- Age Bakker, and Bryan Chapple
- Published Date:
- September 2002
|September||T||Short-term overseas borrowing restricted|
|December||T||Those undertaking long-term overseas borrowing required to hold a non-interest-bearing deposit with the Reserve Bank of Australia|
|March||T||Restrictions on inward investment in real estate imposed|
|July||L||Requirement to hold a noninterest-bearing deposit with the Reserve Bank when borrowing overseas was suspended (and not reintroduced)|
|July||L||Monetary limits on overseas investment in equity or real estate abolished|
|December||L||Restrictions on interest-bearing investments by nonresidents abolished|
|1985||L||Exchange rate floated|
|January||L||Most remaining restrictions abolished|
|October||L||Restrictions on inward direct investment eased|
|May||T||Introduction of restrictions on capital inflows, including reserve requirement on increase to nonresident deposits of 25 percent (increased to 75 percent in August 1971)|
|Jarmar||L||Suspension of reserve requirement on increases in nonresident deposits|
|January||L||Abolition of most restrictions on inward direct and portfolio investment|
|August||L||Prior approval no longer required for a range of inward investment transactions|
|February||L||Most remaining restrictions abolished|
|November||L||Abolition of all foreign exchange controls|
|May||T||Complete separation of the official and the free exchange market|
|March||L||Abolition of the dual exchange market|
|July||L||Long-term offshore borrowing by companies permitted|
|March||L||Liberalization of inward and outward portfolio and direct investment|
|December||L||Nonresident purchase of quoted bonds permitted|
|February||T||Restriction of purchases of Danish bonds by nonresidents|
|T||Denmark authorized by European Commission to invoke safeguard measures|
|May||L||Easing of restrictions on purchases of foreign securities and direct investment|
|L||Abrogation of safeguard measures|
|January||L||Abolition of restrictions on purchase of foreign shares by residents|
|June||L||Further liberalization measures|
|October||L||Abolition of all remaining exchange control regulations|
|European Economic Community (EEC)|
|December||L||Liquidation of the European Payments Union|
|L||EEC currencies become externally convertible in current payment transactions|
|May||L||Adoption by Council of First Directive on capital movements|
|December||L||Adoption by Council of Second Directive on capital movements|
|July||T||France authorized by the European Commission to invoke safeguard measures (Decision 68/301/EEC)|
|March||T||Adoption by Council of the directive on regulating international capital flows and neutralizing their undesirable effects on domestic liquidity (Directive 72/156/EEC)|
|December||T||Ireland authorized by the Commission to invoke safeguard measures|
|December||L||Commission sets an expiration date for existing safeguard clauses for France (2 years) and Italy and Ireland (3 years), and limits safeguards to existing restrictions (Decisions 85/14, 15, and 16/EEC)|
|November||T||Greece authorized by the Commission to take certain safeguard measures for a period of three years (Decision 85/594/EEC)|
|T||Adoption by Council of directive (Directive 85/583/EEC) on undertakings for collective investments in transferable securities (UCITS)|
|May||L||Commission presents a program for liberalization of capital movements in European Community|
|June||L||Abrogation of safeguard clause for France|
|November||L||Adoption by Council of Third Directive on capital movements (Directive 86/566/EEC)|
|February||L||Modification of existing safeguard clauses with respect to Greece, Ireland, and Italy to accommodate extension of liberalization obligations under the 1986 directive|
|July||L||Abrogation of safeguard clause for Italy|
|December||T||Safeguard clause for Ireland is extended for one year (Decision 88/12/EEC)|
|June||L||Adoption by Council of the Fourth Directive on capital movements (Directive 88/361/EEC)|
|November||L||Abrogation of safeguard clause for Ireland|
|T||Authorization for Greece to take safeguard measures is extended until the end of 1989 (Decision 88/600/EEC)|
|December||T||Further extension, for six months, of derogation enjoyed by Greece (Decision 89/644/EEC)|
|December||L||Authorized banks able to enter forward exchange contracts to cover merchandise trade risks|
|May||L||Foreigners able to acquire Finnish listed shares and bonds provided transactions were handled by an authorized bank|
|October||T||Raising of trade-related credits of more than 6 months became subject to permission|
|January||L||Abolition of restrictions on raising of trade-related credits and liberalization of foreign travel and emigrant allowances|
