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International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Eigth Issue of the IMF. This volume is the Eighth Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the IMF. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues, however not decisions that have ceased to be effective or that are referred to less frequently than in the past. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to these few exceptions, decisions that affect individual members are not included. Decisions of the IMF that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.

International Monetary Fund

Abstract

This volume is the Seventh Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues but not decisions that have ceased to be effective or that are referred to less frequently than in the past. A substantial part of this volume is devoted to decisions taken by the IMF since the last issue. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to the few exceptions referred to, decisions that affect individual members are not included. Decisions of the Fund that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.

International Monetary Fund

Abstract

This paper presents Selected Decisions and Selected Documents’ Third Issue of the IMF. Dealings in paper money and coins are deemed to be ‘other exchange transactions’ within the meaning of Article IV, Section 3, whether or not the importation and exportation of such money and coins to and from the country of origin are subject to restrictions. The IMF does not object to exchange rates which are within 2 percent of parity for spot exchange transactions between a member's currency and the currencies of other members taking place within the member's territories, whenever such rates result from the maintenance of margins of no more than 1 percent from parity for a convertible, including externally convertible, currency. The Executive Directors interpret the Articles of Agreement to mean that steps which are necessary to protect a member from unemployment of a chronic or persistent character, arising from pressure on its balance of payments, are among the measures necessary to correct a fundamental disequilibrium; and that in each instance in which a member proposes a change in the par value of its currency to correct a fundamental disequilibrium the IMF will be required to determine, in the light of all relevant circumstances, whether in its opinion the proposed change is necessary to correct the fundamental disequilibrium.

International Monetary Fund

Abstract

This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The usability of gold or dollars for the payment of the gold subscription is not necessary to constitute “holdings.” It has been decided to recommend to the Board of Governors, where a member presents, for reasons which it shall submit to the IMF, that its reserves should not be reduced by an immediate 25 percent gold payment, that such member shall be permitted in accordance with an appropriate resolution to have its quota increased in five annual installments, with the right to accelerate the payment of such installments. In June 1947, the IMF issued a statement recommending to its members that they take effective action to prevent external transactions in gold at premium prices, because such transactions tend to undermine exchange stability and to impair monetary reserves.

International Monetary Fund

Abstract

The first interval of five years, at the end of which the Fund shall review the quotas of the members in accordance with Article III, Section 2, began on the date when the Fund Agreement, in accordance with Article XX, Section 1, entered into force: i.e. on December 27, 1945.

International Monetary Fund

Abstract

In order to ensure the uniform application of the relevant Articles of Agreement as they apply to determinations of members’ net official holdings of gold and U.S. dollars for the purposes of Article III, Section 3(b) (ii), the Fund adopts or reaffirms the following principles of interpretation for the indicated provisions of the Fund Agreement:

International Monetary Fund

Abstract

It is determined as a matter of interpretation that Art. Ill, Sec. 4, and not Art. Ill, Sec. 3, applies to all changes in quotas.

International Monetary Fund

Abstract

The Fund has examined certain problems relating to the adjustment of its holdings of fluctuating currencies and to transactions and computations involving such currencies and has come to the following conclusions:

International Monetary Fund

Abstract

The following statement should be communicated to members and made public without delay:

International Monetary Fund

Abstract

Dealings in paper money and coins are deemed to be “other exchange transactions” within the meaning of Article IV, Section 3, whether or not the importation and exportation of such money and coins to and from the country of origin are subject to restrictions. The dealings are in consequence subject to the provisions of that Section. Members shall not permit transactions in such paper money and coins within their territories in a manner or to an extent which will negate the par values agreed with the Fund. Where transactions in fact have such an effect the Fund will be obliged to intervene.