Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1955. The report highlights that in the course of 1954 and the first half of 1955, further considerable progress was made in the direction of free and less discriminatory trade. There was a continuation of the movement noted in the previous year, when steps were taken to relax the restrictions previously imposed for balance-of-payments reasons on imports, on currency transfers, and on dealings in foreign exchange.

Contents

  • Letter of Transmittal

    • I. The Prospects for Convertibility

    • II. World Payments Developments in 1954-55

    • III. Payments Developments in the Principal Regions

      • United States

      • Canada

      • Western Europe

        • European Payments Union

      • Japan

      • Primary Producing Countries

        • Latin America

        • Overseas Sterling Area

        • Other Primary Producing Countries

        • Disposal of Agricultural Surpluses

      • Sterling Area

    • IV. Internal Monetary and Fiscal Developments

      • Industrial Countries

      • Underdeveloped Countries

    • V. The Fund and Exchange Restrictions

      • Consultations in 1954

      • Consultation Program for 1955

      • Article VIII, Article XIV, and the Transitional Period

      • Cooperation with Contracting Parties to the General Agreement on Tariffs and Trade

    • VI. Use of the Fund’s Resources

      • Fund Transactions

      • Computation of Monetary Reserves

    • VII. Gold Production and Prices

      • Gold Production

      • Gold Reserves

      • Gold Sales and Gold Prices

      • Gold Transaction Service

    • VIII. Exchange Policies

      • Changes in Par Values

      • Other Developments in Exchange Rates and Exchange Policies

    • IX. Membership, Organization, and Administration

      • Membership and Organization

      • Relations with Members

      • Training Program

      • Information

      • Relations with Other International Organizations

      • Administration

        • appendices

    • I. Letter of Managing Director to All Members and Executive Board Decision on Bilateralism

    • II. Decision on Transactions and Computations Involving Fluctuating Currencies

    • III. Summary of Fund Transactions

    • IV. Decision on Gold Margins—Amendment of Rule F-4

    • V. Membership, Quotas, Governors, and Voting Power

    • VI. Changes in Membership of the Board of Governors

    • VII. Executive Directors and Voting Power

    • VIII. Changes in Membership of the Executive Board

    • IX. Administrative Budget and Comparative Statement of Income

    • X. Balance Sheet, Statement of Income and Expenditure, and Supporting Schedules, and Financial Statements of Staff Retirement Fund

    • XI. Schedule of Par Values

    • Index

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LETTER OF TRANSMITTAL TO THE BOARD OF GOVERNORS

July 1, 1955

My dear Mr. Chairman:

In accordance with Section 10 of the By-Laws of the International Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ended April 30, 1955. As in previous years, the Report also includes references to developments that occurred and information that has become available between the end of the fiscal year and the date of this letter of transmittal.

Yours sincerely,

/s/

Ivar Rooth

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund