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International Monetary Fund. External Relations Dept.

Abstract

This paper highlights some particularly sharp movements in the effective exchange rates of a number of the currencies of major industrial countries during 1978 and early 1979. These changes followed sizable, but less pronounced movements in the effective exchange rates of some of these currencies in 1977. A number of major policy actions affecting exchange rates were announced by the United States during the period under review. In January 1978, the United States reaffirmed that it would intervene to the extent necessary to counter disorderly conditions in the exchange markets and that for this purpose it would utilize the Exchange Stabilization Fund of the US Treasury and the US$20 billion swap network of the US Federal Reserve System. During the period under review, a number of other member countries adopted new exchange arrangements or modified their existing exchange arrangements. These changes reflected a continuation of the trend observed in recent years for members to adapt existing exchange arrangements to their own institutional circumstances and individual policy needs.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1978

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1977

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1976

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses that although in terms of value world trade increased at a sharp rate, the rise was in only a small degree due to an expansion in the volume of trade. Because of the inflation and the sharp increase in the prices of oil and some other primary products, the value of world trade, rose by some 45 percent or nearly double the rate of growth in 1973. As a result of a steep upward movement of commodity prices in 1973, the terms of trade of the developing countries and other primary producing countries had improved substantially in that year, while those of the industrial countries had been unfavorably affected. In 1974, a tendency toward reversal of these shifts in terms of trade, together with the increase in the price of oil, resulted in a considerable deterioration in the terms of trade of the non-oil producing developing countries and of other primary producing countries. Reduced rates of increase in export volumes also affected the international payments positions of these two groups of countries in 1974.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses that with inflows of capital showing some further expansion, the combined overall balance of payments surplus of the developing countries remained high. Most of the countries that use the French franc, pound sterling, or the US dollar as their intervention currency continue to do so with no change in the relationship between their own currency and the intervention currency involved. However, some countries like Jamaica re-pegged from sterling to the US dollar. Despite the flexible exchange rate regime operating in relation to the major currencies, measures to curb capital inflows, particularly those on short-term funds taken in 1971 and strengthened thereafter, were not relaxed in general until after mid-1973. The first relaxation came after a strengthening of the US dollar against the major European currencies in the third quarter of the year. During the period under review the Bahamas became a member of the IMF, raising total membership to 126 countries.

International Monetary Fund. External Relations Dept.

Abstract

This paper highlights the exchange rate for the pound sterling soon after it began to float, moved within a relatively narrow range in relation to other major currencies and unrest in the exchange markets moderated. In some countries, such as Australia and Spain, where outward capital movements were still subject to considerable restrictions, these were relaxed to various extents. In a number of primary producing as well as industrial countries, the control of inward capital movements was motivated not by their immediate balance of payments impact but by concern over the extent of foreign ownership of certain sectors of the economy. Contrary to expectations, the monetary unrest remained and capital movements increased. After moderating somewhat in the second half of 1972, late in the period gold prices started to rise again, and they reached new peaks in early 1973. Guatemala, Hong Kong, and Kuwait abolished exchange control. Germany, invoking Article 23 of the Foreign Trade and Payments Law, restricted additional types of capital transactions between residents and nonresidents in order to ward off capital inflows.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1972

International Monetary Fund. External Relations Dept.

Abstract

This paper describes that with regard to import surcharges, advance import deposits, and measures to stimulate exports, there appears to have been a small net increase in restrictions. Also, in several member countries the role of state trading increased. Although it is difficult to quantify the effect of this, it is possible that on balance there was an increase in restrictions insofar as nontariff barriers are concerned. In its consultations and through the provision of financial resources, especially in support of stand-by arrangements, the IMF has continued to work for a multilateral trade and payments system based on effective par values and free from restrictions on current payments. In addition, in the past year the IMF reviewed its policy with respect to the granting of temporary approvals of multiple currency practices and of restrictions on payments and transfers for current international transactions that are subject to approval under the IMF’s Articles of Agreement.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1970