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International Monetary Fund
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English
Keywords:
AR; AREA; sc; Fed. rep.; votes of Egypt; SDR equivalent; valuation adjustment loss; percentages of the total; total vote; personnel expenses; Currencies; Exchange rates; Inflation; Loans; Oil exports; Africa; Global; Caribbean; Western Hemisphere; Middle East
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Abstract

International Standard Serial Number: ISSN 0250-7498

Copyright

International Standard Serial Number: ISSN 0250-7498

Frontmatter Page

INTERNATIONAL MONETARY FUND

ANNUAL REPORT OF THE EXECUTIVE BOARD FOR THE FINANCIAL YEAR ENDED APRIL 30, 1981

WASHINGTON, D.C.

Contents

  • Letter of Transmittal

  • Chapter 1. Developments in the World Economy

    • Introduction

    • Domestic Activity and Policies

      • Industrial Countries

      • Oil Exporting Countries

      • Non-Oil Developing Countries

    • International Trade and Payments

      • Global Perspectives

      • Industrial Countries

      • Oil Exporting Countries

      • Non-Oil Developing Countries

    • Policy Issues

  • Chapter 2. Developments in the International Monetary System

    • Exchange Rate Arrangements and Policies

      • Exchange Rate Experience of Industrial Countries

        • Exchange Rate Developments

        • Exchange Rates and Interest Rates

        • Exchange Market Intervention

        • Exchange Rates and Current Account Positions

      • Exchange Rate Experience of Developing Countries

        • Impact of Interest Rate and Exchange Rate Developments in the Industrial Countries

          • Impact of Higher Interest Rates

          • Effects of Exchange Rate Fluctuations

        • Exchange Rates and Current Account Positions

          • Non-Oil Developing Countries

          • Oil Exporting Countries

      • Surveillance over Exchange Rate Policies

        • Key Aspects of Surveillance

          • Demand Management Policies and Exchange Rates

          • Role of Exchange Rates in the Adjustment Process

        • Review of Procedures for Surveillance

        • Changes in Exchange Arrangements

    • International Liquidity and Reserves

      • Recent Developments in International Reserves

      • Foreign Exchange Reserves

        • Currency Composition

        • Rates of Return on Major Currencies

      • Fund-Related Assets

      • Sources of Official Reserve Holdings

      • International Liquidity and Adjustment: The Recycling Problem

      • The Adequacy of International Reserves

      • The Role of Fund Liquidity in the International Monetary System

        • Unconditional Liquidity

        • Conditional Liquidity

  • Chapter 3. Activities of the Fund

    • An Overview

    • Transactions and Operations in the General Resources Account

      • Purchases

        • Reserve Tranche Purchases

        • Credit Tranche Purchases and Stand-By Arrangements

        • Extended Fund Facility

        • Compensatory Financing Facility

        • Compensatory Financing of Fluctuations in the Cost of Cereal Imports

        • Buffer Stock Facility

        • Supplementary Financing Facility

      • Policy of Enlarged Access to Fund Resources

      • Repurchases

    • Fund Liquidity

    • Membership and Quotas

      • Membership and Participation in the Special Drawing Rights Department

      • Seventh General Review of Quotas

      • Special Quota Adjustments

      • Eighth General Review of Quotas

    • Borrowing

      • General Arrangements to Borrow

      • Oil Facility

      • Supplementary Financing Facility

      • Borrowing to Finance Enlarged Access

        • Saudi Arabian Monetary Agency

        • Bank for International Settlements, Central Banks, and Other Monetary Authorities

      • Borrowed Resources Suspense Account

    • Charges and Remuneration

    • Special Drawing Rights

      • Valuation and Interest Rate Basket

      • Interest Rate

      • Abrogation of Reconstitution

      • Other Holders

      • SDR as a Unit of Account

      • SDR as a Currency Peg

      • Allocations

      • Transactions and Operations in SDRs Among Participants and Other Holders

        • Transactions and Operations by Agreement

        • Transactions with Designation

      • Transactions and Operations Between Participants and the General Resources Account

