Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1963
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    Index

    Decision No.Page
    Accounts:
    Administrative574-290
    Payable or receivable, Fund’s holdings of fluctuating currence321-(54/32)10
    Special, gold collateral transactions1543-(63/39)45
    Administrative deficits of Fund488-(56/5)105
    708-(57/57)107
    Articles of Agreement:
    Article I, bilateralism and convertibility287-320
    433-(55/42)71
    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)62
    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)106
    Article V, Section 1, borrowing arrangements1289-(62/1)63
    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-(52/11)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
    Article V, Section 7, repurchase obligations124-249
    Article V, Section 7(b), borrowing arrangements1289-(62/1)60
    fluctuating currencies321-(54/32)9
    1283-(61/56)12
    repurchase obligations447-550
    Article V, Section 7(c), repurchase obligations419-149
    Article V, Sections 8(a) and 8(c), borrowing arrangements1289-(62/1)59
    Article V, Section 8(d)102-(52/11)22
    Article V, Section 8(f), fluctuating currencies321-(54/32)9
    1283-(61/56)12
    stand-by arrangements155-(52/57)25
    270-(53/95)27
    Article VI, Section 1, use of Fund’s resources71-253
    1238-(61/43)53
    Article VI, Section 3, controls on capital transfers541-(56/39)54
    Article VII, Section 2, borrowing arrangements1289-(62/1)55
    Article VII, Section 3(b), security restrictions144-(52/51)70
    Article VIII, retention quotas201-(53/29)74
    bilateralism433-(55/42)71
    Article VIII and Article XIV1034-(60/27)76
    Article VIII, Section 2(a), security restrictions144-(52/51)70
    Article VIII, Section 2(b), unenforceability of exchange contracts446-468
    Article VIII, Section 3, discrimination955-(59/45)75
    multiple currency practices237-283
    649-(57/33)86
    Article IX, Section 7, privilege for communications534-388
    Article XII, Section 3(b)574-290
    Article XII, Section 3(c), “the preceding two years”, meaning of597-490
    additional appointed Executive Directors574-290
    Article XII, Section 5, voting power of Executive Directors180-591
    Article XIV, Section 1, use of Fund’s resources196-292
    Article XIV, Section 2, security restrictions144-(52/51)70
    Article XIV, Sections 2, 3, 4, retention quotas201-(53/29)72
    Articles VIII and XIV1034-(60/27)76
    bilateralism433-(55/42)71
    multiple currency practices237-284
    Article XIV, Section 31034-(60/27)77
    Article XIV, Section 4237-279
    117-193
    1034-(60/27)76
    Article XV, Section 2343-(54/47)94
    Article XV, Section 3, borrowing arrangements1289-(62/1)63
    Article XVI, Section 1, stand-by arrangements155-(52/57)25
    270-(53/95)27
    borrowing arrangements1289-(62/1)64
    Article XVIII(a), list of interpretations underxi
    Article XIX(b), (c), and (h), net official holdings298-395
    Article XIX(e)486-299
    493-399
    Article XX, Section 4(i)284-2101
    Auction system (see also Multiple currency practices)237-282
    Balance of payments position:
    Currency composition of drawings and repurchases1371-(62/36)36
    Bilateralism433-(55/42)71
    955-(59/45)75
    Borrowing by the Fund1289-(62/1)55
    Fluctuating currencies1283-(61/56)12
    Capital transfers:
    Controls by members541-(56/39)54
    Restrictions237-279
    Use of Fund’s resources for1238-(61/43)53
    71-253
    Central banks1371-(62/36)39
    “Central holdings”, meaning298-395
    “Changing circumstances”, adaptation of multiple currency practices237-285
    Charges:
    Borrowing arrangements, charges and interest payable by the Fund1289-(62/1)59
    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 practices237-284, 85
    Communications, privilege for534-388
    Compensatory financing of export fluctuations1477-(63/8)40
    “Consistent with the provisions of this Agreement”, meaning in Article V, Section 3(a) (i)287-319
    Consultations with members:
    Bilateral arrangements433-(55/42)72
    Currencies to be drawn and to be used in repurchases1371-(62/36)33
    Exchange measures needing approval under Article VIII1034-(60/27)77
    External transactions in gold75-(705)14
    Gold production subsidies233-214
    Multiple currency practices, changes237-280
    Periodic discussions under Article VIII1034-(60/27)78
    Reduction in Fund’s holdings102-(52/11)23
    Retention quotas201-(53/29)73
    Whether measure is exchange restriction1034-(60/27)77
    Conversion of currency298-397
    1371-(62/36)38
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)76
    Approval of exchange restrictions1034-(60/27)77
    Bilateralism433-(55/42)71
    Consultation with Fund1034-(60/27)77
