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AR; AREA; sc; membership of the executive board; votes of Cyprus; van Lennep; Habibullah mali Achekzai; bonham Carter; U.K. quota; Currencies; Exports; Gold; Imports; Exchange rates; Africa; Western Europe; Europe; North America; Middle East
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Abstract

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

APPENDICES

Appendix I. Members, Quotas, Governors, and Voting Power as of April 30, 1962

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

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

Appendix II. Changes in Membership of Board of Governors

Changes in the membership of the Board of Governors between May 1, 1961 and April 30, 1962 were as follows:

J. M. Garland succeeded Howard Beale as Alternate Governor for Australia, May 9, 1961.

Vilhjálmur Thor succeeded Thor Thors as Alternate Governor for Iceland, May 13, 1961.

Roberto T. Alemann succeeded Alvaro Alsogaray as Governor for Argentina, effective May 19, 1961.

Khalil Bennani succeeded Omar Mahmud Muntasser as Governor for Libya, June 4, 1961.

Rafael Duque was appointed Governor for Portugal, June 8, 1961.

Manuel Jacinto Nunes was appointed Alternate Governor for Portugal, June 8, 1961.

Ahmad Majidian was reappointed Alternate Governor for Iran, June 14, 1961.

Claudio Calderón Manrique succeeded Franklin Antezana Paz as Alternate Governor for Bolivia, June 16, 1961.

Emilio G. Barreto was reappointed Alternate Governor for Peru, June 16, 1961.

F. K. D. Goka succeeded K. A. Gbedemah as Governor for Ghana, June 20, 1961.

Yu Taik Kim succeeded Yung Seun Kim as Governor for Korea, July 5, 1961.

Andres V. Castillo succeeded Miguel Cuaderno, Sr., as Governor for the Philippines, July 5, 1961.

Francisco Aquino h. succeeded Carlos J. Canessa as Governor for El Salvador, July 6, 1961.

Francisco J. Laínez succeeded Guillermo Sevilla Sacasa as Governor for Nicaragua, July 20, 1961.

Federico E. Lang succeeded Francisco J. Laínez as Alternate Governor for Nicaragua, July 20, 1961.

André Tueni succeeded Nasr Harfouche as Governor for Lebanon, July 24, 1961.

Hubert Ansiaux was reappointed Governor for Belgium, July 25, 1961.

César Barrientos was appointed Governor for Paraguay, July 31, 1961.

Edgar F. Taboada succeeded Pedro R. Chamorro as Alternate Governor for Paraguay, July 31, 1961.

Rishikesh Shaha was appointed Governor for Nepal, August 9, 1961.

Govind Prasad Lohani was appointed Alternate Governor for Nepal, August 9, 1961.

Byung Kyu Chun succeeded Yu Taik Kim as Governor for Korea, August 14, 1961.

Chang Soon Yoo succeeded Byong Do Min as Alternate Governor for Korea, August 14, 1961.

Faraj Bugrara was appointed Alternate Governor for Libya, August 14, 1961.

Phouangphet Phanareth was appointed Governor for Laos, August 15, 1961.

Oudong Souvannavong was appointed Alternate Governor for Laos, August 15, 1961.

Louis Rasminsky succeeded James Elliott Coyne as Alternate Governor for Canada, August 16, 1961.

Ali Asghar Pourhomayoun succeeded Ebrahim Kashani as Governor for Iran, August 16, 1961.

G. Reza Moghadam succeeded Ahmad Majidian as Alternate Governor for Iran, August 16, 1961.

Luis Poma succeeded Miguel Dueñas Palomo as Alternate Governor for El Salvador, August 24, 1961.

Akram Darey succeeded Husni A. Sawwaf as Governor for the United Arab Republic, August 30, 1961.

H. R. Lake was appointed Governor for New Zealand, August 31, 1961.

E. C. Fussell was appointed Alternate Governor for New Zealand, August 31, 1961.

Eduardo Z. Romualdez was reappointed Alternate Governor for the Philippines, effective September 1, 1961.

Bosko Tonev succeeded Nenad Popovic as Alternate Governor for Yugoslavia, September 1, 1961.

Vu Quoc Thuc succeeded Tran Huu Phuong as Governor for Viet-Nam, September 7, 1961.

Buu Hoan succeeded Vu Quoc Thuc as Alternate Governor for Viet-Nam, September 7, 1961.

Abdul Hai Aziz succeeded Abdullah Malikyar as Governor for Afghanistan, September 16, 1961.

Mohammed A. Kazimi succeeded Habibullah Mali Achekzai as Alternate Governor for Afghanistan, September 16, 1961.

Vilfort Beauvoir succeeded Antonio André as Governor for Haiti, September 16, 1961.

Baqir H. Hasani succeeded Abdul Latif Al-Shawaf as Governor for Iraq, September 16, 1961.

Guido Carli succeeded Giuseppe Pella as Governor for Italy, September 16, 1961.

Guillermo Sevilla Sacasa succeeded Francisco J. Laínez as Governor for Nicaragua, September 16, 1961.

Alfredo Machado-Gomez succeeded J. J. González Gorrondona as Governor for Venezuela, September 16, 1961.

Benito Raul Losada succeeded Hernán Avendaño as Alternate Governor for Venezuela, September 16, 1961.

Abdullah Malikyar succeeded Abdul Hai Aziz as Governor for Afghanistan, September 23, 1961.

Habibullah Mali Achekzai succeeded Mohammed A. Kazimi as Alternate Governor for Afghanistan, September 23, 1961.

Antonio André succeeded Vilfort Beauvoir as Governor for Haiti, September 23, 1961.

Abdul Latif Al-Shawaf succeeded Baqir H. Hasani as Governor for Iraq, September 23, 1961.

Giuseppe Pella succeeded Guido Carli as Governor for Italy, September 23, 1961.

Francisco J. Laínez succeeded Guillermo Sevilla Sacasa as Governor for Nicaragua, September 23, 1961.

J. J. González Gorrondona succeeded Alfredo Machado-Gomez as Governor for Venezuela, September 23, 1961.

Hernán Avendaño succeeded Benito Raul Losada as Alternate Governor for Venezuela, September 23, 1961.

Akram Darey and Abdel Hakim El Rifai ceased to be Governor and Alternate Governor, respectively, for the United Arab Republic, after the Executive Directors concluded on October 27, 1961 that the Syrian Arab Republic and the United Arab Republic are separate members of the Fund.

Masamichi Yamagiwa was reappointed Alternate Governor for Japan, December 1, 1961.

Sefik Inan succeeded Kemal Kurdaş as Governor for Turkey, December 21, 1961.

Ziya Müezzinoğlu succeeded Kemal Siber as Alternate Governor for Turkey, December 27, 1961.

André de Lattre succeeded Jean Sadrin as Alternate Governor for France, effective January 1, 1962.

Bienvenido Y. Dizon succeeded Eduardo Z. Romualdez as Alternate Governor for the Philippines, effective January 4, 1962.

José Joaquín Gómez succeeded Manuel V. Ramos as Governor for the Dominican Republic, effective February 19, 1962.

Walther Moreira Salles succeeded Clemente Mariani Bitten-court as Governor for Brazil, February 23, 1962.

M. W. Holtrop was reappointed Governor for the Netherlands, effective March 1, 1962.

E. van Lennep was reappointed Alternate Governor for the Netherlands, effective March 1, 1962.

C. C. Stephani was appointed Governor for Cyprus, March 8, 1962.

A. M. Pikis was appointed Alternate Governor for Cyprus, March 8, 1962.

Carlos A. Coll Benegas succeeded Roberto T. Alemann as Governor for Argentina, March 9, 1962.

Lydia Pichardo Lapeyretta was appointed Alternate Governor for the Dominican Republic, March 15, 1962.

Giuseppe Pella resigned as Governor for Italy, March 24, 1962.

Abdel Moneim El Kaissouni was appointed Governor for the United Arab Republic, March 31, 1962.

P. C. Bhattacharyya succeeded H. V. R. Iengar as Alternate Governor for India, effective April 6, 1962.

Charles Dunbar Sherman was appointed Governor for Liberia, April 23, 1962.

James Milton Weeks was appointed Alternate Governor for Liberia, April 23, 1962.

Appendix III. Executive Directors and Voting Power as of April 30, 1962

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

This total does not include the votes of Cyprus, Laos, Liberia, Nepal, New Zealand, Nigeria, and Portugal, which did not participate in the Eighth Regular Election of Executive Directors.

Appendix IV. Changes in Membership of Executive Board

Changes in the membership of the Executive Board between May 1, 1961 and April 30, 1962 were as follows:

Lempira E. Bonilla (Honduras) served as Temporary Alternate Executive Director to José Antonio Mayobre (Venezuela), May 10, June 16 (p.m.), and December 18 to 20, 1961, and February 9 to 16, 1962.

C. S. Krishna Moorthi (India) served as Temporary Alternate Executive Director to B. N. Adarkar (India), May 17, 1961.

José Aragonés (Spain) served as Temporary Alternate Executive Director to Sergio Siglienti (Italy), June 16, 1961.

B. N. Adarkar (India) resigned as Executive Director for India, June 21, 1961.

I. G. Patel (India), formerly Alternate Executive Director to B. N. Adarkar (India), was appointed Executive Director for India for the period June 22 to July 31, 1961.

