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AR; AREA; fund transaction; C. Gouvea fo.; votes of Afghanistan; mac lean; van lennep; Exports; Imports; Gold; Currencies; Public expenditure review; Western Europe; Africa; Europe; West Africa; North America
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Abstract

The Executive Board, acting pursuant to Article XVIII(a) of the Fund Agreement, interprets the quantitative limit of twenty-five per cent of quota in relation to drawing rights under Article V, Section 3(a)(iii) as follows:

Appendix

Appendix I: DECISION ON EXTENT OF DRAWING RIGHTS-MEANING OF ARTICLE V, SECTION 3(a)(iii)

The Executive Board, acting pursuant to Article XVIII(a) of the Fund Agreement, interprets the quantitative limit of twenty-five per cent of quota in relation to drawing rights under Article V, Section 3(a)(iii) as follows:

Where the Fund’s holdings of a member’s currency are not less than seventy-five per cent of its quota, and to the extent that such holdings would not be increased above two hundred per cent of its quota, the purchases which the member may make during a period of twelve months ending on the date of a proposed purchase shall be determined as follows:

  • (a) The total purchases shall not exceed twenty-five per cent of its quota;

  • (b) Provided that, if the member has made purchases during the period, it may then purchase an amount equal to the difference between twenty-five per cent of its quota and the total of such purchases adjusted on the basis that a repurchase by the member or sale of its currency during the period is deducted from a previous, but not subsequent, purchase or purchases during the period.

August 24, 1955

Appendix II:

SUMMARY OF FUND TRANSACTIONS from the beginning of operations to April 30, 19561

(In millions of U. S. dollars)

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Total may not equal sum of items because of rounding.

The settlement equal with Czechoslovakia involved an offset of $2.04 million in respect of Czechoslovakia’s drawing of $6 million. The first installment paid by Czechoslovakia under the settlement (see page 127) increased the offset to $2.37 million.

$1,236.4 million sold for currency and $6.2 million for gold.

$789.5 million repurchased with convertible currency and $168.4 million with gold.

Appendix III:

MEMBERSHIP, QUOTAS, GOVERNORS, AND VOTING POWER as of April 30, 1956

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Voting power varies on certain matters with use by members of Fund resources.

This total is not equal to the sum of the items because of rounding.

Appendix IV: CHANGES IN MEMBERSHIP OF THE BOARD OF GOVERNORS

Changes in the membership of the Board of Governors between May 1, 1955 and April 30, 1956 have been as follows:

Per V. Asbrink succeeded M. H. Lemne as Governor for Sweden, June 17, 1955.

Carlos Villaveces succeeded Hernan Jaramillo Ocampo as Governor for Colombia, June 27, 1955.

Gabriel Betancur succeeded Eduardo Arias Robledo as Alternate Governor for Colombia, June 27, 1955.

Pedro Pineda Madrid succeeded Marco Antonio Batres as Governor for Honduras, June 30, 1955.

Roberto Ramirez was reappointed Alternate Governor for Honduras, June 30, 1955.

Abdul Karim Humud succeeded Abdul Monem Rifa’i as Governor for Jordan, July 6, 1955.

J. C. Deeks succeeded Abdul Karim Humud as Alternate Governor for Jordan, July 6, 1955.

Prudente de Moraes Neto succeeded Octavio Bulhoes as Alternate Governor for Brazil, July 8, 1955.

B. Rama Rau was reappointed Alternate Governor for India, August 2, 1955.

R. Soegiarto succeeded Soetikno Slamet as Alternate Governor for Indonesia, August 9, 1955.

Abdul Malik was appointed Governor for Afghanistan, August10, 1955.

Clemente Vallejo succeeded Hernan Escudero Moscoso as Alternate Governor for Ecuador, August 15, 1955.

Janko Smolej succeeded Mirko Mermolja as Alternate Governor for Yugoslavia, August 16, 1955.

Octavio Paranagua succeeded Prudente de Moraes Neto as Alternate Governor for Brazil, August 17, 1955.

Mohammad Sarwar was appointed Alternate Governor for Afghanistan, August 18, 1955.

Izzeddin Mufti succeeded Abdul Karim Humud as Governor for Jordan, August 18, 1955.

Abdul Karim Humud succeeded J. C. Deeks as Alternate Governor for Jordan, August 18, 1955.

Hyun Chul Kim was appointed Governor for Korea, August 26, 1955.

Suk Hi Park was appointed Alternate Governor for Korea, August 26, 1955.

L. H. E. Bury succeeded Sir Percy C. Spender as Alternate Governor for Australia, August 29, 1955.

Louis Rasminsky succeeded James Elliott Coyne as Alternate Governor for Canada, September 1, 1955.

Rafic Sioufi succeeded Izzat Traboulsi as Governor for Syria, September 5, 1955.

Awad Barakat was reappointed Alternate Governor for Syria, September 5, 1955.

T. K. Chang succeeded Peh-Yuan Hsu as Governor for China, September 10, 1955.

J. Mauricio Duke succeeded Catalino Herrera as Governor for El Salvador, September 10, 1955.

Abdulilah Hafidh succeeded Dhya Jafar as Governor for Iraq, September 10, 1955.

Leon DeBayle succeeded Guillermo Sevilla Sacasa as Governor for Nicaragua, September 10, 1955.

Jorge Alberto Montealegre succeeded Leon DeBayle as Alternate Governor for Nicaragua, September 10, 1955.

Peh-Yuan Hsu succeeded T. K. Chang as Governor for China, September 17, 1955.

Catalino Herrera succeeded J. Mauricio Duke as Governor for El Salvador, September 17, 1955.

Dhya Jafar succeeded Abdulilah Hafidh as Governor for Iraq, September 17, 1955.

Guillermo Sevilla Sacasa succeeded Leon DeBayle as Governor for Nicaragua, September 17, 1955.

Leon DeBayle succeeded Jorge Alberto Montealegre as Alternate Governor for Nicaragua, September 17, 1955.

James Elliott Coyne succeeded Louis Rasminsky as Alternate Governor for Canada, October 1, 1955.

Syed Amjad All succeeded Mohamad Ali as Governor for Pakistan, December 5, 1955.

Christian Brinch was reappointed Alternate Governor for Norway, January 1, 1956.

