Index to Selected Decisions of the Executive Directors
| Decision No. | Page | ||||
|---|---|---|---|---|---|
| Accounts: | |||||
| Administrative | 574-2 | 96 | |||
| Payable or receivable, Fund’s holdings of fluctuating currencies | 321-(54/32) | 10 | |||
| Special, gold collateral transactions | 1543-(63/39) | 45 | |||
| Special Reserve | 708-(57/57) | 115 | |||
| Administrative deficits of Fund | 488-(56/5) | 112 | |||
| 708-(57/57) | 114 | ||||
| Articles of Agreement: | |||||
| Article I, bilateralism and convertibility | 287-3 | 20 | |||
| 433-(55/42) | 76 | ||||
| Article III, Section 2, review of quotas | 408-2 | 1 | |||
| Article III, Section 3, subscriptions payment | 298-3 | 2 | |||
| Article III, Sections 3 and 4, changes in quotas | 595-3 | 6 | |||
| Article IV, Section 1, fluctuating currencies | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| borrowing arrangements | 1289-(62/1) | 63 | |||
| Article IV, Section 2, price of gold | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Article IV, Section 3, margins | 269-2 | 16 | |||
| 904-(59/32) | 16 | ||||
| Article IV, Section 4(a), exchange stability | 233-2 | 15 | |||
| multiple currency practices | 237-2 | 85 | |||
| Article IV, Section 5, changes in par values | 71-2 | 17 | |||
| 278-3 | 17 | ||||
| Article IV, Section 8, fluctuating currencies | 321-(54/32) | 8, 10 | |||
| maintenance of gold value of Fund assets invested in U.S. securities. | 488-(56/5) | 113 | |||
| Article V, Section 1, borrowing arrangements | 1289-(62/1) | 64 | |||
| Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of | 287-3 | 19 | |||
| meaning of Section 3(a) (i) | 284-4 | 19 | |||
| meaning of Section 3(a) (iii) | 451-(55/52) | 20 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| use of Fund’s resources | 102-(52/U) | 21 | |||
| Article V, Section 4, fluctuating currencies | 321-(54/32) | 10 | |||
| 1283-(61/56) | 12 | ||||
| gold collateral transactions | 1543-(63/39) | 44 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| Article V, Section 5, limitation on use | 284-3 | 32 | |||
| 286-1 | 32 | ||||
| “is using”, meaning of | 292-3 | 33 | |||
| Article V, Section 6(a), fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| repurchase obligation | 119-(52/30) | 50 | |||
| voluntary repurchase | 7-(648) | 52 | |||
| Article V, Section 7, repurchase obligations | 124-2 | 50 | |||
| Article V, Section 7(b), borrowing arrangements | 1289-(62/1) | 61 | |||
| fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| repurchase obligations | 447-5 | 51 | |||
| 7-(648) | 52 | ||||
| 119-(52/30) | 50 | ||||
| 1371-(62/36) | 35 | ||||
| Article V, Section 7(c), repurchase obligations | 419-1 | 51 | |||
| Article V, Sections 8(a) and 8(c), borrowing arrangements | 1289-(62/1) | 60 | |||
| Article V, Section 8(d) | 102-(52/11) | 22 | |||
| Article V, Section 8(f), fluctuating currencies | 321-(54/32) | 9 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| Article VI, Section 1, use of Fund’s resources | 71-2 | 54 | |||
| 1238-(61/43) | 54 | ||||
| Article VI, Section 3, controls on capital transfers | 541-(56/39) | 55 | |||
| Article VII, Section 2, borrowing arrangements | 1289-(62/1) | 56 | |||
| fluctuating currencies | 1283-(61/56) | 12 | |||
| Article VII, Section 3(b), security restrictions | 144-(52/51) | 75 | |||
| Article VIII, retention quotas | 201-(53/29) | 79 | |||
| bilateralism | 433-(55/42) | 76 | |||
| Article VIII and Article XIV | 1034-(60/27) | 81 | |||
| Article VIII, Section 2(a), security restrictions | 144-(52/51) | 75 | |||
| Article VIII, Section 2(b), unenforceability of exchange contracts | 446-4 | 73 | |||
| Article VIII Section 3, discrimination | 955-(59/45) | 80 | |||
| multiple currency practices | 237-2 | 88 | |||
| 649-(57/33) | 91 | ||||
| Article IX, Section 7, privilege for communications | 534-3 | 93 | |||
| Article XII, Section 3(b) | 574-2 | 95 | |||
| Article XII, Section 3(b) (i) and 3(f) | 2-1 | 95 | |||
| Article XII, Section 3(c), “the preceding two years”, meaning of | 597-4 | 96 | |||
| additional appointed Executive Directors | 574-2 | 95 | |||
| Article XII, Section 5, voting power of Executive Directors | 180-5 | 96 | |||
| Article XIV, retention quotas | 201-(53/29) | 77 | |||
| Articles VIII and XIV | 1034-(60/27) | 81 | |||
| bilateralism | 433-(55/42) | 76 | |||
| Article XIV, Section 1, use of Fund’s resources | 196-2 | 97 | |||
| Article XIV, Section 2, multiple currency practices | 237-2 | 89 | |||
| security restrictions | 144-(52/51) | 75 | |||
| Article XIV, Section 3 | 1034-(60/27) | 82 | |||
| Article XIV, Section 4 | 237-2 | 89 | |||
| 117-1 | 98 | ||||
| Article XV, Section 2 | 343-(54/47) | 99 | |||
| Article XV, Section 3, borrowing arrangements | 1289-(62/1) | 64 | |||
| Article XVI, Section 1, stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| borrowing arrangements | 1289-(62/1) | 65 | |||
| Article XVIII(a), list of interpretations under | xi | ||||
| Article XIX(b), (c), and (h), net official holdings | 298-3 | 100 | |||
| Article XIX (d) | 298-3 | 3 | |||
| Article XIX (e) | 486-2 | 104 | |||
| 493-3 | 104 | ||||
| Article XX, Section 4(i) | 284-2 | 106 | |||
| Auction system (see also Multiple currency practices) | 237-2 | 87 | |||
| Balance of payments position: | |||||
| Currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| 955-(59/45) | 80 | ||||
| Borrowing by the Fund: | |||||
| Fluctuating currencies | 1283-(61/56) | 12 | |||
| General arrangements to borrow | 1289-(62/1) | 56 | |||
| Association of Switzerland | 1712-(64/29) | 69 | |||
| Capital transfers: | |||||
| Controls by members | 541-(56/39) | 55 | |||
| Restrictions | 237-2 | 85 | |||
| Use of Fund’s resources for | 1238-(61/43) | 54 | |||
| Central banks, conversion of currency | 1371-(62/36) | 39 | |||
| “Central holdings”, meaning | 298-3 | 100 | |||
| “Changing circumstances”, adaptation of multiple currency practices | 237-2 | 90 | |||
| Charges: | |||||
| Borrowing arrangements, charges and interest payable by the Fund | 1289-(62/1) | 60 | |||
| Gold transactions of members | 103-(52/12) | 110 | |||
| Reduction of Fund’s holdings pursuant to Article V, Section 8(d) | 102-(52/11) | 22 | |||
| Stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 29 | ||||
| Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3(see also Margins) | 269-2 | 16 | |||
| Commodities, reclassification where subject to multiple currency practices | 237-2 | 89, 90 | |||
| Communications, privilege for | 534-3 | 93 | |||
