Index
Decision No. |
Page | ||||
Accounts: | |||||
Administrative | 574-2 | 70 | |||
Payable or receivable, Fund’s holdings of fluctuating currencies | 321-(54/32) | 5 | |||
Administrative deficits of Fund | 488-(56/5) | 75 | |||
708-(57/57) | 77 | ||||
Articles of Agreement: | |||||
Article I, bilateralism and convertibility | 287-3 | 14 | |||
433-(55/42) | 51 | ||||
Article III, Section 2, review of quotas | 408-2 | 1 | |||
Article III, Sections 3 and 4, changes in quotas | 595-3 | 2 | |||
Article IV, Section 1, fluctuating currencies | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
borrowing arrangements | 1289-(62/1) | 44 | |||
Article IV, Section 2, price of gold | 75-(705) | 8 | |||
233-2 | 9 | ||||
Article IV, Section 3, margins | 269-2 | 11 | |||
904-(59/32) | 11 | ||||
Article IV, Section 4(a), exchange stability | 233-2 | 9 | |||
Article IV, Section 5, changes in par values | 71-2 | 12 | |||
278-3 | 12 | ||||
Article IV, Section 8, fluctuating currencies | 321-(54/32) | 5 | |||
maintenance of gold value of Fund assets invested in U.S. securities | 488-(56/5) | 75 | |||
Article V, Section 1, borrowing arrangements | 1289-(62/1) | 37 | |||
Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of | 287-3 | 14 | |||
meaning of Section 3(a) (i) | 284-4 | 14 | |||
meaning of Section 3(a) (iii) | 451-(55/52) | 15 | |||
stand-by arrangements | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
use of Fund’s resources | 102-(52/11) | 16 | |||
Article V, Section 5, limitation on use | 284-3 | 27 | |||
286-1 | 27 | ||||
“is using”, meaning of | 292-3 | 28 | |||
Article V, Section 4, fluctuating currencies | 321-(54/32) | 5 | |||
1283-(61/56) | 7 | ||||
stand-by arrangements | 155-(52/57) | 20 | |||
Article V, Section 6(a), fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Article V, Section 7 (b), borrowing arrangements | 1289-(62/1) | 42 | |||
fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Article V, Section 8(a), borrowing arrangements | 1289-(62/1) | 41 | |||
Article V, Section 8(c), borrowing arrangements | 1289-(62/1) | 41 | |||
Article V, Section 8(d) | 102-(52/11) | 17 | |||
Article V, Section 8(f), fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
Article VI, Section 1, use of Fund’s resources | 71-2 | 35 | |||
1238-(61/43) | 35 | ||||
Article VI, Section 3, controls on capital transfers | 541-(56/39) | 36 | |||
Article VII, Section 2, borrowing arrangements | 1289-(62/1) | 37 | |||
Article VII, Section 3(b), security restrictions | 144-(52/51) | 50 | |||
Article VIII, retention quotas | 201-(53/29) | 52 | |||
bilateralism | 433-(55/42) | 51 | |||
Article VIII and Article XIV | 1034-(60/27) | 56 | |||
Article VIII, Section 2(a), security restrictions | 141-(52/51) | 50 | |||
Article VIII, Section 2 (b), unenforceability of exchange contracts | 446-4 | 48 | |||
Article VIII, Section 3, discrimination | 955-(59/45) | 55 | |||
multiple currency practices | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
Article IX, Section 7, privilege for communications | 534-3 | 68 | |||
Article XII, Section 3(b) | 574-2 | 70 | |||
Article XII. Section 3(c), “the preceding two years”, meaning of | 597-4 | 70 | |||
additional Executive Directors | 574-2 | 70 | |||
Article XII, Section 5, voting power of Executive Directors | 180-5 | 71 | |||
Article XIV, Section 1, use of Fund’s resources | 196-2 | 72 | |||
Article XIV. Sections 2, 3, 4, retention quotas | 201-(53/29) | 52 | |||
Articles VIII and XIV | 1034-(60/27) | 56 | |||
bilateralism | 433-(55/42) | 51 | |||
multiple currency practices | 237-2 | 59 | |||
security restrictions | 144-(52/51) | 50 | |||
Article XIV, Section 3 | 1034-(60/27) | 56 | |||
Article XIV. Section 4 | 237-2 | 59 | |||
117-1 | 73 | ||||
1034-(60/27) | 56 | ||||
Article XV, Section 3, borrowing arrangements | 1289-(62/1) | 45 | |||
Article XVI, Section 1, stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
borrowing arrangements | 1289-(62/1) | 46 | |||
Article XVIII(a), interpretation of drawing rights | 451-(55/52) | 15 | |||
borrowing arrangements | 1289-(62/1) | 47 | |||
Article XX. Section 4(i) | 284-2 | 74 | |||
Auction system (see also Multiple currency practices) | 237-2 | 62 | |||
Balance of payments position: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 31 | |||
Bilateralism | 433-(55/42) | 51 | |||
955-(59/45) | 55 | ||||
Borrowing by the Fund | 1289-(62/1) | 37 | |||
Fluctuating currencies | 1283-(61/56) | 7 | |||
Capital transfers: | |||||
Controls by members | 541-(56/39) | 36 | |||
Restrictions | 237-2 | 59 | |||
Use of Fund’s resources for | 1238-(61/43) | 35 | |||
71-2 | 35 | ||||
Central Banks | 1371-(62/36) | 34 | |||
“Changing circumstances”, adaptation of multiple currency practices | 237-2 | 65 | |||