Svend Nielsen was reappointed Governor for Denmark, January 12, 1956.

Milton Messina succeeded J. J. Gomez as Governor for the Dominican Republic, January 15, 1956.

Eudaldo Troncoso Pou succeeded Hector Garcia Godoy as Alternate Governor for the Dominican Republic, January 27, 1956.

Angel Coronas was reappointed Governor for Costa Rica, February 8, 1956.

Mario Fernandez was reappointed Alternate Governor for Costa Rica, February 8, 1956.

Harold Macmillan succeeded Richard Austen Butler as Governor for the United Kingdom, February 10, 1956.

Ezio Vanoni, Governor for Italy, died February 16, 1956.

Thor Thors was reappointed Alternate Governor for Iceland, February 29, 1956.

Hugues Le Gallais was reappointed Alternate Governor for Luxembourg, March 1, 1956.

Nedim Okmen succeeded Hasan Polatkan as Governor for Turkey, March 5, 1956.

Pierre Mendes-France was reappointed Governor for France, March 6, 1956.

Xenophon Zolotas was reappointed Governor for Greece, March 7, 1956.

Herbert V. Prochnow succeeded Samuel C. Waugh as Governor for the United States, March 7, 1956.

Einar Dige was reappointed Alternate Governor for Denmark, March 23, 1956.

Chintaman D. Deshmukh was reappointed Governor for India, April 5, 1956.

Khalil Kenna succeeded Dhya Jafar as Governor for Iraq, April 7, 1956.

Stanley de Zoysa succeeded M. D. H. Jayawardene as Governor for Ceylon, April 26, 1956.

Appendix V:

EXECUTIVE DIRECTORS AND VOTING POWER as of April 30, 1956

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Voting power varies on certain matters with use by members of Fund resources.

This total does not include the votes of Afghanistan and Korea which were not members at the time of the Fifth Regular Election of Executive Directors.

This total is not equal to the sum of the items because of rounding.

Appendix VI: CHANGES IN MEMBERSHIP OF THE EXECUTIVE BOARD

Changes in the membership of the Executive Board between May 1, 1955 and April 30, 1956 have been as follows:

Kuo-Hwa Yu (China) resigned as Alternate Executive Director to Beue Tann (China), effective May 31, 1955.

Ching-Yao Hsieh (China) was appointed Alternate Executive Director to Beue Tann (China), effective June 1, 1955.

Andre de Lattre (France) resigned as Alternate Executive Director to Jean de Largentaye (France), effective June 23, 1955.

Roger Hoppenot (France) served as Temporary Alternate Executive Director to Jean de Largentaye (France), June 24 to 30, 1955.

Daniel Dommel (France) was appointed Alternate Executive Director to Jean de Largentaye (France), effective July 1, 1955.

H. W. Lueck (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), July 8 to 20 and August 26 to September 2, 1955.

Louis Couillard (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), July 28 to 30 and September 2 (afternoon session), 1955.

P. C. Witte (Netherlands) served as Temporary Alternate Executive Director to D. Crena de Iongh (Netherlands), July 28 to 30, 1955.

J. C. Lloyd (Australia) served as Temporary Alternate Executive Director to L. H. E. Bury (Australia), September 2 and November 23 to December 2, 1955.

D. Crena de Iongh (Netherlands) resigned as Executive Director for the Netherlands, Israel, and Yugoslavia, effective September 30, 1955.

Pieter Lieftinck (Netherlands) was elected Executive Director by the Netherlands, Israel, and Yugoslavia, effective October 1, 1955.

H. M. H. A. van der Valk (Netherlands), formerly Alternate Executive Director to D. Crena de Iongh (Netherlands), was appointed Alternate Executive Director to Pieter Lieftinck (Netherlands), effective October 1, 1955.

Boonma Wongswan (Thailand) resigned as Alternate Executive Director to Takeo Yumoto (Japan), effective October 31, 1955.

San Lin (Burma) was appointed Alternate Executive Director to Takeo Yumoto (Japan), effective November 1, 1955.

P. J. Keogh (United Kingdom) resigned as Alternate Executive Director to Viscount Harcourt (United Kingdom), effective January 16, 1956.

R. E. Heasman (United Kingdom) was appointed Alternate Executive Director to Viscount Harcourt (United Kingdom), effective January 17, 1956.

Guenther Grosse (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), February 3 to 17, 1956.

Appendix VII: DECISIONS ON INVESTMENT OF THE FUND’S ASSETS

The Executive Board, observing that the Fund has had and may continue to have an excess of expenditure over income and that the greater part of the Fund’s administrative expenditure has been and will continue to be in United States dollars, considers that in the interest of good administration and conservation of the Fund’s resources it would be appropriate to raise income towards meeting the deficit by the investment of a portion of the Fund’s gold in a manner which will enable the Fund to reacquire gold at any time and will maintain the gold value of the investment.

In view of the foregoing and noting the willingness of the United States to consent to investment by the Fund in United States Treasury bills, the Executive Board takes the following decisions:

  • I. The Executive Board, acting pursuant to Article XVIII(a) of the Articles of Agreement, interprets the Articles of Agreement to permit the investment described in the present decisions, namely, sale of a portion of the Fund’s gold to the United States for the purpose of investment of the proceeds in United States Treasury bills having not more than ninety-three days to run, subject to the following conditions:

    • (1) The amount of gold to be sold for investment:

      • (a) will not be such as to limit the ability of the Fund to make its resources available to members in accordance with the Articles of Agreement; and

      • (b) will be such as to produce an amount of income reasonably related to the deficit of the Fund;

    • (2) Whenever the Fund decides to reacquire gold after the sale or maturity of any United States Treasury bills invested in, it will be able to reacquire the same amount of gold as was sold for investment in such bills; and the United States, at the request of the Fund, will sell the said amount of gold to the Fund for U. S. dollars at the United States selling price at the time of the sale to the Fund;

    • (3) In any computations for the purpose of applying the provisions of the Articles of Agreement the Fund will treat the following assets as representing gold and not as holdings of United States currency:

      • (a) the dollar proceeds of the sale of gold before investment in United States Treasury bills; and

      • (b) the United States Treasury bills invested in; and

      • (c) the dollar proceeds resulting from the sale or maturity of any such bills before the purchase of gold therewith.