|January||L||Easing of obligations to surrender foreign exchange receipts|
|June||L||Authorized banks able to take part in syndicates for foreign bank loans, and to finance such loans with foreign credit|
|December||L||Increase in authorized bank’s ability to lend abroad, invest in foreign securities, and channel long-term foreign credit to domestic borrowers|
|June||T||Sale of markka-denominated bonds to nonresidents prohibited|
|June||L||Ban on sale of markka-denominated bonds to nonresidents eased|
|August||L||Manufacturing and shipping companies able to raise foreign credits|
|June||L||Easing in restrictions on direct investment abroad|
|August||L||Ability to raise foreign credits extended beyond manufacturing and shipping companies|
|August||L||Direct investment abroad by (non financial) companies exempted from authorization|
|September||L||Portfolio investment abroad by (non financial) companies permitted without limit|
|L||Direct investment in Finland no longer requires authorization|
|February||L||Sale of markka-denominated bonds to nonresidents allowed|
|L||Nonresidents allowed to issue markka-denominated bonds in Finland|
|July||L||All restrictions on foreign investment by individuals abolished|
|January||L||Most remaining restrictions abolished (including restrictions on short-term capital movements)|
|October||L||Individuals and comparable corporate entities allowed to raise loans abroad|
|June||L||In corporation of surcharge of 20 percent on official exchange rate in a new reference rate for U.S. dollar|
|June||L||Abolition of 50 percent deposit on foreign exchange purchases by importers|
|January||L||Monetary reform: introduction of the “new” franc, abolition of the Exchange Office|
|February||L||Easing of foreign exchange allowances for travel purposes and other transactions in personal sphere|
|April||L||Abolition of parallel devises-titres market for cross-border transactions by residents in foreign securities|
|L||Further relaxation of exchange controls|
|April||T||Prohibition of payment of interest on French franc deposits held by nonresidents|
|August||T||Curtailment of loans by nonresidents to residents|
|October||L||Abolition of restriction on commercial banks engaging in forward transactions|
|January||L||Introduction of positive system of exchange regulation|
|January||L||Substantial relaxation of exchange controls|
|L||Abolition of prohibition on paying interest on French franc deposits held by nonresidents|
|May||T||Reintroduction of temporary exchange control and of restrictions on allowances for foreign travel by residents|
|September||L||Abolition of exchange control measures introduced in May 1968|
|November||T||Reintroduction of essentially the same exchange control measures as were applied in May 1968|
|August||T||Reintroduction of devises-titres market|
|August||L||Easing of restrictions on outward direct investment and abolition of camel de change for foreign travel allowances|
|April||T||Imposition of minimum reserve requirement on external bank liabilities|
|August||T||Establishment of dual exchange market, comprising official market for import and export transactions and trade-related invisibles and financial franc market for all other transactions|
|October||T||Merger of devises-titres market into dual exchange market|
|March||T||Prohibition of paying interest on bank deposits of nonresidents|
|T||Raising of minimum reserve requirement on growth of external bank liabilities to 100 percent|
|October||L||Abolition of prohibition of payment of interest on bank deposits of nonresidents|
|L||Abolition of minimum reserve requirement on growth of external bank liabilities|
|January||T||Prohibition of French franc borrowing by nonresidents, restriction of forward transactions by residents, and relaxation of borrowing abroad by residents|
|March||T||Abolition of the dual exchange market|
|T||Severe tightening of controls on capital outflows and relaxation of controls on capital inflows|
|July||L||Restrictions on inward and outward direct investment relaxed|
|May||T||Reintroduction to devises-titres market, limitations on leads and lags in trade settlements, and limitations on direct investment abroad|
|March||T||Further restrictions on surrender of export proceeds and on direct investment abroad|
|March||T||Further reduction of foreign travel allowances, a ban on use of personal credit cards abroad, and introduction of carnet de change, a booklet in which foreign exchange purchases were recorded|
|December||L||Some easing of limits on foreign travel allowances and foreign direct investment|
|L||Abolition of carnet de change|
