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International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1956

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1957

International Monetary Fund. External Relations Dept.

Abstract

This paper analyses relatively little overall progress in the formal relaxation of restrictions. Certainly, progress in this respect was much less than in the immediately preceding years. On the other hand, there was a significant strengthening of most internationally traded currencies, particularly in the opening months of 1958. The rates in free markets began to approximate the rates in official markets. In this respect, there was continued progress toward what is commonly called external convertibility, although the present position still falls short of formal external convertibility. In some countries, restrictions were relaxed to only a limited extent, partly because earlier relaxations had left only restrictions of a protective nature and partly because of the more complex nature of the economic trends which characterized the period. In the light of these trends and, more particularly, of the currency speculation which arose during the middle of the period, it is notable that most countries were able to defend the progress toward freer trade and payments which had been made earlier.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses economic and financial difficulties that will undoubtedly continue to confront them, although it is to be expected that renewed expansion in world trade will ease the decline in export earnings which they have recently suffered. Much effort will be needed nationally and internationally to create the conditions which will enable these countries to reap the full advantages of growth combined with domestic stability and external equilibrium. In this endeavor, those countries which conduct their transactions in convertible currencies, and which have relatively simple exchange systems, will be in a better position to cope with the financial problems arising out of urgent needs for development. Although many obstacles remain, there is in the world today an increased understanding of the issues involved, and the possibility of achieving the full benefits of a multilateral system is now greater than at any previous time in the IMF’s history.

International Monetary Fund. External Relations Dept.

Abstract

This paper focuses on progress in reducing or eliminating exchange restrictions that has been substantial and has been made on a wide front; retrogressions have been comparatively few. The beneficial effects of the widening scope of currency convertibility have been felt in many areas, and the evolution toward freer, more orderly, and less discriminatory trade and payments has been strongly supported by a high level of economic activity, expanding international trade, and the general maintenance of monetary stability. Recent developments in trade and payments have not merely reduced the scope of restrictions; they have also changed the nature of these restrictions. Of key importance was the introduction of external convertibility by several countries at the end of 1958. Quotations for externally convertible currencies in exchange markets throughout the world have shown only minor fluctuations in the past twelve months. Most Western European currencies have generally been strong in terms of the US dollar.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses that total world trade rose significantly, particularly because of sustained European demand. With some exceptions, prices of basic products fell during the period. In this economic environment, developments in exchange markets became of focal interest to the IMF. The cumulative effect during recent years of relaxing surrender requirements and restrictions on payments has been very largely to restore to exchange markets their traditional function of reflecting the trend of international financial pressures. The difficulties that several countries faced in coordinating their internal and external monetary policies accentuated the international movements of short-term funds which had become increasingly important in preceding years. In particular, the Federal Republic of Germany and Switzerland received large amounts of foreign funds. Some countries continued to reduce their restrictions, particularly in the direction of simplifying exchange systems and liberalizing imports. These moves made a contribution toward sustaining the volume of world trade.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1962

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 1964

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.