  • II. (1) The Executive Board, acting pursuant to Article XVIII(a) of the Articles of Agreement, interprets Article IV, Section 8(a) to require the United States to maintain the gold value of the assets set forth in paragraph I (3) (a), (b) and (c) above, notwithstanding changes in the par or foreign exchange value of the currency of the United States. This obligation of the United States shall be fully discharged by its maintaining the gold value of the dollar proceeds resulting from the sale of the gold or from the sale or maturity of the U. S. Treasury bills purchased therewith. (2) For the purposes of paragraphs I and II of these decisions the dollar proceeds resulting from the sale or maturity of the U. S. Treasury bills invested in shall not include the income of the investment.

  • III. Subject to the receipt of an assurance from the United States in accordance with paragraph I (2) above satisfactory to the Fund, the Executive Board decides that an amount of the Fund’s gold sufficient to realize approximately but not more than two hundred million United States dollars shall be sold to the United States and the proceeds invested and reinvested in United States Treasury bills having not more than ninety-three days to run. The Executive Board will review the amount and operation of the investment at quarterly intervals and at such other times as may be appropriate.

January 25, 1956

Appendix VIII:

(i) ADMINISTRATIVE BUDGET

Letter of Transmittal

June 29, 1956

My dear Mr. Chairman:

The administrative budget of the Fund approved by the Executive Board for the Fiscal Year ending April 30, 1957 is presented herewith, in accordance with Section 20 of the By-Laws. The presentation also shows actual expenditures for the two past fiscal years.

I should like to reiterate that it is of course impossible to predict whether the amounts budgeted will, in fact, meet the requirements of the Fund’s program. The amounts shown are estimates of requirements on the basis of the expected level of activities. Should contingencies arise or present plans change materially, the management may have to recommend appropriate amendments to the Executive Board.

Yours sincerely,

/s/

Ivan Rooth

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

(ii) ADMINISTRATIVE BUDGET

As Approved by the Executive Board for the Fiscal Year Ending April 30, 1957, Compared with Actual Expenditures for the Fiscal Years 1954-55 and 1955-56

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(iii) COMPARATIVE STATEMENT OF INCOME

(Values expressed in U. S. dollars on the basis of established parities)

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Proceeds from sales of Fund’s publications deducted from administrative expenditure item “Books and Printing.”

Excludes transfers to Stand-By Charge Reserve for the years 1954 and 1955 of $42,091.77 and $42,091.78, respectively, and includes transfer of $24,810.90 (net) from Stand-By Charge Reserve for year 1956.

Appendix IX:

(i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENDITURE, AND SUPPORTING SCHEDULES

Letter of Transmittal

June 29, 1956

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited Balance Sheet and the audited Statement of Income and Expenditure of the Fund for the year ended April 30, 1956, together with the Auditors’ Certificate, as well as audited financial statements of the Staff Retirement Fund.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Australia, Colombia, and France nominated auditors to serve on this Committee. They respectively nominated Mr. Lindsay G. D. Farmer, Chief Auditor in New York for the Commonwealth of Australia; Mr. Alfonso Llano, Sub-Secretary and Assistant to the General Manager of the Banco de la Repithlica, Bogota, Colombia; and Mr. Hubert Davost, Inspector of Finance in the Ministry of Economic and Financial Affairs, Paris, France. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, expenditure exceeded income by $3,699,128.26, and that the total excess of expenditure over income from inception to April 30, 1956 is thus increased to $14,211,843.57.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

Ivar Rooth

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

(ii) AUDITORS’ CERTIFICATE

We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1956, of the Statement of Income and Expenditure for the fiscal year then ended, and of the schedules related to such financial statements. As required by Section 20 of the Fund’s By-Laws, our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. We have examined or tested, to the extent deemed appropriate, the accounting records of the Fund and other supporting evidence of its financial transactions; we have ascertained generally and to the extent practicable that financial transactions have been conducted in compliance with the Fund’s requirements; and we have obtained from the officers and staff of the Fund all such information and representations as we have required in the conduct of our audit. We have also reviewed the accounting methods and system of internal control.

In our opinion, based on our examination, such Balance Sheet and related Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1956, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

/s/ L. G. D. FARMER (Australia)

/s/ ALFONSO LLANO (Colombia)

/s/ HUBERT DAVOST (France)

(iii) BALANCE SHEET April 30, 1956

Values expressed in United States dollars on the basis of established parities (See Note 1)

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NOTES:

With the exception of Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles which, for bookkeeping purposes, are computed at provisional rates of 0.995000 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar.

Excludes 2,059.819 fine ounces earmarked for members.

Made with the proceeds of the sale of 1,428,447.208 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Includes an adjustment of $24,447.71 relating to net capital of the previous year.

A stand-by charge has, under certain circumstances, to be credited against the service charge for a drawing under the stand-by arrangement. The maximum amount on April 30, 1956 is $59,372.65. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1956 is $41,256.08.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

(iv) STATEMENT OF INCOME AND EXPENDITURE for the year ended April 30, 1956

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Includes $24,810.90 (net) transferred from Stand-by Charge Reserve.

After deduction of proceeds from sales of Fund’s publications formerly shown under “Other Income.”

(v) GOLD ACCOUNT April 30, 1956

GOLD WITH DEPOSITORIES: Valued at US$35.00 per fine ounce

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Excludes 2,059.819 fine ounces held under earmark by the Fund as follows:

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(vi) STATEMENT OF CURRENCIES AND SECURITIES April 30, 1956

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In accordance with Article IV, Section 8.

Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked t represent U. S. cents per currency unit; all other rates represent currency units per U. S. dollar.

Checking accounts are maintained with The Riggs National Bank in Washington, D. C. for the purpose of making local payments for administrative expenditure.

Excludes withdrawing member’s currency equivalent to US$3,633,187.44 shown under separate caption in the Balance Sheet.

(vii) STATUS OF SUBSCRIPTIONS TO CAPITAL April 30, 1956

(expressed in U. S. dollars)

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As per Article XX, Section 2(d), of the Articles of Agreement.

Accepted provisionally at the rate of 11.4000 rupiah per U. S. dollar, subject to such adjustment as may be necessary when a par value for the rupiah is agreed upon.

