Front Matter
Author:
International Monetary Fund
Search for other papers by International Monetary Fund in
Current site
Google ScholarClose
Language:
English
Keywords:
AR; AREA; sc; votes of China; drawing account; SDR equivalent; valuation adjustment loss; deduction of SDR; R. van S.; Exchange rates; Currencies; Oil; International monetary system; Inflation; Africa; Global; Middle East; Western Hemisphere; Asia and Pacific
Download PDF (471.7 KB)

Abstract

Annual Report 1974

Title Page

Annual Report 1974

INTERNATIONAL MONETARY FUND

ANNUAL REPORT

OF THE

EXECUTIVE DIRECTORS FOR THE FISCAL YEAR ENDED APRIL 30, 1974

WASHINGTON, D.C.

Contents

  • Letter of Transmittal

  • Chapter 1. Developments in the World Economy

    • Problems of Domestic Policy

      • Trends in Growth and Inflation

      • Factors in the Current Inflation

      • Adaptation of Policies

    • World Trade and Payments

      • Exchange Rate Developments

      • Movements of Commodity Prices

      • Changes in the Terms of Trade

      • International Payments Developments in 1973

      • The Current Account Picture

    • External Policies and Adjustment

      • Policy Implications of the Oil Situation

        • Adjustment

        • Financing

      • Current Functioning of the Adjustment Process

          • Issues facing the oil importing countries

          • Adjustment issues for the oil exporting countries

  • Chapter 2. Developments in International Liquidity

    • Reserve Changes in 1973

      • Reserve Growth and Composition

      • Country Distribution

    • Factors Affecting the Adequacy of Reserves

      • The Impact on Reserve Ease of Certain Recent Developments

        • The move to widespread floating

        • Gold

        • Developments in the oil market

      • Quantitative Assessment of Reserve Ease

      • Manifestations of Reserve Ease

      • Concluding Remarks

  • Chapter 3. Activities of the Fund

    • Reform of the International Monetary System

      • The Committee of Twenty

      • Related Decisions of the Executive Directors

        • Interim Committee of the Board of Governors

        • Guidelines for the Management of Floating Rates

        • The Valuation and Interest Rate of the SDR, Remuneration, and Charges

        • The Oil Facility

        • Voluntary Declaration on Trade Measures

    • Sixth General Review of Quotas

    • Exchange Rates

    • Special Drawing Account

      • Exchange Rates for SDRs in Transactions by Agreement

      • Transactions with Designation

      • Transactions and Operations Between Participants and the General Account

      • Reconstitution

      • Changes in the Distribution of SDR Holdings

      • BIS Prescribed as Holder of SDRs

    • General Account

      • Use of Fund’s Resources

      • Repurchases

      • Income, Expenses, and Reserves

      • Transactions and Operations in Gold

    • Consultations with Member Countries

    • Training and Technical Assistance

    • Relations with Other International Organizations

    • Membership, Quotas, and Participation in the Special Drawing Account

    • Executive Directors, Management, and Staff

  • APPENDICES

  • I. The Fund in 1973/74

    • Exchange Rate Developments

    • Special Drawing Account

    • General Account

      • Repurchases Under Article V, Section 1(b)

      • Gold

      • Income and Expenses

    • Administrative Budget and Audit

    • Article VIII

    • Publications

  • II. Principal Policy Decisions of the Executive Board

    • A. Procedures for Reviews of External Policies

      • Managing Director’s Statement

    • B. Exchange Rates for the SDR in Transactions Between Participants

    • C. Central Rates and Wider Margins: A Temporary Regime—Revised Decision

    • D. Gold Payments Under Article V, Section 1(b) Amounting to Less Than One Bar

    • E. Bank for International Settlements: Draft Resolution to Become Holder of SDRs

    • F. Consultations on Members’ Policies in Present Circumstances

    • G. Exchange Rates for the SDR in Transactions Between Participants: Extension of Suspension of Article XXV, Section 8(a)