L. Denis Hudon (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), June 30, 1961.

C. L. Read (Canada) resigned as Alternate Executive Director to Louis Rasminsky (Canada), June 30, 1961.

L. Denis Hudon (Canada) was appointed Alternate Executive Director to Louis Rasminsky (Canada), effective July 1, 1961.

A. F. M. van der Ven (Netherlands) served as Temporary Alternate Executive Director to Pieter Lieftinck (Netherlands), July 5 to 7 and September 29, 1961.

J. J. Anjaria (India) was appointed Executive Director for India, effective August 1, 1961.

I. G. Patel (India) was appointed Alternate Executive Director to J. J. Anjaria (India), effective August 1, 1961.

Juan Haus Solís (Bolivia) served as Temporary Alternate Executive Director to Guillermo Walter Klein (Argentina), August 11, 1961 and April 25, 1962.

Octavio Rainho da Silva Neves (Brazil) served as Temporary Alternate Executive Director to Maurício C. Bicalho (Brazil), August 11 and September 29, 1961.

Jacques de Groote (Belgium) served as Temporary Alternate Executive Director to André van Campenhout (Belgium), August 28 to September 6, 1961.

Harold G. Heinrich (Australia) served as Temporary Alternate Executive Director to J. M. Garland (Australia), September 29, 1961.

Dominique Sauvel (France) served as Temporary Alternate Executive Director to Jean de Largentaye (France), September 29, 1961.

Gabriel Costa Carvalho (Brazil) resigned as Alternate Executive Director to Maurício C. Bicalho (Brazil), November 20, 1961.

W. A. McKay (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), December 8, 1961.

I. G. Patel (India) resigned as Alternate Executive Director to J. J. Anjaria (India), effective December 11, 1961.

S. L. N. Simha (India) was appointed Alternate Executive Director to J. J. Anjaria (India), effective December 12, 1961.

Wilfried Guth (Federal Republic of Germany) resigned as Executive Director for the Federal Republic of Germany, December 31, 1961.

Wilhelm Hanemann (Federal Republic of Germany) was appointed Executive Director for the Federal Republic of Germany, effective January 1, 1962.

Helmut Koinzer (Federal Republic of Germany), formerly Alternate Executive Director to Wilfried Guth (Federal Republic of Germany), was appointed Alternate Executive Director to Wilhelm Hanemann (Federal Republic of Germany), effective January 1, 1962.

Marcilio Marques Moreira (Brazil) served as Temporary Alternate Executive Director to Maurício C. Bicalho (Brazil), January 5 to 19, 1962.

Carlos Brignone (Argentina) served as Temporary Alternate Executive Director to Guillermo Walter Klein (Argentina), January 19 and April 11 to 16, 1962.

W. P. Higman (United Kingdom) served as Temporary Alternate Executive Director to D. B. Pitblado (United Kingdom), March 23, 1962.

Helmut Koinzer (Federal Republic of Germany) resigned as Alternate Executive Director to Wilhelm Hanemann (Federal Republic of Germany), March 31, 1962.

Walter Habermeier (Federal Republic of Germany) was appointed Alternate Executive Director to Wilhelm Hanemann (Federal Republic of Germany), effective April 1, 1962.

Appendix V. Fund Transactions: Reconciliation of Purchases, Repurchases, and Repayments from the beginning of operations to April 30, 1962

(In millions of U.S. dollars)

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Items below $50,000 do not appear; because of this, and of rounding, totals do not agree with the sums of the items shown.

Settlement by withdrawing member.

Includes the equivalent of sales of sterling which reduced the Fund’s holdings of sterling below 75 per cent of the U.K. quota by $43.5 million, and which had the effect of repaying an equivalent part of a subsequent drawing by the United Kingdom.

Appendix VI. Scale of Fund Charges

The following charges are made by the Fund: a service charge of ½ of 1 per cent of the amount of the purchase of a currency from the Fund, a charge of ¼ of 1 per cent per annum for standby arrangements (credited against the service charge if the member makes a purchase during the period of the stand-by), and a charge payable by the member on the Fund’s holdings of its currency that exceed its quota. The rate of charge on balances in excess of quota rises in two dimensions: the larger the member’s drawings relative to its quota, and the longer the period during which the Fund holds the member’s currency.

Charges on transactions effected in 1954 or later are as follows:

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When a charge reaches 4 per cent per annum, the Fund and the member must consult on means to reduce the Fund’s holding of the member’s currency. The charge continues to increase by an additional ½ per cent per annum each six months, subject to the following provisions: If agreement is reached for full repurchase within five years from the date of the drawing, the maximum rate is 5 per cent per annum; but a higher maximum may be fixed by the Fund if the agreement is for a repurchase running beyond five years. Failing agreement, the Fund may impose such charges as it deems appropriate after the rate of 5 per cent per annum is reached.

Charges are normally paid in gold; but when a member’s monetary reserves are below half its quota, charges may be paid partly or wholly in the member’s currency.

Appendix VII. Administrative Budget

Letter of Transmittal

June 29, 1962

My dear Mr. Chairman:

The administrative budget of the Fund approved by the Executive Board for the Fiscal Year ending April 30, 1963 is presented herewith, in accordance with Section 20 of the By-Laws. The presentation also shows actual expenditures for the past two 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 would recommend appropriate amendments to the Executive Board.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Administrative Budget as Approved by the Executive Board for the Fiscal Year Ending April 30, 1963, Compared with Actual Expenditures for the Fiscal Years 1960-61 and 1961-62

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Appendix VIII. Comparative Statement of Income and of Total Administrative Expenditure

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

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Excludes income from investments transferred to Special Reserve for the fiscal years ended April 30, as follows:

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Appendix IX. FINANCIAL STATEMENTS

Appendix IX. Financial Statements of International Monetary Fund and Staff Retirement Fund

Letter of Transmittal

June 29, 1962

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 financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1962, together with two memoranda from the Audit Committee, which include the audit certificates.

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, Argentina, Finland, and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Luis Larrosa, Chief Accountant, Banco Central de la Republica Argentina; Mr. Svante Kihlman, Chairman of the Board of Directors of the Association of Certified Public Accountants of Finland and member of the Board of Auditors, Central Chamber of Commerce; and Mr. Samuel J. Elson, Deputy Commissioner, Central Reports, Bureau of Accounts, U.S. Treasury Department. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $33,106,768 and expenditure amounted to $8,155,802, resulting in a net income of $24,950,966, which has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $22,779,476 from the Fund’s gold investment program has been transferred to Special Reserve.

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

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 29, 1962

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 29, 1962, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1962, includes the following paragraphs relating to the scope of the audit conducted and the audit certificate given:

Scope of the Audit

The Audit Committee conducted its audit according to generally accepted auditing standards and took cognizance of the requirements of Section 20(b) of the By-Laws that it be comprehensive with respect to the examination of the financial records of the Fund; that it extend, insofar as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In determining the authority for financial transactions, reference was made to the Articles of Agreement, the By-Laws and Rules and Regulations of the Fund, the minutes of the Executive Board and the General Administrative Orders of the Fund. The system of accounting and the internal control were reviewed, and the work program performed by the Internal Auditor, as reported by him to the Committee, was taken into account in the audit after adequate review was made of his work performance.

Audit Certificate

We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1962, of the Statement of Income and Expenditure for the fiscal year then ended and of the schedules related to such financial statements. 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.

As a result of our examination, we report that, in our opinion, 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, 1962, 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.

Audit Committee:

/s/ Samuel J. Elson, Chairman (United States)

/s/ Luis Larrosa (Argentina)

/s/ Svante Kihlman (Finland)

Exhibit A Balance Sheet as at April 30,1962

values expressed in U.S. dollars on the basis of established parities (See Note 1)

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Notes:

With the exception of the following currencies, which, for bookkeeping purposes, are computed at provisional rates (the Tunisian dinar represents U.S. cents per currency unit; all other rates represent currency units per U.S. dollar):

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Excludes 20,696.670 fine ounces earmarked for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Gold valued at $29.9 million has been pledged as collateral by a member to secure the repurchase of an equivalent amount of its currency not later than twelve months from the date of the related exchange transactions.

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

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, 1962 is $3,722,312. A portion of the stand-by charge is refundable to a member if the arrangement is canceled; the maximum amount on April 30, 1962 is $1,456,719.

Exhibit B Statement of Income and Expenditure for the year ended April 30, 1962
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Notes:

Excludes income from investments amounting to $22,779,476, transferred to Special Reserve (Exhibit C).

After deduction of $50,540 for sales of Fund’s publications.

Exhibit C Statement of Reserves for the year ended April 30, 1962
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Represents income from investments in U.S. Government securities from November 1, 1957.

Schedule 1 to Exhibit A Gold Account as at April 30, 1962

(Cents omitted, therefore details may not add to totals)

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Excludes 20,696.670 fine ounces held under earmark by the Fund for the following members:

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Schedule 2 to Exhibit A Currencies and Securities as at April 30, 1962

(Cents and fractional units omitted, therefore details may not add to totals)

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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 † represents U.S. cents per currency unit; all other rates represent currency units per U.S. dollar.

Represents currency paid in respect of an increase in quota; the currency portion of the original subsciption will not become due until a par value has been established.