(viii) OTHER ASSETS April 30, 1956

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(ix) SUMMARY OF TRANSACTIONS for the year ended April 30, 1956

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(x) STAFF RETIREMENT FUND AUDITORS’ CERTIFICATE

We have made an independent examination of the accounts of the Staff Retirement Fund of the International Monetary Fund for the year ended April 30, 1956. Our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. In that connection, consideration was given to the authority and other requirements governing transactions of the Staff Retirement Fund.

The examination did not include a verification of the individual participants’ accounts as at April 30, 1956, except for inquiry into certain of such accounts as a consequence of the application of auditing procedures to the other accounts of the Staff Retirement Fund. We ascertained, however, that the Internal Auditor of the International Monetary Fund had made a detailed audit of all participants’ individual accounts as at April 30, 1956, and we satisfied ourselves that application of the auditing procedures adopted by him would be adequate to insure the correctness of such individual accounts with regard for eligibility, contributions, and interest allowed.

In our opinion, the Balance Sheet and related Statements of the Participants’ Account, Accumulation Account, Retirement Reserve Account, Reserve against Corporate Stock Investments Account, and of the Source and Application of Funds, together with the notes appearing thereon, present fairly the financial position of the Staff Retirement Fund of the International Monetary Fund as at April 30, 1956, and the results of operations for the year ended that date, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

/S/ L. G. D. Farmer (Australia)

/S/ Alfonso Llano (Colombia)

/S/ Hubert Davost (France)

(xi) STAFF RETIREMENT FUND BALANCE SHEET April 30, 1956

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(xii) STAFF RETIREMENT FUND STATEMENT OF PARTICIPANTS’ ACCOUNT for the year ended April 30, 1956

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(xiii) STAFF RETIREMENT FUND STATEMENT OF ACCUMULATION ACCOUNT for the year ended April 30, 1956

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(xiv) STAFF RETIREMENT FUND STATEMENT OF RETIREMENT RESERVE ACCOUNT for the year ended April 30, 1956

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(xv) STAFF RETIREMENT FUND STATEMENT OF RESERVE AGAINST CORPORATE STOCK INVESTMENTS ACCOUNT for the year ended April 30, 1956

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(xvi) STAFF RETIREMENT FUND STATEMENT OF SOURCE AND APPLICATION OF FUNDS for the year ended April 30, 1956

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(xvii) STAFF RETIREMENT FUND STATEMENT OF CHANGES IN WORKING CAPITAL

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(xviii) STAFF RETIREMENT FUND SCHEDULE OF INVESTMENTS April 30, 1956

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(xix) NOTES TO FINANCIAL STATEMENTS OF STAFF RETIREMENT FUND OF THE INTERNATIONAL MONETARY FUND for the year ended April 30, 1956

1. The following table shows the approved limiting percentages for various bonds and corporate stocks, and the percentages and amounts (book value) of the actual investments as at April 30, 1956:

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All corporate stocks have been selected from a list prepared by the Investment Committee on the recommendation of the Investment Consultant (Chase Manhattan Bank, formerly the Chase National Bank of the City of New York).

2. Corporate stock income received during the fiscal year in excess of 3 per cent of the weighted average corporate stock investment held during that period has been transferred to the account “Reserve Against Corporate Stock Investments.” All profits resulting from sales of corporate stocks during the year were transferred to this account.

Appendix X:

(i) SCHEDULE OF PAR VALUES—as of June 30, 1956

CURRENCIES OF METROPOLITAN AREAS

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The initial par value of the Canadian dollar, established on December 18, 1946, was 100.000 U. S. cents per Canadian dollar. On September 19, 1949, following consultation with the Fund, the par value of the Canadian dollar was changed to 90.909 1 U. S. cents per Canadian dollar. On September 30, 1950, Canada introduced a new exchange system under which the exchange value of the Canadian dollar will be allowed to fluctuate, so that for the time being Canada will not ensure that exchange transactions within its territories will be based on the par value established on September 19, 1949. No new par value has been proposed to the Fund.

The initial par value of the sol, established on December 18, 1946, was 15.384 6 U. S. cents per sol. In November 1949, Peru introduced a new exchange system, but no agreement on a new par value has been reached.

(ii) SCHEDULE OF PAR VALUES—as of June 30, 1956

SEPARATE CURRENCIES IN NONMETROPOLITAN AREAS OF MEMBERS

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The relation of 1.252 50 Tongan pounds per pound sterling, as initially communicates and confirmed on September 18, 1949, was corrected on August 2, 1950 to 1.250 00.

  • “ACL dollar certificates” 101

  • Administrative budget, Fund 132, 149, 150

  • Afghanistan, Fund membership 127

  • Agricultural production, world 1, 26

  • Agricultural surpluses 2, 4, 22

  • Argentina

    • Balance of payments 53

    • Cost of living 78

    • Exchange system 23, 54, 109

    • Fiscal and monetary policy 79

    • Foreign trade 52, 53

    • Money supply 78

    • Reserves 53

    • Wages 79

  • Articles VIII and XIV 97

  • Assets, Fund

    • Investment of 128, 147

    • Statement 154, 157, 162

  • Audit Committee 132

  • Auditors’ certificates 153, 164

  • Australia

    • Balance of payments 53

    • Commercial bank lending 71, 74

    • Cost of living 66

    • Fiscal and monetary policy 23, 53, 74

    • Foreign trade 52, 53

    • Gold production 112

    • Gold subsidy program 112, 113

    • Import restrictions 52, 74

    • Interest rates 70

    • Prices. 66

    • Reserves 53, 74

    • Wages 66

  • Austria

    • Balance of payments 35, 41

    • Commercial bank lending. 71

    • Competitiveness 15

    • Cost of living 66

    • Currency transferability 101, fn.

