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Eugene A. Birnbaum and Moeen A. Qureshi

THE USE of advance import deposits as a means of implementing economic policy has spread rapidly in recent years. Most frequently used in Latin America, this technique has been applied in more than 20 countries in various parts of the world.1 The experience gained in recent years makes it possible now to analyze and to assess their functions as part of a general system of exchange and trade restrictions, and their contribution to the achievement of monetary stability.

International Monetary Fund. External Relations Dept.

This paper highlights that 1976 was an important year for the IMF. With the end of 1976, the IMF closed its books on a year of virtually unprecedented activity. It launched the New Year with a US$3.9 billion stand-by arrangement for the United Kingdom, the largest ever made for a member country. The outlook at the beginning of 1977 suggests another busy year ahead for the IMF. The proposed second amendment to the IMF’s Articles of Agreement and the increase in members’ quotas are expected to go into effect before the end of the year.