| Compensatory financing of export fluctuations | 1477-(63/8) | 40 | |||
| “Consistent with the provisions of this Agreement”, meaning in Article V, Section 3 | 287-3 | 19 | |||
| Consultations with members: | |||||
| Bilateral arrangements | 433-(55/42) | 77 | |||
| Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 34 | |||
| Exchange measures needing approval under Article VIII | 1034-(60/27) | 82 | |||
| External transactions in gold | 75-(705) | 14 | |||
| Gold production subsidies | 233-2 | 14 | |||
| Multiple currency practices, changes | 237-2 | 85 | |||
| Periodic discussions under Article VIII | 1034-(60/27) | 83 | |||
| Reduction in Fund’s holdings | 102-(52/11) | 23 | |||
| Retention quotas | 201-(53/29) | 78 | |||
| Whether measure is exchange restriction | 1034-(60/27) | 82 | |||
| Conversion of currency | 298-3 | 102 | |||
| 1371-(62/36) | 38 | ||||
| Convertibility: | |||||
| Acceptance of obligations of Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 81 | |||
| Approval of exchange restrictions | 1034-(60/27) | 82 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| Consultation with Fund | 1034-(60/27) | 82 | |||
| Convertible currency margins | 904-(59/32) | 16 | |||
| Credit arrangements (see Borrowing) | |||||
| Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 33 | |||
| Discrimination | 955-(59/45) | 80 | |||
| Multiple currency practices (see Multiple currency practices) | |||||
| Restrictions for security reasons | 144-(52/51) | 75 | |||
| Retention quotas | 201-(53/29) | 78 | |||
| Creditworthiness, factor in determining use of Fund’s resources | 102-(52/11) | 21 | |||
| 270-(53/95) | 26 | ||||
| Currencies: | |||||
| Fluctuating (see Fluctuating currencies) | |||||
| To be drawn, composition of drawings | 1371-(62/36) | 36 | |||
| To be used in repurchases, composition of repurchases | 1371-(62/36) | 38 | |||
| Currency liabilities, meaning under Article XIX (e) | 486-2 | 104 | |||
| Currency, meaning in the concept “currency liabilities” | 493-3 | 105 | |||
| Date for computations relating to fluctuating currency | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions) | 955-(59/45) | 80 | |||
| Drawing rights (see Use of Fund’s resources) | |||||
| Drawings, currency composition | 1371-(62/36) | 36 | |||
| Enemy-occupied, former, members, introduction of multiple currency practices | 237-2 | 90 | |||
| “Exceptional circumstances”, meaning in Article XIV, Section 4 | 117-1 | 98 | |||
| 237-2 | 90 | ||||
| Exchange contracts, unenforceability | 446-4 | 73 | |||
| Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement | 446-4 | 73 | |||
| Exchange controls on capital transfers | 541-(56/39) | 55 | |||
| Exchange dealings under conditions of increasing convertibility | 904-(59/32) | 16 | |||
| Exchange market, conversion in | 1371-(62/36) | 39 | |||
| Exchange rates: | |||||
| Borrowing arrangements by Fund | 1289-(62/1) | 63 | |||
| Buying and selling rates | 237-2 | 91 | |||
| Fluctuating: | |||||
| Fund transactions and computations | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Multiple currency practices (fixed and fluctuating rates) | 237-2 | 87 | |||
| 649-(57/33) | 91 | ||||
| “Other exchange transactions” (paper money and coins) | 269-2 | 16 | |||
| Scope of transactions to be agreed with Fund | 237-2 | 88 | |||
| Free markets | 237-2 | 87 | |||
| Par values (see Par values) | |||||
| Provisional, for payment of subscription in case of exchange transaction prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Spot exchange transactions in convertible currency | 904-(59/32) | 16 | |||
| Unification in multiple rate systems a basic objective of Fund | 649-(57/33) | 91 | |||
| Exchange restrictions: | |||||
| Approval | 1034-(60/27) | 82 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| Consultations with Fund | 1034-(60/27) | 82 | |||
| Discrimination | 955-(59/45) | 80 | |||
| Guiding principle of whether measure is a restriction on payments and transfers for current international transactions | 1034-(60/27) | 81 | |||
| Introduction | 1034-(60/27) | 82 | |||
| Maintenance | 1034-(60/27) | 82 | |||
| Multiple currency practices | 237-2 | 84 | |||
| 649-(57/33) | 91 | ||||
| Retention quotas | 201-(53/29) | 77 | |||
| Security reasons (see Payments restrictions) | |||||
| Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 81 | |||
| Withdrawal | 117-1 | 98 | |||
| Exchange restrictions on capital transactions (see Capital transfers) | |||||
| Exchange stability: | |||||
| External transactions in gold at premium prices | 75-(705) | 13 | |||
| Gold subsidies | 233-2 | 14 | |||
| Multiple currency practices | 237-2 | 85 | |||
| Exchange systems, avoidance of use for nonbalance of payments reasons | 1034-(60/27) | 82 | |||
| Exchange taxes | 237-2 | 87, 91 | |||
| Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources): | |||||
| Fluctuating currencies | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Fluctuating rates of exchange | 237-2 | 87 | |||
| Margins (see Margins) | |||||
| “Other”, dealings in paper money and coins | 269-2 | 16 | |||
| Prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Executive Directors: | |||||
| Appointment by members having 5 largest quotas | 2-1 | 95 | |||
| Consultations on currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Determination of members entitled to appoint under Article XII, Section 3(c) | 574-2 | 95 | |||
| Meaning of “the preceding two years” in Article XII, Section 3(c) | 597-4 | 96 | |||
| Voting power, effect of quota changes | 180-5 | 96 | |||
| Export shortfalls. financing (see Compensatory financing of export fluctuations) | |||||
| Financial year, application to repurchase obligations | 419-1 | 51 | |||
| 447-5 | 51 | ||||
| 7-(648) | 52 | ||||
| Fluctuating currencies: | |||||
| Application of provisions of Fund Agreement | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Date for computations | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Revaluation of Fund’s holdings | 321-(54/32) | 10 | |||
| Transactions and computations involving | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Fluctuating rates of exchange (see Exchange rates) | |||||
| Free markets (see Exchange rates) | |||||
| Full employment, maintenance of (see Fundamental disequilibrium) | |||||
| Fundamental disequilibrium: | |||||
| Change in par value | 71-2 | 17 | |||
| Correction by change in par value | 278-3 | 17 | |||
| Full employment | 71-2 | 17 | |||
| Measures necessary to correct, interpretation of Articles of Agreement | 71-2 | 17 | |||
