(61/56)12
    Date for computations321-(54/32)9
    1283-(61/56)12
    Revaluation of Fund’s holdings321-(54/32)10
    Transactions and computations involving321-(54/32)8
    1283-(61/56)12
    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 value278-317
    Full employment71-217
    Measures necessary to correct, interpretation of Articles of Agreement71-217
    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)83
    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)
    Looted, claim by members not a “holding”298-33
    Net official holdings of members298-32, 100
    Payment of stand-by charges155-(52/57)25
    270-(53/95)27
    Pledge agreement for gold collateral transactions1543-(63/39)44
    Premium transactions75-(705)13
    Price75-(705)13
    233-214
    Purchase or sale by Fund with fluctuating currencies321-(54/32)9
    1283-(61/56)12
    Sale of gold to Fund in discharge of repurchase obligation—Rule G-7119-(52/30)50
    Subsidies, members’ obligation to consult Fund233-214
    Transactions of members, Fund assistance103-(52/12)110
    316-(54/27)110
    572-(56/55)111
    1033-(60/26)111
    1116-(60/51)111
    Value of Fund’s assets, fluctuating currencies321-(54/32)10
    “Gold tranche” transactions (see also Use of Fund’s resources):
    Charges under stand-by arrangements155-(52/57)25
    270-(53/95)27
    876-(59/15)30
    Exchange transactions prior to establishment of initial par value1687-(64/22)48
    Procedure for drawings1745-(64/46)49
    Repurchase102-(52/11)22
    “Holdings” of gold or United States dollars, meaning298-32
    Holdings of the Fund (see Currencies; Fluctuating currencies; Investment of the Fund’s assets; Repurchases)
    Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)83
    Income, Fund’s (see Investment of the Fund’s assets)
    Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership)
    Investment of the Fund’s assets488-(56/5)112
    708-(57/57)114
    905-(59/32)115
    1107-(60/50)115
    1272-(61/53)116
    “Is using”, meaning in Article V, Section 5292-333
    Managing Director, consultations with on currencies to be drawn and used in repurchases1371-(62/36)34
    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
    233-214
    Rates differing from parity by more than 1% constitute multiple currency practices237-291
    Monetary reserves of members:
    Calculation486-2107
    Data:
    Means to speed collection and reporting102-(52/11)23
    Prompt reporting1813-(65/4)53
    Effect of payment of gold subcriptions124-250
    Importance of gold holdings75-(705)13
    Use in repurchases under Article V, Section 7(b) (i) or (ii)447-551
    Monetary stabilization operations, use of Fund’s resources71-254
    Money (see Paper money)
    Multiple currency practices (see also Exchange rates; Exchange restrictions):
    Auction system
    Fixed rates237-284
    Fluctuating rates649-(57/33)91
    Net official holdings of members, principles of interpretation298-32, 100
    “Official holdings of a member”, meaning298-3100
    “Other official institutions” and “other banks”, meaning298-3101
    Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-216
    Par Values:
    Change to correct a fundamental disequilibrium71-217
    278-317
    Extent of change278-317
    Exchange transactions prior to establishment of initial par value1687-(64/22)48
    Fund’s authority278-317
    Margins (see Margins)
    Payments restrictions (see also Exchange restrictions):
    For security reasons, Fund jurisdiction144-(52/51)75
    “Presently needed”, meaning in Article V, Section 3(a) (i)284-419
    Prior agreement of the Fund (see Repurchases)
    “Prior notice” provision in stand-by arrangements1151-(61/6)32
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)75
    Quotas:
    Change595-36
    Effect on voting power of elected Executive Director180-596
    Increases granted in accordance with Fund Decision on Compensatory Financing of Export Fluctuations1477-(63/8)40
    Gold subscriptions1529-(63/33)6
    Relation to drawing rights451-(55/52)20
    Review, first408-21
    Rates for official communications of Fund534-393
    Rates of exchange (see Exchange rates; Multiple currency practices)
    Refund (see Stand-by arrangements)
    Repayment by Fund of borrowed currency1289-(62/1)61
    “Represents”, meaning in Article V, Section 3(a) (i)284-419
    Repurchase obligations:
    Allocation of part to currency Fund cannot accept521-3109
    Application at end of financial year in which calculated419-151
    Calculation486-2107
    Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year510-2108
    Calculation, provisional1813-(65/4)53
    Effect of payment of subscriptions124-250
    Minimal, procedure705-(57/55)52
    Relation to Rule G-7119-(52/30)50
    Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii)447-551
    Repurchases:
    Article V, Section 7102-(52/11)24
    Augmentation of stand-by arrangement by equivalent amount876-(59/15)29
    Currency composition1371-(62/36)38
    Gold collateral transactions1543-(63/39)44
    Involving fluctuating currencies321-(54/32)9
    Of Fund’s holdings102-(52/11)21