    Convertible currency margins904-(59/32)16
    Credit arrangements (see Borrowing)
    Currencies to be drawn and to be used in repurchases1371-(62/36)34
    Discrimination955-(59/45)75
    Multiple currency practices (see Multiple currency practices)
    Restrictions for security reasons144-(52/51)70
    Retention quotas201-(53/29)73
    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)486-299
    Currency, meaning in the concept “currency liabilities”493-3100
    Date for computations relating to fluctuating currency321-(54/32)8
    1283-(61/56)12
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)75
    Drawing rights (see Use of Fund’s resources)
    Drawings, currency composition1371-(62/36)36
    Enemy-occupied, former, members, introduction of multiple currency practices237-285
    “Exceptional circumstances”, meaning in Article XIV, Section 4117-193
    237-285
    Exchange contracts, unenforceability446-468
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-469
    Exchange controls on capital transfers541-(56/39)54
    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)62
    Buying and selling rates237-286
    Free markets237-282
    Fluctuating:
    Fund transactions and computations321-(54/32)8
    1283-(61/56)12
    Multiple currency practices (fixed and fluctuating rates)237-279
    649-(57/33)86
    “Other exchange transactions” (paper money and coins)269-216
    Scope of transactions to be agreed with Fund237-282
    Par values (see Par values)
    Spot exchange transactions in convertible currency904-(59/32)16
    Unification in multiple rate systems a basic objective of Fund649-(57/33)86
    Exchange restrictions:
    Approval1034-(60/27)76
    Bilateralism433-(55/42)71
    Consultations with Fund1034-(60/27)77
    Discrimination955-(59/45)75
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)76
    Introduction1034-(60/27)77
    Maintenance1034-(60/27)77
    Multiple currency practices237-279
    649-(57/33)86
    Retention quotas201-(53/29)72
    Security reasons (see Payments restrictions)
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)76
    Withdrawal117-193
    Exchange restrictions on capital transactions (see Capital transfers)
    Exchange stability:
    External transactions in gold75-(705)13
    Gold subsidies233-214
    Multiple currency practices237-281
    Premium gold transactions75-(705)13
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)77
    Exchange taxes237-282, 86
    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 exchange237-282
    Margins (see Margins)
    “Other”, dealings in paper money and coins269-216
    Executive Directors:
    Consultations1371-(62/36)36
    Determination of members entitled to appoint under Article XII, Section 3(c)574-290
    Meaning of “the preceding two years” in Article XII, Section 3(c)597-490
    Voting power, effect of quota changes180-591
    Export shortfalls, financing (see Compensatory financing (see Compensatory financing of export fluctuations)
    Financial year, application to repurchase obligations419-149
    447-550
    7-(648)51
    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:
    Type of multiple currency practice237-282
    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
    Fund’s holdings of currencies:
    Currency composition of drawings and repurchases1371-(62/36)33
    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)78
    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, 95
    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
    Subsidies, members’ obligation to consult Fund233-214
    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)28
    876-(59/15)30
    Repurchase102-(52/11)22
    “Holdings” of gold or United States dollars, meaning298-32
    Holdings of the Fund (see Fluctuating currencies; Investment of the Fund’s assets; Repurchases)
    Import restrictions imposed for balance of payments reasons, GATT members1034-(60/27)78
    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)105
    708-(57/57)107
    905-(59/32)108
    1107-(60/50)108
    1272-(61/53)109
    “Is using”, meaning in Article V, Section 5292-333
    Managing Director, consultations with1371-(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 practices237-286
    Monetary reserves data102-(52/11)21
    Prompt reporting1510-(63/23)51
    Monetary reserves of members:
    Calculation486-299
    Effect of payment of gold subcriptions124-249
    Importance of gold holdings75-(705)13
    Use in repurchases under Article V, Section 7(b) (i) or (ii)447-550
    Monetary stabilization operations, use of Fund’s resources71-253
    Money (see Paper money)
    Multiple currency practices (see also Exchange rates; Exchange restrictions):
    Auction system237-279