Charges: | |||||
Borrowing arrangements, charges and interest payable by the Fund | 1289-(62/1) | 41 | |||
Reduction of Fund’s holdings pursuant to Article V, Section 8(d) | 102-(52/11) | 17 | |||
Stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins) | 269-2 | 11 | |||
Commodities, reclassification where subject to multiple currency practice | 237-2 | 64,65 | |||
Communications, privilege for | 534-3 | 68 | |||
“Consistent with the provisions of this Agreement,” Article V, Section 3(a) (i) | 287-3 | 14 | |||
Consultations with members: | |||||
Bilateral arrangements | 433-(55/42) | 51 | |||
Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 28 | |||
Exchange measures needing approval under Article VIII | 1034-(60/27) | 56 | |||
External transactions in gold | 75-(705) | 8 | |||
Gold production subsidies | 233-2 | 9 | |||
Multiple currency practices, changes | 237-2 | 59 | |||
Periodic discussions under Article VIII | 1034-(60/27) | 58 | |||
Reduction in Fund’s holdings | 102-(52/11) | 18 | |||
Retention quotas | 201-(53/29) | 52 | |||
Whether measure is exchange restriction | 1034-(60/27) | 57 | |||
Conversion | 1371-(62/36) | 33 | |||
Convertibility: | |||||
Acceptance of obligations of Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 56 | |||
Approval of exchange restrictions | 1034-(60/27) | 57 | |||
Bilateralism | 433-(55/42) | 51 | |||
Consultation with Fund | 1034-(60/27) | 58 | |||
Convertible currency margins | 904-(59/32) | 11 | |||
Credit arrangements (see Borrowing) | |||||
Currencies to be drawn and to be used in repurchase | 1371-(62/36) | 29 | |||
Discrimination | 955-(59/45) | 55 | |||
Multiple currency practices (see Multiple currency practices) | |||||
Restrictions for security reasons | 144-(52/51) | 50 | |||
Retention quotas | 201-(53/29) | 52 | |||
Creditworthiness, factor in determining use of Fund’s resources | 102-(52/11) | 16 | |||
270-(53/95) | 21 | ||||
Currencies: | |||||
Fluctuating (see Fluctuating currencies) | |||||
To be drawn | 1371-(62/36) | 31 | |||
To be used in repurchases | 1371-(62/36) | 33 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
of repurchases | 1371-(62/36) | 33 | |||
Date for computations relating to fluctuating currency | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions) | 955-(59/45) | 55 | |||
Drawing rights (see Use of Fund’s resources) | |||||
Drawings, currency composition | 1371-(62/36) | 31 | |||
Enemy-occupied former, members, introduction of multiple currency practices | 237-2 | 65 | |||
“Exceptional circumstances”, meaning in Article XIV, Section 4 | 117-1 | 73 | |||
237-2 | 65 | ||||
Exchange contracts, unenforceability | 446-4 | 48 | |||
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement | 446-4 | 49 | |||
Exchange controls on capital transfers | 541-(56/39) | 36 | |||
Exchange dealings under conditions of increasing convertibility | 904-(59/32) | 11 | |||
Exchange market, conversion in | 1371-(62/36) | 33 | |||
Exchange rates: | |||||
Borrowing arrangements by Fund | 1289-(62/1) | 44 | |||
Buying and selling rates | 237-2 | 66 | |||
Free markets | 237-2 | 62 | |||
Fluctuating: | |||||
Fund transactions and computations | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Multiple currency practices (fixed and fluctuating rates) | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
“Other exchange transactions” (paper money and coins) | 269-2 | 11 | |||
Scope of transactions to be agreed with Fund | 237-2 | 62 | |||
Par values (see Par values) | |||||
Spot exchange transactions in convertible currency | 904-(59/32) | 11 | |||
Unification in multiple rate systems a basic objective of Fund | 649-(57/33) | 66 | |||
Exchange restrictions: | |||||
Approval | 1034-(60/27) | 56 | |||
Bilateralism | 433-(55/42) | 51 | |||
Consultations with Fund | 1034-(60/27) | 56 | |||
Discrimination | 955-(59/45) | 55 | |||
Guiding principle of whether measure is a restriction on payments and transfers for current international transactions | 1034-(60/27) | 56 | |||
Introduction | 1034-(60/27) | 57 | |||
Maintenance | 1034-(60/27) | 57 | |||
Multiple currency practices | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
Retention quotas | 201-(53/29) | 52 | |||
Security reasons (see Payments restrictions) | |||||
Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 56 | |||
Withdrawal | 117-1 | 73 | |||
Exchange restrictions on capital transactions (sec Capital transfers) | |||||
Exchange stability: | |||||
External transactions in gold | 75-(705) | 8 | |||
Gold subsidies | 233-2 | 9 | |||
Multiple currency practices | 237-2 | 59 | |||
Premium gold transactions | 75-(705) | 8 | |||
