This paper examines legal provisions and practices of the IMF that involve nonmember states. It considers certain preliminary topics including: categories of nonmembers, subordinate territories for which members are responsible, and ex-members. It then discusses three ways in which nonmembers are affected either because members are limited in their freedom of action in dealing with nonmembers or because nonmembers have consented to certain obligations or standards that parallel those of the Articles. Withholding of certain benefits from nonmembers is also outlined.

International Monetary Fund

Washington, D. C.,


International Standard Serial Number: ISSN 0538-8759

Reprinted September 1985


  • Articles of Agreement, Schedules, and Rules and Regulations of the Fund Quoted

  • Executive Directors’ Decisions Cited

  • Prefatory Note

  • Introduction

  • 1. Non-Members

  • 2. Ex-Members

  • 3. General Undertakings of Members Regarding Relations with Non-Members

  • 4. Premium Gold Transactions Involving Non-Members

  • 5. Special Exchange Agreements

    • Obligations Under Special Exchange Agreements

    • Obligations in Absence of Special Exchange Agreements

  • 6. Article XI, Section 2: Restrictions Against Non-Members

  • 7. Restrictions Against Signatories of Special Exchange Agreements

  • 8. Recognition of Exchange Controls of Non-Members

  • 9. Agreement Between Fund and Switzerland—Stipulation Pour Autrui

  • 10. Objective International Personality and Non-Members

  • Summary


    • I. Text of Special Exchange Agreement

    • II. Exchange of Letters Between the Ambassador of Switzerland to the United States and the Managing Director of the Fund

Prefatory Note

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

Articles of Agreement, Schedules, And Rules And Regulations Of The Fund Quoted

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Executive Direcfors’ Decisions Cited

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