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International Monetary Fund. Monetary and Capital Markets Department


This is the 65th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2013, alongside a strengthening of the financial sector regulatory framework. A Special Topic essay examines the dynamics and evolution of capital flows. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2013, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.

International Monetary Fund. External Relations Dept.

This paper highlights that important changes have been made in the World Bank’s management systems since Mr. A. W. Clausen became President in July 1981. The changes reflect Mr. Clausen’s belief that there needs to be a more collegial approach to decision making and greater delegation of authority. The aim is that the World Bank should become more efficient and its activities should be more responsive to its clients’ needs. A Managing Committee was also established to take decisions on all key issues facing the World Bank.

International Monetary Fund

The Joint Staff Advisory Note gives positive feedback on the elaborations made in Burundi’s Poverty Reduction Strategy Report (PRSR-II), and commends the measures taken to eliminate the implementation weaknesses and pitfalls of PRSR-I. The note puts forth guidelines to be followed by the government in implementation of the strategies for achieving the desired results, and emphasizes the need for ensuring a broad social consensus. The Executive Board also emphasizes the need for prioritizing the areas for further development.