Front Matter

Front Matter

Author(s):
R. Johnston, and Mark Swinburne
Published Date:
September 1999
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    © 1999 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Theodore F. Peters, Jr.

    Typesetting: Joseph Ashok Kumar

    ISBN 9781557757951

    ISSN 0258-7440

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    Contents

    The following symbols have been used throughout this volume:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (for example, 1995–96 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (for example, 1995/96) to indicate a fiscal or financial year.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    “n.a.” means not applicable.

    Minor discrepancies between constituent figures and totals are due to rounding.

    As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Preface

    This study is the latest in a series reviewing developments and issues in the exchange arrangements and currency convertibility of IMF members. The last report on this topic was published in April 1995 as Issues in International Exchange and Payments Systems. The present report was completed in July 1997, and outlines developments on the basis of information available at that time. The principal information source is the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) prepared in consultation with national authorities. Beginning in 1996, the coverage of the AREAER was significantly expanded to cover the regulations that affect cross-border capital transactions in a more comprehensive manner. The format of the AREAER report was also changed to present the information in a standardized tabular format. These modifications are reflected in the coverage and content of this study.

    The study was prepared in the Exchange Regime and Market Operations Division, Monetary and Exchange Affairs Department, under the direction of R. Barry Johnston, Division Chief. The division is also responsible for the preparation of the AREAER. Coauthors of the study are Mark Swinburne, Deputy Division Chief; Alexander Kyei, Bernard Laurens, and Susana Sosa, Senior Economists; Inci Otker and Natalia Tamirisa, Economists; and David Mitchem, Consultant. Virgilio Sandoval and Melissa Weiss provided the research assistance. Francine Koch provided excellent secretarial assistance. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated production of the publication.

    The study has benefited from comments and suggestions from staff of other IMF departments, as well as from Executive Directors; however, the analysis and policy considerations are those of the contributing staffs and should not be attributed to Executive Directors, or their national authorities.

    List of Abbreviations

    AFR

    African Department (Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Eritrea, Ethopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Uganda, Zambia, and Zimbabwe)

    APD

    Asia and Pacific Department (Australia, Bangladesh, Bhutan, Brunei, Cambodia, China, Fiji, Hong Kong SAR, India, Indonesia, Japan, Kiribati, Korea, Lao People’s Democratic Republic, New Zealand, Macao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nepal, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taiwan Province of China, Thailand, Tonga, Vanuatu, and Vietnam)

    AREAER

    Annual Report on Exchange Arrangements and Exchange Restrictions

    BIBF

    Bangkok International Banking Facility

    BIS

    Bank for International Settlements

    BPA

    Bilateral payment arrangement

    BSRD

    Bangko Sentral Registration Document

    CBA

    Currency board arrangement

    CCI

    Controls on current payments and transfers indices

    CFETS

    China’s Foreign Exchange Trading System

    CLS

    Continuous linked settlement

    CLSS

    Continuous Linked Settlement Services

    CMEA

    Council for Mutual Economic Assistance

    CPSS

    Committee on Payment and Settlement Systems

    EBS

    Electronic Brokering System

    ECB

    European Central Bank

    ECHO

    Exchange Clearing House

    ECI

    Exchange and capital controls indices

    ECU

    European currency unit

    EMS

    European Monetary System

    EMU

    European Economic and Monetary Union

    ERM

    Exchange rate mechanism

    ESAF

    Enhanced Structural Adjustment Facility

    EUI

    European I Department (Albania, Aruba, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Malta, the Netherlands, the Netherlands Antilles, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and former Yugoslav Republic of Macedonia

    EUII

    European II Department (Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)

    FCDU

    Foreign currency deposit unit

    FEAC

    Foreign exchange adjustment center

    FFE

    Foreign-funded enterprises

    FTC

    Foreign trading company

    GDP

    Gross domestic product

    GNP

    Gross national product

    IOSCO

    International Organization of Securities Commissions

    KCI

    Capital controls indices

    LAIA-RPCA

    Latin American Integration Association Reciprocal Payments and Credit Agreement

    LIFFE

    London International Financial Futures Exchange

    MAI

    Multilateral Agreement on Investment

    MCP

    Multiple currency practices

    MED

    Middle Eastern Department (Islamic State of Afghanistan, Algeria, Bahrain, Djibouti, Egypt, Islamic Republic of Iran, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Syrian Arab Republic, Sudan, Tunisia, United Arab Emirates, and Republic of Yemen)

    MICEX

    Moscow Interbank Foreign Currency Exchange

    MIGA

    Multilateral Investment Guarantee Agency

    NDF

    Nondeliverable forward

    NDFC

    Nondeliverable forward contract

    OECD

    Organization for Economic Cooperation and Development

    SAEC

    State Administration of Exchange Control

    SEC

    Security and Exchange Commission

    SIL

    Special import license

    WHD

    Western Hemisphere Department (Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia, Suriname, St. Vincent and the Grenadines, Trinidad and Tobago, the United States, Uruguay, and Venezuela)

    WTO

    World Trade Organization

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