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

Schedule 3 to Exhibit A Status of Subscriptions to Capital as at April 30, 1962

(Expressed in U.S. dollars)

(Cents omitted, therefore details may not add to totals)

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Subscription payment due.

Subscription installments not yet due.

Schedule 4 to Exhibit A Other Assets as at April 30, 1962

(Cents omitted, therefore details may not add to total)

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Schedule 5 to Exhibit A Other Liabilities as at April 30, 1962

(Cents omitted, therefore details may not add to total)

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Staff Retirement Fund
Memorandum by the Audit Committee

June 29, 1962

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 29, 1962, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1962, includes the following paragraphs relating to the scope of the audit conducted, the investments held, and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

An examination was made by the Audit Committee of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1962. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan, and examined the Report on the Thirteenth Actuarial Valuation of the Plan as at April 30, 1961 submitted on July 28, 1961 by the Staff Retirement Fund’s Actuary. The Audit Committee made what it considered an adequate test check of the various classes of transactions, taking into account the audit coverage made by the Internal Auditor, as reported by him to the Committee. The report of the Internal Auditor, among other audit activities conducted by his staff, showed that a detailed examination had been made of the Participants’ Accounts.

Investments

A confirmation was received by the Audit Committee directly from the depository concerning the investments held by it as at April 30, 1962, as custodian for the International Monetary Fund Staff Retirement Fund. The Audit Committee ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

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It was determined that due consideration to the advice of the Investment Consultant had been given by the Investment Committee in reaching decisions in regard to purchases and sales of investments.

Audit Certificate

As a result of our examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1962, we report that, in our opinion, the Balance Sheet, Statement of Source and Application of Funds, and the related Statements of Participants’ Account, Accumulation Account, Retirement Reserve Account and Reserve Against Investments, present fairly the financial position of the Staff Retirement Fund as at April 30, 1962 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.

Audit Committee:

/s/ Samuel J. Elson, Chairman (United States)

/s/ Luis Larrosa (Argentina)

/s/ Svante Kihlman (Finland)

Exhibit I Staff Retirement Fund Balance Sheet as at April 30, 1962
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Schedule I to Exhibit I Staff Retirement Fund
Statement of Participants’ Account for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

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Schedule II to Exhibit I Staff Retirement Fund Statement of Accumulation Account for the year ended April 30,1962

(Cents omitted, therefore details may not add to totals)

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Schedule III to Exhibit I Staff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

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Schedule IV to Exhibit I Staff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1962

(Cents omitted, therefore details may not add to totals)

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Exhibit II Staff Retirement Fund Statement of Source and Application of Funds for the year ended April 30, 1962
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Schedule I to Exhibit II
Staff Retirement Fund Statement of Changes in Working Capital

(Cents omitted, therefore details may not add to totals)

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Appendix X. Schedule of Par Values—as of June 30, 1962

A. Currencies of Metropolitan Areas

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For the rate at which Fund holdings of the member’s currency are provisionally carried in the Fund’s accounts, see Note 1 to the Balance Sheet (Appendix IX, Exhibit A).

The par value agreed by the Government of Argentina and the Fund as of January 9, 1957 was 0.0493706 gram of fine gold per peso or 5.55556 U.S. cents per peso. Computations by the Fund involving Argentine pesos are made at the rate of 83 pesos per U.S. dollar.

The par value agreed by the Government of Bolivia and the Fund as of May 14, 1953 was 0.00467722 gram of fine gold per boliviano or 0.526316 U.S. cent per boliviano. Computations by the Fund involving bolivianos are made at the rate of 11,875 bolivianos per U.S. dollar.

The par value agreed by the Government of Chile and the Fund as of October 5, 1953 was 0.00807883 gram of fine gold per peso or 0.909091 U.S. cent per peso. Effective January 1, 1960, the Government of Chile established a new monetary unit, the escudo, having a ratio to the peso, which remains a fractional unit, of 1 to 1,000. Computations by the Fund involving Chilean escudos are made at the rate of 1.049 escudos per U.S. dollar.

The par value agreed by the Government of Paraguay and the Fund as of March 1, 1956 was 0.0148112 gram of fine gold per guaraní or 1.66667 U.S. cents per guaraní. Computations by the Fund involving guaranies are made at the rate of 122 guaranies per U.S. dollar.

The initial par value of the sol, established on December 18, 1946, was 0.136719 gram of fine gold per sol or 15.3846 U.S. cents per sol. In November 1949, Peru introduced a new exchange system. No new par value has been proposed to the Fund. Computations by the Fund involving Peruvian soles are made in accordance with the rules on transactions and computations for fluctuating currencies; see Annual Report, 1955, pages 125-27.

B. Separate Currencies in Nonmetropolitan Areas of Members

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Became independent in July 1962.

Parity with sterling.

Appendix XI. Executive Board Decisions

A. Use of the Fund’s Resources for Capital Transfers

After full consideration of all relevant aspects concerning the use of the Fund’s resources, the Executive Directors decide by way of clarification that Decision No. 71-21 does not preclude the use of the Fund’s resources for capital transfers in accordance with the provisions of the Articles, including Article VI.

Decision No. 1238–(61/43)

July 28, 1961

B. Sale of Gold to Replenish Fund’s Currency Holdings

1. The Managing Director shall arrange for the sale of not more than the equivalent of the following amounts of gold to the members listed below for the replenishment of the Fund’s currency holdings under Article VII, Section 2:

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2. There shall be added after “Article V, Section 6(a),” in paragraph II.1(ii) (a) of Executive Board Decision No. 321–(54/32)1 the words “or the sale of gold by the Fund under Article VII, Section 2,”.

3. The sales referred to in paragraph 1 above shall be at the parity price, or in accordance with Decision No. 321-(54/32)1 as amended by paragraph 2 above where Decision No. 321-(54/32) applies, and without the payment of charges.

Decision No. 1245-(61/45) August 4, 1961

C. Transactions and Computations Involving Fluctuating Currencies

Paragraph II.1.(ii) (a) of Executive Board Decision No. 321-(54/32)1 is amended to read as follows:

For the sale or purchase by the Fund of a fluctuating currency in exchange for another currency, or the purchase of gold by the Fund under Article V, Section 6(a), or the sale of gold by the Fund under Article VII, Section 2, or voluntary repurchase, or borrowing or the repayment of borrowing under Article VII, Section 2, the last business day in the main financial center of the country of the fluctuating currency, before the Fund instructs its depository to transfer or receive the fluctuating currency.

Decision No. 1283–(61/56)

December 20, 1961

D. General Arrangements to Borrow

Preamble

In order to enable the International Monetary Fund to fulfill more effectively its role in the international monetary system in the new conditions of widespread convertibility, including greater freedom for short-term capital movements, the main industrial countries have agreed that they will, in a spirit of broad and willing cooperation, strengthen the Fund by general arrangements under which they will stand ready to lend their currencies to the Fund up to specified amounts under Article VII, Section 2 of the Articles of Agreement when supplementary resources are needed to forestall or cope with an impairment of the international monetary system in the aforesaid conditions. In order to give effect to these intentions, the following terms and conditions are adopted under Article VII, Section 2 of the Articles of Agreement.

Paragraph 1. Definitions

As used in this Decision the term:

(i) “Articles” means the Articles of Agreement of the International Monetary Fund;

(ii) “credit arrangement” means an undertaking to lend to the Fund on the terms and conditions of this Decision;

(iii) “participant” means a participating member or a participating institution;

(iv) “participating institution” means an official institution of a member that has entered into a credit arrangement with the Fund with the consent of the member;

(v) “participating member” means a member of the Fund that has entered into a credit arrangement with the Fund;

(vi) “amount of a credit arrangement” means the maximum amount expressed in units of its currency that a participant undertakes to lend to the Fund under a credit arrangement;

(vii) “call” means a notice by the Fund to a participant to make a transfer under its credit arrangement to the Fund’s account;

(viii) “borrowed currency” means currency transferred to the Fund’s account under a credit arrangement;

(ix) “drawer” means a member that purchases borrowed currency from the Fund in an exchange transaction or in an exchange transaction under a stand-by arrangement;

(x) “indebtedness” of the Fund means the amount it is committed to repay under a credit arrangement.

Paragraph 2. Credit Arrangements

A member or institution that adheres to this Decision undertakes to lend its currency to the Fund on the terms and conditions of this Decision up to the amount in units of its currency set forth in the Annex to this Decision or established in accordance with Paragraph 3(b).

Paragraph 3. Adherence

(a) Any member or institution specified in the Annex may adhere to this Decision in accordance with Paragraph 3(c).

(b) Any member or institution not specified in the Annex that wishes to become a participant may at any time, after consultation with the Fund, give notice of its willingness to adhere to this Decision, and, if the Fund shall so agree and no participant object, the member or institution may adhere in accordance with Paragraph 3(c). When giving notice of its willingness to adhere under this Paragraph 3(b) a member or institution shall specify the amount, expressed in terms of its currency, of the credit arrangement which it is willing to enter into, provided that the amount shall not be less than the equivalent at the date of adherence of one hundred million United States dollars of the weight and fineness in effect on July 1, 1944.