    • Fiscal and monetary policy 66, 71, 76

    • Foreign trade 34, 35, 36

    • Industrial production 33, 64

    • Interest rates 68, 76

    • Prices. 66

    • Reserves 35

    • Wages 65, 66

  • Balance of payments

    • Developments in 1955 1, 5, 8, 16

    • Prospects 24

    • See also entries under various countries

  • Balance sheet, Fund 154

  • Balance sheet, Staff Retirement Fund 165

  • Bank liquidity 68

  • Belgium-Luxembourg

    • Balance of payments 35, 39

    • Bilateral arrangements 94

    • Competitiveness 15

    • Cost of living 66

    • Currency transferability 100

    • Employment. 65

    • EPU position 99

    • Exchange system 102

    • Foreign trade 34, 35, 36, 38, 39

    • Gold prices 117

    • Gold transactions 114

    • Industrial production 34, 65

    • Interest rates 68, 70, 76

    • Liberalization measures 37

    • Monetary policy 76

    • Prices. 66

    • Reserves 35

    • Stand-by arrangement. 120

    • Wages 66

  • Bilateral practices

    • Fund position 93

    • OEEC study 100

    • Reduction of 91

  • Bolivia

    • Aid from United States 57

    • Balance of payments 57

    • Cost of living 77

    • Exchange system 57, 105

    • Foreign trade 57, 58

    • Monetary policy 80

    • Money supply 78

    • Reserves 58

  • Brazil

    • Balance of payments 48, 49

    • Commercial arrears 30

    • Cost of living 77

    • Currency transferability 100

    • Exchange system 102

    • Foreign trade 48, 49

    • Monetary reserves, computation of 126

    • Money supply 78

    • Repurchase obligation 122

    • Reserves 48, 49

  • Budget, Fund 132, 149, 150

  • Burma

    • Balance of payments 53

    • Bilateral payments agreements 56

    • Cost of living 77

    • Currency purchase 56, 121

    • Fiscal and monetary policy 23, 80

    • Foreign trade 52, 53, 56

    • Money supply 78

    • Reserves 53, 56

  • Cacao prices 12, 47

  • Canada

    • Balance of payments 60, 61, 85

    • Capital movements 21,31,85

    • Commercial bank lending 72

    • Cost of living 66

    • Exchange rate 21, 23, 85

    • Fiscal and monetary policy 21, 72, 85

    • Foreign trade 32, 60

    • Gold production and prices 111

    • Gold subsidy program 112

    • Gold transactions 114

    • Industrial production 65, 72

    • Interest rates 68, 69, 70, 72, 85

    • Prices 66

    • Reserves 60, 86

    • Wages 66

  • Capital, Fund 155

  • Capital movements, international 20

    • See also entries under various countries

  • Ceylon

    • Balance of payments 49

    • Cost of living 78

    • Foreign trade 48, 49, 51

    • Money supply 77

    • Reserves 49,51

  • Charges on use of Fund’s resources 125, 126

  • Chile

    • Balance of payments 57

    • Cost of living 77, 79

    • Exchange system 23, 57, 79, 88

    • Fiscal and monetary policy 57, 79

    • Foreign trade 57, 58

    • Money supply 78

    • Reserves 57, 59

    • Stand-by arrangement 57, 120

  • China (Taiwan)

