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.
1. This agreement, which is entered into by the United Nations pursuant to the provisions of Article 63 of its Charter, and by the International Monetary Fund (hereinafter called the Fund), pursuant to the provisions of article X of its Articles of Agreement, is intended to define the terms on which the United Nations and the Fund shall be brought into relationship.
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.
The following statement of policy concerning subsidies for the production of gold is adopted, and the Managing Director is asked to send copies to members and release the statement for publication on December 12.
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.
Whereas the Executive Director for the [member concerned] has raised certain questions of interpretation of the provisions of Section 7 of Article IX of the Articles of Agreement of the Fund as to the treatment to be accorded by a member of the international Monetary Fund to official communications of the Fund, which questions of interpretation are set forth below;
If a participant wishes to obtain currency by the sale of gold to the Fund in order to discharge the participant’s obligation under Article XXV, Sections 4 and 5 of the Articles of Agreement, the Fund will not levy a handling charge under Rule I-8 of the Rules and Regulations or collect the costs referred to in Rule G-7.