| General Agreement on Tariffs and Trade, Contracting Parties. mutual members to continue to send information on import restrictions imposed for balance of payments reasons | 1034-(60/27) | 83 | |||
| General Arrangements to Borrow (see Borrowing by the Fund) | |||||
| Gold (see also Subscriptions): | |||||
| Consultations re external transactions in | 75-(705) | 14 | |||
| Fund’s holdings (see Investment of the Fund’s assets) | |||||
| Looted, claim by members not a “holding” | 298-3 | 3 | |||
| Net official holdings of members | 298-3 | 2, 100 | |||
| Payment of stand-by charges | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| Pledge agreement for gold collateral transactions | 1543-(63/39) | 44 | |||
| Premium transactions | 75-(705) | 13 | |||
| Price | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Purchase or sale by Fund with fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Sale of gold to Fund in discharge of repurchase obligation—Rule G-7 | 119-(52/30) | 50 | |||
| Subsidies, members’ obligation to consult Fund | 233-2 | 14 | |||
| Transactions of members, Fund assistance | 103-(52/12) | 110 | |||
| 316-(54/27) | 110 | ||||
| 572-(56/55) | 111 | ||||
| 1033-(60/26) | 111 | ||||
| 1116-(60/51) | 111 | ||||
| Value of Fund’s assets, fluctuating currencies | 321-(54/32) | 10 | |||
| “Gold tranche” transactions (see also Use of Fund’s resources): | |||||
| Charges under stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 30 | ||||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Procedure for drawings | 1745-(64/46) | 49 | |||
| Repurchase | 102-(52/11) | 22 | |||
| “Holdings” of gold or United States dollars, meaning | 298-3 | 2 | |||
| Holdings of the Fund (see Currencies; Fluctuating currencies; Investment of the Fund’s assets; Repurchases) | |||||
| Import restrictions imposed for balance of payments reasons, GATT members | 1034-(60/27) | 83 | |||
| Income, Fund’s (see Investment of the Fund’s assets) | |||||
| Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership) | |||||
| Investment of the Fund’s assets | 488-(56/5) | 112 | |||
| 708-(57/57) | 114 | ||||
| 905-(59/32) | 115 | ||||
| 1107-(60/50) | 115 | ||||
| 1272-(61/53) | 116 | ||||
| “Is using”, meaning in Article V, Section 5 | 292-3 | 33 | |||
| Managing Director, consultations with on currencies to be drawn and used in repurchases | 1371-(62/36) | 34 | |||
| Margins (see also Exchange rates): | |||||
| Exchange rates for spot exchange transactions in a convertible currency | 904-(59/32) | 16 | |||
| Other exchange transactions (paper money and coins) | 269-2 | 16 | |||
| Price of gold | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Rates differing from parity by more than 1% constitute multiple currency practices | 237-2 | 91 | |||
| Monetary reserves of members: | |||||
| Calculation | 486-2 | 107 | |||
| Data: | |||||
| Means to speed collection and reporting | 102-(52/11) | 23 | |||
| Prompt reporting | 1813-(65/4) | 53 | |||
| Effect of payment of gold subcriptions | 124-2 | 50 | |||
| Importance of gold holdings | 75-(705) | 13 | |||
| Use in repurchases under Article V, Section 7(b) (i) or (ii) | 447-5 | 51 | |||
| Monetary stabilization operations, use of Fund’s resources | 71-2 | 54 | |||
| Money (see Paper money) | |||||
| Multiple currency practices (see also Exchange rates; Exchange restrictions): | |||||
| Auction system | |||||
| Fixed rates | 237-2 | 84 | |||
| Fluctuating rates | 649-(57/33) | 91 | |||
| Net official holdings of members, principles of interpretation | 298-3 | 2, 100 | |||
| “Official holdings of a member”, meaning | 298-3 | 100 | |||
| “Other official institutions” and “other banks”, meaning | 298-3 | 101 | |||
| Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 | 269-2 | 16 | |||
| Par Values: | |||||
| Change to correct a fundamental disequilibrium | 71-2 | 17 | |||
| 278-3 | 17 | ||||
| Extent of change | 278-3 | 17 | |||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Fund’s authority | 278-3 | 17 | |||
| Margins (see Margins) | |||||
| Payments restrictions (see also Exchange restrictions): | |||||
| For security reasons, Fund jurisdiction | 144-(52/51) | 75 | |||
| “Presently needed”, meaning in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| Prior agreement of the Fund (see Repurchases) | |||||
| “Prior notice” provision in stand-by arrangements | 1151-(61/6) | 32 | |||
| Prior notice to Fund, imposition of payments restrictions for security reasons | 144-(52/51) | 75 | |||
| Quotas: | |||||
| Change | 595-3 | 6 | |||
| Effect on voting power of elected Executive Director | 180-5 | 96 | |||
| Increases granted in accordance with Fund Decision on Compensatory Financing of Export Fluctuations | 1477-(63/8) | 40 | |||
| Gold subscriptions | 1529-(63/33) | 6 | |||
| Relation to drawing rights | 451-(55/52) | 20 | |||
| Review, first | 408-2 | 1 | |||
| Rates for official communications of Fund | 534-3 | 93 | |||
| Rates of exchange (see Exchange rates; Multiple currency practices) | |||||
| Refund (see Stand-by arrangements) | |||||
| Repayment by Fund of borrowed currency | 1289-(62/1) | 61 | |||
| “Represents”, meaning in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| Repurchase obligations: | |||||
| Allocation of part to currency Fund cannot accept | 521-3 | 109 | |||
| Application at end of financial year in which calculated | 419-1 | 51 | |||
| Calculation | 486-2 | 107 | |||
| Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year | 510-2 | 108 | |||
| Calculation, provisional | 1813-(65/4) | 53 | |||
| Effect of payment of subscriptions | 124-2 | 50 | |||
| Minimal, procedure | 705-(57/55) | 52 | |||
| Relation to Rule G-7 | 119-(52/30) | 50 | |||
| Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii) | 447-5 | 51 | |||
| Repurchases: | |||||
| Article V, Section 7 | 102-(52/11) | 24 | |||
| Augmentation of stand-by arrangement by equivalent amount | 876-(59/15) | 29 | |||
| Currency composition | 1371-(62/36) | 38 | |||
| Gold collateral transactions | 1543-(63/39) | 44 | |||
| Involving fluctuating currencies | 321-(54/32) | 9 | |||
| Of Fund’s holdings | 102-(52/11) | 21 | |||
| 270-(53/95) | 26 | ||||
| Prior agreement of Fund needed | 1371-(62/36) | 35 | |||
| Sale of gold to Fund—Rule G-7 | 119-(52/30) | 50 | |||
| Stand-by arrangements | 270-(53/95) | 26 | |||
| Voluntary | 7-(648) | 51 | |||
| Voluntary, computation of rate for fluctuating currency | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Reserve position of members, consideration in currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Reserve, Special, of the Fund | 708-(57/57) | 115 | |||