|July||L||Abolition of ban on use of personal credit cards abroad|
|November||L||Easing of controls on direct investment abroad|
|February||L||Easing of inward direct investment originating from non-EEC countries|
|April||L||Authorization of Eurobond issues denominated in French francs|
|September||L||Easing of financing rules for outward direct investment outside the European Community|
|December||L||Easing of regulations for outward portfolio and direct investment|
|January||L||Easing of foreign travel allowances|
|April||L||Elimination of requirement of prior authorization of direct foreign investment|
|May||L||Abolition of devises-titres market, liberalization of purchases of secondary residences abroad, easing of forward foreign exchange operations, and easing of authorization procedures for direct investment abroad|
|November||L||Partial liberalization of bank lending in French francs to nonresidents|
|L||Abolition of administrative control through commercial banks of import and export settlements (domiciliation regime)|
|May||L||Substantial easing of exchange controls for commercial enterprises|
|L||Liberalization of trade in gold|
|July||L||Abolition of limits on tourist travel allowances|
|June||L||Permission for domestic enterprises to operate foreign currency accounts|
|L||Abolition of restrictions on borrowing abroad|
|March||L||Full liberalization of bank lending in French francs to nonresidents|
|June||L||Liberalization of commercial banks’ foreign exchange positions|
|L||Permission granted for all residents to open ECU-denominated accounts|
|January||L||Abolition to all remaining exchange control regulations (Decree 89/938)|
|Germany, Federal Republic of|
|January||L||Permission for residents to maintain foreign currency accounts abroad|
|July||L||Liberalization of inward investment by nonresidents|
|August||L||Liberalization of transactions in German bonds denominated in foreign currency|
|May||L||Abolition of all remaining restrictions on import of capital|
|August||L||Easing of regulations concerning investment abroad by residents|
|June||T||Prohibition to pay interest on deutsche mark deposits held by nonresidents and to sell money market paper to nonresidents|
|September||L||Introduction of new Foreign Trade and Payments Law, establishing a positive system of exchange regulation|
|January||L||Merger of free market for capital transactions with official exchange market|
|March||L||Abolition of restrictions on investments in foreign securities by residents|
|March||T||Introduction of withholding tax (coupon tax) on interest income on assets held by nonresidents|
|January||L||Extension of permission for outward direct investment to the OECD area (previously allowed only in EEC countries)|
|November||L||Easing of limitations on export of banknotes and on settlement requirements|
|December||T||Imposition of minimum reserve requirement on growth of external bank liabilities|
|October||L||Abolition of minimum reserve requirement on growth of external bank liabilities|
|April||T||Reintroduction of minimum reserve requirement on growth of external bank liabilities|
|May||T||Prohibition of payment of interest on bank deposits of nonresidents and of purchases by nonresidents of money market paper|
|March||T||Imposition of a cash reserve (Barde-pot) requirement for liabilities incurred vis-à-vis nonresidents|
|July||T||Prohibition of sales of fixed-interest securities to nonresidents|
|T||Tightening of minimum reserve and Bardepot requirements|
|February||T||Prohibition of sales of all credit instruments to, and of borrowing from, nonresidents|
|June||T||Further tightening of minimum reserve and Bardepot requirements|
|January||L||Abolition of minimum reserve requirement on growth of external bank liabilities|
|February||L||Reduction of Bardepot requirement and abolition of authorization requirements for sale to nonresidents of credit instruments other than domestic fixed-interest securities with maturity of less than 4 years|
|September||L||Abolition of Bardepot requirement|
|September||L||Abolition of prohibition on paying interest on deutsche mark deposits held by nonresidents|
|L||Abolition of authorization requirements for sales to nonresidents of securities with maturity of 2 to 4 years|
|December||T||Reintraduction of authorization requirements for sales to nonresidents of securities with a maturity less than 4 years|
|January||T||Reintroduction of minimum reserve requirement on growth of external bank liabilities|
|June||L||Abolition of minimum reserve requirement on growth of external bank liabilities|
|March||L||Relaxation of restrictions on sale of short-term paper to nonresidents|
|March||L||All restrictions on sale of short-term deutsche mark paper to nonresidents abolished|
