Chapter

Appendix II.inancial Operations and Transactions of the Fund

Author(s):
International Monetary Fund
Published Date:
September 1996
Share
  • ShareShare
Show Summary Details

The tables in this appendix supplement the information given in the section on the Fund’s financial operations and policies.

Table II.1Arrangements Approved During Financial Years Ended April 30, 1953–96
FinancialNumber of ArrangementsAmounts Committed Under Arrangements

(in millions of SDRs)
YearStand-byEFFSAFESAFTotalStand-byEFFSAFESAFTotal
1953225555
1954226363
1955224040
1956224848
1957991,1621,162
195811111,0441,044
195915151,0571,057
19601414364364
19611515460460
196224241,6331,633
196319191,5311,531
196419192,1602,160
196524242,1592,159
19662424575575
19672525591591
196832322,3522,352
19692626541541
197023232,3812,381
19711818502502
19721313314314
19731313322322
197415151,3941,394
19751414390390
1976182201,1882841,472
1977191204,6805185,198
197818181,2851,285
1979144185081,0931,600
1980244282,4797973,277
19812111325,1985,22110,419
1982195243,1067,90811,014
1983274315,4508,67114,121
1984252274,287954,382
198524243,2183,218
1986181192,1238252,948
19872210324,1183584,476
198814115301,7022456702,617
198912147242,9562074279554,545
199016334263,2497,6273741511,328
199113223202,7862,338154545,593
199221215295,5872,49327438,826
199311318231,9711,242495273,789
199418217281,381779271,1703,357
1995173113113,0552,3351,19716,587
199619418329,6458,3811821,47619,684
Table II.2Arrangements in Effect at End of Financial Years Ended April 30, 1953–96
FinancialNumber of Arrangements

as of April 30
Amounts Committed Under Arrangements

as of April 30

(in millions of SDRs)
YearStand-byEFFSAFESAFTotalStand-byEFFSAFESAETotal
1953225555
195433113113
195533113113
1956339898
1957991,1951,195
195899968968
195911111,0131,013
19601212351351
19611212416416
196221212,1292,129
196317171,5201,520
196419192,1602,160
196523232,1542,154
19662424575575
19672525591591
196831312,2272,227
19692525538538
197023232,3812,381
19711818502502
19721313314314
19731212282282
197415151,3941,394
19751212337337
1976172191,1592841,443
1977173204,6738025,475
1978193225,0758025,877
1979155201,0331,6112,643
1980227292,3401,4633,803
19812215375,3315,46410,795
19822312356,2969,91016,206
1983309399,46415,56125,025
1984305355,44813,12118,569
1985273303,9257,75011,675
1986242264,0768314,907
198723110344,3137503275,391
198818225452,1879951,3574,540
1989142237463,0541,0321,5669556,608
19901941711513,5977,8341,1101,37013,911
19911451214452,7039,5975391,81314,652
1992227816534,83312,1591012,11119,203
1993156420454,4908,569832,13715,279
1994166322471,1314,504802,7138,428
19951991275613,1906,840493,30623,385
19962171285714,9639,3901823,38327,918
Table II.3Stand-By Arrangements in Effect During Financial Year Ended April 30, 1996(In millions of SDRs)
Undisbursed Balance
Arrangement DatesAmounts ApprovedOf current
MemberEffective

date
Expiration

date
Through

April 30, 1995
In 1995/96At date of

termination
arrangements

at April 30, 1996
Algeria 15/27/945/22/9545772
Argentina4/12/961/11/98720642
Armenia 26/28/952/14/964430
Azerbaijan11/17/9511/16/965937
Belarus9/12/959/11/96196146
Cameroon3/14/949/13/958159
Cameroon9/27/959/26/966839
Congo5/27/945/26/952311
Costa Rica11/29/952/28/975252
Croatia10/14/944/13/966552
Djibouti4/15/966/14/9752
Ecuador 35/11/9412/11/9517475
El Salvador7/21/959/20/963838
Estonia4/11/957/10/961414
Georgia 46/28/952/28/967250
Haiti3/8/953/7/96204
Hungary3/15/962/14/98264264
Kazakstan 51/26/945/31/9512450
Kazakstan6/5/956/4/9618646
Latvia4/21/955/20/962727
Lesotho 69/23/947/31/9588
Lesotho7/31/957/30/9677
Macedonia, former Yugoslav Republic of5/5/956/4/96225
Malawi11/16/946/30/95152
Mexico 72/1/958/15/965,2606,8103,312
Moldova3/22/953/21/965926
Pakistan12/13/953/31/97402214
Panama 811/29/953/31/978455
Papua New Guinea7/14/951/13/977138
Poland 98/5/943/4/9633350
Romania 105/11/944/24/97132189226
Russia 114/11/953/26/964,313
Slovak Republic7/22/943/21/9611684
Turkey 127/8/943/7/96611150
Ukraine4/7/954/6/96997459
Uruguay3/1/963/31/97100100
Uzbekistan12/18/953/17/97125119
Yemen3/20/966/19/9713282
Total12,8309,6451,1825,467

Canceled prior to original expiration date of May 26, 1995; replaced by EFF arrangement.

Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

Canceled prior to original expiration date of March 31, 1996. Includes augmentation of SDR 44 million in support of debt- and debt-service-reduction (DDSR) operations.

Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

Extended from original expiration date of January 25, 1995.

Canceled prior to original expiration date of September 22, 1995.

Increased by SDR 6,810 million in 1995/96.

Augmented by SDR 14.5 million for DDSR.

Augmented by SDR 148 million for DDSR and then reduced from original amount of SDR 693 million.

Extended from original expiration date of December 10, 1995. Increased by SDR 189 million in 1995/96.

Canceled prior to original expiration date of April 10, 1996.

Increased from original amount of SDR 509 million and extended from original expiration date of September 7, 1995.

Canceled prior to original expiration date of May 26, 1995; replaced by EFF arrangement.

Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

Canceled prior to original expiration date of March 31, 1996. Includes augmentation of SDR 44 million in support of debt- and debt-service-reduction (DDSR) operations.

Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

Extended from original expiration date of January 25, 1995.

Canceled prior to original expiration date of September 22, 1995.

Increased by SDR 6,810 million in 1995/96.

Augmented by SDR 14.5 million for DDSR.

Augmented by SDR 148 million for DDSR and then reduced from original amount of SDR 693 million.

Extended from original expiration date of December 10, 1995. Increased by SDR 189 million in 1995/96.

Canceled prior to original expiration date of April 10, 1996.

Increased from original amount of SDR 509 million and extended from original expiration date of September 7, 1995.

Table II.4Extended Fund Facility Arrangements in Effect During Financial Year Ended April 30, 1996(In millions of SDRs)
Undisbursed Balance
Arrangement DatesAmounts ApprovedOf current
MemberEffective

date
Expiration

date
Through

April 30, 1995
In 1995/96At date of

termination
arrangements

at April 30, 1996
Algeria5/22/955/21/981,169760
Argentina 13/31/923/30/964,020
Egypt9/20/939/19/96400400
Gabon11/8/9511/7/9811088
Jamaica12/11/923/16/9610922
Jordan 25/25/942/9/9618959
Jordan2/9/962/8/99201176
Lithuania10/24/9410/23/9713572
Pakistan 32/22/9412/13/95379256
Peru3/18/933/17/961,018375
Philippines6/24/946/23/97475438
Russia3/26/963/25/996,9016,667
Zimbabwe9/11/929/10/9511528
Total6,8408,3817408,602

Amount approved includes augmentation of SDR 334 million for debt-and debt-service-reduction operations and fourth year of SDR 1,537 million.

Amount approved includes increases of SDR 25 million (in September 1994) and SDR 37 million (in February 1995). Canceled prior to original expiration date of May 24, 1997, and replaced by new EFF arrangement.

Canceled prior to original expiration date of February 21, 1997; replaced by stand-by arrangement.

Amount approved includes augmentation of SDR 334 million for debt-and debt-service-reduction operations and fourth year of SDR 1,537 million.

Amount approved includes increases of SDR 25 million (in September 1994) and SDR 37 million (in February 1995). Canceled prior to original expiration date of May 24, 1997, and replaced by new EFF arrangement.

Canceled prior to original expiration date of February 21, 1997; replaced by stand-by arrangement.

Table II.5Arrangements Under the Structural Adjustment Facility Through Financial Year Ended April 30, 1996(In millions of SDRs)
MemberDate of

Approval
Amounts Approved

and Disbursed

Through

April 30, 1996
Undisbursed Balance

at Expiration/

Replacement
Bangladesh2/6/87201
Benin6/16/89166 1
Bolivia12/15/861845 1
Burkina Faso3/13/91616 1
Burundi8/8/8630
Central African Republic6/1/8721
Chad10/30/8721
Comoros6/21/9121
Dominica11/26/863
Equatorial Guinea12/7/8894 1
Ethiopia10/28/9249
Gambia, The9/17/8693 1
Ghana11/6/8741102 1
Guinea7/29/872912
Guinea-Bissau10/14/8742
Haiti12/17/86922
Kenya2/1/882871 1
Lao People’s Democratic Republic9/18/8921
Lesotho6/29/8811
Madagascar8/31/871333 1
Mali8/5/882510 1
Mauritania9/22/86177 1
Mozambique6/8/8743
Nepal10/14/8726
Niger11/17/86177 1
Pakistan12/28/88382
Rwanda4/24/91922
São Tomé and Príncipe6/2/8912
Senegal11/10/864317 1
Sierra Leone11/14/861229
Sierra Leone3/28/9427
Somalia6/29/87922
Sri Lanka3/9/88156
Tanzania10/30/8775
Togo3/16/88819 1
Uganda6/15/875020 1
Zaïre5/15/8714658
Zambia12/6/95182
Total1,767530

Undisbursed balance of SAF arrangement converted to ESAF arrangement.