    Fixed rates649-(57/33)86
    Fluctuating rates
    Net official holdings of members, principles of interpretation298-32, 95
    “Official holdings of a member”, meaning298-395
    “Other official institutions” and “other banks”, meaning298-396
    Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-216
    Par value, change to correct a fundamental disequilibrium71-217
    278-317
    Extent of change278-317
    Fund’s authority278-317
    Margins (see Margins)
    Payments restrictions (see also Exchange restrictions):
    For security reasons, Fund jurisdiction144-(52/51)70
    “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)70
    Quotas:
    Change595-36
    Effect on voting power of elected Executive Director180-591
    Increases granted in accordance with Fund decision on “Compensatory Financing of Export Fluctuations”1477-(63/81)40
    1529-(63/51)6
    Review408-21
    Rates for official communications of Fund534-388
    Rates of exchange (see Exchange rates; Multiple currency practices)
    Refund (see Stand-by arrangements)
    Repayment by Fund of borrowed currency1289-(62/1)60
    “Represents”, meaning in Article V, Section 3(a) (i)284-419
    Repurchase obligations:
    Allocation of part to currency Fund cannot accept521-3104
    Application at end of financial year in which calculated419-149
    Calculation486-2102
    Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year510-2103
    Effect of payment of subscriptions124-249
    Minimal, procedure705-(57/55)51
    Provisional calculation1510-(63/23)51
    Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii)447-550
    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
    Stand-by arrangements270-(53/95)26
    Voluntary7-(648)50
    Voluntary, computation of rate for fluctuating currency321-(54/32)9
    1283-(61/56)12
    Reserve position of members:
    Currency composition of drawings and repurchases1371-(62/36)36
    Reserve, Special, of the Fund708-(57/57)108
    Restrictions (see Exchange restrictions; Payments restrictions)
    Retention quotas201-(53/29)72
    Schedule B of Articles of Agreement486-2102
    510-2104
    521-3104
    Security, payments restrictions imposed for144-(52/51)70
    “Similar fiscal agency”, meaning298-395
    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)27
    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):
    Gold, calculation298-32
    effect of payment on repurchase obligations124-249
    quota increases595-36
    1529-(63/33)6
    Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)87
    Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
    Transitional provisions of Article XIV1034-(60/27)76
    237-281
    117-193
    Unenforceability (see Exchange contracts)
    “United States dollars”, holdings of, interpretation (see also Net official holdings of members)298-32
    Use of Fund’s resources:
    Application of same policy to stand-by arrangements as to requests for immediate drawing155-(52/57)24
    Authority to use resources of Fund71-253
    Balance of payments deficit on current account71-253
    Capital transfers1238-(61/43)53
    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 reconstruction196-292
    Currency borrowed by the Fund1289-(62/1)60
    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
    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)25
    270-(53/95)27
    1151-(61/6)31
    under Article V, Section 5284-332
    under Article XV, Section 2(a)343-(54/47)94
    “Is using” in Article V, Section 5, meaning of292-333
    Limitation and ineligibility under Article V, Section 5284-332
    Monetary stabilization71-253
    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)87
    Postponement:
    Limitation under Article V, Section 5286-132
    Under Article XX, Section 4(i)284-2Ml
    “Presently needed” in Article V, Section 3(a)(i), meaning of284-419
    Reconstruction, use by countries undergoing196-292
    “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)87
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal1151-(61/6)31
    Stand-by charges876-(59/15)29
    Suspension of transactions under stand-by arrangements270-(53/95)27
    1151-(61/6)31
    Temporary assistance in financing balance of payments deficits71-253
    Withdrawal from membership343-(54/47)94
    Effect on participant in borrowing arrangement1289-(62/1)63
    “Working balances”, meaning298-396

    Reproduced on pages 95-98.

    See page 66.

    As amended, effective August 1, 1962, pursuant to Decision No. 1362-(62/32), July 9, 1962 and, effective October 12, 1962, pursuant to Decision No. 1415-(62/47), September 19, 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 102-103.

    Reproduced on page 99.

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