|August||L||Abolition of coupon tax on interest income on assets held by nonresidents|
|June||T||Reimposition of reserve requirement (of 50 percent) on capital inflows with commercial banks|
|December||T||In consequence of Ireland’s decision to participate in the EMS, exchange controls extended to the United Kingdom|
|T||Abolition of investment currency market|
|September||L||Easing of restrictions on acquiring of foreign securities|
|January||L||Easing of restrictions on long-term outflows|
|January||L||Liberalization of purchases of medium- and long-term foreign securities by residents|
|April||L||Further relaxation and easing of administrative requirements|
|January||L||Easing of restrictions on purchases of foreign securities, borrowing in foreign currency, and extending loans to nonresidents|
|January||L||Abolition of all remaining exchange control regulations|
|June||T||Introduction of measures aimed at restricting capital outflows, ban on net external credit position of banks, and suspension of external convertibility of Italian banknotes|
|January||T||Establishment of dual exchange market|
|July||T||Introduction of 50 percent compulsory non-interest-bearing deposit scheme with respect to most capital outflows|
|March||L||Abolition of dual exchange market|
|May||T||Introduction of temporary compulsory non-interest-bearing deposit scheme with respect to imports, excluding raw materials, oil, and investment goods|
|T||Italy authorized by the Commission to invoke safeguard measures (Decision 74/287/EEC)|
|March||T||Reintroduction of compulsory bank financing in foreign exchange for advance settlement of imports|
|May||T||Reintroduction of the non-interest-bearing import-deposit scheme|
|October||T||Imposition of temporary special tax on purchases of foreign currency and payments abroad|
|T||Extension of compulsory import-deposit scheme|
|February||L||Expiration of special tax on foreign currency purchases|
|April||L||Abolition of compulsory import-deposit scheme|
|May||T||Reintroduction of non-interest-bearing deposit scheme with respect to purchases of foreign currency by residents|
|February||L||Abolition of the advance deposit scheme|
|December||L||Certain direct investment abroad is exempted from the 50 percent non-interest-bearing deposit requirements|
|December||L||Reduction of compulsory zero-deposit requirements on portfolio investment abroad|
|October||L||Abolition of compulsory deposit requirement for direct investment abroad|
|L||Residents’ foreign exchange deposits made freely convertible into other currencies and ban on transfer of foreign securities and loans between residents lifted|
|L||Reduction of compulsory deposit requirements on other transactions|
|August||L||Restoration of external convertibility of Italian banknotes|
|March||T||Introduction of reserve requirement on bank deposits in foreign currency|
|May||L||Abolition of non-interest-bearing deposit requirement for investment abroad in securities and real estate|
|September||T||Shortening of holding periods of foreign currencies|
|June||L||Restrictions on tourist spending eased|
|October||L||Introduction of a positive system of exchange control|
|L||Significant relaxation of controls|
|January||L||Abolition of restrictions on purchases of foreign securities by residents|
|May||Abolition of all remaining exchange control regulations|
|June||L||Controls on foreign direct investment eased|
|July||L||Introduction of nonresident free yen accounts|
|July||L||Further easing in foreign direct investment regulations|
|July||L||Restrictions on outward direct and portfolio investment eased|
|September||T||Restrictions on yen conversion of advance export receipts|
|June||T||Marginal reserve requirement imposed on nonresident free yen accounts|
|October||T||Restrictions on the purchase of Japanese securities by nonresidents|
|November||L||Restrictions on portfolio outflows eased further|
|November||L||Easing of restrictions on advance receipt of export payments|
|November||T||Acquisition of foreign short-term (maturity of less than six months) securities by residents restricted|
|December||L||Easing of restrictions on purchase of Japanese securities and lowering of marginal reserve requirement on nonresident free yen accounts|
|January||T||Tightening of portfolio outflow restrictions, including voluntary restraints on institutional investors|
|April||T||Japanese banks instructed not to finance “non-urgent” foreign direct investment|
|September||L||Marginal reserve requirement on nonresident free yen accounts abolished|
|March||L||Abolition of “voluntary restraints” on banks’ purchase of foreign securities|