Undisbursed balance of SAF arrangement converted to ESAF arrangement.

Table II.6Arrangements Under the Enhanced Structural Adjustment Facility Through Financial Year Ended April 30, 1996(In millions of SDRs)
Arrangement Dates 1ApprovedDisbursementsUndisbursed
MemberDate of

approval
Expiration

date
Through

April 30, 1995
Approved

in 1995/96
Through

April 30, 1996 2
Balance

at April 30, 1996
Albania7/14/937/13/96423111
Armenia2/14/962/13/991011784
Bangladesh 38/10/909/13/93345345
Benin 31/25/935/21/965252
Bolivia 37/27/885/31/94163163
Bolivia12/19/9412/18/971015050
Burkina Faso 33/31/935/30/96494449
Burundi 411/13/9111/12/944319
Cambodia5/6/945/5/97844242
Chad9/1/958/31/9850841
Côte d’Ivoire3/11/943/10/9733323895
Equatorial Guinea 42/3/932/2/96135
Gambia, The11/23/8811/25/912121
Georgia2/28/962/27/9916728139
Ghana 311/9/883/5/92389389
Ghana6/30/956/29/9816427137
Guinea11/6/9112/19/96584612
Guinea-Bissau1/18/951/17/98928
Guyana 37/13/9012/20/938282
Guyana7/20/947/19/97542727
Honduras 37/24/927/24/97473414
Kenya 3, 55/15/8912/21/94261261
Kenya4/26/964/25/99150150
Kyrgyz Republic 37/20/947/19/9771174048
Lao People’s Democratic Republic6/4/936/3/96352312
Lesotho5/22/918/1/941818
Madagascar 45/15/895/14/927751
Malawi 37/15/883/31/946767
Malawi10/18/9510/17/9846838
Mali 38/28/924/10/967979
Mali4/10/964/9/99621052
Mauritania 55/24/891/25/955151
Mauritania1/25/951/24/98432121
Mongolia6/25/936/24/96413011
Mozambique 3,46/1/9012/31/95130115
Nepal 410/5/9210/4/953417
Nicaragua6/24/946/23/9712020100
Niger 412/12/8812/11/914724
Pakistan 62/22/9412/13/95607202
Senegal11/21/886/2/92145145
Senegal8/29/948/28/971317159
Sierra Leone 33/28/943/27/9789138220
Sri Lanka 49/13/917/31/95336280
Tanzania 47/29/917/28/9418286
Togo 45/31/895/19/934638
Togo9/16/949/15/97653333
Uganda 34/17/896/30/94219219
Uganda9/6/949/5/971215467
Vietnam11/11/9411/10/97362181181
Zambia12/6/9512/5/9870265250
Zimbabwe 49/11/929/10/95201152
Total5,4611,4764,6991,512

Expiration date is for the three-year commitment, or the third or fourth annual arrangement, if applicable.

ESAF Trust portion of SDR 4,228 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 1,902 million); Caisse Francaise de Developpement-France (SDR 700 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 530 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 313 million); Canada (SDR 229 million); Bank of Norway (SDR 75 million); and Bank of Korea (SDR 64 million. Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million). The remaining SDR 421 million was financed by SAF resources used under ESAF arrangements.

Commitment amount was increased.

The arrangement expired with partial disbursements. The total undisbursed amount for expired arrangements with Burundi, Equatorial Guinea, Madagascar, Mozambique, Nepal, Niger, Sri lanka, Tanzania, Togo, and Zimbabwe is SDR 321 million.

The three-year arrangement expired with an undisbursed balance for which a successor two-year arrangement was approved.

The three-year arrangement was canceled with an undisbursed balance of SDR 404 million; it was replaced by a 16-month stand-by arrangement.

Expiration date is for the three-year commitment, or the third or fourth annual arrangement, if applicable.

ESAF Trust portion of SDR 4,228 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 1,902 million); Caisse Francaise de Developpement-France (SDR 700 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 530 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 313 million); Canada (SDR 229 million); Bank of Norway (SDR 75 million); and Bank of Korea (SDR 64 million. Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million). The remaining SDR 421 million was financed by SAF resources used under ESAF arrangements.

Commitment amount was increased.

The arrangement expired with partial disbursements. The total undisbursed amount for expired arrangements with Burundi, Equatorial Guinea, Madagascar, Mozambique, Nepal, Niger, Sri lanka, Tanzania, Togo, and Zimbabwe is SDR 321 million.

The three-year arrangement expired with an undisbursed balance for which a successor two-year arrangement was approved.

The three-year arrangement was canceled with an undisbursed balance of SDR 404 million; it was replaced by a 16-month stand-by arrangement.

