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International Monetary Fund. Monetary and Capital Markets Department

Abstract

This is the 64th 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 2012, alongside a strengthening of the financial sector regulatory framework. 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 2012, 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.

Abstract

This paper highlights the exchange rate for the pound sterling soon after it began to float, moved within a relatively narrow range in relation to other major currencies and unrest in the exchange markets moderated. In some countries, such as Australia and Spain, where outward capital movements were still subject to considerable restrictions, these were relaxed to various extents. In a number of primary producing as well as industrial countries, the control of inward capital movements was motivated not by their immediate balance of payments impact but by concern over the extent of foreign ownership of certain sectors of the economy. Contrary to expectations, the monetary unrest remained and capital movements increased. After moderating somewhat in the second half of 1972, late in the period gold prices started to rise again, and they reached new peaks in early 1973. Guatemala, Hong Kong, and Kuwait abolished exchange control. Germany, invoking Article 23 of the Foreign Trade and Payments Law, restricted additional types of capital transactions between residents and nonresidents in order to ward off capital inflows.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

Published since 1950, this authoritative annual reference is based upon a unique IMF database that tracks exchange and trade arrangements for the 187 IMF member countries, along with Hong Kong SAR, Aruba, and Curaçao and St Maarten. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information on exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, controls on capital transactions, and provisions specific to the financial sector. The 52 countries covered in this special supplement have been selected as those where expanded information on the regulatory framework for capital movements was readily available to the IMF. They include countries that participated in a pilot data collection project on the regulatory framework for capital transactions conducted by the IMF in 1996, and member countries of the OECD.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1950

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 discusses developments in individual countries reflected domestic policies, but also the way in which their economies were affected by international economic developments. Generally, countries that have assumed the obligations of Article VIII of the IMF Agreement—and which as noted in the last Report account for some 70 per cent of world trade—were making less use of restrictions, and some were able further to reduce that use in 1965–1966. At the outset of 1965 there were a number of disturbing tendencies in the international payments situation. The growth of international trade was noticeably slackening, and the prices of primary products were declining. Among the industrial countries export increases in 1965 were generally largest for those whose payments positions were already strong and whose restrictions on payments had been largely eliminated. Thus, the member countries of the European Economic Community (EEC) had a very satisfactory expansion of exports; this was partly associated with economic developments in France and Italy, where some easing of domestic demand released resources for export.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses relaxation of restrictions in most cases that applied to trade; in some countries there was also liberalization with respect to invisibles. Yugoslavia introduced a major revision of its trade and payments system at the beginning of 1967 and has initiated steps to reduce its reliance on bilateral trade and payments arrangements; this took on greater significance because economic decision making within Yugoslavia has been decentralized further and made more responsive to market forces. India, by measures associated with devaluation, carried out a major simplification of export promotion measures and a substantial relaxation of restrictions on imports. Restrictions on imports were relaxed in other countries, including Austria, Iceland, Israel, Japan, Korea, Morocco, Rwanda, South Africa, and Uruguay. Progress in working off commercial and financial arrears occurred in several countries; particularly noteworthy were the starts made by Ghana and Indonesia. Colombia and Pakistan, each having progressively liberalized through most of the year, re-imposed import restrictions near the end of the year; Colombia, however, introduced new regulations in March 1967, which would permit a measure of liberalization of imports.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1968

International Monetary Fund. External Relations Dept.

Abstract

This paper highlights the period under review was characterized by an unusually rapid increase in world trade and stresses on the international payments system. After a downturn in the rate of expansion of world trade in 1967, there was a sharp rise in the rate of growth in 1968. There was less emphasis on restrictions on current transactions, the main reliance being placed on capital controls in the efforts of the major trading countries to restore their balance of payments position. The area in which certain countries felt obliged to exercise control over current payments was the provision of exchange for travel expenditure, partly to prevent evasion of the capital controls. Several countries made important changes in their exchange and trade systems during the year tending toward liberalization of their restrictions. However, more restrictive import policies were adopted in other countries, which generally have a more important share in world trade.

International Monetary Fund. External Relations Dept.

Abstract

Annual Report on Exchange Arrangements and Exchange Restrictions 1970