This paper focuses on Procedures for Surveillance contained in the document entitled “Surveillance over Exchange Rate Policies” attached to Decision No. 5392-(77/63), adopted April 29, 1977, as amended. The Executive Board shall review the general implementation of the IMF’s surveillance over members’ exchange rate policies at intervals of two years and at such other times as consideration of it is placed on the agenda of the Executive Board. The Executive Board would adopt, without discussion, a decision approving the conclusions set forth in the staff report. The Executive Board would adopt, without discussion, a decision completing the consideration of a staff report by the Executive Directors. Hence, the Executive Board would take note of the staff report, but would not approve any conclusions set forth in the report. The Executive Board would not adopt any decision. The IMF adopts the Instrument to Establish the Enhanced Structural Adjustment Facility Trust that is annexed to this Decision.