Table II.7Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948–96(In millions of SDRs)
DisbursementsRepurchases and RepaymentsTotal Fund

Credit

Outstanding
Financial

Year
Purchases 1Trust Fund

loans
SAF

loans
ESAF

loans 2
TotalRepurchasesTrust Fund

repayments
SAF/ESAF

repayments
Total
1948606606133
1949119119193
195051522424204
195128281919176
195246463737214
19536666185185178
1954231231145145132
1955484927627655
1956383927227672
19571,1141,1147575611
195866666687871,027
1959264264537537898
1960166166522522330
1961577577659659552
19622,2432,2431,2601,2601,023
19635805808078071,059
1964626626380380952
19651,8971,8975175171,480
19662,8172,8174064063,039
19671,0611,0613403402,945
19681,3481,3481,1161,1162,463
19692,8392,8391,5421,5423,299
19702,9962,9961,6711,6714,020
19711,1671,1671,6571,6572,556
19722,0282,0283,1223,122840
19731,1751,175540540998
19741,0581,0586726721,085
19755,1025,1025185184,869
19766,5916,5919609609,760
19774,910324,94286886813,687
19782,5032682,7714,4854,48512,366
19793,7206704,3904,8594,8599,843
19802,4339623,3953,7763,7769,967
19814,8601,0605,9202,8532,85312,536
19828,0418,0412,0102,01017,793
198311,39211,3921,555181,57426,563
198411,51811,5182,0181112,12934,603
19856,2896,2892,7302122,94337,622
19864,1014,1014,2894134,70236,877
19873,6851393,8246,1695796,74933,443
19884,1534454,5977,9355288,46329,543
19892,5412902643,0956,2584476,70525,520
19904,5034194085,3296,0423566,39824,388
19916,955844917,5305,4401685,60825,603
19925,3081254835,9164,76814,77026,736
19938,465205739,0584,083364,11928,496
19945,325506125,9874,348521124,51329,889
199510,6151457311,1753,98442444,23136,837
199610,8701821,29512,3476,69873957,10042,040

Includes reserve tranche purchases.

ESAF loans include SDR 421 million of SAF resources disbursed under ESAF arrangements.

Includes reserve tranche purchases.

ESAF loans include SDR 421 million of SAF resources disbursed under ESAF arrangements.

Table II.8Purchases From the Fund, Financial Year Ended April 30, 1996(In millions of SDRs)
MemberReserve

Tranche
Stand-By/

Credit

Tranche 1
Extended

Fund Facility
Compensatory

and Contingency

Financing Facility
Systemic

Transformation

Facility
Total

Purchases
Algeria410410
Argentina78769847
Armenia141730
Azerbaijan222951
Belarus5050
Bosnia and Herzegovina113041
Cameroon2828
Djibouti33
Gabon2222
Georgia222850
Haiti11
Jordan7979
Kazakstan139139
Lithuaina4141
Macedonia, former Yugoslav Republic of171230
Mexico3,4983,498
Moldova2626
Pakistan188188
Panama2929
Papua New Guinea3333
Romania3838
Russia3,5942343,828
Rwanda10919
Turkey150150
Ukraine459459
Uzbekistan65056
Yemen5050
Zambia23652675
Total449,1271,554913610,870

Includes outright purchases by Bosnia and Herzegovina (for emergency assistance) and by Zambia.

Includes outright purchases by Bosnia and Herzegovina (for emergency assistance) and by Zambia.

Table II.9Repurchases From the Fund, Financial Year Ended April 30, 1996(In millions of SDRs)
MemberStand-By/

Credit

Tranche
Extended

Fund

Facility
Compensatory and

Contingency Financing

Facility
Total

Repurchases
Albania22
Algeria113113
Argentina329329
Barbados61117
Bosnia and Herzegovina 11919
Brazil4848
Bulgaria16128190
Cameroon44
Chile 2176176
Congo11
Costa Rica131730
Côte d’Ivoire43649
Croatia33
Dominican Republic52227
Ecuador1616
Egypt7474
Estonia33
Gabon102232
Ghana1111
Guyana1111
Honduras82230
Hungary 28129990469
India412586999
Israel8989
Jamaica491866
Jordan99
Latvia55
Lithuania44
Macedonia, former Yugoslav Republic of11
Mexico710710
Mongolia77
Morocco5050
Nicaragua99
Pakistan246185
Panama161835
Papua New Guinea55
Philippines8639139264
Poland 2640640
Romania20076276
Russia9090
Slovak Republic6760127
Slovenia22
Sudan 135917
Togo11
Trinidad and Tobago2323
Tunisia1313
Uruguay99
Venezuela304304
Yugoslavia, Federal Republic of (Serbia/Montenegro) 311
Zaïre 1639
Zambia 18811691461,196
Total3,5441,7271,4286,698

Settlements of overdue repurchases amount to SDR 18 million for Bosnia and Herzegovina, SDR 17 million for Sudan, SDR 6 million for Zaïre, and SDR 542 million for Zambia.

Voluntary advance repurchases were made by Chile (SDR 142 million), Hungary (SDR 392 million), and Poland (SDR 640 million).

