Abstract

Selected Decisions of the International Monetary Fund and Selected Documents

Selected Decisions of the International Monetary Fund and Selected Documents

Seventh Issue

International Monetary Fund

Washington, D.C.

January 1, 1975

Contents

  • PREFACE

  • REFERENCE LIST OF DECISION NUMBERS

  • INTERPRETATIONS UNDER ARTICLE XVIII(a)

  • Selected Decisions of the Executive Directors

    • ARTICLE III, SECTION 2

      • ADJUSTMENT OF QUOTAS (408-2)

    • ARTICLE III, SECTION 3

      • SUBSCRIPTIONS

        • Gold and Currency Subscribed to the Fund and Accounting by Members for Transactions with the Fund (170-3)

        • Net Official Holdings: Principles of Interpretation (298-3)

    • ARTICLE III, SECTION 4

      • PAYMENTS WHEN QUOTAS ARE CHANGED

        • Interpretation (595-3)

    • ARTICLE IV, SECTION 2

      • PRODUCTION SUBSIDIES AND PREMIUM PRICES FOR GOLD

        • Statement of Policy Concerning Subsidies for Gold Production (233-2)

        • Premium Gold Transactions: Statement to Members (75-(705))

    • ARTICLE IV, SECTIONS 3, 4, 5, AND 8

      • PAR VALUES AND MARGINS

        • Foreign Exchange Dealings Based on Parity: Article IV, Section 3 (269-2)

        • Exchange Dealings and Margins Under Conditions of Increasing Convertibility (904-(59/32))

        • Central Rates and Wider Margins: A Temporary Regime (3463-(71/126))

        • Central Rates and Wider Margins: A Temporary Regime—Revised Decision (4083-(73/104))

        • Guidelines for the Management of Floating Exchange Rates (4232-(74/67))

        • Interpretation of Articles of Agreement (71-2)

        • Purchase and Sale of Gold Within the Meaning of Article IV, Section 4(b) (411-1)

        • Changes in Par Values: Fundamental Disequilibrium (278-3)

        • Rates for Computations and Adjustment of the Fund’s Holdings of Currencies (3637-(72/41) G/S, 4257-(74/76))

    • ARTICLE V, SECTIONS 3, 4, AND 5

      • USE OF FUND’S RESOURCES AND STAND-BY ARRANGEMENTS

        • Interpretation of Articles of Agreement (71-2)

        • Use of Fund’s Resources for Capital Transfers (1238-(61/43))

        • Use of Fund’s Resources: Meaning of Article V, Section 3(a)(i) (284-4)

        • Use of Fund’s Resources: Meaning of “Consistent with the Provisions of This Agreement” in Article V, Section 3 (287-3)

        • Extent of Drawing Rights: Meaning of Article V, Section 3(a)(iii) (451-(55/52))

        • Use of Fund’s Resources and Repurchases (102-(52/11))

        • Stand-By Credit Arrangements (155-(52/57))

          • I. Use of Fund’s Resources and Repurchases (270-(53/95), as amended by 876-(59/15) and 1151-(61/6))

          • II. Stand-By Credit Arrangements (270-(53/95), as amended by 876-(59/15) and 1151-(61/6))

        • Stand-By Arrangements (876-(59/15))

        • Use of Fund’s Resources and Stand-By Arrangements (2603-(68/132))

        • Stand-By Arrangements: Refund of Charges (1345-(62/23), as amended by 2620-(68/141))

        • Procedure for Purchases Under Stand-By Arrangements (3006-(70/24))

        • Extended Fund Facility (4377-(74/114))

        • Use of Fund’s Resources: Limitation and Ineligibility Under Article V, Section 5 (284-3)

        • Use of Fund’s Resources: Postponement and Limitation Under Article V, Section 5 (286-1)

        • Use of Fund’s Resources: Meaning of “Is Using” in Article V, Section 5 (292-3)

        • Currencies to Be Drawn and to Be Used in Repurchases (1371-(62/36))

        • Compensatory Financing of Export Fluctuations (1477-(63/8), as amended by 2192-(66/81))

        • The Problem of Stabilization of Prices of Primary Products (2772-(69/47))

        • Fourth International Tin Agreement: Buffer Stock Financing Facility (3179-(70/102), 3351-(71/51))

        • Gold Tranche Purchases Under Article V, Section 3(d)(2836-(69/87))

        • Gold Tranche Purchases and Buffer Stock Financing Facility (3386-(71/83))

