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International Monetary Fund
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English
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SELD; fund; exchange transaction; transaction; article
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Abstract

This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The usability of gold or dollars for the payment of the gold subscription is not necessary to constitute “holdings.” It has been decided to recommend to the Board of Governors, where a member presents, for reasons which it shall submit to the IMF, that its reserves should not be reduced by an immediate 25 percent gold payment, that such member shall be permitted in accordance with an appropriate resolution to have its quota increased in five annual installments, with the right to accelerate the payment of such installments. In June 1947, the IMF issued a statement recommending to its members that they take effective action to prevent external transactions in gold at premium prices, because such transactions tend to undermine exchange stability and to impair monetary reserves.

Selected Decisions of the Executive Directors

INTERNATIONAL MONETARY FUND

SECOND ISSUE

Washington, D. C., September 1963

Preface

This volume presents selected decisions and interpretations of the Executive Directors of the International Monetary Fund which were taken or made prior to July 15, 1963. It brings together the texts of general decisions relating to certain obligations, policies, and procedures under the Articles of Agreement to which frequent reference is made.

This issue contains all decisions that were published in the first issue (September 1962), general decisions taken since then, and certain earlier decisions and interpretations which were not incorporated in the first issue. Decisions of the Executive Directors which have been published in the By-Laws, Rules and Regulations, such as the schedule of charges, are not included.

Later editions will be issued to keep the collection up to date.

Contents

  • ARTICLE III, SECTION 2

    • ADJUSTMENT OF QUOTAS (408-2)

  • ARTICLE III, SECTION 3

    • SUBSCRIPTIONS

      • Net Official Holdings: Principles of Interpretation (298-3)

  • ARTICLE III, SECTION 4

    • PAYMENTS WHEN QUOTAS ARE CHANGED

      • Interpretation (595-3)

      • Quota Increases: Gold Subscriptions (1529-(63/33))

  • ARTICLE IV, SECTION 1

    • TRANSACTIONS AND COMPUTATIONS INVOLVING FLUCTUATING CURRENCIES

      • Transactions and Computations Involving Fluctuating Currencies (321-(54/32))

      • Transactions and Computations Involving Fluctuating Currencies (1245-(61/45))

      • Transactions and Computations Involving Fluctuating Currencies (1283-(61 /56))

  • ARTICLE IV, SECTION 2

    • GOLD

      • Premium Gold Transactions: Statement to Members (75-(705))

      • Statement of Policy Concerning Subsidies for Gold Production (233-2)

  • ARTICLE IV, SECTIONS 3 AND 5

    • PAR VALUES AND MARGINS

      • Foreign Exchange Dealings Based on Parity: Article IV, Section 3 (269-2)

      • Exchange Dealings and Margins Under Conditions of Increasing Convertibility (904-(59/32))

      • Interpretation of Articles of Agreement (71-2)

      • Changes in Par Values: Fundamental Disequilibrium (278-3)

  • ARTICLE V, SECTIONS 3, 4, AND 5

    • USE OF FUND’S RESOURCES AND STAND-BY ARRANGEMENTS

      • Use of Fund’s Resources: Meaning of Article V, Section 3(a) (i) (284-4)

      • Use of Fund’s Resources: Meaning of “Consistent with the Provisions of This Agreement” in Article V, Section 3 (287-3)

      • Extent of Drawing Rights: Meaning of Article V, Section 3(a) (iii) (451-(55/52))

      • Use of Fund’s Resources and Repurchases (102-(52/11))

      • Stand-By Credit Arrangements (155-(52/57))

      • I. Use of Fund’s Resources and Repurchases (270-(53/95))

      • II. Stand-By Credit Arrangements (270-(53/95))

      • Charges for Transactions and Stand-By Arrangements (876-(59/15))

      • Stand-By Arrangements: Refund of Charges (1345-(62/23))

      • Stand-By Arrangements (1151-(61/6))

      • Use of Fund’s Resources: Limitation and Ineligibility Under Article V, Section 5 (284-3)

      • Use of Fund’s Resources: Postponement and Limitation Under Article V, Section 5 (286-1)

      • Use of Fund’s Resources: Meaning of “Is Using” in Article V, Section 5 (292-3)

      • Currencies to Be Drawn and to Be Used in Repurchases (1371-(62/36))

      • Compensatory Financing of Export Fluctuations (1477-(63/8))

      • Gold Collateral Transactions (1543-(63/39))