    • H. Bank for International Settlements: Adherence to Resolution No. 29-1 and Termination of Suspension

    • I. Draft Resolution on Establishment of an Interim Committee of the Board of Governors on the International Monetary System

    • J. Guidelines for the Management of Floating Exchange Rates

      • Guidelines for the Management of Floating Exchange Rates

    • K. Interim Valuation of the SDR: New Rule 0-3 and Method of Determining and Collecting Exchange Rates

      • a. New Rule 0-3

      • b. Method of Determining and Collecting Exchange Rates for the Purposes of Rule 0-3

    • L. Remuneration and Interest Rate on Special Drawing Rights

      • a. Remuneration

      • b. Interest Rate on Special Drawing Rights

      • c. Review

    • M. Charges

      • a. Charges—Schedules

      • b. Future Changes in Charges on Fund’s Holdings of Members’ Currencies in Excess of Quota

      • c. Timing of Changes in Schedules of Charges

    • N. Facility to Assist Members in Payments Difficulties Resulting from Initial Impact of Increased Costs of Imports of Petroleum and Petroleum Products

      • Attachment

    • O. Borrowing in Connection with Oil Facility

      • Annex

    • P. Voluntary Declaration on Trade and Other Current Account Measures

      • Letter to Members

      • Declaration

  • III. Executive Directors and Voting Power

  • IV. Changes in Membership of Executive Board

  • V. Administrative Budget

  • VI. Comparative Statement of Income and Expenses

  • VII. Financial Statements

    • Letter of Transmittal

    • Memorandum by the Audit Committee

    • General Account

    • Special Drawing Account

    • Staff Retirement Fund

  • Index

  • LIST OF TABLES

  • 1. Growth of World Output, 1960–73

  • 2. Price Increases in Developed Countries, 1960-73

  • 3. Price Increases in Less Developed Countries, 1965-First Quarter 1974

  • 4. Inflation and Cost Indicators Pertaining to Industrial Countries, 1960-First Quarter 1974

  • 5. World Trade Summary, 1960-73

  • 6. Terms of Trade Developments, 1960-73

  • 7. Industrial Countries: Balance of Payments Summaries, 1971-73

  • 8. Balance of Payments Summary, 1971-73

  • 9. Summary of Payments Balances on Current Account

  • 10. Reserves, Credit Tranche Positions, and Other Unused Credit Facilities, End of Years, 1954-73

  • 11. Sources of Reserve Change, 1964-73

  • 12. Composition of Adjusted Global Reserves, End of 1950, 1960, and 1970-First Quarter 1974

  • 13. U. S. Balance of Payments and Its Financing, 1968-73

  • 14. Official Holdings of Claims on the United States and Other Foreign Exchange, End of Years, 1969-73

  • 15. Identified Official Holdings of Euro-Currencies and Residual Sources of Foreign Exchange Reserves, End of Years, 1969-73

  • 16. Selected Countries with Major Reserve Changes, 1973

  • 17. Countries’ Official Reserves, Adjusted, 1950, 1960, and 1970-March 1974

  • 18. Estimated Private International Liquidity and Official Reserve Holdings, 1964-73

  • 19. Use and Receipt of SDRs in Transactions with Designation, Fiscal Year Ended April 30, 1974

  • 20. Acquisition of SDRs for Reconstitution from the Fund’s General Account, January 1, 1972-April 30, 1974

  • 21. Changes in the Distribution of SDR Holdings, Fiscal Year Ended April 30, 1974

  • I.1. Exchange Rates, July 12, 1974

  • I.2. Par Values Established or Changed, Fiscal Year Ended April 30, 1974

  • I.3. Central Rates Established or Changed in Accordance with Executive Board Decision No. 3463-(71/126), as Revised by Decision No. 4083-(73/104), Fiscal Year Ended April 30, 1974

  • I.4. Transfers of Special Drawing Rights, January 1, 1970-April 30, 1974

  • I.5. Summary of Transactions and Operations in Special Drawing Rights, Fiscal Year Ended April 30, 1974