Exchange systems, avoidance of use for nonbalance of payments reasons | 1034-(60/27) | 57 | |||
Exchange taxes | 237-2 | 62,66 | |||
Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources): | |||||
Fluctuating currencies | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Fluctuating rates of exchange | 237-2 | 62 | |||
Margins (see Margins) | |||||
“Other”, dealings in paper money and coins | 269-2 | 11 | |||
Executive Directors: | |||||
Consultations | 1371-(62/36) | 31 | |||
Determination of members entitled to appoint under Article XII, Section 3(c) | 574-2 | 70 | |||
Meaning of “the preceding two years” in Article XII, Section 3(c) | 597-4 | 70 | |||
Voting power, effect of quota changes | 180-5 | 71 | |||
Fluctuating currencies: | |||||
Application of provisions of Fund Agreement | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Date for computations | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Revaluation of Fund’s holdings | 321-(54/32) | 5 | |||
Transactions and computations involving | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Fluctuating rates of exchange: | |||||
Type of multiple currency practice | 237-2 | 62 | |||
Free markets (see Exchange rates) | |||||
Full employment, maintenance of (see Fundamental disequilibrium) | |||||
Fundamental disequilibrium: | |||||
Change in par value | 71-2 | 12 | |||
Correction by change in par value | 278-3 | 12 | |||
Full employment | 71-2 | 12 | |||
Measures necessary to correct, interpretation of Articles of Agreement | 71-2 | 12 | |||
Fund’s holdings of currencies: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 28 | |||
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) | 58 | |||
Gold: | |||||
Consultations re external transactions in | 75-(705) | 8 | |||
Fund’s holdings (see Investment of the Fund’s assets) | |||||
Payment of stand-by charges | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
Premium, transactions | 75-(705) | 8 | |||
Price | 75-(705) | 8 | |||
233-2 | 9 | ||||
Purchase or sale by Fund with fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Subsidies, members’ obligation to consult Fund | 233-2 | 9 | |||
Value of Fund’s assets, fluctuating currencies | 321-(54/32) | 5 | |||
“Gold tranche” transactions (see also Use of Fund’s resources): | |||||
Charges under stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 23 | ||||
876-(59/15) | 25 | ||||
Repurchase | 102-(52/11) | 18 | |||
Holdings of the Fund (see Fluctuating currencies; Investment of the Fund’s assets; Repurchases) | |||||
Import restrictions imposed for balance of payments reasons, GATT members | 1034-(60/27) | 58 | |||
Income, Fund’s (see Investment of the Fund’s assets) | |||||
Ineligibility (see Stand -by arrangements) | |||||
Investment of the Fund’s assets | 488-(56/5) | 75 | |||
708-(57/57) | 77 | ||||
905-(59/32) | 78 | ||||
1107-(60/50) | 78 | ||||
1272-(61/53) | 79 | ||||
“Is using”, meaning in Article V, Section 5 | 292-3 | 28 | |||
Managing Director, consultations with | 1371-(62/36) | 29 | |||
Margins (see also Exchange rates) | |||||
Exchange rates for spot exchange transactions in a convertible currency | 904-(59/32) | 11 | |||
Price of gold | 75-(705) | 8 | |||
233-2 | 9 | ||||
Rates differing from parity by more than 1% constitute multiple currency practices | 237-2 | 66 | |||
Other exchange transactions (paper money and coins) | 269-2 | 11 | |||
Monetary reserves of members, importance of gold holdings | 75-(705) | 8 | |||
Monetary reserves data | 102-(52/11) | 16 | |||
Monetary stabilization operations, use of Fund’s resources | 71-235 | ||||
Money (see Paper money) | |||||
Multiple currency practices (see also Exchange restrictions and Exchange rates) | |||||
Auction system | |||||
Fixed rates | 237-2 | 59 | |||
Fluctuating rates | 649-(57/33) | 66 | |||
Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 | 269-2 | 11 | |||
Par value, change to correct a fundamental disequilibrium | 71-2 | 12 | |||
278-3 | 12 | ||||
Extent of change | 278-3 | 12 | |||
Fund’s authority | 278-3 | 12 | |||
Fundamental disequilibrium | 71-2 | 12 | |||
278-3 | 12 | ||||
Margins (see Margins) | |||||
Payments restrictions (see also Exchange restrictions) | |||||
For security reasons, Fund jurisdiction | 144-(52/51) | 50 | |||
“Presently needed”, meaning in Article V, Section 3(a) (i) | 284-4 | 14 | |||
Prior agreement of the Fund (see Repurchases) | |||||
“Prior notice”, provision in stand-by arrangements | 1151-(61/6) | 27 | |||
Prior notice to Fund, imposition of payments restrictions for security reasons | 144-(52/51) | 50 | |||
Quotas: | |||||
Change | 595-3 | 2 | |||
Effect on voting power of elected Executive Director | 180-5 | 71 | |||
Review | 408-2 | 1 | |||
Rates for official communications of Fund | 534-3 | 68 | |||