| Restrictions (see Exchange restrictions; Payments restrictions) | |||||
| Retention quotas | 201-(53/29) | 77 | |||
| Rule G-7, sale of gold to Fund in discharge of repurchase obligation | 119-(52/30) | 50 | |||
| Schedule B of Articles of Agreement | 486-2 | 107 | |||
| 510-2 | 108 | ||||
| 521-3 | 109 | ||||
| 119-(52/30) | 50 | ||||
| security, payments restrictions imposed for | 144-(52/51) | 75 | |||
| “Similar fiscal agency”, meaning | 298-3 | 100 | |||
| Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility | 904-(50/32) | 16 | |||
| Stand-by arrangements: | |||||
| Amounts | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| Augmentation by amounts of repurchases | 876-(59/15) | 29 | |||
| Cancellation, repayment of portion of charge | 270-(53/95) | 28 | |||
| 876-(59/15) | 30 | ||||
| Charges | 155-(52/57) | 25 | |||
| 270-(53/95) | 28 | ||||
| 876-(59/15) | 29 | ||||
| 1345-(62/23) | 31 | ||||
| Currency borrowed by the Fund | 1289-(62/1) | 58 | |||
| Currency composition of drawings | 1371-(62/36) | 36 | |||
| Gold tranche drawings | 155-(52/57) | 25 | |||
| 270-(53/95) | 28 | ||||
| 876-(59/15) | 30 | ||||
| Ineligibility | 155-(52/57) | 24, 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| Period | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| Policies and procedures | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| Prior notice | 1151-(61/6) | 32 | |||
| Refund of charges | 1345-(62/23) | 31 | |||
| Renewal | 155-(52/57) | 24 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 29 | ||||
| Suspension of rights to engage in drawings | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| Subscriptions (see also Net official holdings of members): | |||||
| Currency, on basis of provisional exchange rate for exchange transaction prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Gold, calculation | 298-3 | 2 | |||
| effect of payment on repurchase obligations | 124-2 | 50 | |||
| quota increases | 595-3 | 6 | |||
| quota increases under Decision on Compensatory Financing of Export Fluctuations | 1529-(63/33) | 6 | |||
| Switzerland: | |||||
| Association with General Arrangements to Borrow | 1712-(64/29) | 69 | |||
| Party to gold transactions with Fund members | 316-(54/27) | 111 | |||
| Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification | 649-(57/33) | 92 | |||
| Transfers, restrictions on (see Exchange restrictions; Payments restrictions) | |||||
| Transitional provisions of Article XIV | 1034-(60/27) | 82 | |||
| 237-2 | 86 | ||||
| 117-1 | 98 | ||||
| Unenforceability (see Exchange contracts) | |||||
| “United States dollars”, holdings of, interpretation (see also Net official holdings of members) | 298-3 | 2 | |||
| Use of Fund’s resources (see also Borrowing by the Fund; Stand-by arrangements): | |||||
| Application of same policy to stand-by arrangements as to requests for immediate drawings | 155-(52/57) | 24 | |||
| Authority to use resources of Fund | 71-2 | 54 | |||
| Balance of payments deficit on current account | 71-2 | 54 | |||
| Capital transfers | 1238-(61/43) | 54 | |||
| Conditions in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of | 287-3 | 19 | |||
| Countries undergoing reconstruction | 196-2 | 97 | |||
| Currency borrowed by the Fund | 1289-(62/1) | 61 | |||
| Currency composition of drawings | 1371-(62/36) | 36 | |||
| Drawing policies in connection with compensatory financing of export fluctuations | 1477-(63/8) | 41 | |||
| Drawing rights, extent of under Article V, Section 3(a) (iii) | 451-(55/52) | 20 | |||
| Drawings within the “gold tranche” | 102-(52/11) | 23 | |||
| 155-(52/57) | 25 | ||||
| 270-(53/95) | 28 | ||||
| 1687-(64/22) | 48 | ||||
| 1745-(64/46) | 49 | ||||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 49 | |||
| Exchange transactions up to 25% of quota increase, sympathetic consideration to be given | 1529-(63/33) | 6 | |||
| Gold collateral transactions | 1543-(63/39) | 44 | |||
| In accordance with purposes of Fund | 102-(52/11) | 21 | |||
| Ineligibility, effect on purchases under stand-by arrangement | 155-(52/57) | 24, 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| under Article V, Section 5 | 284-3 | 32 | |||
| under Article XV, Section 2 (a) | 343-(54/47) | 99 | |||
| “Is using” in Article V, Section 5, meaning of | 292-3 | 33 | |||
| Limitation and ineligibility under Article V, Section 5 | 284-3 | 32 | |||
| Monetary stabilization | 71-2 | 54 | |||
| Period of use | 102-(52/11) | 22 | |||
| 155-(52/57) | 24 | ||||
| 270-(53/95) | 26 | ||||
| Policy | 102-(52/11) | 21 | |||
| 155-(52/57) | 24 | ||||
| 270-(53/95) | 26 | ||||
| 649-(57/33) | 92 | ||||
| Postponement: | |||||
| Limitation under Article V, Section 5 | 286-1 | 32 | |||
| Under Article XX, Section 4(i) | 284-2 | 106 | |||
| “Presently needed” in Article V, Section 3(a) (i), meaning of | 284-4 | 19 | |||
| Reconstruction, use by countries undergoing | 196-2 | 97 | |||
| “Represents” in Article V, Section 3(a) (i), meaning of | 284-4 | 19 | |||
| Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration | 649-(57/33) | 92 | |||
| Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal | 1151-(61/6) | 31 | |||
| Suspension of transactions under stand-by arrangements | 270-(53/95) | 27 | |||
| 1151-(61/6) | 31 | ||||
| Temporary assistance in financing balance of payments deficits | 71-2 | 54 | |||
| Withdrawal from membership | 343-(54/47) | 99 | |||
| Effect on participant in borrowing arrangement | 1289-(62/1) | 64 | |||
| “Working balances”, meaning | 298-3 | 101 | |||
| Decision No. | Page | ||||
|---|---|---|---|---|---|
| Accounts: | |||||
| Administrative | 574-2 | 96 | |||
| Payable or receivable, Fund’s holdings of fluctuating currencies | 321-(54/32) | 10 | |||
| Special, gold collateral transactions | 1543-(63/39) | 45 | |||
| Special Reserve | 708-(57/57) | 115 | |||
| Administrative deficits of Fund | 488-(56/5) | 112 | |||
| 708-(57/57) | 114 | ||||
| Articles of Agreement: | |||||
| Article I, bilateralism and convertibility | 287-3 | 20 | |||
| 433-(55/42) | 76 | ||||
| Article III, Section 2, review of quotas | 408-2 | 1 | |||
| Article III, Section 3, subscriptions payment | 298-3 | 2 | |||
| Article III, Sections 3 and 4, changes in quotas | 595-3 | 6 | |||
| Article IV, Section 1, fluctuating currencies | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| borrowing arrangements | 1289-(62/1) | 63 | |||
