Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1962
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    Index

    Decision

    No.
    Page
    Accounts:
    Administrative574-270
    Payable or receivable, Fund’s holdings of fluctuating currencies321-(54/32)5
    Administrative deficits of Fund488-(56/5)75
    708-(57/57)77
    Articles of Agreement:
    Article I, bilateralism and convertibility287-314
    433-(55/42)51
    Article III, Section 2, review of quotas408-21
    Article III, Sections 3 and 4, changes in quotas595-32
    Article IV, Section 1, fluctuating currencies321-(54/32)3
    1283-(61/56)7
    borrowing arrangements1289-(62/1)44
    Article IV, Section 2, price of gold75-(705)8
    233-29
    Article IV, Section 3, margins269-211
    904-(59/32)11
    Article IV, Section 4(a), exchange stability233-29
    Article IV, Section 5, changes in par values71-212
    278-312
    Article IV, Section 8, fluctuating currencies321-(54/32)5
    maintenance of gold value of Fund assets invested in U.S. securities488-(56/5)75
    Article V, Section 1, borrowing arrangements1289-(62/1)37
    Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of287-314
    meaning of Section 3(a) (i)284-414
    meaning of Section 3(a) (iii)451-(55/52)15
    stand-by arrangements155-(52/57)19
    270-(53/95)21
    876-(59/15)24
    1151-(61/6)26
    use of Fund’s resources102-(52/11)16
    Article V, Section 5, limitation on use284-327
    286-127
    “is using”, meaning of292-328
    Article V, Section 4, fluctuating currencies321-(54/32)5
    1283-(61/56)7
    stand-by arrangements155-(52/57)20
    Article V, Section 6(a), fluctuating currencies321-(54/32)4
    1283-(61/56)7
    Article V, Section 7 (b), borrowing arrangements1289-(62/1)42
    fluctuating currencies321-(54/32)4
    1283-(61/56)7
    Article V, Section 8(a), borrowing arrangements1289-(62/1)41
    Article V, Section 8(c), borrowing arrangements1289-(62/1)41
    Article V, Section 8(d)102-(52/11)17
    Article V, Section 8(f), fluctuating currencies321-(54/32)4
    1283-(61/56)7
    stand-by arrangements155-(52/57)20
    270-(53/95)22
    Article VI, Section 1, use of Fund’s resources71-235
    1238-(61/43)35
    Article VI, Section 3, controls on capital transfers541-(56/39)36
    Article VII, Section 2, borrowing arrangements1289-(62/1)37
    Article VII, Section 3(b), security restrictions144-(52/51)50
    Article VIII, retention quotas201-(53/29)52
    bilateralism433-(55/42)51
    Article VIII and Article XIV1034-(60/27)56
    Article VIII, Section 2(a), security restrictions141-(52/51)50
    Article VIII, Section 2 (b), unenforceability of exchange contracts446-448
    Article VIII, Section 3, discrimination955-(59/45)55
    multiple currency practices237-259
    649-(57/33)66
    Article IX, Section 7, privilege for communications534-368
    Article XII, Section 3(b)574-270
    Article XII. Section 3(c), “the preceding two years”, meaning of597-470
    additional Executive Directors574-270
    Article XII, Section 5, voting power of Executive Directors180-571
    Article XIV, Section 1, use of Fund’s resources196-272
    Article XIV. Sections 2, 3, 4, retention quotas201-(53/29)52
    Articles VIII and XIV1034-(60/27)56
    bilateralism433-(55/42)51
    multiple currency practices237-259
    security restrictions144-(52/51)50
    Article XIV, Section 31034-(60/27)56
    Article XIV. Section 4237-259
    117-173
    1034-(60/27)56
    Article XV, Section 3, borrowing arrangements1289-(62/1)45
    Article XVI, Section 1, stand-by arrangements155-(52/57)20
    270-(53/95)22
    borrowing arrangements1289-(62/1)46
    Article XVIII(a), interpretation of drawing rights451-(55/52)15
    borrowing arrangements1289-(62/1)47
    Article XX. Section 4(i)284-274
    Auction system (see also Multiple currency practices)237-262
    Balance of payments position:
    Currency composition of drawings and repurchases1371-(62/36)31
    Bilateralism433-(55/42)51
    955-(59/45)55
    Borrowing by the Fund1289-(62/1)37
    Fluctuating currencies1283-(61/56)7
    Capital transfers:
    Controls by members541-(56/39)36
    Restrictions237-259
    Use of Fund’s resources for1238-(61/43)35
