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ARTICLES OF AGREEMENT

© 2020 International Monetary Fund

Articles of Agreement of the International Monetary Fund

Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23–5, adopted May 31, 1968; amended effective April 1, 1978, by the modification approved by the Board of Governors in Resolution No. 31–4, adopted April 30, 1976; amended effective November 11, 1992, by the modifications approved by the Board of Governors in Resolution No. 45–3, adopted June 28, 1990; amended effective August 10, 2009, by the modifications approved by the Board of Governors in Resolution No. 52–4, adopted September 23, 1997; amended effective February 18, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–3, adopted May 5, 2008; amended effective March 3, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–2, adopted April 28, 2008; amended effective January 26, 2016 by the modifications approved by the Board of Governors in Resolution No. 66–2, adopted December 15, 2010.

INTERNATIONAL MONETARY FUND

WASHINGTON, DC

Table of Contents

• • Introductory Article

• I. Purposes

• II. Membership

  • 1. Original members

  • 2. Other members

• III. Quotas and Subscriptions

  • 1. Quotas and payment of subscriptions

  • 2. Adjustment of quotas

  • 3. Payments when quotas are changed

  • 4. Substitution of securities for currency

• IV. Obligations Regarding Exchange Arrangements

  • 1. General obligations of members

  • 2. General exchange arrangements

  • 3. Surveillance over exchange arrangements

  • 4. Par values

  • 5. Separate currencies within a member’s territories

• V. Operations and Transactions of the Fund

  • 1. Agencies dealing with the Fund

  • 2. Limitation on the Fund’s operations and transactions

  • 3. Conditions governing use of the Fund’s general resources

  • 4. Waiver of conditions

  • 5. Ineligibility to use the Fund’s general resources

  • 6. Other purchases and sales of special drawing rights by the Fund

  • 7. Repurchase by a member of its currency held by the Fund

  • 8. Charges

  • 9. Remuneration

  • 10. Computations

  • 11. Maintenance of value

  • 12. Other operations and transactions

• VI. Capital Transfers

  • 1. Use of the Fund’s general resources for capital transfers

  • 2. Special provisions for capital transfers

  • 3. Controls of capital transfers

• VII. Replenishment and Scarce Currencies

  • 1. Measures to replenish the Fund’s holdings of currencies

  • 2. General scarcity of currency

  • 3. Scarcity of the Fund’s holdings

  • 4. Administration of restrictions

  • 5. Effect of other international agreements on restrictions

• VIII. General Obligations of Members

  • 1. Introduction

  • 2. Avoidance of restrictions on current payments

  • 3. Avoidance of discriminatory currency practices

  • 4. Convertibility of foreign-held balances

  • 5. Furnishing of information

  • 6. Consultation between members regarding existing international agreements

  • 7. Obligation to collaborate regarding policies on reserve assets

• IX. Status, Immunities, and Privileges

  • 1. Purposes of Article

  • 2. Status of the Fund

  • 3. Immunity from judicial process

  • 4. Immunity from other action

  • 5. Immunity of archives

  • 6. Freedom of assets from restrictions

  • 7. Privilege for communications

  • 8. Immunities and privileges of officers and employees

  • 9. Immunities from taxation

  • 10. Application of Article

• X. Relations with Other International Organizations

• XI. Relations with Non-Member Countries

  • 1. Undertakings regarding relations with non-member countries

  • 2. Restrictions on transactions with non-member countries

• XII. Organization and Management

  • 1. Structure of the Fund

  • 2. Board of Governors

  • 3. Executive Board

  • 4. Managing Director and staff

  • 5. Voting

  • 6. Reserves, distribution of net income, and investment

  • 7. Publication of reports

  • 8. Communication of views to members

• XIII. Offices and Depositories

  • 1. Location of offices

  • 2. Depositories

  • 3. Guarantee of the Fund’s assets

• XIV. Transitional Arrangements

  • 1. Notification to the Fund

  • 2. Exchange restrictions

  • 3. Action of the Fund relating to restrictions

• XV. Special Drawing Rights

  • 1. Authority to allocate special drawing rights

  • 2. Valuation of the special drawing right

• XVI. General Department and Special Drawing Rights Department

  • 1. Separation of operations and transactions

  • 2. Separation of assets and property

  • 3. Recording and information

• XVII. Participants and Other Holders of Special Drawing Rights

  • 1. Participants

  • 2. Fund as a holder

  • 3. Other holders

• XVIII. Allocation and Cancellation of Special Drawing Rights

  • 1. Principles and considerations governing allocation and cancellation

  • 2. Allocation and cancellation

  • 3. Unexpected major developments

  • 4. Decisions on allocations and cancellations

• XIX. Operations and Transactions in Special Drawing Rights

  • 1. Use of special drawing rights

  • 2. Operations and transactions between participants

  • 3. Requirement of need

  • 4. Obligation to provide currency

  • 5. Designation of participants to provide currency

  • 6. Reconstitution

  • 7. Exchange rates

• XX. Special Drawing Rights Department Interest and Charges

  • 1. Interest

  • 2. Charges

  • 3. Rate of interest and charges

  • 4. Assessments

  • 5. Payment of interest, charges, and assessments

• XXI. Administration of the General Department and the Special Drawing Rights Department

• XXII. General Obligations of Participants

• XXIII. Suspension of Operations and Transactions in Special Drawing Rights

  • 1. Emergency provisions

  • 2. Failure to fulfill obligations

• XXIV. Termination of Participation

  • 1. Right to terminate participation

  • 2. Settlement on termination

  • 3. Interest and charges

  • 4. Settlement of obligation to the Fund

  • 5. Settlement of obligation to a terminating participant

  • 6. General Resources Account transactions

• XXV. Liquidation of the Special Drawing Rights Department

• XXVI. Withdrawal from Membership

  • 1. Right of members to withdraw

  • 2. Compulsory withdrawal

  • 3. Settlement of accounts with members withdrawing

• XXVII. Emergency Provisions

  • 1. Temporary suspension

  • 2. Liquidation of the Fund

• XXVIII. Amendments

• XXIX. Interpretation

• XXX. Explanation of Terms

• XXXI. Final Provisions

  • 1. Entry into force

  • 2. Signature

• SCHEDULES

• A. Quotas

• B. Transitional Provisions with Respect to Repurchase, Payment of Additional Subscriptions, Gold, and Certain Operational Matters

• C. Par Values

• D. Council

• E. Transitional Provisions with Respect to Executive Directors

• F. Designation

• G. Reconstitution

• H. Termination of Participation

• I. Administration of Liquidation of the Special Drawing Rights Department

• J. Settlement of Accounts with Members Withdrawing

• K. Administration of Liquidation

• L. Suspension of Voting Rights

• M. Special One-Time Allocation of Special Drawing Rights

• Index

Articles of Agreement of the International Monetary Fund

The Governments on whose behalf the present Agreement is signed agree as follows:

Introductory Article

• (i) The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended.

• (ii) To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Department and a Special Drawing Rights Department. Membership in the Fund shall give the right to participation in the Special Drawing Rights Department.

• (iii) Operations and transactions authorized by this Agreement shall be conducted through the General Department, consisting in accordance with the provisions of this Agreement of the General Resources Account, the Special Disbursement Account, and the Investment Account; except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Rights Department.