  • I.6. Currencies Transferred for Special Drawing Rights, January 1, 1970-April 30, 1974

  • I.7. Transfer of Special Drawing Rights by the General Account, Fiscal Year Ended April 30, 1974

  • I.8. Creditor Positions, Fiscal Years Ended April 30, 1973 and 1974

  • I.9. Purchases of Currencies and Special Drawing Rights from the Fund, Fiscal Year Ended April 30, 1974

  • I.10. Fund Stand-By Arrangements for Members, Fiscal Year Ended April 30, 1974

  • I.11. Purchases and Repurchases Under the Decision on Compensatory Financing of Export Fluctuations, February 27, 1963-April 30, 1974

  • I.12. Summary of Stand-By Arrangements That Became Effective During the Fiscal Years Ended April 30, 1953-74

  • I.13. Summary of Members’ Purchases and Repurchases, Years Ended April 30, 1948-74

  • I.14. Total Repurchase Obligations Incurred in Accordance with Article V, Section 7(b), and Amounts Payable Forthwith by Members, as of April 30, 1973

  • I.15. Repurchases of Currencies from the Fund, Fiscal Year Ended April 30, 1974

  • I.16. Currencies and Special Drawing Rights Obtained from the Fund by Members in Purchases for Their Own Currencies; Currencies, Gold, and Special Drawing Rights Used by Members in Repurchases, Fiscal Year Ended April 30, 1974

  • I.17. Gold Transactions and Operations by the Fund, Fiscal Years Ended April 30, 1972-74

  • I.18. Income and Expenses, Fiscal Years Ended April 30, 1965-74

  • I.19. Charges on Transactions Effected After May 1, 1963 and up to June 30, 1974

  • I.20. Charges on Transactions Effected After July 1, 1974

  • I.21. Charges on Transactions Effected Under the Oil Facility After July 1, 1974

  • I.22. Members That Have Accepted Article VIII, April 30, 1974

  • I.23. Publications Issued, Fiscal Year Ended April 30, 1974

  • LIST OF CHARTS

  • 1. Semiannual Changes in Output and Prices in Industrial Countries, First Half 1971-First Half 1974

  • 2. Price Increases in Industrial Countries, 1953-First Half 1974

  • 3. Spot Exchange Rates, January 1973-July 1974

  • 4. Short-Term Money Market Rates, January 1972-July 1974

  • 5. Index of Prices of Commodities Exported by Primary Producing Countries, 1971-July 1974

  • 6. Level and Composition of Reserves, End of Period, 1963-First Quarter 1974

  • 7. Ratio of Aggregate Reserves to Aggregate Imports of 60 Countries, 1954-73

  • 8. Comparative Distribution of Actual Reserves and Reserve “Needs,” 1968 and 1973

  • I.1. Use of Fund Resources, April 30, 1965-74

The following symbols have been used throughout this Report:

  • (…) indicate that data are not available;

  • (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • (-) is used between years or months (e.g., 1969-74 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

  • (/) is used between years (e.g., 1973/74) to indicate a fiscal year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The classification of countries employed in the Report is indicated in Table 1 on page 4.

INTERNATIONAL MONETARY FUND

H. Johannes Witteveen

Managing Director and Chairman of the Executive Board

William B. Dale

Deputy Managing Director

article image
article image

Anwar Ali, Director (on leave).

LETTER OF TRANSMITTAL TO THE BOARD OF GOVERNORS

August 5, 1974

My dear Mr. Chairman:

In accordance with Section 10 of the By-Laws of the International Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ended April 30, 1974.

Yours sincerely,

/s/

H. Johannes Witteveen

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

  • Collapse
  • Expand
Cover International Monetary Fund Annual Report 1974
International Monetary Fund Annual Report 1974
Author:
International Monetary Fund
ISBN:
9781616351861
ISSN:
2227-8915
Publication Date:
02 Sep 1974
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351861.011
Pages:
170