(c) A member or institution shall adhere to this Decision by depositing with the Fund an instrument setting forth that it has adhered in accordance with its law and has taken all steps necessary to enable it to carry out the terms and conditions of this Decision. On the deposit of the instrument the member or institution shall be a participant as of the date of the deposit or of the effective date of this Decision, whichever shall be later.

Paragraph 4. Entry into Force

This Decision shall become effective when it has been adhered to by at least seven of the members or institutions included in the Annex with credit arrangements amounting in all to not less than the equivalent of five and one-half billion United States dollars of the weight and fineness in effect on July 1, 1944.

Paragraph 5. Changes in Amounts of Credit Arrangements

The amounts of participants’ credit arrangements may be reviewed from time to time in the light of developing circumstances and changed with the agreement of the Fund and all participants.

Paragraph 6. Initial Procedure

When a participating member or a member whose institution is a participant approaches the Fund on an exchange transaction or stand-by arrangement and the Managing Director, after consultation, considers that the exchange transaction or stand-by arrangement is necessary in order to forestall or cope with an impairment of the international monetary system, and that the Fund’s resources need to be supplemented for this purpose, he shall initiate the procedure for making calls under Paragraph 7.

Paragraph 7. Calls

(a) The Managing Director shall make a proposal for calls for an exchange transaction or for future calls for exchange transactions under a stand-by arrangement only after consultation with Executive Directors and participants. A proposal shall become effective only if it is accepted by participants and the proposal is then approved by the Executive Directors. Each participant shall notify the Fund of the acceptance of a proposal involving a call under its credit arrangement.

(b) The currencies and amounts to be called under one or more of the credit arrangements shall be based on the present and prospective balance of payments and reserve positions of participating members or members whose institutions are participants and on the Fund’s holdings of currencies.

(c) Unless otherwise provided in a proposal for future calls approved under Paragraph 7(a), purchases of borrowed currency under a stand-by arrangement shall be made in the currencies of participants in proportion to the amounts in the proposal.

(d) If a participant on which calls may be made pursuant to Paragraph 7(a) for a drawer’s purchases under a stand-by arrangement gives notice to the Fund that in the participant’s opinion, based on the present and prospective balance of payments and reserve position, calls should no longer be made on the participant or that calls should be for a smaller amount, the Managing Director may propose to other participants that substitute amounts be made available under their credit arrangements, and this proposal shall be subject to the procedure of Paragraph 7(a). The proposal as originally approved under Paragraph 7(a) shall remain effective unless and until a proposal for substitute amounts is approved in accordance with Paragraph 7(a).

(e) When the Fund makes a call pursuant to this Paragraph 7, the participant shall promptly make the transfer in accordance with the call.

Paragraph 8. Evidence of Indebtedness

(a) The Fund shall issue to a participant, on its request, non-negotiable instruments evidencing the Fund’s indebtedness to the participant. The form of the instruments shall be agreed between the Fund and the participant.

(b) Upon repayment of the amount of any instrument issued under Paragraph 8(a) and all accrued interest, the instrument shall be returned to the Fund for cancellation. If less than the amount of any such instrument is repaid, the instrument shall be returned to the Fund and a new instrument for the remainder of the amount shall be substituted with the same maturity date as in the old instrument.

Paragraph 9. Interest and Charges

(a) The Fund shall pay a charge of one-half of one per cent on transfers made in accordance with Paragraph 7(e).

(b) The Fund shall pay interest on its indebtedness at the rate of one and one-half per cent per annum. In the event that this becomes different from a basic rate determined as follows:

the charge levied by the Fund pursuant to Article V, Section 8(a) plus the charge levied by the Fund pursuant to Article V, Section 8(c) (i), as changed from time to time under Article V, Section 8(e), during the first year after a purchase of exchange from the Fund, minus one-half of one per cent,

the interest payable by the Fund shall be changed by the same amount as from the date when the difference in the basic rate takes effect. Interest shall be paid as soon as possible after July 31, October 31, January 31, and April 30.

(c) Interest and charges shall be paid in gold to the extent that this can be effected in bars. Any balance not so paid shall be paid in United States dollars.

(d) Gold payable to a participant in accordance with Paragraph 9(b) or Paragraph 11 shall be delivered at any gold depository of the Fund chosen by the participant at which the Fund has sufficient gold for making the payment. Such delivery shall be free of any charges or costs for the participant.

Paragraph 10. Use of Borrowed Currency

The Fund’s policies and practices on the use of its resources and stand-by arrangements, including those relating to the period of use, shall apply to purchases of currency borrowed by the Fund.

Paragraph 11. Repayment by the Fund

(a) Subject to the other provisions of this Paragraph 11, the Fund, five years after a transfer by a participant, shall repay the participant an amount equivalent to the transfer calculated in accordance with Paragraph 12. If the drawer for whose purchase participants make transfers is committed to repurchase at a fixed date earlier than five years after its purchase, the Fund shall repay the participants at that date. Repayment under this Paragraph 11(a) or under Paragraph 11(c) shall be, as determined by the Fund, in the participant’s currency whenever feasible, or in gold, or, after consultation with the participant, in other currencies that are convertible in fact. Repayments to a participant under the subsequent provisions of this Paragraph 11 shall be credited against transfers by the participant for a drawer’s purchases in the order in which repayment must be made under this Paragraph 11(a).

(b) Before the date prescribed in Paragraph 11(a), the Fund, after consultation with a participant, may make repayment to the participant, in part or in full, with any increases in the Fund’s holdings of the participant’s currency that exceed the Fund’s working requirements, and participants shall accept such repayment.

(c) Whenever a drawer repurchases, the Fund shall promptly repay an equivalent amount, except in any of the following cases:

  • (i) The repurchase is under Article V, Section 7(b) and can be identified as being in respect of a purchase of currency other than borrowed currency.

  • (ii) The repurchase is in discharge of a commitment entered into on a purchase of currency other than borrowed currency.

  • (iii) The repurchase entitles the drawer to augmented rights under a stand-by arrangement pursuant to Section II of Decision No. 876-(59/15)1 of the Executive Directors, provided that, to the extent that the drawer does not exercise such augmented rights, the Fund shall promptly repay an equivalent amount on the expiration of the stand-by arrangement.

(d) Whenever the Fund decides in agreement with a drawer that the problem for which the drawer made its purchases has been overcome, the drawer shall complete repurchase, and the Fund shall complete repayment and be entitled to use its holdings of the drawer’s currency below 75 per cent of the drawer’s quota in order to complete such repayment.

(e) Repayments under Paragraph 11(c) and (d) shall be made in the order established under Paragraph 11(a) and in proportion to the Fund’s indebtedness to the participants that made transfers in respect of which repayment is being made.

(f) Before the date prescribed in Paragraph 11(a) a participant may give notice representing that there is a balance of payments need for repayment of part or all of the Fund’s indebtedness and requesting such repayment. The Fund shall give the overwhelming benefit of any doubt to the participant’s representation. Repayment shall be made after consultation with the participant in the currencies of other members that are convertible in fact, or made in gold, as determined by the Fund. If the Fund’s holdings of currencies in which repayment should be made are not wholly adequate, individual participants shall be requested, and will be expected, to provide the necessary balance under their credit arrangements. If, notwithstanding the expectation that the participants will provide the necessary balance, they fail to do so, repayment shall be made to the extent necessary in the currency of the drawer for whose purchases the participant requesting repayment made transfers. For all of the purposes of this Paragraph 11, transfers under this Paragraph 11(f) shall be deemed to have been made at the same time and for the same purchases as the transfers by the participant obtaining repayment under this Paragraph 11(f).

(g) All repayments to a participant in a currency other than its own shall be guided, to the maximum extent practicable, by the present and prospective balance of payments and reserve positions of the members whose currencies are to be used in repayment.

(h) The Fund shall at no time reduce its holdings of a drawer’s currency below an amount equal to the Fund’s indebtedness to the participants resulting from transfers for the drawer’s purchases.

(i) When any repayment is made to a participant, the amount that can be called for under its credit arrangement in accordance with this Decision shall be restored pro tanto but not beyond the amount of the credit arrangement.

Paragraph 12. Rates of Exchange

(a) The value of any transfer shall be calculated as of the date of the transfer in terms of a stated number of fine ounces of gold or of the United States dollar of the weight and fineness in effect on July 1, 1944, and the Fund shall be obliged to repay an equivalent value.

(b) For all of the purposes of this Decision, the equivalent in currency of any number of fine ounces of gold or of the United States dollar of the weight and fineness in effect on July 1, 1944, or vice versa, shall be calculated at the rate of exchange at which the Fund holds such currency at the date as of which the calculation is made; provided however that the provisions of Decision No. 321–(54/32) of the Executive Directors on Transactions and Computations Involving Fluctuating Curriencies,1 as amended by Decision No. 1245–(61/45)2 and Decision No. 1283–(61/56),3 shall determine the rate of exchange for any currency to which that decision, as amended, has been applied.

Paragraph 13. Transferability

A participant may not transfer all or part of its claim to repayment under a credit arrangement except with the prior consent of the Fund and on such terms and conditions as the Fund may approve.

Paragraph 14. Notices

Notice to or by a participating member under this Decision shall be in writing or by cable and shall be given to or by the fiscal agency of the participating member designated in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund. Notice to or by a participating institution shall be in writing or by cable and shall be given to or by the participating institution.