    71-235
    Central Banks1371-(62/36)34
    “Changing circumstances”, adaptation of multiple currency practices237-265
    Charges:
    Borrowing arrangements, charges and interest payable by the Fund1289-(62/1)41
    Reduction of Fund’s holdings pursuant to Article V, Section 8(d)102-(52/11)17
    Stand-by arrangements155-(52/57)20
    270-(53/95)22
    876-(59/15)24
    Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)269-211
    Commodities, reclassification where subject to multiple currency practice237-264,65
    Communications, privilege for534-368
    “Consistent with the provisions of this Agreement,” Article V, Section 3(a) (i)287-314
    Consultations with members:
    Bilateral arrangements433-(55/42)51
    Currencies to be drawn and to be used in repurchases1371-(62/36)28
    Exchange measures needing approval under Article VIII1034-(60/27)56
    External transactions in gold75-(705)8
    Gold production subsidies233-29
    Multiple currency practices, changes237-259
    Periodic discussions under Article VIII1034-(60/27)58
    Reduction in Fund’s holdings102-(52/11)18
    Retention quotas201-(53/29)52
    Whether measure is exchange restriction1034-(60/27)57
    Conversion1371-(62/36)33
    Convertibility:
    Acceptance of obligations of Article VIII, Sections 2, 3, and 41034-(60/27)56
    Approval of exchange restrictions1034-(60/27)57
    Bilateralism433-(55/42)51
    Consultation with Fund1034-(60/27)58
    Convertible currency margins904-(59/32)11
    Credit arrangements (see Borrowing)
    Currencies to be drawn and to be used in repurchase1371-(62/36)29
    Discrimination955-(59/45)55
    Multiple currency practices (see Multiple currency practices)
    Restrictions for security reasons144-(52/51)50
    Retention quotas201-(53/29)52
    Creditworthiness, factor in determining use of Fund’s resources102-(52/11)16
    270-(53/95)21
    Currencies:
    Fluctuating (see Fluctuating currencies)
    To be drawn1371-(62/36)31
    To be used in repurchases1371-(62/36)33
    Currency composition of drawings1371-(62/36)31
    of repurchases1371-(62/36)33
    Date for computations relating to fluctuating currency321-(54/32)3
    1283-(61/56)7
    Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)955-(59/45)55
    Drawing rights (see Use of Fund’s resources)
    Drawings, currency composition1371-(62/36)31
    Enemy-occupied former, members, introduction of multiple currency practices237-265
    “Exceptional circumstances”, meaning in Article XIV, Section 4117-173
    237-265
    Exchange contracts, unenforceability446-448
    Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement446-449
    Exchange controls on capital transfers541-(56/39)36
    Exchange dealings under conditions of increasing convertibility904-(59/32)11
    Exchange market, conversion in1371-(62/36)33
    Exchange rates:
    Borrowing arrangements by Fund1289-(62/1)44
    Buying and selling rates237-266
    Free markets237-262
    Fluctuating:
    Fund transactions and computations321-(54/32)3
    1283-(61/56)7
    Multiple currency practices (fixed and fluctuating rates)237-259
    649-(57/33)66
    “Other exchange transactions” (paper money and coins)269-211
    Scope of transactions to be agreed with Fund237-262
    Par values (see Par values)
    Spot exchange transactions in convertible currency904-(59/32)11
    Unification in multiple rate systems a basic objective of Fund649-(57/33)66
    Exchange restrictions:
    Approval1034-(60/27)56
    Bilateralism433-(55/42)51
    Consultations with Fund1034-(60/27)56
    Discrimination955-(59/45)55
    Guiding principle of whether measure is a restriction on payments and transfers for current international transactions1034-(60/27)56
    Introduction1034-(60/27)57
    Maintenance1034-(60/27)57
    Multiple currency practices237-259
    649-(57/33)66
    Retention quotas201-(53/29)52
    Security reasons (see Payments restrictions)
    Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 41034-(60/27)56
    Withdrawal117-173
    Exchange restrictions on capital transactions (sec Capital transfers)
    Exchange stability:
    External transactions in gold75-(705)8
    Gold subsidies233-29