|June||L||Restrictions on foreign currency accounts of residents eased|
|June||T||Reserve requirements introduced on foreign currency liabilities of foreign exchange banks, residents’ external foreign currency deposits, and nonresident free yen accounts.|
|March||T||Marginal reserve requirement on nonresident free yen accounts increased, further restrictions placed on portfolio inflows|
|February||L||Marginal reserve requirement on nonresident free yen accounts abolished|
|February||L||Restrictions on nonresident purchase of bonds eased|
|May||L||Easing of restrictions on portfolio flows|
|March||L||Easing of restrictions on portfolio inflows|
|December||L||Revision of Foreign Exchange and Foreign Trade Control Law|
|June||L||Liberalization of short-term Euroyen lending by Japanese banks|
|April||L||Abolition of requirement to link forward exchange transactions to trade|
|May||L||Publication of Report on Yen/Dollar Exchange Issues|
|June||L||Further easing of portfolio flows|
|May||L||Abolition of prior notification requirement for residents undertaking short-term borrowing in Euroyen|
|August||L||Easing of limits on offshore investment by institutional investors|
|December||L||Japanese Offshore Market (JOM) opened|
|April||L||Easing of restrictions on flows of funds between JOM and domestic markets|
|April||L||Restrictions on inward foreign direct investment eased|
|April||L||Introduction of Foreign Exchange and Foreign Trade Control Law|
|July||L||Issuance of general licenses for a number of types of outward capital movements|
|October||L||Further relaxation of exchange controls|
|December||L||Opening up of Netherlands capital market for issuance of foreign guilder loans up to a ceiling|
|October||L||Abolition of “free market” for cross-border transactions in securities|
|September||T||Introduction of free market for bond transactions (“0-circuit”)|
|March||T||Prohibition of payment of interest on guilder deposits held by non-residents|
|July||T||Further tightening of exchange controls, affecting leads and lags and the taking up of foreign credit by residents|
|February||L||Abolition of closed bond circuit|
|January||L||Abolition of prohibition on paying interest on guilder deposits held by nonresidents|
|September||L||Switch over to a positive system of exchange control|
|L||Further easing of regulations concerning capital outflows|
|May||L||Coming into force of the External Financial Relations Act, which supersedes the Exchange Control Decree of 1945|
|July||L||Abolition of all remaining restrictions on capital inflows|
|October||L||Abolition of all remaining restrictions on capital outflows|
|L||Full liberalization of all capital transactions.|
|January||T||Borrowing in New Zealand by foreign companies resident in New Zealand and offshore borrowing by New Zealand companies require approval in all cases|
|June||T||Restrictions on overseas borrowing by New Zealand companies tightened|
|August||L||Financial institutions allowed to borrow offshore for industrial development|
|January||T||Restrictions on dealing in foreign exchange tightened|
|November||L||All restrictions on access of foreign-owned companies operating in New Zealand to domestic capital markets abolished|
|L||Financial institutions permitted to borrow abroad|
|December||L||All controls on both inward and outward foreign exchange transactions abolished|
|L||Rules limiting offshore borrowing eased|
|March||L||The New Zealand dollar floated|
|October||L||Permission no longer required for offshore borrowing|
|L||Rules limiting foreign companies borrowing or issuing share capital in New Zealand abolished|
|August||L||Inward direct investment rules eased|
|March||L||Relaxation of foreign travel allowances|
|September||L||Relaxation of controls on purchases of foreign securities by residents|
|December||L||Abolition of prior authorization requirement of inward direct investment|
|March||L||Easing of restrictions on acquisition of foreign securities|
|June||L||Liberalization of direct and portfolio investment abroad|
|September||L||Abolition of compulsory deposit requirement against foreign currency|
|December||L||Abolition of all remaining exchange control regulations|
|June||L||Liberalization of inward direct investment and right of establishment|
|November||L||Relaxation of controls on outward direct investment|
|October||L||Relaxation of controls on foreign currency operations by commercial banks|
|December||L||Liberalization of outward direct investment and trade in medium-and long-term foreign securities|
|January||T||Imposition of nonremunerated reserve requirement on financial credits taken up abroad|
|September||L||Permission granted for residents to open accounts denominated in ECUs|