Paragraph 15. Amendment

This Decision may be amended during the period prescribed in Paragraph 19(a) only by a decision of the Fund and with the concurrence of all participants. Such concurrence shall not be necessary for the modification of the Decision on its renewal pursuant to Paragraph 19(b).

Paragraph 16. Withdrawal of Adherence

A participant may withdraw its adherence to this Decision in accordance with Paragraph 19(b) but may not withdraw within the period prescribed in Paragraph 19(a) except with the agreement of the Fund and all participants.

Paragraph 17. Withdrawal from Membership

If a participating member or a member whose institution is a participant withdraws from membership in the Fund, the participant’s credit arrangement shall cease at the same time as the withdrawal takes effect. The Fund’s indebtedness under the credit arrangement shall be treated as an amount due from the Fund for the purpose of Article XV, Section 3 and Schedule D of the Articles.

Paragraph 18. Suspension of Exchange Transactions and Liquidation

(a) The right of the Fund to make calls under Paragraph 7 and the obligation to make repayments under Paragraph 11 shall be suspended during any suspension of exchange transactions under Article XVI of the Articles.

(b) In the event of liquidation of the Fund, credit arrangements shall cease and the Fund’s indebtedness shall constitute liabilities under Schedule E of the Articles. For the purpose of Paragraph 1 (a) of Schedule E, the currency in which the liability of the Fund shall be payable shall be first the participant’s currency and then the currency of the drawer for whose purchases transfers were made by the participant.

Paragraph 19. Period and Renewal

(a) This Decision shall continue in existence for four years from its effective date.

(b) This Decision may be renewed for such period or periods and with such modifications, subject to Paragraph 5, as the Fund may decide. The Fund shall adopt a decision on renewal and modification, if any, not later than twelve months before the end of the period prescribed in Paragraph 19(a). Any participant may advise the Fund not less than six months before the end of the period prescribed in Paragraph 19(a) that it will withdraw its adherence to the Decision as renewed. In the absence of such notice, a participant shall be deemed to continue to adhere to the Decision as renewed. Withdrawal of adherence in accordance with this Paragraph 19(b) by a participant, whether or not included in the Annex, shall not preclude its subsequent adherence in accordance with Paragraph 3(b).

(c) If this Decision is terminated or not renewed, Paragraphs 8 through 14, 17 and 18(b) shall nevertheless continue to apply in connection with any indebtedness of the Fund under credit arrangements in existence at the date of the termination or expiration of the Decision until repayment is completed. If a participant withdraws its adherence to this Decision in accordance with Paragraph 16 or Paragraph 19(b), it shall cease to be a participant under the Decision, but Paragraphs 8 through 14, 17 and 18(b) of the Decision as of the date of the withdrawal shall nevertheless continue to apply to any indebtedness of the Fund under the former credit arrangement until repayment has been completed.

Paragraph 20. Interpretation

Any question of interpretation raised in connection with this Decision which does not fall within the purview of Article XVIII of the Articles shall be settled to the mutual satisfaction of the Fund, the participant raising the question, and all other participants. For the purpose of this Paragraph 20 participants shall be deemed to include those former participants to which Paragraphs 8 through 14, 17 and 18(b) continue to apply pursuant to Paragraph 19(c) to the extent that any such former participant is affected by a question of interpretation that is raised.

ANNEX

Participants and Amounts of Credit Arrangements

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Decision No. 1289–(62/1)

January 5, 1962

E. Currencies to Be Drawn and to Be Used in Repurchases

The Board approves the statement entitled “Currencies to Be Drawn and to Be Used in Repurchases”1 (SM/62/62, Revision 2), and this statement shall be incorporated in the Annual Report for 1962.

Decision No. 1371–(62/36)

July 20, 1962

INDEX

  • Administrative Budget, Fund—29, 198-99

  • Advance Deposits Requirements—68, 98, 152

  • Afghanistan—par value not yet agreed, 55

  • Argentina—balance of payments and reserves, 142 (table), 149; bilateral payments arrangements, termination of, 68; currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); currency sold by Fund, 194-95 (table); exchange depreciation and price increase, 65 (chart); exports and imports, 88 (table), 149; financial policy, 110; Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stand-by arrangements with Fund, 15 (table)

  • Article VII—arrangements for borrowing under, 6-7, 33-36

  • Article VIII—members’ acceptance of, and consultations, 23-24

  • Article XIV—consultations, 23, 28

  • Assets, Fund—see Fund’s Resources

  • Assets, Private—availability of to monetary authorities, 171, 173-74

  • Audit Committee, Fund—members, 29-30; report, 201-26

  • Australia—balance of payments, 113 (table), 142-43 (table), 146-47; currency purchase from Fund, 146, 194-95 (table); currency repurchase from Fund, 16 (table), 147, 194-95 (table); exports and imports, 88 (table), 146; Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 142-43 (table), 168 (table), 172; gold production, 155 (table); gold subsidy program, 163-64 stand-by arrangement with Fund, 13, 15 (table), 146

  • Austria—balance of payments and reserves, 136 (table); cost of living, gross national product, industrial production, and wage rates, 75 (table); currency repurchase from Fund, 194-95 (table)

  • Balance of Payments—2-3, 5, 73, 82, 84, 89-90 and official reserves, relation between, 170; industrial countries, 2-3, 111-41 primary producing countries, 111, 113 (table), 141-52; see also Financial Stability; and individual countries

  • Balance Sheets—Fund, 206-207; Staff Retirement Fund, 221

  • Bank for International Settlements—Fund cooperation with, 27 gold stocks, changes in, 169 (table); gold transactions, 156 (table)

  • “Basle Arrangements”—see Inter-Central-Bank Cooperation

  • Belgium-Luxembourg—balance of payments and reserves, 112, 136 (table); cost of living, gross national product, industrial production, and wage rates, 75 (table); currency sold by Fund, 194-95 (table); exports and imports, 83 (chart), 85 (table), 86 (chart); financial policy, 95-96; Fund consultation with, 23; Fund transactions, total, 20-21 (table), 194-95 (table); gold prices, 162 (table); industrial production, 74 (chart), 75 (table); interest rates, 95-96; supplementary resources available for Fund, 34-36, 245; unemployment, 77

  • Bilateral Payments Arrangements—68-69

  • Bolivia—currency purchase from Fund, 14 (table); 194-95 (table); currency repurchase from Fund, 16 (table); 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stand-by arrangement with Fund, 15 (table)

  • Borrowing by Fund—see Fund’s Resources

  • Brazil—balance of payments, 142-43 (table), 150 bilateral payments arrangements, termination of, 68; currency purchase from Fund, 14 (table), 150, 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exchange depreciation and price increases, 65 (chart), 110, 150; exchange reforms, 57; exports and imports, 88 (table), 150; financial policy, 110; Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 110, 142 (table); money supply, changes in, 108 (table); stand-by arrangement with Fund, 15 (table)

  • Budget, Fund—29, 198-99

  • Burma—balance of payments and reserves, 142 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table)

  • Cameroon, Federal Republic of—membership in Fund, application for, 11

  • Canada—balance of payments, 89-90, 113 (table), 142 (table), 145-46; capital movements, 120, 142 (table), 145-46; cost of living, gross national product, industrial production, and wage rates, 75 (table), 76-77; currency purchase from Fund, 146; currency sold by Fund, 194-95 (table); exchange rates, 56, 66, 102 (chart), 146; exports and imports, 88 (table), 145; financial policy, 89, 92; forward exchange rate, 102 (chart); Fund consultation with, 23; gold and foreign exchange reserves, 56, 142 (table), 146; gold production, 154, 155 (table); gold subsidy program, 163; industrial production, 1, 75 (table); interest rates, 92, 101 (chart), 102-103; inventory investment, 77; par value, new, 55, 146; supplementary resources available for Fund, 34-36, 245; unemployment, 76

  • Capital Movements—3-6, 32-33, 44-45, 98-105, 114-15, 136 (table), 141-45; see also individual countries

  • Capital Transactions—use of Fund’s resources to finance, 6, 32-33, 232

  • Central African Republic—membership in Fund, application for, 11

  • Ceylon—balance of payments and reserves, 142 (table), 149; currency purchase from Fund, 14 (table), 149, 194-95 (table); exports and imports, 88 (table); financial policy, 149; Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table)

  • Chad, Republic of—membership in Fund, application for, 11

  • Charges, Fund—see Fund Charges

  • Chile—balance of payments, 110, 142-43 (table), 149-50; bilateral payments arrangements, termination of, 68; currency purchase from Fund, 14 (table), 150, 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exchange depreciation and price increases, 65 (chart), 110; exchange practices, 58, 110, 150; exports and imports, 88 (table), 149; financial policy, 110, 150; Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 142-43 (table), 149-50; stand-by arrangement with Fund, 15 (table)

  • China (Mainland)—exports and imports from industrial countries, 80 (table)

  • China (Taiwan)—par value not yet agreed, 55

  • Coffee—prices of, 52, 53, 87, 89

  • Colombia—balance of payments and reserves, 142 (table); coffee trade, 52, 53; currency purchase from Fund, 14 (table), 194-95 (table); financial policy, 52, 110; Fund transactions, total, 20-21 (table), 194-95 (table); gold production, 155; gold subsidy program, 163; money supply, changes in, 51-53, 108 (table); stabilization program, 51-54; stand-by arrangements with Fund, 15 (table), 52