The Federal Republic of Yugoslavia (Serbia/Montenegro) has not yet completed arrangements for succession to the membership in the Fund of the former Socialist Federal Republic of Yugoslavia.

Settlements of overdue repurchases amount to SDR 18 million for Bosnia and Herzegovina, SDR 17 million for Sudan, SDR 6 million for Zaïre, and SDR 542 million for Zambia.

Voluntary advance repurchases were made by Chile (SDR 142 million), Hungary (SDR 392 million), and Poland (SDR 640 million).

The Federal Republic of Yugoslavia (Serbia/Montenegro) has not yet completed arrangements for succession to the membership in the Fund of the former Socialist Federal Republic of Yugoslavia.

Table II.10Outstanding Fund Credit by Facility and Policy, at End of Financial Years Ended April 30, 1990–96(In millions of SDRs and percent of total)
1990199119921993199419951996
In millions of SDRs
Stand-by arrangements19,9939,3239,46910,5789,48515,11720,700
Extended arrangements8,2828,4408,6419,8499,56610,1559,982
Compensatory and contingency financing facility3,8235,1425,3224,2083,7563,0211,602
Systemic transformation facility2,7253,8483,984
Subtotal (GRA)22,09822,90623,43224,63525,53232,14036,268
SAF arrangements1,2931,3771,5001,4841,4401,2771,208
ESAF arrangements 26721,1631,6462,2192,8123,3184,469
Trust Fund32615815815810510295
Total24,38825,60326,73628,49529,88936,83742,040
In percent of total
Stand-by arrangements 141363537324149
Extended arrangements34333234322824
Compensatory and contingency
financing facility152020151284
Systemic transformation facility9109
Subtotal (GRA)91898786858786
SAF arrangements5565533
ESAF arrangements 235689911
Trust Fund1111333
Total100100100100100100100

Includes outstanding first credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than ½ of 1 percent of total.

Includes outstanding first credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than ½ of 1 percent of total.

Table II.11Enhanced Structural Adjustment Facility, Estimated Value of Contributions (Commitments as of April 30, 1996)(In millions of SDRs)
Subsidies (Grant or Grant Equivalent) 1Loans 2
ContributorPrior to

enlargement
For

enlargement 3
TotalPrior to

enlargement
For

enlargement 3
Argentina3131
Australia1515
Austria432265
Bangladesh11
Belgium8547132
Botswana33
Canada13062193300200
Chile55
China1313100
Colombia66
Czech Republic1212
Denmark492777
Egypt1212100
Finland4141
France282250532800750
Germany199199700700
Greece251641
Iceland314
India1111
Indonesia66
Iran22
Ireland66
Italy15041192370210
Japan4422647062,2002,150
Korea508596528
Luxembourg5712
Malaysia351651
Malta112
Mexico3535
Morocco88
Netherlands8257138
Norway2914439060
Pakistan44
Portugal66
Singapore231639
Spain343421667
Sweden12952181
Switzerland5846104200152
Thailand131630
Tunisia22
Turkey99
United Kingdom34078418
United States14169210
Uruguay22
Other1616
Saudi Arabia84 484 4200 4
Subtotal (bilateral)2,422 51,3513,7735,1414,516
OPEC Fund35 6
SDA 7591591
Total2,422 51,9424,3645,1414,551

The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1996 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1996 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.

Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

The sum of individual contributions has been adjusted downward to take account of additional loan costs.

The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1996.

Special Disbursement Account.

The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1996 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1996 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.

Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

The sum of individual contributions has been adjusted downward to take account of additional loan costs.

The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1996.

Special Disbursement Account.

Table II.12Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1996(In thousands of SDRs)
ReceiptsTransfersInterest,Positions as at April 30, 1996
MemberTotal