|April||L||Further relaxation measures|
|April||L||Abolition of restrictions on opening of foreign currency accounts|
|February||L||Abolition of all remaining exchange control regulations|
|September||T||Reintroduction of certain restrictions, mainly with respect to short-term financial credits|
|November||L||Abolition of all remaining exchange control regulations|
|January||L||Foreign-currency borrowing via banks permitted for trade financing|
|June||L||Liberalization of controls on forward exchange dealing|
|1981||L||Conditions for financing direct investment abroad from within Sweden made less restrictive|
|April||L||Trading of foreign shares permitted on Swedish stock market|
|February||L||Easing of restrictions on offshore borrowing by enterprises and local authorities|
|March||L||Restrictions on forward dealing further liberalized|
|June||L||Abolition of requirement to finance outward direct investment using foreign currency loans|
|January||L||Further easing of restrictions on foreign exchange and forward transactions|
|November||L||Easing of restrictions on the purchase of foreign shares|
|December||L||Easing of restrictions on inward and outward direct investment|
|June||L||Abolition of almost all remaining exchange controls|
|December||L||Branches of foreign banks permitted to participate in Riksbank’s clearing system on the same terms as Swedish banks|
|July||T||Imposition of 100 percent reserve requirement on marginal increases in nonresident deposit, and ban on interest payments on new nonresident deposits|
|July||T||Restrictions on residents’ offshore borrowing imposed, nonresident purchase of securities and real estate prohibited, and “negative” interest rate introduced on marginal nonresident deposits|
|October||L||Suspension of negative interest rate on nonresident deposits|
|November||T||Reintroduction of negative interest rate|
|February||T||Restrictions placed on imports of foreign banknotes and purchase of domestic securities by foreigners|
|April||T||Scope of deposits to which negative interest rate applied widened|
|January||L||Abolition of restrictions on imports of foreign bank notes and on purchase of domestic securities by foreigners|
|May||L||Licensing of residents’ offshore borrowing abolished|
|December||L||Suspension of negative interest rate on nonresident deposits|
|February||L||Ban on payment of interest on nonresident savings accounts lifted|
|August||L||Abolition of remaining restrictions on payment of interest on nonresident deposits|
|January||L||Easing of issue requirements for foreign bonds|
|January||L||Limits on foreign bond issues raised|
|May||L||Limits on foreign bond issues abolished|
|December||L||Sterling becomes convertible|
|July||T||Restrictions on direct investment outside sterling area introduced|
|April||L||Easing of restrictions on repatriation of nonresidents’ capital|
|August||T||Introduction of controls on portfolio inflows|
|December||L||Abolition of controls on portfolio inflows|
|July||T||Easing of capital controls vis-à-vis EEC members postponed|
|November||T||Restrictions on banks’ financing trade between countries other than the United Kingdom imposed, conversion of foreign currency bills into sterling by banks no longer permitted|
|December||T||Monitoring of sales of foreign currency for sterling tightened|
|October||L||Easing of restrictions on sterling borrowing to fund inward direct investment and also on travel allowances for residents|
|December||L||Easing of capital outflows to other EEC countries|
|June||L||Easing of restrictions on resident institutional investors investing in foreign currency securities|
|January||L||Restrictions on sterling lending to nonresident-controlled companies operating in the United Kingdom largely abolished|
|June||L||Easing of restrictions on outward capital flows|
|July||L||All restrictions on outward direct investment abolished and outward portfolio investment significantly liberalized|
|October||L||The Exchange Control Act of 1947 suspended and all remaining barriers to inward and outward flows of capital removed|
|L||Abolition of remaining exchange controls|
|July||T||Announcement of introduction of Interest Equalization Tax (enacted 1964)|
|March||T||Introduction of voluntary guidelines limiting foreign lending and investment|
|January||T||Guidelines limiting foreign direct investment made mandatory|
|January||L||Abolition of capital controls, including voluntary guidelines|
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Note: For information on the titles and availability of Occasional Papers not listed, please consult the IMF’s Publications Catalog or contact IMF Publication Services.