International Monetary Fund

Title Page

International Monetary Fund

Washington, D.C.



  • References to Articles of Agreement

  • Table of Cases Cited

  • Prefatory Note

  • Introduction

  • Floating Currencies

    • Effects on New Legislation

    • Application of Par Values

    • Hardship Clauses and Concept of Contract

    • Judgments in Foreign Currencies and Other Problems

    • Exchange Arrangements and Future Legal Developments

  • Special Drawing Rights (SDRs)

    • International Agreements: A Survey

    • International Transportation: Air and Sea

      • Montreal Protocols and other solutions

      • International Air Transport Association

      • Intergovernmental Maritime Consultative Organization

      • Convention on Carriage of Goods by Sea

    • International Transportation: Rail

      • International Union of Railways

      • International Carriage of Goods, Passengers, and Luggage by Rail

    • International Telecommunication and Postal Services

      • International Telecommunication Union

      • Universal Postal Union

      • European Conference of Postal and Telecommunications Administrations

    • International Financial Operations

      • A general view

      • Asian Development Bank

      • Economic Community of West African States

      • International Fund for Agricultural Development

      • International Bank for Reconstruction and Development (World Bank)

      • Islamic Development Bank

      • Nordic Investment Bank

      • Nordic short-term financial assistance

    • Products Liability

  • Gold

    • Valuation Under the Articles of Agreement

    • Valuation by Members

    • Valuation by Courts

    • Gold-Value and Currency Clauses

  • Conclusions

    • Floating Currencies

    • Special Drawing Rights (SDRs)

    • Gold

  • Appendix A. Interim Valuation of the SDR: New Rule 0-3

  • Appendix B. Rates for Computations and Adjustment of Fund’s Holdings of Currencies

  • Appendix C. Proposed Second Amendment: Exchange Arrangements and Par Values

  • Appendix D. Surveillance over Exchange Rate Policies

  • Appendix E. Gold Clause Joint Resolution

  • Notes

References to Articles of Agreement

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Notes are set at the end of the pamphlet (pages 85-103).

Cases Cited

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Prefatory Note

This pamphlet discusses further legal developments that have occurred, since Pamphlet No. 19 in this series was published, in connection with currencies, SDRs, and gold as a result of changes in international monetary arrangements.

Three versions of the Articles of Agreement are referred to in this pamphlet: the original Articles, the Articles as modified by the first amendment of them, and the Articles as they will be modified by the proposed second amendment.

In the notes (see pages 85-103), the words original, first, or second in italics following the reference to a provision of the Articles shows whether the reference is to the original Articles, or to the first amendment, or to the proposed second amendment.

The opinions expressed in this pamphlet are those of the author, who is the General Counsel and Director of the Legal Department of the International Monetary Fund, and not necessarily those of the Fund.

September 1977