    • Exchange system 108

    • Foreign trade 48, 50

  • Coffee prices 11, 12, 47

  • Colombia

    • Balance of payments 49

    • Bilateral arrangements 94

    • Commercial arrears. 30

    • Cost of living 78

    • Exchange system 49, 104

    • Foreign assets 77

    • Foreign trade 48, 49

    • Gold subsidy program 112

    • Monetary policy 80

    • Money supply 78

    • Reserves 49

  • Commercial arrears 30, 95

  • Commodity prices 65

  • Competitiveness of industrial countries 15, 17, 34

  • Consultations on exchange restrictions 92, 129

  • Consumer credit 67

  • Convertibility of currencies 1, 7, 90, 91

  • Copper stocks 26

  • Cost of living 65, 66, 77

  • Costa Rica

    • Cost of living 78

    • Foreign trade 49

    • Money supply 78

  • Cotton stocks 26

  • Credit policy 3, 66, 70

  • Cuba

    • Balance of payments 49

    • Cost of living 78

    • Foreign trade 48, 49, 50

    • Money supply 78

    • Reserves 49

  • Currency convertibility 1, 7, 90, 91

  • Currency holdings, Fund 154, 158

  • Currency purchases and repurchases 121, 136 163

  • Currency transferability 6, 90, 94, 100

  • Czechoslovakia, settlement of accounts with Fund 127

  • Denmark

    • Balance of payments 53, 54

    • Cost of living 66

    • Fiscal and monetary policy 23, 70, 75

    • Foreign trade 52, 53, 54

    • Industrial production. 65

    • Interest rates 68, 70

    • Liberalization measures 36

    • Prices 66

    • Reserves 53, 54

    • Wages 66

  • Discriminatory practices

    • Current position 91,100

    • Fund attitude 92

  • Disinflationary policies 22

  • Dollar imports 18, 100

  • “Dollar problem” 17

  • Dominican Republic

    • Balance of payments 49

    • Cost of living 78

    • Foreign trade 48, 49, 50

    • Money supply 78

    • Reserves 49

  • East-West trade 14

  • Ecuador

    • Balance of payments 49

    • Cost of living 78

    • Exchange system 104

    • Foreign trade 48, 49, 50

    • Money supply 78

    • Reserves 49, 50

  • Egypt

    • Balance of payments 53

    • Cost of living 78

    • Exchange system 106

    • Foreign assets 77

    • Foreign trade 52, 53, 55

    • Money supply 78

    • Reserves 53, 55

    • Transferable sterling, use of 90

  • El Salvador

    • Cost of living 78

    • Foreign assets 77

    • Foreign trade 49

    • Money supply 78

  • Employment 65

  • Europe, Western

    • Aid from United States 31

    • Balance of payments 18, 24, 33, 35, 38, 90

    • Competitiveness 15, 17, 34

    • Currency transferability, 6, 90

    • Foreign trade 8, 32, 34, 35, 36

    • Gross national product 33

    • Industrial countries, trade of 36, 37

    • Industrial production 8, 33, 34, 64

    • Inventories 25

    • Liberalization measures 22, 36, 91, 99

    • Trade restrictions 33

    • Trade with dollar area 35

    • Trade with Soviet area 14

  • European Fund 98

  • European Monetary Agreement 98

  • European Payments Union

    • Agreement, renewal of 97

    • Gold settlements 116

    • Multilateral clearing operations 98

    • Settlement ratio 6, 97

  • Exchange convertibility 1, 7, 90, 91

  • Exchange rates 23, 82, 176

  • Exchange reserves; see Reserves

  • Exchange restrictions

    • Current position 6, 89

    • Transitional period, termination of 97

    • Use by underdeveloped countries 93

  • Exchange restrictions consultations 92, 129

  • Exchange transactions, Fund 121, 136, 163

  • Executive Board, Fund

    • Decision on drawing rights 120, 135

    • Decision on investment of Fund’s assets 128, 147

    • Membership and voting power 143, 145

  • Expenditure statement, Fund 156

  • Far East

    • Aid from United States 31

    • Gold prices 117

  • Federation of Rhodesia and Nyasaland; see Rhodesia and Nyasaland

  • Financial statements. Fund 149, 152

  • Finished products, prices 8

  • Finland

    • Balance of payments 60

    • Currency transferability 90, 94

    • Exchange system 106

    • Foreign trade 60, 63

    • Reserves 60, 63

  • Fiscal policy 2, 22, 66

  • Foodstuffs, imports and prices 9, 11

  • France

    • Aid from United States 25, 39

    • Balance of payments 19, 35, 38

    • Bilateral arrangements 94

    • Competitiveness 15, 39

    • Cost of living 66

    • Currency transferability 94

    • EPU position 99

    • Exchange rate 87

    • Foreign trade 34, 35, 36, 38

    • Gold prices 116

    • Industrial production 34, 65, 76

    • Interest rates 68, 70

    • Liberalization measures 22, 37

    • Monetary policy 22, 76

    • Monetary reserves, computation of 126

    • Prices. 66

    • Reserves 35

    • Wages 65

  • Fund budget 122, 149, 150

  • Fund collaboration with other international organizations 129, 131

  • Fund members

    • Consultations on exchange restrictions 92, 129

    • Currency purchases and repurchases 121, 136, 163

    • Drawing rights 120, 13 5

    • List 137

    • New 127

    • Quotas 128, 137

    • Reports on monetary reserves 126

    • Transactions with Fund 120, 136, 163

  • Fund missions. 130

  • Fund publications 131

  • Fund staff. 132

  • Fund training program 130

  • Fund transactions 120, 136, 163

  • Fund’s resources

    • Charges on use of 125, 126

    • Currency purchases and repurchases 121, 136, 163

    • Gold and currency holdings 125, 154, 157, 158

    • Gold holdings, investment of 128, 147, 157

    • Gold tranche drawings 123

    • Members’ drawing rights 120, 135

    • Repurchase obligations 122, 125

    • Stand-by arrangements 120, 124

    • Use of 95, 120

    • Waiver transactions. 124

  • GATT

    • Fund cooperation with 129, 131

    • Proposed revision 93

    • Tariff agreements 6

  • Germany, Federal Republic of

    • Aid from United States 40

    • Balance of payments 18, 39

    • Beko Mark, use of 6

    • Bilateral arrangements 94

    • Competitiveness 15

    • Cost of living 66

    • Currency transferability 91,100

    • Employment 65, 75

    • EPU position 99

    • Fiscal and monetary policy 22, 75

    • Foreign trade 34, 35, 36, 39

    • Gold coins, imports and exports 117

    • Industrial production 33, 34, 64, 75

    • Interest rates 68, 70, 76

    • Liberalization measures 22, 36

    • Prices 66

    • Reserves 35

    • Wages 65

  • Gold

    • Coins, prices of 117

    • Fund policy statement 115

    • Fund’s holdings 125, 154, 157

    • Hoarding 115

    • Markets. 113

    • Prices Ill, 113

    • Production 111

    • Reserves 113

    • Sales in premium markets. 112

    • Subsidy programs 112

    • Transaction service. 118

  • Gold and foreign exchange reserves; see Reserves

  • Gold Coast

    • Central bank 81

    • Foreign trade 48

    • Gold production 112

  • Gold tranche drawings 123

  • Governors, Board of, membership and voting power 137, 140

  • Grain prices 12

  • Grain producing countries