Rates of exchange (see Exchange rates; Multiple currency practices) | |||||
Refund (see Stand-by arrangements) | |||||
Repayment by Fund of borrowed currency | 1289-(62/1) | 42 | |||
“Represents”, meaning in Article V, Section 3(a) (i) | 284-4 | 14 | |||
Repurchases: | |||||
Article V, Section 7 | 102-(52/11) | 19 | |||
Augmentation of stand-by arrangement by equivalent amount | 876-(59/15) | 24 | |||
Currency composition | 1371-(62/36) | 33 | |||
Involving fluctuating currencies | 321-(54/32) | 4 | |||
Of Fund’s holdings | 102-(52/11) | 16 | |||
270-(53/95) | 21 | ||||
Prior agreement of Fund needed | 1371-(62/36) | 30 | |||
Stand-by arrangements | 270-(53/95) | 21 | |||
Voluntary, computation of rate for fluctuating currency | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Reserve position: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 31 | |||
Reserve, Special, of the Fund | 708-(57/57) | 78 | |||
Restrictions (see Exchange restrictions; Payments restrictions) | |||||
Retention quotas | 201-(53/29) | 52 | |||
Security, payments restrictions imposed for | 144-(52/51) | 50 | |||
Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility | 904-(50/32) | 11 | |||
Stand-by arrangements: | |||||
Amounts | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
Augmentation by amounts of repurchases | 876-(59/15) | 24 | |||
Cancellation, repayment of portion of charge | 270-(53/95) | 23 | |||
876-(59/15) | 25 | ||||
Charges | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
1345-(62/23) | 26 | ||||
Currency borrowed by the Fund | 1289-(62/1) | 40 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
Gold tranche drawings | 155-(52/57) | 20 | |||
270-(53/95) | 23 | ||||
876-(59/15) | 25 | ||||
Ineligibility | 155-(52/57) | 19 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
Period | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
Policies and procedures | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
Prior notice | 1151-(61/6) | 27 | |||
Refund of charges | 1345-(62/23) | 26 | |||
Renewal | 155-(52/57) | 19 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
Suspension of rights to engage in drawings | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification | 649-(57/33) | 67 | |||
Transfers, restrictions on (see Exchange restrictions; Payments restrictions) | |||||
Transitional provisions of Article XIV | 1034-(60/27) | 56 | |||
237-2 | 59 | ||||
117-1 | 73 | ||||
Unenforceability (see Exchange contracts) | |||||
Use of Fund’s resources: | |||||
Application of same policy to stand-by arrangements as to requests for immediate drawing | 155-(52/57) | 19 | |||
Authority to use resources of Fund | 71-2 | 35 | |||
Balance of payments deficit on current account | 71-2 | 35 | |||
Capital transfers | 1238-(61/43) | 35 | |||
Conditions in Article V, Section 3(a) (i) | 284-4 | 14 | |||
“Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of | 287-3 | 14 | |||
Countries undergoing reconstruction | 196-2 | 72 | |||
Currency borrowed by the Fund | 1289-(62/1) | 42 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
Drawing rights, extent of under Article V, Section 3(a)(iii) | 451-(55/52) | 15 | |||
Drawings within the “gold tranche” | 102-(52/11) | 18 | |||
155-(52/57) | 20 | ||||
270-(53/95) | 23 | ||||
Gold tranche | 102-(52/11) | 18 | |||
In accordance with purposes of Fund | 102- (52/11) | 16 | |||
Ineligibility, effect on purchases under stand-by arrangement | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
under Article V, Section 5 | 284-3 | 27 | |||
“Is using” in Article V, Section 5, meaning of | 292-3 | 28 | |||
Limitation and ineligibility under Article V, Section 5 | 284-3 | 27 | |||
Monetary stabilization | 71-2 | 35 | |||
Period of use | 102-(52/11) | 17 | |||
155-(52/57) | 19 | ||||
270-(53/95) | 21 | ||||
Policy | 102-(52/11) | 16 | |||
155-(52/57) | 19 | ||||
270-(53/95) | 21 | ||||
649-(57/33) | 67 | ||||
Postponement | |||||
Limitation under Article V, Section 5 | 286-1 | 27 | |||
Postponement under Article XX, Section 4(i) | 284-2 | 74 | |||
“Presently needed” in Article V, Section 3(a) (i), meaning of | 284-4 | 14 | |||
Reconstruction, use for | 196-2 | 72 | |||
“Represents” in Article V, Section 3(a) (i), meaning of | 284-4 | 14 | |||
Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration | 649-(57/33) | 67 | |||
Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal | 1151-(61/6) | 26 | |||
Stand-by charges | 876-(59/15) | 24 | |||
Suspension of transactions under stand-by arrangements | 270-(53/95) | 22 | |||
1151-(61/6) | 26 | ||||
Temporary assistance in financing balance of payments deficits | 71-2 | 35 |
Decision No. |
Page | ||||
Accounts: | |||||
