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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

International Monetary Fund. External Relations Dept.

Abstract

This paper highlights the period under review was characterized by an unusually rapid increase in world trade and stresses on the international payments system. After a downturn in the rate of expansion of world trade in 1967, there was a sharp rise in the rate of growth in 1968. There was less emphasis on restrictions on current transactions, the main reliance being placed on capital controls in the efforts of the major trading countries to restore their balance of payments position. The area in which certain countries felt obliged to exercise control over current payments was the provision of exchange for travel expenditure, partly to prevent evasion of the capital controls. Several countries made important changes in their exchange and trade systems during the year tending toward liberalization of their restrictions. However, more restrictive import policies were adopted in other countries, which generally have a more important share in world trade.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1968

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses relaxation of restrictions in most cases that applied to trade; in some countries there was also liberalization with respect to invisibles. Yugoslavia introduced a major revision of its trade and payments system at the beginning of 1967 and has initiated steps to reduce its reliance on bilateral trade and payments arrangements; this took on greater significance because economic decision making within Yugoslavia has been decentralized further and made more responsive to market forces. India, by measures associated with devaluation, carried out a major simplification of export promotion measures and a substantial relaxation of restrictions on imports. Restrictions on imports were relaxed in other countries, including Austria, Iceland, Israel, Japan, Korea, Morocco, Rwanda, South Africa, and Uruguay. Progress in working off commercial and financial arrears occurred in several countries; particularly noteworthy were the starts made by Ghana and Indonesia. Colombia and Pakistan, each having progressively liberalized through most of the year, re-imposed import restrictions near the end of the year; Colombia, however, introduced new regulations in March 1967, which would permit a measure of liberalization of imports.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses developments in individual countries reflected domestic policies, but also the way in which their economies were affected by international economic developments. Generally, countries that have assumed the obligations of Article VIII of the IMF Agreement—and which as noted in the last Report account for some 70 per cent of world trade—were making less use of restrictions, and some were able further to reduce that use in 1965–1966. At the outset of 1965 there were a number of disturbing tendencies in the international payments situation. The growth of international trade was noticeably slackening, and the prices of primary products were declining. Among the industrial countries export increases in 1965 were generally largest for those whose payments positions were already strong and whose restrictions on payments had been largely eliminated. Thus, the member countries of the European Economic Community (EEC) had a very satisfactory expansion of exports; this was partly associated with economic developments in France and Italy, where some easing of domestic demand released resources for export.

International Monetary Fund. External Relations Dept.

Abstract

This paper outlines the changes that took place in restrictive systems were largely a reflection of shifts in the balance of payments positions and outlook of member countries. The country surveys show that these changes were numerous. Several countries, including the United Kingdom and the United States, took steps to moderate capital outflows. The range of restrictive devices applied by some countries appears to have widened in recent years. The use of advance import deposit requirements has spread, and more countries are applying surcharges to imports when in balance of payments difficulties. In contrast, a number of member countries whose restrictive systems have been progressively liberalized in recent years have relied on internal measures to meet temporary balance of payments difficulties rather than resort to restrictions. By making use of the IMF’s resources several member countries have been able to maintain or extend their liberalization policies.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1964

International Monetary Fund. External Relations Dept.

Abstract

This paper outlines among the underdeveloped countries, some experienced an improvement in their balance of payments positions, enabling them to reduce restrictions on payments. Many of them, however, still had difficult balance of payments problems—because of such factors as rapid development and growth, a deterioration in their terms of trade, inflation, and other causes—and continued to apply exchange and import restrictions, or introduced additional restrictions, in an attempt to avoid undue pressure on the exchange rate and a drain on reserves. Taking a broad view of developments in the field of exchange restrictions during the past twelve months, it can be stated that it was a year of progress. The international payments system was strengthened further, and the net effect was a comparative calm in international exchange markets notwithstanding severe fluctuations on stock exchanges. The payments position and prospects of a range of countries enabled them to reduce and in some cases virtually to eliminate restrictions. Other countries that continued to experience balance of payments difficulties, such as India, Indonesia, and Ceylon, increased their import restrictions.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1962