This volume sets out the IMF’s By-Laws, which are adopted under the authority of, and are intended to be complementary to, the IMF’s Articles of Agreement, which are considered to prevail in the event of any conflict. The By-Laws cover a number of topics, including the size and composition of the IMF’s Board of Governors and Executive Board, applications for IMF membership, IMF quotas, voting rights, staff regulations, and the IMF’s Special Drawing Rights.


Rules and Regulations

International Monetary Fund

Sixty-Fourth Issue • July 2017



  • I. By-Laws of the International Monetary Fund

    • 1. Places of Business

    • 2. General Department and Special Drawing Rights Department

    • 3. Meetings of the Board of Governors

    • 4. Notice of Meetings of the Board of Governors

    • 5. Attendance at Meetings

    • 6. Agenda of Meetings of the Board of Governors

    • 7. Selection of Chairman and Vice-Chairmen

    • 8. Secretary

    • 9. Minutes

    • 10. Report of Executive Board

    • 11. Voting

    • 12. Proxies

    • 13. Voting Without Meeting

    • 14. Terms of Service

    • 15. Delegation of Authority

    • 16. Rules and Regulations

    • 17. Vacant Directorships

    • 18. {Abrogated Effective January 26, 2016}

    • 19. Representation of Members at Meetings of Fund Organs

    • 20. Budget and Audits

    • 21. Applications for Membership

    • 22. Compulsory Withdrawal

    • 23. Settlement of Disagreements with Withdrawing Member

    • 24. Amendment of By-Laws

  • II. Rules and Regulations of the International Monetary Fund

    • A. Scope of Rules and Regulations

    • B. Terms and Definitions

    • C. The Executive Board

      • Meetings

      • Agenda

      • Voting

      • Language

      • Minutes

    • D. Application for Membership and Change in Quota

      • Application for Membership

      • Quotas

    • E. Substitution of Securities for Currency

    • F. Gold

    • G. Operations and Transactions

    • H. Exchange Controls, Currency Practices, Agreements, and Information

    • I. Charges in Respect of General Resources Account Transactions and Remuneration

    • J. Accounting and Reporting

      • Accounts

      • Annual Administrative Budget

      • Annual Report

      • Audit

      • Financial Year

    • K. Limitation, Ineligibility, and Suspension of Voting Rights

    • L. Capital Transfers

    • M. Relations with Non-Members

    • N. Staff Regulations

    • O. Valuation of the SDR, Valuation of Currencies in Terms of the SDR, Freely Usable Currency, Procedures for Exchange of Currency, and Operational Budget

      • Valuation of the SDR

      • Valuation of Currencies in Terms of the SDR

      • Freely Usable Currency

      • Procedures for Exchange of Currency

      • Operational Budget

    • P. Procedures for Operations and Transactions Involving SDRs

      • Transactions with Designation

      • Designation of Participants to Provide Currency

      • Transactions by Agreement Between Participants

      • Prescribed Operations

      • Recording

    • Q. Other Holders

    • R. {Abrogated effective April 30, 1981}

    • S. Suspension of Use of SDRs

    • T. Interest, Charges, and Assessments in Respect of SDRs


I hereby certify that this is a full and true copy of the By-Laws and of the Rules and Regulations of the International Monetary Fund, as amended to July 10, 2017.

Washington, D.C.

July 10, 2017