The economy has fared well in a difficult environment. A large exchange rate depreciation fueled inflation prospects and prompted sharp monetary tightening. Credit deceleration and weakened confidence linked to the proximity of the election slowed private activity, but growth was supported by dynamic public investment. International reserves remained comfortable. Program performance under the PSI was generally positive. All end-June and continuous quantitative assessment criteria (QAC) were observed, with one exception, and so were most indicative targets (ITs). Inflation remained within the bands of the consultation clause. An unprecedented increase in tax revenue was a key achievement. However, further progress on structural reforms is needed
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
In late 1979, the African Center for Monetary Studies requested, on behalf of the Association of African Central Banks (AACB), that the Fund staff prepare a study describing the existing payments, exchange control, and exchange rate arrangements in the proposed 17-nation Preferential Trade Area (PTA) of Eastern and Southern African States, analyzing any payments obstacles to trade in the region, and recommending improvements in payments arrangements that would promote intraregional trade.
Abstract
Under the Articles, the Fund must oversee the international monetary system in order to ensure its effective operation and must also oversee the compliance of each member with its obligations regarding exchange arrangements.45 In order to fulfill these functions, the Fund must exercise firm surveillance over the exchange rate policies of members and must adopt specific principles for the guidance of all members with respect to these policies. Members, when requested by the Fund, must consult with it on their exchange rate policies.46 The Fund had adopted two decisions in 1977 and 1979 in which it set forth the principles for guidance and the procedures for surveillance.47 The Fund has reviewed these matters, and on April 9, 1982 adopted the decision set forth in Appendix B.
Abstract
The Gold Commission was appointed by the Secretary of the United States Treasury on June 22, 1981 in accordance with Section 10 of Public Law 96-389246 to “conduct a study to assess and make recommendations with regard to the policy of the U.S. Government concerning the role of gold in domestic and international monetary systems.” In March 1982, the Commission discharged its duty of reporting to Congress.247 The appointment of the Commission was followed by a cataract of suggestions in learned and other publications in the United States and elsewhere on the conclusions that the Commission should reach.
Abstract
In late 1979, the African Center for Monetary Studies requested, on behalf of the Association of African Central Banks (AACB), that the Fund staff prepare a study describing the existing payments, exchange control, and exchange rate arrangements in the proposed 17-nation Preferential Trade Area (PTA) of Eastern and Southern African States, analyzing any payments obstacles to trade in the region, and recommending improvements in payments arrangements that would promote intraregional trade.1 This paper contains an updated and slightly revised version of the report prepared in response to that request.2