Holdings

April 30, 1995
Receipts from

Participants and

Prescribed Holders
Transfers to

Participants and

Prescribed Holders
from the

General

Resources

Account
to the

General

Resources

Account
Charges,

and

Assessment

(Net)
HoldingsNet

cumulative

allocations
Holdings as

percent of

cumulative

allocations
DesignatedOtherDesignatedOther
Participants
Afghanistan, Islamic State of642284−92626,703
Albania2152,590140652,648789
Algeria21,097129,176144,593189,266162,298−5,19527,452128,64021.3
Angola10515110
Antigua and Barbuda44
Argentina597,393145,609790,817873,948517,4314,565313,267318,37098.4
Armenia26130,5491,81463929,634
Australia46,5606,829−19,43733,952470,5457.2
Austria133,546212,880215,97714,922−1,529143,842179,04580.3
Azerbaijan35450013,3931,8181212,440
Bahamas, The947777−46310010,2301.0
Bahrain11,07921822311,5206,200185.8
Bangladesh38,597110,00046,8462,5151,076105,34247,120223.6
Barbados7111,3202161,593−3542998,0393.7
Belarus2,0981,85745,00051,6308,663942,016
Belgium323,13350,90650,00019,142−7,377335,804485,24669.2
Belize39812320541
Benin236400−4202369,4092.5
Bhutan4131619449
Bolivia26,904684−2427,56426,703103.2
Bosnia and Herzegovina 136,17436,17441,65234,008−3,5484,09620,48120.0
Botswana25,79476699427,5544,359632.1
Brazil4,97517,00012,8515,669−16,21612,941358,6703.6
Brunei Darussalam35,25035,250
Bulgaria2,527221,0003,468218,8675438,671
Burkina Faso5,5455,6805,680177−1775,5459,40958.9
Burundi175580770−61919913,6971.5
Cambodia10,74014,00014,14431315−22310,08815,41765.4
Cameroon3282,2252,6003,2501,8551,10524324,4631.0
Canada899,832100,000225,00019,7382,698797,268779,290102.3
Cape Verde39−27126201.9
Central African Republic1707401146540−421949,3251.0
Chad1319,0828,26086520−422979,4091.0
Chile4,716148,0144,976147,547−5,4494,709121,9243.9
China374,3891,00023,5386,531403,458236,800170.4
Colombia116,8532,694136119,683114,271104.7
Comoros2580112−30667169.2
Congo134940130657−4391099,7191.1
Costa Rica9571,4005181,469−1,06234423,7261.5
Côte d’Ivoire2,0543,0002,2093,699−1,6391,92537,8285.1
Croatia, Republic of 167,04033,5018869,99185292,28844,205208.8
Cyprus158100737−87811819,4380.6
Czech Republic791,0019166
Denmark111,94638,88550,00011,909−3,068109,672178,86461.3
Djibouti951125−50321,1782.7
Dominica1056756722−2665921.0
Dominican Republic65911,3131,56110,634−1,3791,52131,5854.8
Ecuador2,84920,4762,19922,288−1,3801,85532,9295.6
Egypt66,37720,0001,6226,059−3,17578,765135,92458.0
El Salvador38525,267565990−58224,98324,985100.0
Equatorial Guinea822452928−263635,8121.1
Eritrea
Estonia1,0494,9485592395,71513395
Ethiopia145400213−49925911,1602.3
Fiji7,462303267,7916,958112.0
Finland193,918400,323404,8957,4123,120199,878142,690140.1
France585,43135,00057,567−21,531656,4661,079,87060.8
Gabon42124,6421,0641,55624,783−63114014,0911.0
Gambia, The8674,2464,21766−2037595,12114.8
Georgia1,42753415,00016,8072,98351836
Germany1,281,274115,000199,430120,4974,2271,321,5671,210,760109.2
Ghana12,66482,84659,7261,86915,113−2,22620,31562,98332.3
Greece8351,2503,230−4,680635103,5440.6
Grenada1098−41679307.2
Guatemala11,179235−76210,65227,67838.5
Guinea72014,58012,622131−7292,08017,60411.8
Guinea-Bissau163121−55141,2121.2
Guyana1,39215,9504,20044011,844−6091,12914,5307.8
Haiti7051,4691,7791,379704−59747313,6973.5
Honduras1,1242,1594662,368−85152919,0572.8
Hungary11,916284,9466,605300,7341252,858
Iceland195405196−7425416,4090.3
India65,1351,065,00026,1821,119,166−29,1667,985681,1701.2
Indonesia2,3592,0009,200−10,7962,763238,9561.2
Iran, Islamic Republic of96,07855,0051,00062−6,731143,413244,05658.8
Iraq68,464
Ireland102,6776,038775109,48987,263125.5
Israel4,35399,43087997,273−4,7622,627106,3602.5
Italy94,04938,352137,98646,353−28,94011,827702,4001.7
Jamaica11,0377,0002,67416,847−1,7412,12340,6135.2
Japan2,463,240516,3641,369,214137,48857,4421,805,320891,690202.5
Jordan47020,41416,9427,4077,992−6932,66416,88715.8
Kazakstan67,521140,39313,5005,115199,529
Kenya57928,45727,134893−1,6421,15336,9903.1
Kiribati77
Korea55,39716,276−58471,08972,91197.5
Kuwait56,6415,8641,44763,95226,744239.1
Kyrgyz Republic14,8594,1012162,2104399,204
Lao People’s
Democratic Republic6,8495,8653,723−1088,8839,40994.4
Latvia1,9729,40050910,579391,342
Lebanon11,60573234112,6784,393288.6
Lesotho3057508718−1579673,73925.9
Liberia21,007
Libya331,12613,28812,689357,10258,771607.6
Lithuania9,4528,56072212,1554587,036
Luxembourg7,279722−4367,56516,95544.6
Macedonia, former