        • Facility to Assist Members in Payments Difficulties Resulting from Initial Impact of Increased Costs of Imports of Petroleum and Petroleum Products (4241-(74/67), 4393-(74/121), 4529-(74/153))

        • Gold Collateral Transactions (1543-(63/39))

        • Exchange Transactions Prior to the Establishment of Initial Par Value (1687-(64/22))

    • ARTICLE V, SECTION 6

      • SALES OF GOLD TO THE FUND

        • Sale of Gold to the Fund by Participant Designated Under Article XXV, Section 5 (2916-(69/127))

    • ARTICLE V, SECTION 7

      • REPURCHASE OBLIGATIONS

        • Effect of Payment of Gold Subscriptions on Repurchase Obligations (124-2)

        • Repurchase Obligations: Article V, Section 7(b)(447-5)

        • Repurchase Obligations: Article V, Section 7(c)(419-1)

        • Repurchase Obligations: Article V, Section 7 (c) (iii) and (iv) and Schedule B, Paragraph 1(d) and (e)(3049-(70/44))

        • Voluntary Repurchases (7-(648))

        • Repurchase and Rule G-7 (119-(52/30))

        • Gold Payments Under Article V, Section 1(b) Amounting to Less Than One Bar (4087-(73/105))

    • ARTICLE V, SECTION 8

      • FUTURE CHANGES IN CHARGES ON FUND’S HOLDINGS OF MEMBERS’ CURRENCIES IN EXCESS OF QUOTA (4239-(74/67))

    • ARTICLE VI, SECTION 1

      • USE OF FUND’S RESOURCES FOR CAPITAL TRANSFERS (See also page 35)

    • ARTICLE VI, SECTION 3

      • CONTROLS ON CAPITAL TRANSFERS (541-(56/39))

    • ARTICLE VII, SECTION 2

      • BORROWING

        • General Arrangements to Borrow (1289-(62/1))

        • General Arrangements to Borrow: First Renewal (1951-(65/54))

        • General Arrangements to Borrow: Second Renewal (2858-(69/96))

        • General Arrangements to Borrow: Third Renewal (4421-(74/132))

        • Borrowing in Connection with Oil Facility (4242-(74/67))

    • ARTICLE VIII, SECTION 2(b)

      • UNENFORCEABILITY OF EXCHANGE CONTRACTS

        • Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446-4)

    • ARTICLE VIII AND ARTICLE XIV

      • PAYMENTS RESTRICTIONS

        • Payments Restrictions for Security Reasons: Fund Jurisdiction (144-(52/51))

        • Bilateralism and Convertibility (433-(55/42))

        • Retention Quotas: Decision and Letter of Transmittal (201-(53/29))

        • Discrimination for Balance of Payments Reasons (955-(59/45))

        • Article VIII and Article XIV (1034-(60/27))

      • PAYMENTS ARREARS (3153-(70/95))

      • PAYMENTS POLICIES

        • Consultations on Members’ Policies in Present Circumstances (4134-(74/4))

      • MULTIPLE CURRENCY PRACTICES

        • Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices (237-2)

        • Multiple Currency Practices (649-(57/33))

        • Multiple Currency Practices and Exchange Rates: Fund Approval (3504-(71/134))

      • VOLUNTARY DECLARATION ON TRADE AND OTHER CURRENT ACCOUNT MEASURES (4254-(74/75))

    • ARTICLE IX, SECTION 7

      • PRIVILEGE FOR COMMUNICATIONS

        • Interpretation of Article IX, Section 7 (534-3)

    • ARTICLE XII, SECTION 3

      • EXECUTIVE DIRECTORS

        • Interpretation of Article XII, Sections 3(b)(i) and 3(f) (2-1)

        • Executive Directors: Article XII, Section 3(c) (574-2, as amended by 2620-(68/141))

        • Additional Appointed Directors (597-4)

        • Adjustment of Quota and Voting Power (180-5)

    • ARTICLE XII, SECTION 6

      • ESTABLISHMENT OF A GENERAL RESERVE FROM NET INCOME (753-(58/17))

    • ARTICLE XIV, SECTION 4

      • RESTRICTIONS ON PAYMENTS AND TRANSFERS: WITHDRAWAL

        • Meaning of “Exceptional Circumstances” in Article XIV, Section 4 (117-1)

    • ARTICLE XV, SECTION 2

      • INTERPRETATION (343-(54/47))

    • ARTICLE XVII

      • AMENDMENT OF THE ARTICLES OF AGREEMENT

        • Board of Governors Resolution No. 22-8: Report of Executive Directors and Proposed Amendment to the Articles of Agreement (2493-(68/74))