Administrative | 574-2 | 70 | |||
Payable or receivable, Fund’s holdings of fluctuating currencies | 321-(54/32) | 5 | |||
Administrative deficits of Fund | 488-(56/5) | 75 | |||
708-(57/57) | 77 | ||||
Articles of Agreement: | |||||
Article I, bilateralism and convertibility | 287-3 | 14 | |||
433-(55/42) | 51 | ||||
Article III, Section 2, review of quotas | 408-2 | 1 | |||
Article III, Sections 3 and 4, changes in quotas | 595-3 | 2 | |||
Article IV, Section 1, fluctuating currencies | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
borrowing arrangements | 1289-(62/1) | 44 | |||
Article IV, Section 2, price of gold | 75-(705) | 8 | |||
233-2 | 9 | ||||
Article IV, Section 3, margins | 269-2 | 11 | |||
904-(59/32) | 11 | ||||
Article IV, Section 4(a), exchange stability | 233-2 | 9 | |||
Article IV, Section 5, changes in par values | 71-2 | 12 | |||
278-3 | 12 | ||||
Article IV, Section 8, fluctuating currencies | 321-(54/32) | 5 | |||
maintenance of gold value of Fund assets invested in U.S. securities | 488-(56/5) | 75 | |||
Article V, Section 1, borrowing arrangements | 1289-(62/1) | 37 | |||
Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of | 287-3 | 14 | |||
meaning of Section 3(a) (i) | 284-4 | 14 | |||
meaning of Section 3(a) (iii) | 451-(55/52) | 15 | |||
stand-by arrangements | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
use of Fund’s resources | 102-(52/11) | 16 | |||
Article V, Section 5, limitation on use | 284-3 | 27 | |||
286-1 | 27 | ||||
“is using”, meaning of | 292-3 | 28 | |||
Article V, Section 4, fluctuating currencies | 321-(54/32) | 5 | |||
1283-(61/56) | 7 | ||||
stand-by arrangements | 155-(52/57) | 20 | |||
Article V, Section 6(a), fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Article V, Section 7 (b), borrowing arrangements | 1289-(62/1) | 42 | |||
fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Article V, Section 8(a), borrowing arrangements | 1289-(62/1) | 41 | |||
Article V, Section 8(c), borrowing arrangements | 1289-(62/1) | 41 | |||
Article V, Section 8(d) | 102-(52/11) | 17 | |||
Article V, Section 8(f), fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
Article VI, Section 1, use of Fund’s resources | 71-2 | 35 | |||
1238-(61/43) | 35 | ||||
Article VI, Section 3, controls on capital transfers | 541-(56/39) | 36 | |||
Article VII, Section 2, borrowing arrangements | 1289-(62/1) | 37 | |||
Article VII, Section 3(b), security restrictions | 144-(52/51) | 50 | |||
Article VIII, retention quotas | 201-(53/29) | 52 | |||
bilateralism | 433-(55/42) | 51 | |||
Article VIII and Article XIV | 1034-(60/27) | 56 | |||
Article VIII, Section 2(a), security restrictions | 141-(52/51) | 50 | |||
Article VIII, Section 2 (b), unenforceability of exchange contracts | 446-4 | 48 | |||
Article VIII, Section 3, discrimination | 955-(59/45) | 55 | |||
multiple currency practices | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
Article IX, Section 7, privilege for communications | 534-3 | 68 | |||
Article XII, Section 3(b) | 574-2 | 70 | |||
Article XII. Section 3(c), “the preceding two years”, meaning of | 597-4 | 70 | |||
additional Executive Directors | 574-2 | 70 | |||
Article XII, Section 5, voting power of Executive Directors | 180-5 | 71 | |||
Article XIV, Section 1, use of Fund’s resources | 196-2 | 72 | |||
Article XIV. Sections 2, 3, 4, retention quotas | 201-(53/29) | 52 | |||
Articles VIII and XIV | 1034-(60/27) | 56 | |||
bilateralism | 433-(55/42) | 51 | |||
multiple currency practices | 237-2 | 59 | |||
security restrictions | 144-(52/51) | 50 | |||
Article XIV, Section 3 | 1034-(60/27) | 56 | |||
Article XIV. Section 4 | 237-2 | 59 | |||
117-1 | 73 | ||||
1034-(60/27) | 56 | ||||
Article XV, Section 3, borrowing arrangements | 1289-(62/1) | 45 | |||
Article XVI, Section 1, stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
borrowing arrangements | 1289-(62/1) | 46 | |||
Article XVIII(a), interpretation of drawing rights | 451-(55/52) | 15 | |||
borrowing arrangements | 1289-(62/1) | 47 | |||
Article XX. Section 4(i) | 284-2 | 74 | |||
Auction system (see also Multiple currency practices) | 237-2 | 62 | |||
Balance of payments position: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 31 | |||
Bilateralism | 433-(55/42) | 51 | |||
955-(59/45) | 55 | ||||
Borrowing by the Fund | 1289-(62/1) | 37 | |||
Fluctuating currencies | 1283-(61/56) | 7 | |||
Capital transfers: | |||||
Controls by members | 541-(56/39) | 36 | |||
Restrictions | 237-2 | 59 | |||
Use of Fund’s resources for | 1238-(61/43) | 35 | |||
71-2 | 35 | ||||
Central Banks | 1371-(62/36) | 34 | |||
“Changing circumstances”, adaptation of multiple currency practices | 237-2 | 65 | |||
Charges: | |||||