Yugoslav Republic of 13228368,80011,0302,094−3609348,37911.2
Madagascar2676424494−87148419,2702.5
Malawi1,2148,5708,679260641−43129310,9752.7
Malaysia94,43412,952−1,893105,493139,04875.9
Maldives3726−115328218.8
Mali30645029610−70833415,9122.1
Malta36,128149891,15238,28311,288339.2
Marshall Islands
Mauritania12011,67811,232186−4283249,7193.3
Mauritius21,42523625921,92015,744139.2
Mexico290,211253,0001,389,3891,171,74115,053775,912290,020267.5
Micronesia,
Federated States of87740917
Moldova13,1995437,0815157,175
Mongolia5866,800121657,06026297
Morocco7,23124,96320,0432,6913,260−3,5248,05785,6899.4
Mozambique31133
Myanmar6641,70080−1,96547943,4741.1
Namibia12112
Nepal119200219−3651738,1052.1
Netherlands513,378553,540546,41233,8541,572555,933530,340104.8
New Zealand1874,7502,033−6,388581141,3220.4
Nicaragua2469,978100809,069−87725819,4831.3
Niger2,2317,7507,554473560−3511,9909,40921.2
Nigeria504,2283,090−7,095273157,1550.2
Norway287,742540,893595,46822,3385,207260,713167,770155.4
Oman6,5131,427327,9726,262127.3
Pakistan10,47213,507174,000193,47927,346−7,5458,567169,9895.0
Panama9,42738,25029,00030,24039,006−1,0018,90926,32233.9
Papua New Guinea2556004,7105,7601,023−4134709,3005.1
Paraguay68,3854482,51471,34713,697520.9
Peru1,15029,5906,61832,381−4,07690191,3191.0
Philippines33,618258,0009,501295,371−4,1851,563116,5951.3
Poland823653,8005,670657,9911122,413
Portugal50,27310,354−760,62153,320113.7
Qatar20,2251,06135321,63912,822168.8
Romania24,456228,80642,950291,031−2,7552,42675,9503.2
Russia199,4632,049,3222,323,216336,2853,404140,476
Rwanda1,6501354412,434146−36913,66113,69799.7
St. Kitts and Nevis
St. Lucia1,370291,399742188.5
St. Vincent and the
Grenadines847−127835422.0
San Marino127677201
São Tomé and Príncipe820883−2610762017.3
Saudi Arabia424,37624,63010,818459,824195,527235.2
Senegal2,99131,10029,8415811,558−9092,36524,4629.7
Seychelles1821−18214065.2
Sierra Leone6,04813,05613,450313−5665,40117,45530.9
Singapore25,8611,6007,30957735,34716,475214.6
Slovak Republic20,950122,0002,192145,086906961
Slovenia 14662,3955341,976−1,14527325,4311.1
Solomon Islands121017−29106541.5
Somalia13,697
South Africa12,81534,0003,65430,958−9,7629,749220,3604.4
Spain254,56735,769−1,631288,705298,80596.6
Sri Lanka1,21230,30028,8301,339−3,12789470,8681.3
Sudan11,6149,247−2,36752,192
Suriname977,750172−3107,7107,75099.5
Swaziland5,89250−255,9176,43292.0
Sweden206,904574,025532,77314,990−15263,132246,525106.7
Switzerland24,891702,559617,05826,1144,661141,167
Syrian Arab Republic4601,195−1,65436,564
Tajikistan
Tanzania3881,099272−1,41933931,3721.1
Thailand24,3941,20211,921−2,61334,90584,65241.2
Togo27822,12021,72017353−48531310,9752.9
Tonga504500381052
Trinidad and Tobago1,6102,5001,0862,186−2,07293846,2312.0
Tunisia22,63515,5042,34023,618−90615,95534,24346.6
Turkey6,08111,000137,500151,82019,232−4,9197,251112,3076.5
Turkmenistan
Uganda94430,09528,977269−1,2611,07029,3963.6
Ukraine117,638315,000317,01337,9464,74486,449
United Arab Emirates55,2151,06575257,03338,737147.2
United Kingdom298,306642,664625,33235,099−73,927276,8111,913,07014.5
United States7,465,479126,248468,262323,112114,1437,560,7194,899,530154.3
Uruguay98712,08493210,474−2,2361,29349,9772.6
Uzbekistan6101,42755,00056,3363,3281660
Vanuatu2356712313
Venezuela316,941369,88016,202374,898221328,346316,890103.6
Vietnam8,6481,5004157996,699−1,8951,93847,6584.1
Western Samoa2,00622402,0681,142181.1
Yemen, Republic of32,93531,26218,3081445454245,53028,743158.4
Yugoslavia, Federal Republic of (Serbia/Montenegro) 156,665
Zaïre16,43510,107−3,9202,40786,3092.8
Zambia8,9491,388,562861,185692,9661,219,079−2,9967,21868,29810.6
Zimbabwe2,9877,1009267,922−4182,67210,20026.2
Total participants19,473,22811,082,58511,111,2177,859,3937,626,748−92,03719,585,20421,433,33091.4
Prescribed holders
Arab Monetary Fund53,983101,374131,0021,90926,264
Bank of Central
African States1,8627,9948,114281,771
Bank for International
Settlements942,922393,888335,07340,1631,041,900
East African
Development Bank1557163
Eastern Caribbean
Central Bank1,910881,997
International Bank for
Reconstruction and
Development2,2681042,372
Islamic Development Bank2,2421032,345
Nordic Investment Bank41743417
Total prescribed holders1,005,759503,256474,62342,4191,076,810
General Resources
Account1,000,6557,626,7487,859,39356,718824,728
Total21,479,64219,212,58919,445,2337,859,3937,626,7487,10021,486,74221,433,330

