The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Abstract
Cette brochure est le sixième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Ce document souligne le fait que la monnaie d'un pays membre détenu par le FMI dans des comptes autres que le compte des ressources générales n'est pas assujettie, selon les statuts du FMI, au principe du maintien de sa valeur en termes de DTS applicable aux monnaies détenues au compte des ressources générales. Le FMI est habilité, explicitement ou implicitement, à investir des avoirs dans des comptes auxquels ne s'applique aucune obligation de maintien de la valeur.
Abstract
This paper presents the sixth survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The paper highlights that a member’s currency held by the IMF in accounts other than the General Resources Account is not subject under the IMF’s Articles of Agreement to the principle of maintenance of value in terms of the SDR that applies to currency held in the IMF’s General Resources Account. The IMF has express or implied powers to invest holdings in accounts to which no obligation to maintain value is attached.
Abstract
The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.
Abstract
This is the second time that I have had the opportunity to welcome you to Washington, and I do so with the greatest pleasure and satisfaction. Yours is a very vital role in the defense of the free world. Your contribution to financial and economic stability among the nations of the world is essential, and the results of these efforts will determine in a very large measure whether or how much each nation can use our resources, generous as they are, in the best interests of all of our people.
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Other Members: Ceylon, Colombia, El Salvador, France, Germany, Ghana, Iceland, India, Indonesia, New Zealand, Paraguay, Sudan, Syrian Arab Republic, United Kingdom, and United States
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I should like to begin these remarks by expressing my warm appreciation for the very friendly reception which Governors have given to me, on this first occasion when I have appeared before them as Managing Director, both in their formal statements and in their personal greetings. At the same time as I begin my service in the Fund, very many countries are beginning their association with us. I have enjoyed the opportunity during the past few days to meet very many Governors of those countries, and I look forward to the opportunity my position affords me to work with them on the many problems which will be of mutual concern.