Borrowing arrangements, charges and interest payable by the Fund | 1289-(62/1) | 41 | |||
Reduction of Fund’s holdings pursuant to Article V, Section 8(d) | 102-(52/11) | 17 | |||
Stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins) | 269-2 | 11 | |||
Commodities, reclassification where subject to multiple currency practice | 237-2 | 64,65 | |||
Communications, privilege for | 534-3 | 68 | |||
“Consistent with the provisions of this Agreement,” Article V, Section 3(a) (i) | 287-3 | 14 | |||
Consultations with members: | |||||
Bilateral arrangements | 433-(55/42) | 51 | |||
Currencies to be drawn and to be used in repurchases | 1371-(62/36) | 28 | |||
Exchange measures needing approval under Article VIII | 1034-(60/27) | 56 | |||
External transactions in gold | 75-(705) | 8 | |||
Gold production subsidies | 233-2 | 9 | |||
Multiple currency practices, changes | 237-2 | 59 | |||
Periodic discussions under Article VIII | 1034-(60/27) | 58 | |||
Reduction in Fund’s holdings | 102-(52/11) | 18 | |||
Retention quotas | 201-(53/29) | 52 | |||
Whether measure is exchange restriction | 1034-(60/27) | 57 | |||
Conversion | 1371-(62/36) | 33 | |||
Convertibility: | |||||
Acceptance of obligations of Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 56 | |||
Approval of exchange restrictions | 1034-(60/27) | 57 | |||
Bilateralism | 433-(55/42) | 51 | |||
Consultation with Fund | 1034-(60/27) | 58 | |||
Convertible currency margins | 904-(59/32) | 11 | |||
Credit arrangements (see Borrowing) | |||||
Currencies to be drawn and to be used in repurchase | 1371-(62/36) | 29 | |||
Discrimination | 955-(59/45) | 55 | |||
Multiple currency practices (see Multiple currency practices) | |||||
Restrictions for security reasons | 144-(52/51) | 50 | |||
Retention quotas | 201-(53/29) | 52 | |||
Creditworthiness, factor in determining use of Fund’s resources | 102-(52/11) | 16 | |||
270-(53/95) | 21 | ||||
Currencies: | |||||
Fluctuating (see Fluctuating currencies) | |||||
To be drawn | 1371-(62/36) | 31 | |||
To be used in repurchases | 1371-(62/36) | 33 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
of repurchases | 1371-(62/36) | 33 | |||
Date for computations relating to fluctuating currency | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions) | 955-(59/45) | 55 | |||
Drawing rights (see Use of Fund’s resources) | |||||
Drawings, currency composition | 1371-(62/36) | 31 | |||
Enemy-occupied former, members, introduction of multiple currency practices | 237-2 | 65 | |||
“Exceptional circumstances”, meaning in Article XIV, Section 4 | 117-1 | 73 | |||
237-2 | 65 | ||||
Exchange contracts, unenforceability | 446-4 | 48 | |||
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement | 446-4 | 49 | |||
Exchange controls on capital transfers | 541-(56/39) | 36 | |||
Exchange dealings under conditions of increasing convertibility | 904-(59/32) | 11 | |||
Exchange market, conversion in | 1371-(62/36) | 33 | |||
Exchange rates: | |||||
Borrowing arrangements by Fund | 1289-(62/1) | 44 | |||
Buying and selling rates | 237-2 | 66 | |||
Free markets | 237-2 | 62 | |||
Fluctuating: | |||||
Fund transactions and computations | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Multiple currency practices (fixed and fluctuating rates) | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
“Other exchange transactions” (paper money and coins) | 269-2 | 11 | |||
Scope of transactions to be agreed with Fund | 237-2 | 62 | |||
Par values (see Par values) | |||||
Spot exchange transactions in convertible currency | 904-(59/32) | 11 | |||
Unification in multiple rate systems a basic objective of Fund | 649-(57/33) | 66 | |||
Exchange restrictions: | |||||
Approval | 1034-(60/27) | 56 | |||
Bilateralism | 433-(55/42) | 51 | |||
Consultations with Fund | 1034-(60/27) | 56 | |||
Discrimination | 955-(59/45) | 55 | |||
Guiding principle of whether measure is a restriction on payments and transfers for current international transactions | 1034-(60/27) | 56 | |||
Introduction | 1034-(60/27) | 57 | |||
Maintenance | 1034-(60/27) | 57 | |||
Multiple currency practices | 237-2 | 59 | |||
649-(57/33) | 66 | ||||
Retention quotas | 201-(53/29) | 52 | |||
Security reasons (see Payments restrictions) | |||||
Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4 | 1034-(60/27) | 56 | |||
Withdrawal | 117-1 | 73 | |||
Exchange restrictions on capital transactions (sec Capital transfers) | |||||
Exchange stability: | |||||
External transactions in gold | 75-(705) | 8 | |||
Gold subsidies | 233-2 | 9 | |||
Multiple currency practices | 237-2 | 59 | |||
Premium gold transactions | 75-(705) | 8 | |||
Exchange systems, avoidance of use for nonbalance of payments reasons | 1034-(60/27) | 57 | |||