    Multiple currency practices237-259
    Premium gold transactions75-(705)8
    Exchange systems, avoidance of use for nonbalance of payments reasons1034-(60/27)57
    Exchange taxes237-262,66
    Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
    Fluctuating currencies321-(54/32)3
    1283-(61/56)7
    Fluctuating rates of exchange237-262
    Margins (see Margins)
    “Other”, dealings in paper money and coins269-211
    Executive Directors:
    Consultations1371-(62/36)31
    Determination of members entitled to appoint under Article XII, Section 3(c)574-270
    Meaning of “the preceding two years” in Article XII, Section 3(c)597-470
    Voting power, effect of quota changes180-571
    Fluctuating currencies:
    Application of provisions of Fund Agreement321-(54/32)3
    1283-(61/56)7
    Date for computations321-(54/32)4
    1283-(61/56)7
    Revaluation of Fund’s holdings321-(54/32)5
    Transactions and computations involving321-(54/32)3
    1283-(61/56)7
    Fluctuating rates of exchange:
    Type of multiple currency practice237-262
    Free markets (see Exchange rates)
    Full employment, maintenance of (see Fundamental disequilibrium)
    Fundamental disequilibrium:
    Change in par value71-212
    Correction by change in par value278-312
    Full employment71-212
    Measures necessary to correct, interpretation of Articles of Agreement71-212
    Fund’s holdings of currencies:
    Currency composition of drawings and repurchases1371-(62/36)28
    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)58
    Gold:
    Consultations re external transactions in75-(705)8
    Fund’s holdings (see Investment of the Fund’s assets)
    Payment of stand-by charges155-(52/57)20
    270-(53/95)22
    Premium, transactions75-(705)8
    Price75-(705)8
    233-29
    Purchase or sale by Fund with fluctuating currencies321-(54/32)4
    1283-(61/56)7
    Subsidies, members’ obligation to consult Fund233-29
    Value of Fund’s assets, fluctuating currencies321-(54/32)5
    “Gold tranche” transactions (see also Use of Fund’s resources):
    Charges under stand-by arrangements155-(52/57)20
    270-(53/95)23
    876-(59/15)25
    Repurchase102-(52/11)18
    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)58
    Income, Fund’s (see Investment of the Fund’s assets)
    Ineligibility (see Stand -by arrangements)
    Investment of the Fund’s assets488-(56/5)75
    708-(57/57)77
    905-(59/32)78
    1107-(60/50)78
    1272-(61/53)79
    “Is using”, meaning in Article V, Section 5292-328
    Managing Director, consultations with1371-(62/36)29
    Margins (see also Exchange rates)
    Exchange rates for spot exchange transactions in a convertible currency904-(59/32)11
    Price of gold75-(705)8
    233-29
    Rates differing from parity by more than 1% constitute multiple currency practices237-266
    Other exchange transactions (paper money and coins)269-211
    Monetary reserves of members, importance of gold holdings75-(705)8
    Monetary reserves data102-(52/11)16
    Monetary stabilization operations, use of Fund’s resources71-235
    Money (see Paper money)
    Multiple currency practices (see also Exchange restrictions and Exchange rates)
    Auction system
    Fixed rates237-259
    Fluctuating rates649-(57/33)66
    Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3269-211
    Par value, change to correct a fundamental disequilibrium71-212
    278-312
    Extent of change278-312
    Fund’s authority278-312
    Fundamental disequilibrium71-212
    278-312
    Margins (see Margins)
    Payments restrictions (see also Exchange restrictions)
    For security reasons, Fund jurisdiction144-(52/51)50
    “Presently needed”, meaning in Article V, Section 3(a) (i)284-414
    Prior agreement of the Fund (see Repurchases)
    “Prior notice”, provision in stand-by arrangements1151-(61/6)27
    Prior notice to Fund, imposition of payments restrictions for security reasons144-(52/51)50
    Quotas:
    Change595-32
    Effect on voting power of elected Executive Director180-571
    Review408-21
    Rates for official communications of Fund534-368
    Rates of exchange (see Exchange rates; Multiple currency practices)
    Refund (see Stand-by arrangements)