  • Congo (Brazzaville)—membership in Fund, application for, 11

  • Congo (Leopoldville)—gold production, 155 (table); membership in Fund, application for, 11

  • Convertibility of Currencies—67-69

  • Cost of Living—75 (table), 78-79

  • Costa Rica—currency purchase from Fund, 14 (table), 194-95 (table); exchange reforms, 55, 57; Fund transactions, total 20-21 (table), 194-95 (table); par value, new, 55; stand-by arrangement with Fund, 15 (table)

  • Cuba—Fund transactions, total, 20-21 (table), 194-95 (table); repurchase arrangements with Fund, 23

  • Currency Holdings, Fund—see Fund’s Resources

  • Currency Purchases and Repurchases—see Fund Transactions

  • Currency Stabilization Measures —see Financial Stability; and individual countries

  • Cyprus—membership in Fund, 11; par value not yet agreed, 55; payments restrictions eased, 67

  • Czechoslovakia—currency repayment to Fund, 22; Fund transactions, total, 20-21 (table), 194-95 (table)

  • Dahomey—membership in Fund, application for, 11

  • Denmark—balance of payments and reserves, 136 (table); cost of living, gross national product, industrial production, and wage rates, 75 (table); currency sold by Fund, 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table)

  • Dollar—discrimination against, reduced, 67

  • Dominican Republic—balance of payments and reserves, 142 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money, supply, changes in, 108 (table)

  • Ecuador—currency purchase from Fund, 14 (table), 194-95 (table); exchange reforms, 55, 57; Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); par value, new, 55; stabilization program, 110; stand-by arrangement with Fund, 15 (table)

  • El Salvador—currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stabilization program, 107; standby arrangement with Fund, 15 (table)

  • Employment—76, 77; see also individual countries

  • Ethiopia—balance of payments and reserves, 142 (table); Fund transactions, total, 20-21 (table), 194-95 (table)

  • Euro-Dollar—102-103, 170-71

  • Europe—balance of payments, 90, 113; bilateral payments arrangements, 68; capital movements, 4-6; exports and imports, 82, 83 (chart), 84-87; industrial production, employment, and wages, 74-76, 77-78, 79

  • European Economic Community (EEC)—exports and imports, 80 (table), 82, 83 (chart), 134-35; industrial production, 74 (chart); see also individual countries

  • European Free Trade Association (EFTA)—exports and imports, 80 (table), 82, 83 (chart); see also individual countries

  • European Payments Union/European Fund—gold holdings, changes in, 156, 168-69, 171; gold transactions, 156 (table)

  • Euro-Sterling—102-103, 170-71

  • Exchange Convertibility—67-69

  • Exchange Rates—227-31 (table); changes in, 55-56, 65 (chart); changes in and Fund policy, 58-62; fluctuating, Fund policy regarding, 58-67, 233; multiple currency practices, 57-58; spot and forward markets, 3-4, 98-103; see also Financial Stability; and individual countries

  • Exchange Reserves—see Foreign Exchange Reserves

  • Exchange Restrictions—67-69

  • Executive Board—see Fund Executive Board

  • Expenditure, Fund—29-30, 199-200, 208

  • Financial Stability—2, 41-54 see also individual countries

  • Financial Statements, Fund—29-30, 198-226

  • Finland—exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); payments restrictions eased, 67

  • Foreign Exchange Reserves—108-109 (table), 167-71; reports by Fund members, 22-23; see also Reserves, Gold and Foreign Exchange; and individual countries

  • Forward Exchange Rates—3-4, 98, 100-105

  • France—advance debt repayments, 115, 124, 131 balance of payments, 96, 113, 115, 130-35 cost of living, gross national product, industrial production, and wage rates, 75 (table), 79 currency sold by Fund, 194-95 (table); exports and imports, 83 (chart), 85, 86 (chart), 132 (table), 133-35 financial policy, 96 Fund consultation with, 23 Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 130-31, 132 (table), 168 (table), 169 (table); gold coin (napoleon) prices, 162 gold market and prices, 157-62 industrial production, 74 (chart), 75 (table), 112; inter-central-bank cooperation, 99; interest rates, 96; payments restrictions eased, 67; supplementary resources available for Fund, 34-36, 245

  • Fund Administrative Budget—29, 198-99

  • Fund Articles VII, VIII, and XIV —see Article VII Article VIII and Article XIV

  • Fund Audit Committee—members, 29-30; report, 201-26

  • Fund Charges—22 on borrowing transactions, 35-36, 196-97

  • Fund Consultations with Members—23-25

  • Fund Cooperation with International Organizations—27-28

  • Fund Executive Board—membership and voting power, 188-93

  • Fund Executive Board Decisions—currencies to be drawn and to be used for repurchases, 36-41, 245; general arrangements to borrow, 6-7, 34-36, 234-45; sale of gold to replenish Fund’s currency holdings, 232-33; transactions and computations involving fluctuating currencies, 233; use of Fund’s resources to finance capital transactions, 6, 32-33, 232

  • Fund Financial Statements—29-30, 198-226

  • Fund Gold Transactions—156 (table), 171, 211

  • Fund Gold Transactions Service—162-63

  • Fund Governors, Board of—membership and voting power, 179-87

  • Fund Investments—29, 211

  • Fund Members—acceptance of obligations of Article VIII, 23-24; applications to become, 11 consultations, 23-25; list, 179-82; new, 11; purchasing and repurchasing currencies and concluding standby arrangements, see Fund Transactions; quotas, 11-12, 179-82; reports of monetary reserves data, 22-23

  • Fund Publications—26-27

  • Fund Staff—24, 27-29

  • Fund Technical Assistance to Members—24-25

  • Fund Training Program—25-26

  • Fund Transactions—change in pattern, 18, 19 (chart); charges for, 22, 196-97; currency purchases, 1-2, 6, 12-15, 17-19, 146, 147, 149, 150, 151, 194-95 (table); currency repurchases, 12-13, 16 (table), 17, 18, 22-23, 147, 194-95 (table); selection of currencies to be used, 34, 36-41, 245; standby arrangements, 6, 12-13, 15 (table), 18, 98, 140, 146; summary of, 18 (table), 20-21 (table), 194-95 (table); terms and conditions of, 31-32, 174-75; with primary producing countries, 1-2; see also Fund Gold Transactions; and individual countries

  • Fund’s Resources—composition of, 17, 34, 169 (table), 212-17; enlargement of, 11-12, 33-36; general policies on use of, 31-33, 36-47, 174-75; gold and currency holdings, 156 (table), 169 (table), 211-15; gold, decision on sale of to replenish currency holdings, 232-33; increases in, by means of borrowing, 6-7, 33-36, 234-45; investment of, 29, 211; use of, 6-7, 12-15, 17-22, 31-33, 156 (table), 174-75, 245; use of, for capital transactions, 6, 32-33, 232

  • Gabon—membership in Fund, application for, 11

  • Gatt—Fund cooperation with, 27, 28

  • Germany, Federal Republic of—advance debt repayment, 99, 115, 124, 128; balance of payments, 2, 3, 92-93, 112, 113, 114-15, 126-30; capital movements, 93-94, 104-105, 114-15, 126-30; commercial bank assets, transfer of, 171; cost of living, gross national product, industrial production, and wage rates, 75 (table), 79; currency revaluation, effects of, 5, 79, 84, 92-93, 105, 112, 129; currency sold by Fund, 194-95 (table); employment, 77; exchange rates, 102 (chart), 104; exports and imports, 83 (chart), 85-87, 127 (table), 129; financial policy, 92-94, 130; Fund consultation with, 23; Fund transactions, total, 194-95 (table); gold and foreign exchange reserves, 168 (table), 169-70; gold policy, 162; industrial production, 74 (chart), 75 (table), 76, 77-78; inter-central-bank cooperation, 99-100; interest rates, 4, 93-94, 101 (chart), 103 (chart), 104-105; supplementary resources available for Fund, 34-36, 245

  • Ghana—balance of payments and reserves, 142 (table), 148; financial policy, 110; gold production, 155; money supply, changes in, 108 (table)

  • Gold—absorption by arts, industry, or private hoards, 153 (chart), 156-57; coins, prices of, 162; Fund transactions service, 162-63; markets and prices, 5, 157-62; national policies affecting, 163-64; production, 153-56; subsidy programs, 163-64; transactions with international institutions, 156 (table), 171-72; see also Reserves, Gold and Foreign Exchange

  • Gold Holdings, Fund—see Fund’s Resources

  • Governors, Board of—see Fund Governors

  • Greece—money supply, changes in, 108 (table)

  • Guatemala—currency purchases from Fund, 14 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stand-by arrangements with Fund, 15 (table)

  • Guinea—membership in Fund, application for, 11

  • Haiti—currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stand-by arrangements with Fund, 15 (table)

  • Honduras—currency purchase from Fund, 14 (table); currency repurchase from Fund, 16 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); stand-by arrangement with Fund, 15 (table)

  • Hong Kong—exports and imports, 88 (table); gold prices, 162 (table)