Exchange taxes | 237-2 | 62,66 | |||
Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources): | |||||
Fluctuating currencies | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Fluctuating rates of exchange | 237-2 | 62 | |||
Margins (see Margins) | |||||
“Other”, dealings in paper money and coins | 269-2 | 11 | |||
Executive Directors: | |||||
Consultations | 1371-(62/36) | 31 | |||
Determination of members entitled to appoint under Article XII, Section 3(c) | 574-2 | 70 | |||
Meaning of “the preceding two years” in Article XII, Section 3(c) | 597-4 | 70 | |||
Voting power, effect of quota changes | 180-5 | 71 | |||
Fluctuating currencies: | |||||
Application of provisions of Fund Agreement | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Date for computations | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Revaluation of Fund’s holdings | 321-(54/32) | 5 | |||
Transactions and computations involving | 321-(54/32) | 3 | |||
1283-(61/56) | 7 | ||||
Fluctuating rates of exchange: | |||||
Type of multiple currency practice | 237-2 | 62 | |||
Free markets (see Exchange rates) | |||||
Full employment, maintenance of (see Fundamental disequilibrium) | |||||
Fundamental disequilibrium: | |||||
Change in par value | 71-2 | 12 | |||
Correction by change in par value | 278-3 | 12 | |||
Full employment | 71-2 | 12 | |||
Measures necessary to correct, interpretation of Articles of Agreement | 71-2 | 12 | |||
Fund’s holdings of currencies: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 28 | |||
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) | 58 | |||
Gold: | |||||
Consultations re external transactions in | 75-(705) | 8 | |||
Fund’s holdings (see Investment of the Fund’s assets) | |||||
Payment of stand-by charges | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
Premium, transactions | 75-(705) | 8 | |||
Price | 75-(705) | 8 | |||
233-2 | 9 | ||||
Purchase or sale by Fund with fluctuating currencies | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Subsidies, members’ obligation to consult Fund | 233-2 | 9 | |||
Value of Fund’s assets, fluctuating currencies | 321-(54/32) | 5 | |||
“Gold tranche” transactions (see also Use of Fund’s resources): | |||||
Charges under stand-by arrangements | 155-(52/57) | 20 | |||
270-(53/95) | 23 | ||||
876-(59/15) | 25 | ||||
Repurchase | 102-(52/11) | 18 | |||
Holdings of the Fund (see Fluctuating currencies; Investment of the Fund’s assets; Repurchases) | |||||
Import restrictions imposed for balance of payments reasons, GATT members | 1034-(60/27) | 58 | |||
Income, Fund’s (see Investment of the Fund’s assets) | |||||
Ineligibility (see Stand -by arrangements) | |||||
Investment of the Fund’s assets | 488-(56/5) | 75 | |||
708-(57/57) | 77 | ||||
905-(59/32) | 78 | ||||
1107-(60/50) | 78 | ||||
1272-(61/53) | 79 | ||||
“Is using”, meaning in Article V, Section 5 | 292-3 | 28 | |||
Managing Director, consultations with | 1371-(62/36) | 29 | |||
Margins (see also Exchange rates) | |||||
Exchange rates for spot exchange transactions in a convertible currency | 904-(59/32) | 11 | |||
Price of gold | 75-(705) | 8 | |||
233-2 | 9 | ||||
Rates differing from parity by more than 1% constitute multiple currency practices | 237-2 | 66 | |||
Other exchange transactions (paper money and coins) | 269-2 | 11 | |||
Monetary reserves of members, importance of gold holdings | 75-(705) | 8 | |||
Monetary reserves data | 102-(52/11) | 16 | |||
Monetary stabilization operations, use of Fund’s resources | 71-235 | ||||
Money (see Paper money) | |||||
Multiple currency practices (see also Exchange restrictions and Exchange rates) | |||||
Auction system | |||||
Fixed rates | 237-2 | 59 | |||
Fluctuating rates | 649-(57/33) | 66 | |||
Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 | 269-2 | 11 | |||
Par value, change to correct a fundamental disequilibrium | 71-2 | 12 | |||
278-3 | 12 | ||||
Extent of change | 278-3 | 12 | |||
Fund’s authority | 278-3 | 12 | |||
Fundamental disequilibrium | 71-2 | 12 | |||
278-3 | 12 | ||||
Margins (see Margins) | |||||
Payments restrictions (see also Exchange restrictions) | |||||
For security reasons, Fund jurisdiction | 144-(52/51) | 50 | |||
“Presently needed”, meaning in Article V, Section 3(a) (i) | 284-4 | 14 | |||
Prior agreement of the Fund (see Repurchases) | |||||
“Prior notice”, provision in stand-by arrangements | 1151-(61/6) | 27 | |||
Prior notice to Fund, imposition of payments restrictions for security reasons | 144-(52/51) | 50 | |||
Quotas: | |||||
Change | 595-3 | 2 | |||
Effect on voting power of elected Executive Director | 180-5 | 71 | |||
Review | 408-2 | 1 | |||
Rates for official communications of Fund | 534-3 | 68 | |||
