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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 1951

International Monetary Fund. External Relations Dept.

Abstract

This paper recognizes the difficulties and problems being faced by member countries under present circumstances and the uncertainties resulting from the strained international situation and rearmament. After the various relaxations and intensifications, there still remains a widespread use of restrictive practices by the IMF’s members. Despite some similarity between the restrictive systems of different countries, there is, as noted, a widespread diversity in the practices of IMF members. Multiple currency practices of many types and a variety of other devices are employed either in isolation or in combination. The purpose of many of the restrictions employed is to cope with balance of payments difficulties of the country imposing them. Some of the difficulties, however, are the result of measures in important export markets. Limitations on imports by one country, through exchange or trade restrictions or other devices, restrict the earnings of other countries and consequently may result in the latter restricting their payments.

International Monetary Fund. External Relations Dept.

Abstract

This paper discusses economic and financial difficulties that will undoubtedly continue to confront them, although it is to be expected that renewed expansion in world trade will ease the decline in export earnings which they have recently suffered. Much effort will be needed nationally and internationally to create the conditions which will enable these countries to reap the full advantages of growth combined with domestic stability and external equilibrium. In this endeavor, those countries which conduct their transactions in convertible currencies, and which have relatively simple exchange systems, will be in a better position to cope with the financial problems arising out of urgent needs for development. Although many obstacles remain, there is in the world today an increased understanding of the issues involved, and the possibility of achieving the full benefits of a multilateral system is now greater than at any previous time in the IMF’s history.