  • Hungary—gold coins minted, 163

  • Iceland—balance of payments, 149; Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); par value, new, 55; stand-by arrangements with Fund, 15 (table)

  • Income, Fund—29, 200, 208

  • India—balance of payments and reserves, 142 (table), 147-48; currency purchase from Fund, 14 (table), 147, 194-95 (table); currency repurchase from Fund, 16 (table), 147, 194-95 (table); exports and imports, 88 (table), 147-48; financial policy, 107; Fund transactions, total, 20-21 (table), 194-95 (table); gold prices, 162 (table); gold production, 154 money supply, changes in, 108 (table)

  • Indonesia—balance of payments and reserves, 142 (table), 151 currency purchase from Fund, 14 (table), 151, 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exchange depreciation and price increases, 65 (chart); exports and imports, 88 (table); financial policy, 110 Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 108 (table); par value not yet agreed, 55 stand-by arrangement with Fund, 15 (table)

  • Industrial Countries—balance of payments, 2-3, 111-41 capital movements, 3-6, 114-15 cost of living, 75 (table); economic and financial policies, coordination of, 4-7, 98-105 employment, 76-78 exports and imports, 1, 80 (table), 81-87 financial policies, 4-7, 89-105 Fund transactions, total, 19 (chart); gold and foreign exchange reserves, 168-70 industrial production, 1, 73-78 interest rates, 3-4, 90-105 payments restrictions, 67-69 prices, 75 (table), 79, 85 (table); supplementary resources available for Fund, 34-36, 245 wages, 75 (table), 77-79 see also individual countries

  • Industrial Production—1, 73-78

  • Inflation—41-54, 63-66

  • Inter - American Development Bank—Fund cooperation with, 27

  • Inter-Central-Bank Cooperation—6-7, 98-105, 161

  • Interest Rates—3-4, 91-105 on resources lent to Fund, 35-36 see also individual countries

  • International Liquidity—172-74

  • International Monetary Cooperation—5-7, 98-105, 161

  • International Monetary Fund—see Fund

  • International Organizations—Fund cooperation with, 27-28

  • International Payments Situation—see Balance of Payments

  • Inventories—growth of, stimulated by inflation, 45-46 investment in, 45-46, 77, 117

  • Investment—misdirected by inflation, 42-47

  • Investments, Fund—29, 211

  • Iran—balance of payments and reserves, 142 (table), 152 currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); financial policy, 107 Fund transactions, total, 20-21 (table), 194-95 (table); gold import policy, 163 money supply, changes in, 108 (table); payments restrictions, 68 stabilization program, 107, 151 stand-by arrangement with Fund, 15 (table)

  • Iraq—balance of payments and reserves, 142 (table); Fund transactions, total, 194-95 (table)

  • Ireland—balance of payments, 149 Fund consultation with, 23

  • Israel—exchange reforms, 55, 57, 107 financial policy, 107 Fund transactions, total, 20-21 (table), 194-95 (table); money supply changes in, 108 (table); par value, new, 55 stabilization program, 107

  • Italy—balance of payments, 96-97, 112, 113, 135-38 cost of living, gross national product, industrial production, and wage rates, 75 (table); currency sold by Fund, 194-95 (table); exports and imports, 83 (chart), 84, 85-86, 137 financial policy, 96-97 Fund consultation with, 23 gold and foreign exchange reserves, 136 (table), 168 (table), 169 (table), 170 gold prices, 162 (table); gross national product, 75 (table), 77 industrial production, 74 (chart), 75 (table), 112 inter-central-bank cooperation, 99 payments restrictions eased, 67 supplementary resources available for Fund, 34-36, 245 unemployment, 77

  • Ivory Coast—membership in Fund, application for, 11

  • Jamaica—membership in Fund, application for, 11

  • Japan—balance of payments, 3, 78, 112, 113 (table), 136 (table), 139-41 capital movements, 4, 114, 136 (table), 139-41 cost of living, gross national product, industrial production, and wage rates, 75 (table), 78 currency sold by Fund, 194-95 (table); discrimination against imports from, reduced, 67 exports and imports, 80-86, 98, 139-40 financial policy, 90, 98, 139-41 Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 136 (table); gold production, 153 industrial production, 74, 75 (table), 78 interest rates, 98 payments restrictions eased, 67 stand-by arrangement with Fund, 15 (table), 98, 140 supplementary resources available for Fund, 34-36, 245

  • Jordan—exchange reforms, 57 money supply, changes in, 109 (table); payments restrictions eased, 67

  • Korea—exchange subsidies, 58 money supply, changes in, 109 (table); par value not yet agreed, 55

  • Kuwait—membership in Fund, application for, 11

  • Laos—membership in Fund, 11 par value not yet agreed, 55

  • Latin America—balance of payments and reserves, 142-43 (table), 144-45, 149-51 bilateral payments arrangements, 68 capital movements, 119, 142-43 (table), 144 see also individual countries

  • Lebanon—Fund transactions, total, 194-95 (table); gold prices, 162 (table)

  • Less Developed Countries—see Primary Producing Countries

  • Liberia—membership in Fund, 11 par value not yet agreed, 55

  • Libya—balance of payments and reserves, 142 (table); currency repurchase from Fund, 16 (table), 194-95 (table)

  • Luxembourg—see Belgium-Luxembourg

  • Malaya, Federation of—balance of payments and reserves, 142-43 (table), 148-49 exports and imports, 88 (table), 148 money supply, changes in, 109 (table); par value not yet agreed, 55

  • Mali—membership in Fund, application for, 11

  • Manufacturing Countries—see Industrial Countries

  • Members, Fund—see Fund Members

  • Mexico—balance of payments and reserves, 142 (table); currency purchase from Fund, 14 (table), 150, 194-95 (table); exports and imports, 88 (table), 151 Fund transactions, total, 20-21 (table), 194-95 (table); gold production, 155 money supply, changes in, 109 (table); stand-by arrangement with Fund, 15 (table)

  • Monetary Reserves—see Foreign Exchange Reserves

  • Monetary Stability—see Financial Stability

  • Money, Purchasing Power of—see Prices

  • Money Supply—changes in, 106, 108-109 (table)

  • Morocco—advance deposit requirements, 68, 152 balance of payments, 151-52 currency repurchase from Fund, 16 (table), 194-95 (table); exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table)

  • Multiple Currency Practices—57-58

  • Nepal—membership in Fund, 11 par value not yet agreed, 55

  • Netherlands—balance of payments, 112, 113, 136 (table), 138 capital market, reopening of for foreign bond issues, 94, 95, 138 cost of living, gross national product, industrial production, and wage rates, 75 (table); currency revaluation, effects of, 5, 79, 84, 112 currency sold by Fund, 194-95 (table); exports and imports, 83 (chart), 85 (table), 86 (chart), 138 financial policy, 94-95 forward exchange rates, 102 (chart); Fund consultation with, 23 Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 136 (table), 169-70 industrial production, 74 (chart), 75 (table), 76 inter-central-bank cooperation, 99-100 interest rates, 94-95, 101 (chart), 103 (chart); national income, 77 supplementary resources available for Fund, 34-36, 245 unemployment, 77

  • Netherlands Antilles—exports and imports, 88 (table)

  • New Zealand—balance of payments, 113 (table), 142 (table); exports and imports, 88 (table); gold and foreign exchange reserves, 142 (table); membership in Fund, 11 par value agreed, 55

  • Nicaragua—currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); gold production, 153-54 money supply, changes in, 109 (table); stand-by arrangement with Fund, 15 (table)

  • Niger—membership in Fund, application for, 11

  • Nigeria—exports and imports, 88 (table), 148 par value not yet agreed, 55

  • Norway—balance of payments and reserves, 136 (table); bilateral payments arrangements, termination of, 68 cost of living, gross national product, industrial production, and wage rates, 75 (table); Fund transactions, total, 20-21 (table), 194-95 (table)

  • Organization for Economic Cooperation and Development—7 Fund cooperation with, 27, 28

  • Pakistan—balance of payments and reserves, 142 (table); exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 109 (table)

  • Par Values—55-56, 58-62, 146, 227-31 (table); see also individual countries

  • Paraguay—currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 109 (table); stand-by arrangements with Fund, 15 (table)

  • Payments Restrictions—67-69

  • Peru—balance of payments, 142 (table); exchange depreciation and price increases, 65 (chart); exports and imports, 88 (table); Fund consultation with, 23 Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 50-51, 142 (table); money supply, changes in, 109 (table); stabilization program, 50-51 stand-by arrangements with Fund, 15 (table), 51

  • Philippines—balance of payments and reserves, 142 (table), 151 currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exchange reforms, 57 exports and imports, 88 (table); financial policy, 107, 110 Fund transactions, total, 20-21 (table), 194-95 (table); gold production, 154, 155 (table); gold subsidy program, 164 money supply, changes in, 109 (table); stand-by arrangement with Fund, 15 (table)

  • Portugal—par value agreed, 55

  • Prices—and changes in exchange rates, 63-66 of industrial products, 85 (table), 87 of primary products, 1, 73, 87, 89, 106