    270-(53/95)26
    Prior agreement of Fund needed1371-(62/36)35
    Sale of gold to Fund—Rule G-7119-(52/30)50
    Stand-by arrangements270-(53/95)26
    Voluntary7-(648)51
    Voluntary, computation of rate for fluctuating currency321-(54/32)9
    1283-(61/56)12
    Reserve position of members, consideration in currency composition of drawings and repurchases1371-(62/36)36
    Reserve, Special, of the Fund708-(57/57)115
    Restrictions (see Exchange restrictions; Payments restrictions)
    Retention quotas201-(53/29)77
    Rule G-7, sale of gold to Fund in discharge of repurchase obligation119-(52/30)50
    Schedule B of Articles of Agreement486-2107
    510-2108
    521-3109
    119-(52/30)50
    security, payments restrictions imposed for144-(52/51)75
    “Similar fiscal agency”, meaning298-3100
    Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility904-(50/32)16
    Stand-by arrangements:
    Amounts155-(52/57)24
    270-(53/95)26
    876-(59/15)29
    1151-(61/6)31
    Augmentation by amounts of repurchases876-(59/15)29
    Cancellation, repayment of portion of charge270-(53/95)28
    876-(59/15)30
    Charges155-(52/57)25
    270-(53/95)28
    876-(59/15)29
    1345-(62/23)31
    Currency borrowed by the Fund1289-(62/1)58
    Currency composition of drawings1371-(62/36)36
    Gold tranche drawings155-(52/57)25
    270-(53/95)28
    876-(59/15)30
    Ineligibility155-(52/57)24, 25
    270-(53/95)27
    1151-(61/6)31
    Period155-(52/57)24
    270-(53/95)26
    Policies and procedures155-(52/57)24
    270-(53/95)26
    876-(59/15)29
    1151-(61/6)31
    Prior notice1151-(61/6)32
    Refund of charges1345-(62/23)31
    Renewal155-(52/57)24
    270-(53/95)27
    876-(59/15)29
    Suspension of rights to engage in drawings155-(52/57)25
    270-(53/95)27
    1151-(61/6)31
    Subscriptions (see also Net official holdings of members):
    Currency, on basis of provisional exchange rate for exchange transaction prior to establishment of initial par value1687-(64/22)48
    Gold, calculation298-32
    effect of payment on repurchase obligations124-250
    quota increases595-36
    quota increases under Decision on Compensatory Financing of Export Fluctuations1529-(63/33)6
    Switzerland:
    Association with General Arrangements to Borrow1712-(64/29)69
    Party to gold transactions with Fund members316-(54/27)111
    Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)92
    Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
    Transitional provisions of Article XIV1034-(60/27)82
    237-286
    117-198
    Unenforceability (see Exchange contracts)
    “United States dollars”, holdings of, interpretation (see also Net official holdings of members)298-32
    Use of Fund’s resources (see also Borrowing by the Fund; Stand-by arrangements):
    Application of same policy to stand-by arrangements as to requests for immediate drawings155-(52/57)24
    Authority to use resources of Fund71-254
    Balance of payments deficit on current account71-254
    Capital transfers1238-(61/43)54
    Conditions in Article V, Section 3(a) (i)284-419
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of287-319
    Countries undergoing reconstruction196-297
    Currency borrowed by the Fund1289-(62/1)61
    Currency composition of drawings1371-(62/36)36
    Drawing policies in connection with compensatory financing of export fluctuations1477-(63/8)41
    Drawing rights, extent of under Article V, Section 3(a) (iii)451-(55/52)20
    Drawings within the “gold tranche”102-(52/11)23
    155-(52/57)25
    270-(53/95)28
    1687-(64/22)48
    1745-(64/46)49
    Exchange transactions prior to establishment of initial par value1687-(64/22)49
    Exchange transactions up to 25% of quota increase, sympathetic consideration to be given1529-(63/33)6
    Gold collateral transactions1543-(63/39)44
    In accordance with purposes of Fund102-(52/11)21
    Ineligibility, effect on purchases under stand-by arrangement155-(52/57)24, 25
    270-(53/95)27
    1151-(61/6)31
    under Article V, Section 5284-332
    under Article XV, Section 2 (a)343-(54/47)99
    “Is using” in Article V, Section 5, meaning of292-333
    Limitation and ineligibility under Article V, Section 5284-332
    Monetary stabilization71-254
    Period of use102-(52/11)22
    155-(52/57)24
    270-(53/95)26
    Policy102-(52/11)21
    155-(52/57)24
    270-(53/95)26
    649-(57/33)92
    Postponement:
    Limitation under Article V, Section 5286-132
    Under Article XX, Section 4(i)284-2106
    “Presently needed” in Article V, Section 3(a) (i), meaning of284-419
    Reconstruction, use by countries undergoing196-297
    “Represents” in Article V, Section 3(a) (i), meaning of284-419
    Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration649-(57/33)92
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal1151-(61/6)31
    Suspension of transactions under stand-by arrangements270-(53/95)27
    1151-(61/6)31
    Temporary assistance in financing balance of payments deficits71-254
    Withdrawal from membership343-(54/47)99
    Effect on participant in borrowing arrangement1289-(62/1)64
    “Working balances”, meaning298-3101