| Article IV, Section 2, price of gold | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Article IV, Section 3, margins | 269-2 | 16 | |||
| 904-(59/32) | 16 | ||||
| Article IV, Section 4(a), exchange stability | 233-2 | 15 | |||
| multiple currency practices | 237-2 | 85 | |||
| Article IV, Section 5, changes in par values | 71-2 | 17 | |||
| 278-3 | 17 | ||||
| Article IV, Section 8, fluctuating currencies | 321-(54/32) | 8, 10 | |||
| maintenance of gold value of Fund assets invested in U.S. securities. | 488-(56/5) | 113 | |||
| Article V, Section 1, borrowing arrangements | 1289-(62/1) | 64 | |||
| Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of | 287-3 | 19 | |||
| meaning of Section 3(a) (i) | 284-4 | 19 | |||
| meaning of Section 3(a) (iii) | 451-(55/52) | 20 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| use of Fund’s resources | 102-(52/U) | 21 | |||
| Article V, Section 4, fluctuating currencies | 321-(54/32) | 10 | |||
| 1283-(61/56) | 12 | ||||
| gold collateral transactions | 1543-(63/39) | 44 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| Article V, Section 5, limitation on use | 284-3 | 32 | |||
| 286-1 | 32 | ||||
| “is using”, meaning of | 292-3 | 33 | |||
| Article V, Section 6(a), fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| repurchase obligation | 119-(52/30) | 50 | |||
| voluntary repurchase | 7-(648) | 52 | |||
| Article V, Section 7, repurchase obligations | 124-2 | 50 | |||
| Article V, Section 7(b), borrowing arrangements | 1289-(62/1) | 61 | |||
| fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| repurchase obligations | 447-5 | 51 | |||
| 7-(648) | 52 | ||||
| 119-(52/30) | 50 | ||||
| 1371-(62/36) | 35 | ||||
| Article V, Section 7(c), repurchase obligations | 419-1 | 51 | |||
| Article V, Sections 8(a) and 8(c), borrowing arrangements | 1289-(62/1) | 60 | |||
| Article V, Section 8(d) | 102-(52/11) | 22 | |||
| Article V, Section 8(f), fluctuating currencies | 321-(54/32) | 9 | |||
| stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| Article VI, Section 1, use of Fund’s resources | 71-2 | 54 | |||
| 1238-(61/43) | 54 | ||||
| Article VI, Section 3, controls on capital transfers | 541-(56/39) | 55 | |||
| Article VII, Section 2, borrowing arrangements | 1289-(62/1) | 56 | |||
| fluctuating currencies | 1283-(61/56) | 12 | |||
| Article VII, Section 3(b), security restrictions | 144-(52/51) | 75 | |||
| Article VIII, retention quotas | 201-(53/29) | 79 | |||
| bilateralism | 433-(55/42) | 76 | |||
| Article VIII and Article XIV | 1034-(60/27) | 81 | |||
| Article VIII, Section 2(a), security restrictions | 144-(52/51) | 75 | |||
| Article VIII, Section 2(b), unenforceability of exchange contracts | 446-4 | 73 | |||
| Article VIII Section 3, discrimination | 955-(59/45) | 80 | |||
| multiple currency practices | 237-2 | 88 | |||
| 649-(57/33) | 91 | ||||
| Article IX, Section 7, privilege for communications | 534-3 | 93 | |||
| Article XII, Section 3(b) | 574-2 | 95 | |||
| Article XII, Section 3(b) (i) and 3(f) | 2-1 | 95 | |||
| Article XII, Section 3(c), “the preceding two years”, meaning of | 597-4 | 96 | |||
| additional appointed Executive Directors | 574-2 | 95 | |||
| Article XII, Section 5, voting power of Executive Directors | 180-5 | 96 | |||
| Article XIV, retention quotas | 201-(53/29) | 77 | |||
| Articles VIII and XIV | 1034-(60/27) | 81 | |||
| bilateralism | 433-(55/42) | 76 | |||
| Article XIV, Section 1, use of Fund’s resources | 196-2 | 97 | |||
| Article XIV, Section 2, multiple currency practices | 237-2 | 89 | |||
| security restrictions | 144-(52/51) | 75 | |||
| Article XIV, Section 3 | 1034-(60/27) | 82 | |||
| Article XIV, Section 4 | 237-2 | 89 | |||
| 117-1 | 98 | ||||
| Article XV, Section 2 | 343-(54/47) | 99 | |||
| Article XV, Section 3, borrowing arrangements | 1289-(62/1) | 64 | |||
| Article XVI, Section 1, stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| borrowing arrangements | 1289-(62/1) | 65 | |||
| Article XVIII(a), list of interpretations under | xi | ||||
| Article XIX(b), (c), and (h), net official holdings | 298-3 | 100 | |||
| Article XIX (d) | 298-3 | 3 | |||
| Article XIX (e) | 486-2 | 104 | |||
| 493-3 | 104 | ||||
| Article XX, Section 4(i) | 284-2 | 106 | |||
| Auction system (see also Multiple currency practices) | 237-2 | 87 | |||
| Balance of payments position: | |||||
| Currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| 955-(59/45) | 80 | ||||
| Borrowing by the Fund: | |||||
| Fluctuating currencies | 1283-(61/56) | 12 | |||
| General arrangements to borrow | 1289-(62/1) | 56 | |||
| Association of Switzerland | 1712-(64/29) | 69 | |||
| Capital transfers: | |||||
| Controls by members | 541-(56/39) | 55 | |||
| Restrictions | 237-2 | 85 | |||
| Use of Fund’s resources for | 1238-(61/43) | 54 | |||
| Central banks, conversion of currency | 1371-(62/36) | 39 | |||
| “Central holdings”, meaning | 298-3 | 100 | |||
| “Changing circumstances”, adaptation of multiple currency practices | 237-2 | 90 | |||
| Charges: | |||||
| Borrowing arrangements, charges and interest payable by the Fund | 1289-(62/1) | 60 | |||
| Gold transactions of members | 103-(52/12) | 110 | |||
| Reduction of Fund’s holdings pursuant to Article V, Section 8(d) | 102-(52/11) | 22 | |||
| Stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 29 | ||||
| Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3(see also Margins) | 269-2 | 16 | |||
| Commodities, reclassification where subject to multiple currency practices | 237-2 | 89, 90 | |||
| Communications, privilege for | 534-3 | 93 | |||
| Compensatory financing of export fluctuations | 1477-(63/8) | 40 | |||
| “Consistent with the provisions of this Agreement”, meaning in Article V, Section 3 | 287-3 | 19 | |||
| Consultations with members: | |||||
| Bilateral arrangements | 433-(55/42) | 77 | |||
| Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 34 | |||
| Exchange measures needing approval under Article VIII | 1034-(60/27) | 82 | |||
| External transactions in gold | 75-(705) | 14 | |||
| Gold production subsidies | 233-2 | 14 | |||
| Multiple currency practices, changes | 237-2 | 85 | |||
| Periodic discussions under Article VIII | 1034-(60/27) | 83 | |||
| Reduction in Fund’s holdings | 102-(52/11) | 23 | |||
| Retention quotas | 201-(53/29) | 78 | |||
| Whether measure is exchange restriction | 1034-(60/27) | 82 | |||
| Conversion of currency | 298-3 | 102 | |||
| 1371-(62/36) | 38 | ||||
| Convertibility: | |||||
| Acceptance of obligations of Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 81 | |||