    Repayment by Fund of borrowed currency1289-(62/1)42
    “Represents”, meaning in Article V, Section 3(a) (i)284-414
    Repurchases:
    Article V, Section 7102-(52/11)19
    Augmentation of stand-by arrangement by equivalent amount876-(59/15)24
    Currency composition1371-(62/36)33
    Involving fluctuating currencies321-(54/32)4
    Of Fund’s holdings102-(52/11)16
    270-(53/95)21
    Prior agreement of Fund needed1371-(62/36)30
    Stand-by arrangements270-(53/95)21
    Voluntary, computation of rate for fluctuating currency321-(54/32)4
    1283-(61/56)7
    Reserve position:
    Currency composition of drawings and repurchases1371-(62/36)31
    Reserve, Special, of the Fund708-(57/57)78
    Restrictions (see Exchange restrictions; Payments restrictions)
    Retention quotas201-(53/29)52
    Security, payments restrictions imposed for144-(52/51)50
    Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility904-(50/32)11
    Stand-by arrangements:
    Amounts155-(52/57)19
    270-(53/95)21
    876-(59/15)24
    1151-(61/6)26
    Augmentation by amounts of repurchases876-(59/15)24
    Cancellation, repayment of portion of charge270-(53/95)23
    876-(59/15)25
    Charges155-(52/57)20
    270-(53/95)22
    876-(59/15)24
    1345-(62/23)26
    Currency borrowed by the Fund1289-(62/1)40
    Currency composition of drawings1371-(62/36)31
    Gold tranche drawings155-(52/57)20
    270-(53/95)23
    876-(59/15)25
    Ineligibility155-(52/57)19
    270-(53/95)22
    1151-(61/6)26
    Period155-(52/57)19
    270-(53/95)21
    Policies and procedures155-(52/57)19
    270-(53/95)21
    876-(59/15)24
    1151-(61/6)26
    Prior notice1151-(61/6)27
    Refund of charges1345-(62/23)26
    Renewal155-(52/57)19
    270-(53/95)22
    876-(59/15)24
    Suspension of rights to engage in drawings155-(52/57)20
    270-(53/95)22
    1151-(61/6)26
    Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification649-(57/33)67
    Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
    Transitional provisions of Article XIV1034-(60/27)56
    237-259
    117-173
    Unenforceability (see Exchange contracts)
    Use of Fund’s resources:
    Application of same policy to stand-by arrangements as to requests for immediate drawing155-(52/57)19
    Authority to use resources of Fund71-235
    Balance of payments deficit on current account71-235
    Capital transfers1238-(61/43)35
    Conditions in Article V, Section 3(a) (i)284-414
    “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of287-314
    Countries undergoing reconstruction196-272
    Currency borrowed by the Fund1289-(62/1)42
    Currency composition of drawings1371-(62/36)31
    Drawing rights, extent of under Article V, Section 3(a)(iii)451-(55/52)15
    Drawings within the “gold tranche”102-(52/11)18
    155-(52/57)20
    270-(53/95)23
    Gold tranche102-(52/11)18
    In accordance with purposes of Fund102- (52/11)16
    Ineligibility, effect on purchases under stand-by arrangement155-(52/57)20
    270-(53/95)22
    1151-(61/6)26
    under Article V, Section 5284-327
    “Is using” in Article V, Section 5, meaning of292-328
    Limitation and ineligibility under Article V, Section 5284-327
    Monetary stabilization71-235
    Period of use102-(52/11)17
    155-(52/57)19
    270-(53/95)21
    Policy102-(52/11)16
    155-(52/57)19
    270-(53/95)21
    649-(57/33)67
    Postponement
    Limitation under Article V, Section 5286-127
    Postponement under Article XX, Section 4(i)284-274
    “Presently needed” in Article V, Section 3(a) (i), meaning of284-414
    Reconstruction, use for196-272
    “Represents” in Article V, Section 3(a) (i), meaning of284-414
    Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration649-(57/33)67
    Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal1151-(61/6)26
    Stand-by charges876-(59/15)24
    Suspension of transactions under stand-by arrangements270-(53/95)22
    1151-(61/6)26
    Temporary assistance in financing balance of payments deficits71-235

    As amended, effective August 1, 1962, pursuant to Decision No. 1362-(62/32), July 9, 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.

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