  • ARTICLE V, SECTION 7

    • REPURCHASE OBLIGATIONS

      • Effect of Payment of Gold Subscriptions on Repurchase Obligations (124-2)

      • Repurchase Obligations: Article V, Section 7(c) (419-1)

      • Repurchase Obligations: Article V, Section 7(b) (i) or (ii) (447-5)

      • Voluntary Repurchases (7-(648))

      • Minimal Repurchase Obligations Procedure (705-(57/55))

      • Calculation of Repurchase Obligations: Prompt Reporting of Monetary Reserves Data (1510-(63/23))

  • ARTICLE VI, SECTION 1

    • USE OF FUND’S RESOURCES FOR CAPITAL TRANSFERS

      • Interpretation of Articles of Agreement (71-2)

      • Use of Fund’s Resources for Capital Transfers (1238-(61/43))

  • ARTICLE VI, SECTION 3

    • CONTROLS ON CAPITAL TRANSFERS (541-(56/39))

  • ARTICLE VII, SECTION 2

    • GENERAL ARRANGEMENTS TO BORROW (1289-(62/1))

  • ARTICLE VIII, SECTION 2(b)

    • UNENFORCEABILITY OF EXCHANGE CONTRACTS

      • Unenforceability of Exchange Contracts: Fund’s Interpretation of Article VIII, Section 2(b) (446-4)

  • ARTICLE VIII AND ARTICLE XIV

    • PAYMENTS RESTRICTIONS

      • Payments Restrictions for Security Reasons: Fund Jurisdiction (144-(52/51))

      • Bilateralism and Convertibility (433-(55/42))

      • Retention Quotas: Decision and Letter of Transmittal (201-(53/29))

      • Discrimination for Balance of Payments Reasons (955-(59/45))

      • Article VIII and Article XIV (1034-(60/27))

    • MULTIPLE CURRENCY PRACTICES

      • Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices (237-2)

      • Multiple Currency Practices (649-(57/33))

  • ARTICLE IX, SECTION 7

    • PRIVILEGE FOR COMMUNICATIONS

      • Interpretation of Article IX, Section 7 (534-3)

  • ARTICLE XII, SECTION 3

    • EXECUTIVE DIRECTORS

      • Executive Directors: Article XII, Section 3(c) (574-2)

      • Additional Appointed Directors (597-4)

      • Adjustment of Quota and Voting Power (180-5)

  • ARTICLE XIV, SECTION 1

    • USE OF FUND’S RESOURCES: PURPOSE

      • Use of Fund’s Resources by Countries Undergoing Reconstruction (196-2)

  • ARTICLE XIV, SECTION 4

    • RESTRICTIONS ON PAYMENTS AND TRANSFERS: WITHDRAWAL

      • Meaning of “Exceptional Circumstances” in Article XIV, Section 4 (117-1)

  • ARTICLE XV, SECTION 2

    • INTERPRETATION (343-(54/47))

  • ARTICLE XIX

    • MONETARY RESERVES AND OFFICIAL HOLDINGS

      • Net Official Holdings: Principles of Interpretation (298-3)

      • Currency Liabilities: Article XIX(e) (486-2)

      • Currency Liabilities: Article XIX(e) (493-3)

  • ARTICLE XX, SECTION 4(i)

    • USE OF FUND’S RESOURCES: POSTPONEMENT UNDER ARTICLE XX, SECTION 4(i) (284-2)

  • SCHEDULE B

    • CALCULATION OF REPURCHASE OBLIGATIONS

      • Calculation of Monetary Reserves (486-2)

      • Calculation of Members’ Repurchase Obligations: Schedule B, Paragraph 3 (510-2)

      • Allocation of Obligations: Schedule B, Paragraph 1(c) (521-3)

  • GENERAL

    • INVESTMENT OF FUND’S ASSETS

      • Investment of Fund’s Assets (488-(56/5))

      • Fund’s Investment Program (708-(57/57))

      • Fund’s Investment Program (905-(59/32))

      • Fund’s Investment Program (1107-(60/50))

      • Fund’s Investment Program (1272-(61 /53))

Reference List of Decision Numbers

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Interpretations Under Article XVIII(a)

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Cover Selected Decisions (2nd Ed)
Selected Decisions (2nd Ed)
ISBN:
9781484357316
ISSN:
1087-4275
Publication Date:
02 Sep 1963
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781484357316.014
Pages:
134