| Approval of exchange restrictions | 1034-(60/27) | 82 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| Consultation with Fund | 1034-(60/27) | 82 | |||
| Convertible currency margins | 904-(59/32) | 16 | |||
| Credit arrangements (see Borrowing) | |||||
| Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 33 | |||
| Discrimination | 955-(59/45) | 80 | |||
| Multiple currency practices (see Multiple currency practices) | |||||
| Restrictions for security reasons | 144-(52/51) | 75 | |||
| Retention quotas | 201-(53/29) | 78 | |||
| Creditworthiness, factor in determining use of Fund’s resources | 102-(52/11) | 21 | |||
| 270-(53/95) | 26 | ||||
| Currencies: | |||||
| Fluctuating (see Fluctuating currencies) | |||||
| To be drawn, composition of drawings | 1371-(62/36) | 36 | |||
| To be used in repurchases, composition of repurchases | 1371-(62/36) | 38 | |||
| Currency liabilities, meaning under Article XIX (e) | 486-2 | 104 | |||
| Currency, meaning in the concept “currency liabilities” | 493-3 | 105 | |||
| Date for computations relating to fluctuating currency | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions) | 955-(59/45) | 80 | |||
| Drawing rights (see Use of Fund’s resources) | |||||
| Drawings, currency composition | 1371-(62/36) | 36 | |||
| Enemy-occupied, former, members, introduction of multiple currency practices | 237-2 | 90 | |||
| “Exceptional circumstances”, meaning in Article XIV, Section 4 | 117-1 | 98 | |||
| 237-2 | 90 | ||||
| Exchange contracts, unenforceability | 446-4 | 73 | |||
| Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement | 446-4 | 73 | |||
| Exchange controls on capital transfers | 541-(56/39) | 55 | |||
| Exchange dealings under conditions of increasing convertibility | 904-(59/32) | 16 | |||
| Exchange market, conversion in | 1371-(62/36) | 39 | |||
| Exchange rates: | |||||
| Borrowing arrangements by Fund | 1289-(62/1) | 63 | |||
| Buying and selling rates | 237-2 | 91 | |||
| Fluctuating: | |||||
| Fund transactions and computations | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Multiple currency practices (fixed and fluctuating rates) | 237-2 | 87 | |||
| 649-(57/33) | 91 | ||||
| “Other exchange transactions” (paper money and coins) | 269-2 | 16 | |||
| Scope of transactions to be agreed with Fund | 237-2 | 88 | |||
| Free markets | 237-2 | 87 | |||
| Par values (see Par values) | |||||
| Provisional, for payment of subscription in case of exchange transaction prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Spot exchange transactions in convertible currency | 904-(59/32) | 16 | |||
| Unification in multiple rate systems a basic objective of Fund | 649-(57/33) | 91 | |||
| Exchange restrictions: | |||||
| Approval | 1034-(60/27) | 82 | |||
| Bilateralism | 433-(55/42) | 76 | |||
| Consultations with Fund | 1034-(60/27) | 82 | |||
| Discrimination | 955-(59/45) | 80 | |||
| Guiding principle of whether measure is a restriction on payments and transfers for current international transactions | 1034-(60/27) | 81 | |||
| Introduction | 1034-(60/27) | 82 | |||
| Maintenance | 1034-(60/27) | 82 | |||
| Multiple currency practices | 237-2 | 84 | |||
| 649-(57/33) | 91 | ||||
| Retention quotas | 201-(53/29) | 77 | |||
| Security reasons (see Payments restrictions) | |||||
| Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 81 | |||
| Withdrawal | 117-1 | 98 | |||
| Exchange restrictions on capital transactions (see Capital transfers) | |||||
| Exchange stability: | |||||
| External transactions in gold at premium prices | 75-(705) | 13 | |||
| Gold subsidies | 233-2 | 14 | |||
| Multiple currency practices | 237-2 | 85 | |||
| Exchange systems, avoidance of use for nonbalance of payments reasons | 1034-(60/27) | 82 | |||
| Exchange taxes | 237-2 | 87, 91 | |||
| Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources): | |||||
| Fluctuating currencies | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Fluctuating rates of exchange | 237-2 | 87 | |||
| Margins (see Margins) | |||||
| “Other”, dealings in paper money and coins | 269-2 | 16 | |||
| Prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Executive Directors: | |||||
| Appointment by members having 5 largest quotas | 2-1 | 95 | |||
| Consultations on currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Determination of members entitled to appoint under Article XII, Section 3(c) | 574-2 | 95 | |||
| Meaning of “the preceding two years” in Article XII, Section 3(c) | 597-4 | 96 | |||
| Voting power, effect of quota changes | 180-5 | 96 | |||
| Export shortfalls. financing (see Compensatory financing of export fluctuations) | |||||
| Financial year, application to repurchase obligations | 419-1 | 51 | |||
| 447-5 | 51 | ||||
| 7-(648) | 52 | ||||
| Fluctuating currencies: | |||||
| Application of provisions of Fund Agreement | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Date for computations | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Revaluation of Fund’s holdings | 321-(54/32) | 10 | |||
| Transactions and computations involving | 321-(54/32) | 8 | |||
| 1283-(61/56) | 12 | ||||
| Fluctuating rates of exchange (see Exchange rates) | |||||
| Free markets (see Exchange rates) | |||||
| Full employment, maintenance of (see Fundamental disequilibrium) | |||||
| Fundamental disequilibrium: | |||||
| Change in par value | 71-2 | 17 | |||
| Correction by change in par value | 278-3 | 17 | |||
| Full employment | 71-2 | 17 | |||
| Measures necessary to correct, interpretation of Articles of Agreement | 71-2 | 17 | |||
| General Agreement on Tariffs and Trade, Contracting Parties. mutual members to continue to send information on import restrictions imposed for balance of payments reasons | 1034-(60/27) | 83 | |||
| General Arrangements to Borrow (see Borrowing by the Fund) | |||||
| Gold (see also Subscriptions): | |||||
| Consultations re external transactions in | 75-(705) | 14 | |||
| Fund’s holdings (see Investment of the Fund’s assets) | |||||
| Looted, claim by members not a “holding” | 298-3 | 3 | |||
| Net official holdings of members | 298-3 | 2, 100 | |||
| Payment of stand-by charges | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| Pledge agreement for gold collateral transactions | 1543-(63/39) | 44 | |||
| Premium transactions | 75-(705) | 13 | |||
| Price | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Purchase or sale by Fund with fluctuating currencies | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Sale of gold to Fund in discharge of repurchase obligation—Rule G-7 | 119-(52/30) | 50 | |||