    Reproduced on pages 100-103.

    Regarding gold subscriptions in connection with quota increases granted in accordance with this decision, see Decision No. 1529-(63/33), pages 6-7.

    See page 67.

    Exchange of letters between the Ambassador of Switzerland to the United States and the Managing Director of the Fund

    As amended, effective August 1, 1962 (Decision No. 1362-(62/32), July 9, 1962) and, effective October 12, 1962 (Decision No. 1415-(62/47), September 19, 1962).

    The General Arrangements to Borrow entered into force on October 24, 1962.

    These conclusions concerning the Fund’s jurisdiction and the obligation of members apply to all members including those for whose currencies par values have not been established.

    Reproduced on pages 2-5.

    Reproduced on pages 107-108.

    Reproduced on page 104.

    The decision lists certain countries which formerly were nonmembers but are presently members.

    These statutes and related executive order have been selected for inclusion in this reference work because the Fund’s headquarters are in the United States and the Fund has no headquarters agreement.

    The Agreement came into force November 15, 1947.

    The Convention was adopted by the United Nations General Assembly on November 21, 1947. The Executive Directors of the Fund accepted the standard clauses of the Convention and approved Annex V with respect to the Fund on April 11, 1949. The Annex became effective on May 9, 1949, when it was received by the United Nations.

    59 Stat. 512 (1945).

    63 Stat. 298 (1949).

    73 Stat. 80 (1959).

    76 Stat. 105 (1962).

    59 Stat. 669 (1945).

    3 C.F.R. (1943-48 comp.) 558.

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