    • ARTICLE XIX

      • MONETARY RESERVES AND OFFICIAL HOLDINGS

        • Net Official Holdings: Principles of Interpretation (298-3)

      • BALANCES OF ARTICLE XIV CURRENCIES DEEMED CONVERTIBLE IN ACCORDANCE WITH ARTICLE XIX(g)

        • Indonesian Rupiah (4291-(74/88))

        • Spanish Peseta (4279-(74/83))

        • Venezuelan Bolívar (4392-(74/120))

    • ARTICLE XX, SECTION 4(i)

      • USE OF FUND’S RESOURCES: POSTPONEMENT UNDER ARTICLE XX, SECTION 4(i) (284-2)

    • ARTICLE XXV, SECTION 6(a)

      • PRINCIPLES AND PROCEDURES FOR RECONSTITUTION (3457-(71/121) G/S, as amended by 3829-(72/144) S and 4330-(74/101) S; 3829-(72/144) S)

    • ARTICLE XXV, SECTION 7

      • USE OF SPECIAL DRAWING RIGHTS IN REPURCHASES AND PAYMENT OF CHARGES

        • Exclusion of Special Drawing Rights: Financial Year Ending April 30, 1970 (2901-(69/122) G/S)

        • Exclusion of Special Drawing Rights: Financial Years Ending April 30, 1971 and 1972 (3034-(70/38))

        • Exclusion of Special Drawing Rights: Financial Year Ending April 30, 1970 (3032-(70/38) G/S)

        • Exclusion of Special Drawing Rights: Financial Years Ending April 30, 1971 and 1972 (3320-(71/34) G/S)

        • Use of Special Drawing Rights in Repurchases Outside Article V, Section 7(b) (2901-(69/122) G/S, 3188-(70/106) G/S)

      • TRANSFER OF SPECIAL DRAWING RIGHTS HELD IN THE GENERAL ACCOUNT TO PARTICIPANTS MAKING PURCHASES FROM THE FUND (3414-(71/98) G/S)

    • ARTICLE XXVI, SECTION 5

      • SPECIAL DRAWING ACCOUNT: PAYMENT OF INTEREST, CHARGES, AND ASSESSMENTS (3010-(70/25) G/S)

    • SCHEDULE B

      • CALCULATION OF REPURCHASE OBLIGATIONS

        • Calculation of Monetary Reserves (486-2)

        • Calculation of Members’ Repurchase Obligations: Schedule B, Paragraph 3 (510-2)

    • GENERAL

      • FUND ASSISTANCE IN GOLD TRANSACTIONS

        • Members’ Gold Transactions (103-(52/12))

        • Fund Assistance in Gold Transactions (316-(54/27))

        • Fund Assistance in Gold Transactions (572-(56/55))

        • Fund Assistance in Gold Transactions (1033-(60/26))

        • Fund Assistance in Gold Transactions (1116-(60/51))

  • * * * *

  • Selected Resolutions of the Board of Governors

    • A. Review of Reconstitution Pursuant to Article XXV, Section 6(b) of the Articles of Agreement (Resolution No. 28-2)

    • B. Prescription of the Bank for International Settlements as a Holder of Special Drawing Rights (Resolution No. 29-1)

    • C. Composite Resolution on the Work of the Ad Hoc Committee on Reform of the International Monetary System and Related Issues and on a Program of Immediate Action (Resolutions Nos. 29-7, 29-8, 29-9, 29-10)

  • Selected Documents

    • A. Agreement Between the United Nations and the International Monetary Fund

    • B. United Nations Convention on the Privileges and Immunities of the Specialized Agencies, Annex V, and List of Countries Which Have Accepted the Convention with Respect to the Fund as of January 1, 1975

  • Index

Preface

This volume is the Seventh Issue of Selected Decisions of the International Monetary Fund and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the International Monetary Fund to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the Fund and the United Nations.

This issue contains most of the decisions that were published in earlier issues (September 1962, September 1963, January 1965, April 1970, July 1971, and September 1972) but not decisions that have ceased to be effective or that are referred to less frequently than in the past. A substantial part of this volume is devoted to decisions taken by the Fund since the last issue. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to the few exceptions referred to, decisions that affect individual members are not included. Decisions of the Fund that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.

This collection will be kept up to date by the issue of later editions.

Joseph Gold

General Counsel

and

Director, Legal Department

Reference List of Decision Numbers

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Interpretations Under Article XVIII(a)

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