| Subsidies, members’ obligation to consult Fund | 233-2 | 14 | |||
| Transactions of members, Fund assistance | 103-(52/12) | 110 | |||
| 316-(54/27) | 110 | ||||
| 572-(56/55) | 111 | ||||
| 1033-(60/26) | 111 | ||||
| 1116-(60/51) | 111 | ||||
| Value of Fund’s assets, fluctuating currencies | 321-(54/32) | 10 | |||
| “Gold tranche” transactions (see also Use of Fund’s resources): | |||||
| Charges under stand-by arrangements | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 30 | ||||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Procedure for drawings | 1745-(64/46) | 49 | |||
| Repurchase | 102-(52/11) | 22 | |||
| “Holdings” of gold or United States dollars, meaning | 298-3 | 2 | |||
| Holdings of the Fund (see Currencies; Fluctuating currencies; Investment of the Fund’s assets; Repurchases) | |||||
| Import restrictions imposed for balance of payments reasons, GATT members | 1034-(60/27) | 83 | |||
| Income, Fund’s (see Investment of the Fund’s assets) | |||||
| Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership) | |||||
| Investment of the Fund’s assets | 488-(56/5) | 112 | |||
| 708-(57/57) | 114 | ||||
| 905-(59/32) | 115 | ||||
| 1107-(60/50) | 115 | ||||
| 1272-(61/53) | 116 | ||||
| “Is using”, meaning in Article V, Section 5 | 292-3 | 33 | |||
| Managing Director, consultations with on currencies to be drawn and used in repurchases | 1371-(62/36) | 34 | |||
| Margins (see also Exchange rates): | |||||
| Exchange rates for spot exchange transactions in a convertible currency | 904-(59/32) | 16 | |||
| Other exchange transactions (paper money and coins) | 269-2 | 16 | |||
| Price of gold | 75-(705) | 13 | |||
| 233-2 | 14 | ||||
| Rates differing from parity by more than 1% constitute multiple currency practices | 237-2 | 91 | |||
| Monetary reserves of members: | |||||
| Calculation | 486-2 | 107 | |||
| Data: | |||||
| Means to speed collection and reporting | 102-(52/11) | 23 | |||
| Prompt reporting | 1813-(65/4) | 53 | |||
| Effect of payment of gold subcriptions | 124-2 | 50 | |||
| Importance of gold holdings | 75-(705) | 13 | |||
| Use in repurchases under Article V, Section 7(b) (i) or (ii) | 447-5 | 51 | |||
| Monetary stabilization operations, use of Fund’s resources | 71-2 | 54 | |||
| Money (see Paper money) | |||||
| Multiple currency practices (see also Exchange rates; Exchange restrictions): | |||||
| Auction system | |||||
| Fixed rates | 237-2 | 84 | |||
| Fluctuating rates | 649-(57/33) | 91 | |||
| Net official holdings of members, principles of interpretation | 298-3 | 2, 100 | |||
| “Official holdings of a member”, meaning | 298-3 | 100 | |||
| “Other official institutions” and “other banks”, meaning | 298-3 | 101 | |||
| Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 | 269-2 | 16 | |||
| Par Values: | |||||
| Change to correct a fundamental disequilibrium | 71-2 | 17 | |||
| 278-3 | 17 | ||||
| Extent of change | 278-3 | 17 | |||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Fund’s authority | 278-3 | 17 | |||
| Margins (see Margins) | |||||
| Payments restrictions (see also Exchange restrictions): | |||||
| For security reasons, Fund jurisdiction | 144-(52/51) | 75 | |||
| “Presently needed”, meaning in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| Prior agreement of the Fund (see Repurchases) | |||||
| “Prior notice” provision in stand-by arrangements | 1151-(61/6) | 32 | |||
| Prior notice to Fund, imposition of payments restrictions for security reasons | 144-(52/51) | 75 | |||
| Quotas: | |||||
| Change | 595-3 | 6 | |||
| Effect on voting power of elected Executive Director | 180-5 | 96 | |||
| Increases granted in accordance with Fund Decision on Compensatory Financing of Export Fluctuations | 1477-(63/8) | 40 | |||
| Gold subscriptions | 1529-(63/33) | 6 | |||
| Relation to drawing rights | 451-(55/52) | 20 | |||
| Review, first | 408-2 | 1 | |||
| Rates for official communications of Fund | 534-3 | 93 | |||
| Rates of exchange (see Exchange rates; Multiple currency practices) | |||||
| Refund (see Stand-by arrangements) | |||||
| Repayment by Fund of borrowed currency | 1289-(62/1) | 61 | |||
| “Represents”, meaning in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| Repurchase obligations: | |||||
| Allocation of part to currency Fund cannot accept | 521-3 | 109 | |||
| Application at end of financial year in which calculated | 419-1 | 51 | |||
| Calculation | 486-2 | 107 | |||
| Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year | 510-2 | 108 | |||
| Calculation, provisional | 1813-(65/4) | 53 | |||
| Effect of payment of subscriptions | 124-2 | 50 | |||
| Minimal, procedure | 705-(57/55) | 52 | |||
| Relation to Rule G-7 | 119-(52/30) | 50 | |||
| Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii) | 447-5 | 51 | |||
| Repurchases: | |||||
| Article V, Section 7 | 102-(52/11) | 24 | |||
| Augmentation of stand-by arrangement by equivalent amount | 876-(59/15) | 29 | |||
| Currency composition | 1371-(62/36) | 38 | |||
| Gold collateral transactions | 1543-(63/39) | 44 | |||
| Involving fluctuating currencies | 321-(54/32) | 9 | |||
| Of Fund’s holdings | 102-(52/11) | 21 | |||
| 270-(53/95) | 26 | ||||
| Prior agreement of Fund needed | 1371-(62/36) | 35 | |||
| Sale of gold to Fund—Rule G-7 | 119-(52/30) | 50 | |||
| Stand-by arrangements | 270-(53/95) | 26 | |||
| Voluntary | 7-(648) | 51 | |||
| Voluntary, computation of rate for fluctuating currency | 321-(54/32) | 9 | |||
| 1283-(61/56) | 12 | ||||
| Reserve position of members, consideration in currency composition of drawings and repurchases | 1371-(62/36) | 36 | |||
| Reserve, Special, of the Fund | 708-(57/57) | 115 | |||
| Restrictions (see Exchange restrictions; Payments restrictions) | |||||
| Retention quotas | 201-(53/29) | 77 | |||
| Rule G-7, sale of gold to Fund in discharge of repurchase obligation | 119-(52/30) | 50 | |||
| Schedule B of Articles of Agreement | 486-2 | 107 | |||
| 510-2 | 108 | ||||
| 521-3 | 109 | ||||
| 119-(52/30) | 50 | ||||
| security, payments restrictions imposed for | 144-(52/51) | 75 | |||
| “Similar fiscal agency”, meaning | 298-3 | 100 | |||
| Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility | 904-(50/32) | 16 | |||
| Stand-by arrangements: | |||||
| Amounts | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| Augmentation by amounts of repurchases | 876-(59/15) | 29 | |||
| Cancellation, repayment of portion of charge | 270-(53/95) | 28 | |||
| 876-(59/15) | 30 | ||||