Rates of exchange (see Exchange rates; Multiple currency practices) | |||||
Refund (see Stand-by arrangements) | |||||
Repayment by Fund of borrowed currency | 1289-(62/1) | 42 | |||
“Represents”, meaning in Article V, Section 3(a) (i) | 284-4 | 14 | |||
Repurchases: | |||||
Article V, Section 7 | 102-(52/11) | 19 | |||
Augmentation of stand-by arrangement by equivalent amount | 876-(59/15) | 24 | |||
Currency composition | 1371-(62/36) | 33 | |||
Involving fluctuating currencies | 321-(54/32) | 4 | |||
Of Fund’s holdings | 102-(52/11) | 16 | |||
270-(53/95) | 21 | ||||
Prior agreement of Fund needed | 1371-(62/36) | 30 | |||
Stand-by arrangements | 270-(53/95) | 21 | |||
Voluntary, computation of rate for fluctuating currency | 321-(54/32) | 4 | |||
1283-(61/56) | 7 | ||||
Reserve position: | |||||
Currency composition of drawings and repurchases | 1371-(62/36) | 31 | |||
Reserve, Special, of the Fund | 708-(57/57) | 78 | |||
Restrictions (see Exchange restrictions; Payments restrictions) | |||||
Retention quotas | 201-(53/29) | 52 | |||
Security, payments restrictions imposed for | 144-(52/51) | 50 | |||
Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility | 904-(50/32) | 11 | |||
Stand-by arrangements: | |||||
Amounts | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
Augmentation by amounts of repurchases | 876-(59/15) | 24 | |||
Cancellation, repayment of portion of charge | 270-(53/95) | 23 | |||
876-(59/15) | 25 | ||||
Charges | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
1345-(62/23) | 26 | ||||
Currency borrowed by the Fund | 1289-(62/1) | 40 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
Gold tranche drawings | 155-(52/57) | 20 | |||
270-(53/95) | 23 | ||||
876-(59/15) | 25 | ||||
Ineligibility | 155-(52/57) | 19 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
Period | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
Policies and procedures | 155-(52/57) | 19 | |||
270-(53/95) | 21 | ||||
876-(59/15) | 24 | ||||
1151-(61/6) | 26 | ||||
Prior notice | 1151-(61/6) | 27 | |||
Refund of charges | 1345-(62/23) | 26 | |||
Renewal | 155-(52/57) | 19 | |||
270-(53/95) | 22 | ||||
876-(59/15) | 24 | ||||
Suspension of rights to engage in drawings | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification | 649-(57/33) | 67 | |||
Transfers, restrictions on (see Exchange restrictions; Payments restrictions) | |||||
Transitional provisions of Article XIV | 1034-(60/27) | 56 | |||
237-2 | 59 | ||||
117-1 | 73 | ||||
Unenforceability (see Exchange contracts) | |||||
Use of Fund’s resources: | |||||
Application of same policy to stand-by arrangements as to requests for immediate drawing | 155-(52/57) | 19 | |||
Authority to use resources of Fund | 71-2 | 35 | |||
Balance of payments deficit on current account | 71-2 | 35 | |||
Capital transfers | 1238-(61/43) | 35 | |||
Conditions in Article V, Section 3(a) (i) | 284-4 | 14 | |||
“Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of | 287-3 | 14 | |||
Countries undergoing reconstruction | 196-2 | 72 | |||
Currency borrowed by the Fund | 1289-(62/1) | 42 | |||
Currency composition of drawings | 1371-(62/36) | 31 | |||
Drawing rights, extent of under Article V, Section 3(a)(iii) | 451-(55/52) | 15 | |||
Drawings within the “gold tranche” | 102-(52/11) | 18 | |||
155-(52/57) | 20 | ||||
270-(53/95) | 23 | ||||
Gold tranche | 102-(52/11) | 18 | |||
In accordance with purposes of Fund | 102- (52/11) | 16 | |||
Ineligibility, effect on purchases under stand-by arrangement | 155-(52/57) | 20 | |||
270-(53/95) | 22 | ||||
1151-(61/6) | 26 | ||||
under Article V, Section 5 | 284-3 | 27 | |||
“Is using” in Article V, Section 5, meaning of | 292-3 | 28 | |||
Limitation and ineligibility under Article V, Section 5 | 284-3 | 27 | |||
Monetary stabilization | 71-2 | 35 | |||
Period of use | 102-(52/11) | 17 | |||
155-(52/57) | 19 | ||||
270-(53/95) | 21 | ||||
Policy | 102-(52/11) | 16 | |||
155-(52/57) | 19 | ||||
270-(53/95) | 21 | ||||
649-(57/33) | 67 | ||||
Postponement | |||||
Limitation under Article V, Section 5 | 286-1 | 27 | |||
Postponement under Article XX, Section 4(i) | 284-2 | 74 | |||
“Presently needed” in Article V, Section 3(a) (i), meaning of | 284-4 | 14 | |||
Reconstruction, use for | 196-2 | 72 | |||
“Represents” in Article V, Section 3(a) (i), meaning of | 284-4 | 14 | |||
Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration | 649-(57/33) | 67 | |||
Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal | 1151-(61/6) | 26 | |||
Stand-by charges | 876-(59/15) | 24 | |||
Suspension of transactions under stand-by arrangements | 270-(53/95) | 22 | |||
1151-(61/6) | 26 | ||||
Temporary assistance in financing balance of payments deficits | 71-2 | 35 |