- R. Johnston, and Mark Swinburne
- Published Date:
- September 1999
© 1999 International Monetary Fund
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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.
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 AbbreviationsAFR
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 RestrictionsBIBF
Bangkok International Banking FacilityBIS
Bank for International SettlementsBPA
Bilateral payment arrangementBSRD
Bangko Sentral Registration DocumentCBA
Currency board arrangementCCI
Controls on current payments and transfers indicesCFETS
China’s Foreign Exchange Trading SystemCLS
Continuous linked settlementCLSS
Continuous Linked Settlement ServicesCMEA
Council for Mutual Economic AssistanceCPSS
Committee on Payment and Settlement SystemsEBS
Electronic Brokering SystemECB
European Central BankECHO
Exchange Clearing HouseECI
Exchange and capital controls indicesECU
European currency unitEMS
European Monetary SystemEMU
European Economic and Monetary UnionERM
Exchange rate mechanismESAF
Enhanced Structural Adjustment FacilityEUI
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 MacedoniaEUII
European II Department (Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)FCDU
Foreign currency deposit unitFEAC
Foreign exchange adjustment centerFFE
Foreign trading companyGDP
Gross domestic productGNP
Gross national productIOSCO
International Organization of Securities CommissionsKCI
Capital controls indicesLAIA-RPCA
Latin American Integration Association Reciprocal Payments and Credit AgreementLIFFE
London International Financial Futures ExchangeMAI
Multilateral Agreement on InvestmentMCP
Multiple currency practicesMED
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 ExchangeMIGA
Multilateral Investment Guarantee AgencyNDF
Nondeliverable forward contractOECD
Organization for Economic Cooperation and DevelopmentSAEC
State Administration of Exchange ControlSEC
Security and Exchange CommissionSIL
Special import licenseWHD
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