| Charges | 155-(52/57) | 25 | |||
| 270-(53/95) | 28 | ||||
| 876-(59/15) | 29 | ||||
| 1345-(62/23) | 31 | ||||
| Currency borrowed by the Fund | 1289-(62/1) | 58 | |||
| Currency composition of drawings | 1371-(62/36) | 36 | |||
| Gold tranche drawings | 155-(52/57) | 25 | |||
| 270-(53/95) | 28 | ||||
| 876-(59/15) | 30 | ||||
| Ineligibility | 155-(52/57) | 24, 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| Period | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| Policies and procedures | 155-(52/57) | 24 | |||
| 270-(53/95) | 26 | ||||
| 876-(59/15) | 29 | ||||
| 1151-(61/6) | 31 | ||||
| Prior notice | 1151-(61/6) | 32 | |||
| Refund of charges | 1345-(62/23) | 31 | |||
| Renewal | 155-(52/57) | 24 | |||
| 270-(53/95) | 27 | ||||
| 876-(59/15) | 29 | ||||
| Suspension of rights to engage in drawings | 155-(52/57) | 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| Subscriptions (see also Net official holdings of members): | |||||
| Currency, on basis of provisional exchange rate for exchange transaction prior to establishment of initial par value | 1687-(64/22) | 48 | |||
| Gold, calculation | 298-3 | 2 | |||
| effect of payment on repurchase obligations | 124-2 | 50 | |||
| quota increases | 595-3 | 6 | |||
| quota increases under Decision on Compensatory Financing of Export Fluctuations | 1529-(63/33) | 6 | |||
| Switzerland: | |||||
| Association with General Arrangements to Borrow | 1712-(64/29) | 69 | |||
| Party to gold transactions with Fund members | 316-(54/27) | 111 | |||
| Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification | 649-(57/33) | 92 | |||
| Transfers, restrictions on (see Exchange restrictions; Payments restrictions) | |||||
| Transitional provisions of Article XIV | 1034-(60/27) | 82 | |||
| 237-2 | 86 | ||||
| 117-1 | 98 | ||||
| Unenforceability (see Exchange contracts) | |||||
| “United States dollars”, holdings of, interpretation (see also Net official holdings of members) | 298-3 | 2 | |||
| Use of Fund’s resources (see also Borrowing by the Fund; Stand-by arrangements): | |||||
| Application of same policy to stand-by arrangements as to requests for immediate drawings | 155-(52/57) | 24 | |||
| Authority to use resources of Fund | 71-2 | 54 | |||
| Balance of payments deficit on current account | 71-2 | 54 | |||
| Capital transfers | 1238-(61/43) | 54 | |||
| Conditions in Article V, Section 3(a) (i) | 284-4 | 19 | |||
| “Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of | 287-3 | 19 | |||
| Countries undergoing reconstruction | 196-2 | 97 | |||
| Currency borrowed by the Fund | 1289-(62/1) | 61 | |||
| Currency composition of drawings | 1371-(62/36) | 36 | |||
| Drawing policies in connection with compensatory financing of export fluctuations | 1477-(63/8) | 41 | |||
| Drawing rights, extent of under Article V, Section 3(a) (iii) | 451-(55/52) | 20 | |||
| Drawings within the “gold tranche” | 102-(52/11) | 23 | |||
| 155-(52/57) | 25 | ||||
| 270-(53/95) | 28 | ||||
| 1687-(64/22) | 48 | ||||
| 1745-(64/46) | 49 | ||||
| Exchange transactions prior to establishment of initial par value | 1687-(64/22) | 49 | |||
| Exchange transactions up to 25% of quota increase, sympathetic consideration to be given | 1529-(63/33) | 6 | |||
| Gold collateral transactions | 1543-(63/39) | 44 | |||
| In accordance with purposes of Fund | 102-(52/11) | 21 | |||
| Ineligibility, effect on purchases under stand-by arrangement | 155-(52/57) | 24, 25 | |||
| 270-(53/95) | 27 | ||||
| 1151-(61/6) | 31 | ||||
| under Article V, Section 5 | 284-3 | 32 | |||
| under Article XV, Section 2 (a) | 343-(54/47) | 99 | |||
| “Is using” in Article V, Section 5, meaning of | 292-3 | 33 | |||
| Limitation and ineligibility under Article V, Section 5 | 284-3 | 32 | |||
| Monetary stabilization | 71-2 | 54 | |||
| Period of use | 102-(52/11) | 22 | |||
| 155-(52/57) | 24 | ||||
| 270-(53/95) | 26 | ||||
| Policy | 102-(52/11) | 21 | |||
| 155-(52/57) | 24 | ||||
| 270-(53/95) | 26 | ||||
| 649-(57/33) | 92 | ||||
| Postponement: | |||||
| Limitation under Article V, Section 5 | 286-1 | 32 | |||
| Under Article XX, Section 4(i) | 284-2 | 106 | |||
| “Presently needed” in Article V, Section 3(a) (i), meaning of | 284-4 | 19 | |||
| Reconstruction, use by countries undergoing | 196-2 | 97 | |||
| “Represents” in Article V, Section 3(a) (i), meaning of | 284-4 | 19 | |||
| Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration | 649-(57/33) | 92 | |||
| Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal | 1151-(61/6) | 31 | |||
| Suspension of transactions under stand-by arrangements | 270-(53/95) | 27 | |||
| 1151-(61/6) | 31 | ||||
| Temporary assistance in financing balance of payments deficits | 71-2 | 54 | |||
| Withdrawal from membership | 343-(54/47) | 99 | |||
| Effect on participant in borrowing arrangement | 1289-(62/1) | 64 | |||
| “Working balances”, meaning | 298-3 | 101 | |||
*
Reproduced on pages 100-103.
*
Regarding gold subscriptions in connection with quota increases granted in accordance with this decision, see Decision No. 1529-(63/33), pages 6-7.
*
See page 67.
*
Exchange of letters between the Ambassador of Switzerland to the United States and the Managing Director of the Fund
*
As amended, effective August 1, 1962 (Decision No. 1362-(62/32), July 9, 1962) and, effective October 12, 1962 (Decision No. 1415-(62/47), September 19, 1962).
The General Arrangements to Borrow entered into force on October 24, 1962.
*
These conclusions concerning the Fund’s jurisdiction and the obligation of members apply to all members including those for whose currencies par values have not been established.
*
Reproduced on pages 2-5.
*
Reproduced on pages 107-108.
*
Reproduced on page 104.
*
The decision lists certain countries which formerly were nonmembers but are presently members.
*
These statutes and related executive order have been selected for inclusion in this reference work because the Fund’s headquarters are in the United States and the Fund has no headquarters agreement.
*
The Agreement came into force November 15, 1947.
*
The Convention was adopted by the United Nations General Assembly on November 21, 1947. The Executive Directors of the Fund accepted the standard clauses of the Convention and approved Annex V with respect to the Fund on April 11, 1949. The Annex became effective on May 9, 1949, when it was received by the United Nations.
*
59 Stat. 512 (1945).
*
63 Stat. 298 (1949).
*
73 Stat. 80 (1959).
*
76 Stat. 105 (1962).
*
59 Stat. 669 (1945).
*
3 C.F.R. (1943-48 comp.) 558.