Abstract

A primary objective of the Fund’s mission to selected member countries of the Community and the related Fund questionnaire forwarded to all countries in the Community was to elicit views on the prospects for attaining convertibility among the currencies of the member countries in the short to medium term and on the methods for achieving it. Related to these central issues were questions pertaining to the significance of inconvertibility for intraregional trade and to the prospects for adapting existing currency arrangements, together with longer-term problems, such as the effects of convertibility on investment flows. This chapter summarizes these views. In addressing these questions, representatives of the individual member countries emphasized that their responses were related only to the technical issues involved and were not intended to prejudge the important policy matters that would need to be dealt with at a later stage.

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