  • Primary Producing Countries—balance of payments, 111, 113 (table), 141-52 exports and imports, 1-2, 80 (table), 81, 87-89, 141-52 financial stability, conditions for, 2, 41-47, 106 gold and foreign exchange reserves, 141-52, 168 (table), 172 money supply, changes in, 106, 108-109 (table); payments restrictions, 67-68 prices, 1, 73, 87, 89, 106, 110 stabilization programs, 41-47 transactions with Fund, 1-2 see also individual countries

  • Publications, Fund—26-27

  • Purchases of Currency—see Fund Transactions

  • Quotas of Fund Members—aggregate, 12; increases in, 12; list, 179-82; new, 11

  • Repurchases of Currency—see Fund Transactions

  • Reserve Centers—balance of payments of, 3, 82, 84, 170, 172; claims on, 168-69, 170-72; see also United Kingdom; United States

  • Reserves, Gold and Foreign Exchange—154 (chart), 156 (table), 167-75; see also individual countries

  • Resources, Fund—see Fund’s Resources

  • Rhodesia and Nyasaland—balance of payments and reserves, 142 (table), 149; exports and imports, 88 (table); gold production, 155 (table)

  • Senegal—membership in Fund, application for, 11

  • Sierra Leone—membership in Fund, application for, 11

  • Silver—164-66

  • Singapore—exports and imports, 88 (table)

  • Somalia—membership in Fund, application for, 11

  • South Africa—balance of payments, 113 (table), 142 (table), 147; capital payments, restrictions on, 69, 147; currency purchase from Fund, 147, 194-95 (table); currency repurchase from Fund, 16 (table), 147, 194-95 (table); exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 142 (table), 147; gold bars and coins, sales of, 161; gold production, 153, 155; stand-by arrangement with Fund, 15 (table)

  • Soviet Area—see U.S.S.R.

  • Spain—balance of payments, 142 (table); capital movements, 48-50; currency repurchase from Fund, 16 (table), 49, 194-95 (table); exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 48-49, 142 (table); par value, 49; payments restrictions removed, 49, 67; stabilization program, 48-50, 53; stand-by arrangement with Fund, 48

  • Stabilization Programs—Colombia, 51-54; Ecuador, 110; El Salvador, 107; Iran, 107, 151; Israel, 107; Peru, 50-51; Spain, 48-50, 53; United Kingdom, 47, 90, 97-98; see also Financial Stability

  • Staff, Fund—24, 27-29

  • Staff Retirement Fund—financial statements, 219-26

  • Stand-by Arrangements—see Fund Transactions

  • Sterling—claims on U.K., 168 (table), 170; support for, 6, 98-99, 121, 124-26

  • Sterling Area—balance of payments, 120-26, 142-43 (table), 146-49; gold and foreign exchange reserves, 125, 142-43 (table), 146-49

  • Sudan—balance of payments and reserves, 142 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 109 (table)

  • Sweden—balance of payments and reserves, 136 (table); cost of living, gross national product, industrial production, and wage rates, 75 (table); currency repurchase from Fund, 194-95 (table); currency sold by Fund, 194-95 (table); exports, 85 (table), 86 (chart); Fund transactions, total, 194-95 (table); supplementary resources available for Fund, 34-36, 245

  • Switzerland—balance of payments, 95, 136 (table); capital movements, 95, 114, 115; cost of living, gross national product, industrial production, and wage rates, 75 (table); employment, 77; exports, 85 (table), 86 (chart); financial policy, 95; forward exchange rate, 102 (chart); gold and foreign exchange reserves, 136 (table), 168 (table), 169, (table); inter-central-bank cooperation, 99-100, 161; interest rates, 95, 100-101, 103 (chart)

  • Syrian Arab Republic—balance of payments and reserves, 142 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); membership in Fund, 11; money supply, changes in, 109 (table); stand-by arrangement with Fund, 13, 15 (table)

  • Tanganyika—membership in Fund, application for, 11

  • Technical Assistance, Fund—24-25

  • Thailand—balance of payments, 107, 142 (table); exports and imports, 88 (table); gold and foreign exchange reserves, 142 (table); money supply, changes in, 109 (table); par value not yet agreed, 55

  • Togo—membership in Fund, application for, 11

  • Trade, World—see World Trade

  • Training Program, Fund—25-26

  • Transactions, Fund—see Fund Transactions

  • Tunisia—advance deposit requirements, 68, 152; balance of payments, 151; par value not yet agreed, 55

  • Turkey—balance of payments and reserves, 142 (table); bilateral payments arrangements, termination of, 68; currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); Fund transactions, total, 20-21 (table), 194-95 (table); payments restrictions eased, 67; stand-by arrangements with Fund, 13, 15 (table)

  • Underdeveloped Countries—see Primary Producing Countries

  • Unemployment—76, 77-78; see also individual countries

  • U.S.S.R.—exports to and from industrial countries, 80 (table); gold sales, 154 (chart), 156 (table), 157

  • United Arab Republic—balance of payments and reserves, 142 (table); bilateral payments arrangements, 69; compensation payment to United Kingdom, 124; currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exchange reforms, 57-58; exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); membership in Fund, 11; money supply, changes in, 109 (table)

  • United Kingdom—balance of payments, 2-3, 84, 112, 113, 115, 120-26; capital movements, 5-6, 97, 99, 114, 115, 120-26; claims on 168 (table), 170; cost of living, gross national product, industrial production, and wage rates, 75 (table), 78-79; currency purchases from Fund, 6, 12, 14 (table), 47, 121, 194-95 (table); currency repurchases from Fund, 13, 16 (table), 121, 194-95 (table); currency sold by Fund, 194-95 (table); exchange rates, 102 (chart); exports and imports, 82-87, 121-24; financial policy, 47, 90, 97-98; Fund consultation with, 23; Fund transactions, total, 19 (chart), 20-21 (table), 194-95 (table); gold and foreign exchange reserves, 122 (table), 126, 168-69; gold exports and imports, 159; gold market and prices, 157-61; gold sovereign, exports of, 162; industrial production, 74 (chart), 75 (table), 78; inter-central-bank cooperation, 6-7, 98-99; interest rates, 4, 97, 101 (chart), 102-105; silver prices, 165; stabilization program, 47, 90, 97-98; stand-by arrangements with Fund, 6, 12-13, 15 (table), 47, 121; supplementary resources available for Fund, 34-36, 245; wage rates, 75 (table), 78, 97

  • U.K. Colonial Territories—balance of payments and reserves, 142-43 (table)

  • United Nations—Fund cooperation with, 27-28

  • United States—balance of payments, 2-3, 5, 82, 84, 111-20, 170 capital movements, 3-4, 91, 104-105, 114, 115-20 cost of living, gross national product, industrial production, and wage rates, 75 (table); currency sold by Fund, 14 (table), 15, 17, 194-95 (table); exports and imports, 80 (table), 81-86 financial policy, 89, 90-92 forward exchange rates, 102 (chart); Fund consultation with, 23 gold and foreign exchange reserves, 91, 115, 116 (table), 120, 168, 169 (table), 170-71 gold holdings, 169 (table); gold market and prices, 157-58 gold production, 154-55 gold, Treasury sales of, 157-58 industrial production, 74 (chart), 75 (table), 76, 79 inter-central-bank cooperation, 7, 99-100 interest rates, 3-4, 91-92, 101 (chart), 104-105 intervention in exchange markets, 7, 99-100 inventory investment, 76 money supply, changes in, 91 silver, 164-66 supplementary resources available for Fund, 34-36, 245 unemployment, 76

  • Unstable Exchange Rates—58-67, 233

  • Upper Volta—membership in Fund, application for, 11

  • Uruguay—balance of payments and reserves, 142 (table); bilateral payments arrangements, termination of, 68 exchange depreciation and price increases, 65 (chart); Fund transactions, total, 20-21 (table), 194-95 (table); money supply, changes in, 109 (table); stand-by arrangement with Fund, 15 (table)

  • Venezuela—balance of payments and reserves, 142 (table), 150-51 capital outflow, 150 exports and imports, 88 (table), 150 Fund transactions, total, 20-21 (table); money supply, changes in, 109 (table)

  • Viet-Nam—money supply, changes in, 109 (table); par value not yet agreed, 55

  • Wages—75 (table), 77, 78-79, 97 see also individual countries

  • World Trade—1-3, 79-81

  • Yugoslavia—currency purchase from Fund, 14 (table), 194-95 (table); currency repurchase from Fund, 16 (table), 194-95 (table); exports and imports, 88 (table); Fund transactions, total, 20-21 (table), 194-95 (table); stand-by arrangement with Fund, 15 (table)

*

Point at which the Fund and the member consult.

1

Total charges payable by the member over the stated period, expressed as a per cent and divided by the number of years of the period. Includes service charge.

1

First Annual Meeting of the Board of Governors, Report of the Executive Directors and Summary Proceedings, September 27 to October 3, 1946, page 106, last paragraph.

1

Annual Report, 1955, pages 125-27.

1

Annual Report, 1959, page 191.

1

Annual Report, 1955, pages 125-27.

2

Pages 232-33 above.

3

Page 233 above.

1

See pages 36-41 above.

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Cover International Monetary Fund Annual Report 1962
International Monetary Fund Annual Report 1962
ISBN:
9781616351748
ISSN:
2227-8915
Publication Date:
03 Sep 1962
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351748.011
Pages:
276