    • Balance of payments 20

    • Foreign trade 13, 52

  • Greece

    • Aid from United States 55

    • Balance of payments 53,55

    • Exchange rate 89

    • Foreign trade 52, 53, 55

    • Gold imports 114

    • Reserves 53, 55

  • Guatemala

    • Cost of living 78

    • Foreign trade 49

    • Money supply 78

  • Hague Club 94, 100

  • Haiti, exports 50

  • Honduras

    • Cost of living 78

    • Foreign assets 77

    • Money supply 78

  • Hong Kong, gold prices 117

  • Iceland, exchange system 105

  • Imports, dollar 18, 100

  • Imports, liberalization of 5, 22, 36, 91, 99

  • Income statement, Fund 151, 156

  • India

    • Balance of payments 60, 61

    • Cost of living 78

    • Currency repurchase 61

    • Five Year Plan 81

    • Food reserves 62

    • Foreign trade 60, 61

    • Gold prices 117

    • Gold production 112

    • Money supply 78

    • Reserves 60, 61

  • Indonesia

    • Balance of payments 59

    • Cost of living 78

    • Exchange system 107

    • Fiscal and monetary policy 79

    • Foreign trade 58, 59

    • Money supply 78

    • Reserves 58, 59

  • Industrial countries

    • Balance of payments 18, 25

    • Competitiveness 15, 17

    • Export prices 15

    • Foreign trade 8, 14

  • Industrial production, world 1, 8, 17, 26, 64

  • Industrial raw materials, imports and prices 9, 11

  • Inflationary pressures 2, 66

  • Interest rates 68

  • International organizations, Fund collaboration with 129, 131

  • International payments

    • Developments in 1955 1, 5, 8, 16

    • Payments problems. 66

  • Inventories 25

  • Iran

    • Balance of payments 58

    • Cost of living 78

    • Currency purchase 121

    • Exchange system 89

    • Oil production 59

    • Money supply 78

    • Reserves 58, 59

  • Iraq

    • Balance of payments 58

    • Cost of living 78

    • Foreign trade 58, 59

    • Money supply 78

    • Reserves 59

  • Ireland

    • Balance of payments 53

    • Foreign trade 52, 53, 54

    • Import restrictions 54

    • Reserves 53, 54

  • Israel

    • Balance of payments 49

    • Cost of living 78

    • Exchange system 105

    • Foreign trade 48 49

    • Monetary policy 80

    • Money supply 78

    • Reserves 49

  • Italy

    • Balance of payments 35

    • Competitiveness 15

    • Cost of living 66

    • Currency transferability 100

    • EPU position 99

    • Exchange rate 89

    • Foreign trade 34, 35, 36, 38

    • Gold prices 117

    • Industrial production 34, 65

    • Interest rates 22, 68, 70

    • Prices 66

    • Reserves 35

    • Wages 66

  • Japan

    • Aid from United States 25, 47

    • Balance of payments 18, 35, 46

    • Cash settlement agreements 94

    • Competitiveness 15

    • Cost of living 66

    • Currency repurchase 47

    • Employment. 76

    • Foreign trade 34, 35, 36, 46

    • Industrial production 34, 46, 65, 76

    • Monetary policy 76

    • Prices 66, 76

    • Reserves 35, 47

    • Wages 66

  • Korea, Republic of

    • Cost of living 78

    • Exchange system 109

    • Fund membership 127

    • Money supply 78

  • Latin America

    • Capital movements 30

    • Foreign trade 32

    • Trade debts 30

  • Lebanon

    • Cost of living 78

    • Exchange transactions. 89

    • Gold prices 117

    • Money supply 78

  • Liabilities, Fund 155

  • Liberalization measures 5, 22, 36, 91, 99

  • Libya, central bank 81

  • Livestock producing countries

    • Balance of payments 20, 53

    • Foreign trade 13, 52, 53

  • Luxembourg; see Belgium-Luxembourg

  • Malaya

    • Central bank. 81

    • Foreign trade 57, 58

  • Manufactured goods, imports 9

  • Members, Fund; see Fund members

  • Metal producing countries, foreign trade 56, 57, 58

  • Metals and ores, prices 11, 12, 57

  • Mexico

    • Balance of payments 60, 62

    • Cost of living 77

    • Fiscal and monetary policy 77

    • Foreign assets 78

    • Foreign trade 60, 62

    • Money supply 77

    • Prices 77

    • Reserves 60, 62, 77

    • I Stand-by arrangement 120

  • Missions, Fund 130

  • Monetary policy 2, 22, 66

  • Monetary reserves

    • Gold and foreign exchange reserves 3, 5, 16, 113

    • Reports from Fund members 126

  • Multilateral payments 3, 95, 101

  • Multilateral System of Settlements 98

  • Multilateral trade arrangements 5

  • Netherlands

    • Balance of payments 35, 40

    • Bilateral arrangements 94

    • Cost of living 66

    • Currency transferability 100

    • EPU position 99

    • Exchange system 102

    • Foreign trade 34, 35, 36, 40

    • Industrial production 34, 65

    • Interest rates 68, 70, 76

    • Liberalization measures 36

    • Monetary policy 76

    • Prices 66

    • Reserves 35

    • Wages 66

  • New Zealand

    • Balance of payments 51, 53

    • Commercial bank lending 71, 74

    • Cost of living 66

    • Fiscal and monetary policy 23, 53, 68, 74

    • Foreign trade 52, 53

    • Import restrictions 53

    • Interest rates 68, 70, 74

    • Prices 66

    • Reserves 53

    • Wages 66

  • Nicaragua

    • Cost of living 77

    • Exchange system 83

    • Foreign trade 49

    • Money supply 78

    • Par value. 83

    • Payments position 83

  • Nonferrous metal producing countries, foreign trade 13, 56

  • Nonferrous metals, prices 11, 12, 57

  • Norway

    • Balance of payments 35, 41

    • Commercial bank lending 71

    • Cost of living 66

    • Fiscal and monetary policy 23, 70 75

    • Foreign trade 34, 35, 36, 38

    • Housing loans 71, 75

    • Industrial production 34, 65

    • Interest rates 68, 70, 75

    • Liberalization measures 37, 100

    • Prices 66

    • Reserves 35, 41

    • Wages 66

  • Nyasaland; see Rhodesia and Nyasaland

  • Oil producing countries, foreign trade 13, 56

  • Oilseed prices 51

  • Organization for European Economic Cooperation (OEEC) 99

  • OEEC countries; see Europe, Western

  • Organization for Trade Cooperation 6

  • Overseas sterling area; see Sterling area, overseas

  • Pakistan

    • Balance of payments 53, 55

    • Cost of living 78

    • Exchange devaluation 23, 55, 83

    • Foreign trade 52, 53, 55

    • Import restrictions 56

    • Money supply 78

    • Par value 83

    • Reserves 53

  • Par values 82, 176

  • Paraguay

    • Cost of living 77

    • Exchange system 84

    • Fiscal and monetary policy 23

    • Money supply 78

    • Par value 84

    • Payments position 84

    • Stabilization program 84

  • Payments, international; see International payments

  • Payments, multilateral 3, 95, 101

  • Peru

    • Balance of payments 60

    • Cost of living 78

    • Exchange rates 86

    • Fiscal and monetary policy 62, 80

    • Foreign trade 60, 62

    • Money supply 78

    • Reserves 60, 62

    • Stand-by arrangement 120

  • Petroleum producing countries, foreign trade 13, 56