        • Inflows

        • Outflows

    • Administered Accounts

      • Oil Facility Subsidy Account

      • Trust Fund

      • Supplementary Financing Facility Subsidy Account

    • Income, Expense, and Reserves

    • Surveillance Procedures

    • Consultations with Member Countries

    • Training and Technical Assistance

    • Relations with Other International Organizations

    • Executive Directors and Staff

    • Publications

  • Appendices

  • I. The Fund in 1980/81

  • II. Principal Policy Decisions of the Executive Board

  • III. Press Communiqués and Announcement of the Interim Committee and the Development Committee

  • IV. Executive Directors and Voting Power on April 30, 1981

  • V. Changes in Membership of Executive Board

  • VI. Administrative Budget

  • VII. Comparative Statement of Income and Expense

  • VIII. Financial Statements

  • Index

  • LIST OF TABLES

  • Chapter 1. Developments in the World Economy

  • 1. Industrial Countries: Changes in Output and Prices, 1962-80

  • 2. Developing Countries: Changes in Output, 1967-80

  • 3. Developing Countries: Changes in Consumer Prices, 1967-80

  • 4. World Trade Summary, 1962-80

  • 5. Terms of Trade Developments, 1962-80

  • 6. Payments Balances on Current Account, 1973-81

  • 7. International Banking: Global Sources and Uses of Funds, 1975-80

  • 8. Global Balance of Payments Summary, 1977-80

  • 9. Industrial Countries: Balance of Payments Summaries, 1977-80

  • 10. Non-Oil Developing Countries: Current Account Deficits as Percentage of GDP, 1973-80

  • 11. Non-Oil Developing Countries: Current Account Financing, 1973-80

  • 12. Non-Oil Developing Countries: Long-Term External Debt, 1973-80

  • Chapter 2. Developments in the International Monetary System

  • 13. Average Monthly Variability of Effective Exchange Rates and U.S. Dollar Exchange Rates, January 1974-December 1980

  • 14. Seven Industrial Countries: Monetary Growth Rates, 1974-80

  • 15. Seven Major Industrial Countries: Current Account Balances, Nominal and Real Exchange Rates, and Relative Cyclical Positions, 1978-80

  • 16. Exchange Arrangements of Fund Members, June 30, 1981

  • 17. Exchange Rate Arrangements, June 30, 1981

  • 18. Official Holdings of Reserve Assets, End of Selected Years 1973-80 and End of May 1981

  • 19. Quantity and Price Changes Affecting the SDR Value of Official Holdings of Foreign Exchange, by Currency and in Total, End of First Quarter 1973-End of 1980

  • 20. Share of National Currencies in SDR Value of Total Official Holdings of Foreign Exchange, End of Selected Quarters, 1973-80

  • 21. Sources of Official Holdings of Foreign Exchange Reserves, End of Years 1973 and 1975-80

  • Chapter 3. Activities of the Fund

  • 22. Selected Financial Activities by Type and Country, 1975–81

  • 23. Flow of Transactions in the General Resources Account and Resulting Stocks, Financial Years Ended April 30, 1975–81

  • 24. Supplementary Financing Facility Commitments Outstanding and Purchases Under Stand-By and Extended Arrangements as at April 30, 1981

  • 25. Interest Paid by the Fund Under the Supplementary Financing Facility

  • 26. SDR Valuation, April 30, 1981

  • 27. Use and Receipt of SDRs in Transactions by Agreement, Financial Year Ended April 30, 1981

  • 28. Use and Receipt of SDRs in Transactions with Designation, Financial Year Ended April 30, 1981

  • 29. Oil Facility Subsidy Account: Total Use of 1975 Oil Facility by Beneficiaries, and Subsidy Payments for Financial Year Ended April 30, 1981

  • 30. Oil Facility Subsidy Account: Contributions

  • 31. Trust Fund: Loan Disbursements and Distribution of Profits from Gold Sales, by Region, 1977-81