  • Philippine Republic

    • Balance of payments 49

    • Cost of living 78

    • Currency purchase 121

    • Exchange tax 105

    • Foreign assets 77

    • Foreign trade 48, 49, 51

    • Gold subsidy program 112

    • Import levy 105

    • Money supply 78

    • Reserves 49, 51

  • Portugal

    • Balance of payments 35

    • Foreign trade 35, 36

    • Reserves 35

  • Prices, commodity 65

  • Primary producing countries

    • Balance of payments 4, 19, 25

    • Export earnings 12

    • Fiscal and monetary policy 23

    • Foreign trade 9, 13

    • Trade with Soviet area 14

  • Primary products

    • Inventories 26

    • Prices 8, 11, 25

  • Production; see Agricultural production; Industrial production

  • Publications, Fund 131

  • Purchases of currency 121, 136, 163

  • Quotas of Fund members 128, 137

  • Raw materials, imports and prices 9, 11

  • Repurchase obligations 122, 125

  • Repurchases of currency 121, 136, 163

  • Reserves, Fund 155

  • Reserves, gold and foreign exchange 3, 5, 16, 113

    • See also entries under various countries

  • Reserves, monetary, reports from Fund members 126

  • Resources, Fund’s; see Fund’s resources Rhodesia and Nyasaland, Federation of

    • Central bank. 21

    • Foreign trade 58

  • Rubber prices 11, 12, 25, 57

  • Rubber producing countries, foreign trade 13, 56

  • Scandinavian countries

    • Fiscal and monetary policy 66, 70

    • See also Denmark, Norway, Sweden

  • Security holdings, Fund. 158

  • South Africa; see Union of South Africa

  • Soviet area, foreign trade 14

  • Staff, Fund 132

  • Staff Retirement Fund, financial statements 164

  • Stand-by arrangements 120, 124

  • Sterling area

    • Balance of payments 41, 42

    • Monetary policy 70

    • Reserves 7, 90

  • Sterling area, overseas

    • Aid from United States 32, 43

    • Balance of payments 41

    • Foreign trade 19, 32, 43

    • Monetary policy 74

    • Reserves 19

  • Sterling convertibility 7

  • Sterling exchange rate 45, 91

  • Sterling, security 6, 91

  • Sterling, transferable 6, 90

  • Subscriptions to Fund capital 160

  • Sugar prices 11, 12, 50

  • Surpluses, agricultural 2, 4, 22

  • Sweden

    • Balance of payments 35, 41

    • Commercial bank lending 71

    • Cost of living 65

    • Fiscal and monetary policy 23, 70, 75

    • Foreign trade 34, 35

    • Industrial production 34, 65

    • Interest rates 68, 70

    • Liberalization measures 36

    • Prices 66

    • Reserves 35

    • Wages 65, 75

  • Switzerland

    • Balance of payments 35, 41

    • Foreign trade 35, 36

    • Gold prices 116

    • Interest rates 70

    • Reserves 35, 41

  • Syria

    • Balance of payments 53

    • Central bank 81

    • Exchange rates 89

    • Foreign trade 52, 53, 55

    • Interest rates 80

    • Monetary policy 55, 80

    • Reserves 53, 55

  • Tangier, gold prices 116

  • Tea prices 12

  • Textile fiber producing countries, foreign trade 52, 53

  • Textile materials, prices 12

  • Thailand

    • Balance of payments 53

    • Cost of living 77

    • Exchange system 87

    • Foreign trade 52, 53, 56

    • Gold imports 115

    • Money supply 78

    • Reserves 53, 56

  • Tin prices 57

  • Tobacco producing countries, foreign trade 52, 53

  • Trade arrangements, multilateral 5

  • Trade restrictions, relaxation of 6

  • Trade, world 5, 8

  • Training program, Fund. 130

  • Transactions, Fund 120, 136, 163

  • Transferable currencies 6, 90, 94, 100

  • Transferable sterling 6, 90

  • Transitional arrangements 97

  • Tropical food producing countries

    • Balance of payments 20

    • Foreign trade 13, 48

    • Turkey

  • Cost of living 77

    • Currency repurchase 122

    • Exchange system 106

    • Fiscal and monetary policy 55, 80

    • Foreign trade 52, 55

    • Interest rates 80

    • Liberalization measures 100

    • Money supply 78

    • Repurchase obligation 122

  • Unemployment 65

  • Union of South Africa

    • Balance of payments 60, 61

    • Capital movements 61, 75

    • Commercial bank lending 71

    • Cost of living 66

    • Fiscal and monetary policy 23, 74

    • Foreign trade 60, 61

    • Gold production 61, 111

    • Interest rates 68, 70, 74

    • Prices 66

    • Reserves 60, 61

    • Wages 66

  • U.S.S.R., gold sales 113

  • United Kingdom

    • Balance of payments 19, 25, 35, 41, 42

    • Bilateral arrangements 94

    • Capital issues 71

    • Capital movements 21, 30, 44

    • Chancellor of Exchequer, appeal for reduction of bank advances. 73

    • Chancellor of Exchequer, statement on sterling rate 45

    • Commercial bank lending 70

    • Commercial bank liquidity 68

    • Competitiveness 16, 67

    • Cost of living 65, 73

    • Currency transferability 100

    • Employment 65, 73

    • EPU position 99

    • Fiscal and monetary policy 22, 66, 70, 73

    • Foreign trade 34, 35, 36, 44

    • Gold market, London 115

    • Industrial production 8, 34, 44, 64

    • Interest rates 45, 68, 70, 73

    • Inventories 26

    • London gold market 115

    • Prices 66, 73

    • Reserves 16, 19, 36, 41, 46, 73

    • Trade with Soviet area 14

    • Wages 65, 73

    • See also Sterling

  • United States

    • Agricultural surpluses 4, 22, 29

    • Balance of payments 27

    • Capital movements 21, 30

    • Commercial bank lending 72

    • Commercial policy, importance of 6

    • Competitiveness 16

    • Cost of living 66

    • Fiscal and monetary policy 21, 22, 72

    • Foreign trade 9, 17, 27

    • Gold production 112

    • Government expenditures abroad 3, 18, 22, 25, 31, 33

    • Gross national product 27

    • Industrial production 8, 17, 27, 66, 71

    • Interest rates 68, 70, 72

    • Inventories 26

    • Investment abroad 31

    • Prices 66

    • Wages 65

  • Uruguay

    • Balance of payments 53, 54

    • Cost of living 78

    • Exchange system 103

    • Foreign trade 52, 53, 54

    • Import restrictions 54

    • Money supply 78

    • Reserves 53 54

  • Venezuela

    • Balance of payments 59

    • Cost of living 78

    • Foreign trade 58, 59

    • Iron ore production 58

    • Money supply 78

    • Reserves 59

  • Viet-Nam, Fund membership 127

  • Voting power, Fund

    • Executive Directors 143

    • Governors 137

  • Wages 64

  • Western Europe; see Europe, Western

  • Wool prices 51

  • Wool producing countries, foreign trade 51

  • World payments; see International payments

  • World trade 5, 8

  • Yugoslavia

    • Aid from United States 63

    • Exchange system 106

    • Foreign trade 60, 63

  • Collapse
  • Expand
Cover International Monetary Fund Annual Report 1956
International Monetary Fund Annual Report 1956
ISBN:
9781616351687
ISSN:
2227-8915
Publication Date:
03 Sep 1956
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351687.011
Pages:
210