  • 32. Trust Fund: Loan Disbursements, July 1, 1976-March 31, 1981

  • 33. Fund Members That Would Be Eligible to Receive a Subsidy on Basis of Per Capita Income Data Currently Available

  • LIST OF CHARTS

  • Chapter 1. Developments in the World Economy

  • 1. Major Industrial Countries: Short-Term Interest Rates, 1977-June 1981

  • 2. Major Industrial Countries: Monetary Aggregates, 1978-June 1981

  • 3. Major Industrial Countries: Consumer Prices, 1977-June 1981

  • 4. Major Industrial Countries: Hourly Compensation in Manufacturing and Consumer Prices, 1971-First Half 1981

  • 5. Major Industrial Countries: GNP Deflators, 1970-80

  • 6. Major Industrial Countries: Growth of Real GNP/GDP, 1977-First Quarter 1981

  • 7. Major Industrial Countries: Payments Balances on Current Account, Including Official Transfers, 1977-First Quarter 1981

  • 8. Major Industrial Countries: Exchange Rates, 1978-June 1981

  • 9. Major Industrial Countries: Interest and Inflation Rate Differentials, 1977-May 1981

  • 10. Oil Importing Developing Countries: Financing of Current Account Deficits and Reserve Accretions, 1977-80 Average

  • 11. Non-Oil Developing Countries: Ratios of Debt to Exports of Goods and Services and to Domestic Output, 1974-80

  • 12. Non-Oil Developing Countries: External Debt Service Payments, 1973-80

  • Chapter 2 Developments in the International Monetary System

  • 13. Six Industrial Countries: Interest Rate Differentials and Exchange Rates, January 1976-June 1981

  • 14. Seven Industrial Countries: Real Short-Term U.S. Interest Rate and Differentials Between U.S. and Domestic Rates, January 1976-June 1981

  • 15. Six Industrial Countries: Variability of Differentials Between Domestic and U.S. Interest Rates and of Changes in U.S. Dollar Exchange Rates, 1976-80

  • 16. Eight Industrial Countries: Monthly Changes in Official Reserves Relative to Exports and in Exchange Rates, January 1978-June 1981

  • 17. Growth of Investments in-Specified National Currencies and SDRs, Second Quarter 1973-Second Quarter 1981

  • 18. Distribution of Ratios of Non-Gold Reserves to Imports

  • Chapter 3. Activities of the Fund

  • 19. Use of Fund’s Resources as at April 30, 1971-81

  • 20. SDR Interest Rate, Rate of Remuneration, and Short-Term Interest Rates, July 1974-June 1981

The following symbols have been used throughout this Report:

  • (…) indicate that data are not available;

  • (—) indicates a figure too small to record in the table or that the item does not exist;

  • (–) is used between years or months (e.g., 1972-80 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • (/) is used between years (e.g., 1979/80) to indicate a financial 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 Tables 1 and 2 on pages 8 and 12.

International Monetary Fund

J. de Larosière

Managing Director and Chairman of the Executive Board

William B. Dale

Deputy Managing Director

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Alphabetical listing.

LETTER OF TRANSMITTAL TO THE BOARD OF GOVERNORS

August 13, 1981

Dear Mr. Chairman:

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 1981, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the Fund’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative budget of the Fund approved by the Executive Board for the financial year ending April 30, 1982 is presented in Appendix VI and the audited financial statements of the General Resources Account, the Special Drawing Rights Department, the Subsidy Account, the Trust Fund, and the Staff Retirement Plan for the year ended April 30, 1981, together with the reports of the External Audit Committee thereon, are presented in Appendix VIII.

Yours sincerely,

/s/

J. de LarosiÈre

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

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Cover International Monetary Fund Annual Report 1981
International Monetary Fund Annual Report 1981
ISBN:
9781616351939
ISSN:
2227-8915
Publication Date:
01 Sep 1981
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351939.011
Pages:
270