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1996, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1996, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

Table II.13Holdings of SDRs by all Participants and by Groups of Countries as Percent of their Cumulative Allocations of SDRs and of their Non-Gold Reserves, at End of Financial Years Ended April 30, 1972–96
Developing Countries
Net debtor countries
Financial YearAll

Participants 1
Industrial

Countries
All

developing

countries
Net

creditor

countries
All net

debtor

countries
With recent

debt-servicing

problems 2
Without recent

debt-servicing

problems 2
Holdings of SDRs as percent of cumulative allocations
197290.2100.064.4100.064.462.168.2
197393.4105.760.8100.060.857.166.8
197494.6106.264.3100.064.361.468.9
197594.5106.563.1100.063.164.061.5
197695.1108.459.8100.059.859.660.1
197791.7105.754.9100.054.955.853.4
197885.395.658.1100.058.059.755.3
197990.397.074.5100.073.871.177.9
198091.996.881.0176.477.371.186.0
198174.681.060.8154.755.953.858.7
198274.681.959.1154.054.246.165.0
198379.995.147.4267.635.922.154.3
198469.980.447.3224.638.123.058.2
198578.595.242.8218.333.621.250.2
198687.3105.349.0233.639.426.256.9
198790.8110.049.9236.640.223.262.8
198896.3115.854.4262.043.632.558.4
198993.1116.343.5240.233.319.451.8
199097.2121.944.4262.933.015.356.6
199196.8120.745.9193.938.126.953.1
199296.8121.244.6200.136.530.145.0
199363.073.141.6166.635.132.238.9
199471.077.956.3222.547.750.943.5
199590.9105.160.4263.849.853.544.8
199691.4102.467.9285.556.658.554.1
Holdings of SDRs as percent of non-gold reserves
19728.99.37.29.06.422.1
19737.88.75.06.14.610.5
19747.29.23.64.33.66.0
19756.08.92.43.43.13.9
19765.48.32.03.02.83.2
19774.47.41.42.12.21.9
19783.55.31.41.92.11.6
19794.65.82.90.53.43.53.4
19805.67.13.51.44.14.14.0
19814.86.22.91.33.63.63.6
19825.36.93.01.33.73.83.6
19835.37.22.32.32.32.12.4
19844.25.62.02.12.01.82.1
19854.46.31.61.91.61.41.7
19865.06.72.02.41.92.01.9
19874.75.72.02.81.82.01.7
19884.45.12.03.41.82.81.4
19893.94.71.53.31.21.91.0
19903.84.61.55.01.11.21.1
19913.54.31.33.31.11.60.9
19923.24.41.03.40.91.40.6
19932.22.80.93.20.81.30.6
19942.12.71.14.80.91.80.5
19952.63.51.15.20.92.10.5
19962.12.91.04.60.81.50.5

Consists of member countries that are participants in the SDR Department. At the end of financial year 1996, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.9 billion was not held by participants but instead by the Fund and prescribed holders.

Countries with recent debt-servicing problems are those that have incurred external payments arrears or rescheduled their debts during the period 1991-95.

Consists of member countries that are participants in the SDR Department. At the end of financial year 1996, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.9 billion was not held by participants but instead by the Fund and prescribed holders.

Countries with recent debt-servicing problems are those that have incurred external payments arrears or rescheduled their debts during the period 1991-95.

Table II.14Key IMF Rates, Financial Year Ended April 30, 1996(In percent)
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate of

Remuneration 1
Basic Rate

of Charge 1
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate of

Remuneration 1
Basic Rate

of Charge 1
1995
May 14.824.94November 64.364.47
May 84.734.85November 134.314.42
May 154.754.87November 204.244.35
May 224.694.81November 274.204.31
May 294.674.79December 44.164.26
June 54.564.67December 114.204.31
June 124.614.73December 184.124.22
June 194.574.68December 253.964.06
June 264.524.631996
July 34.584.69January 13.974.07
July 104.424.53January 84.154.25
July 174.454.56January 154.124.22
July 244.464.57January 224.004.10
July 314.414.52January 294.014.11
August 74.404.51February 53.924.02
August 144.454.56February 123.883.98
August 214.474.58February 193.893.99
August 284.344.45February 263.944.04
September 44.344.45March 43.924.02
September 114.284.39March 113.893.99
September 184.294.40March 183.954.05
September 254.224.33March 253.944.04
October 24.284.39April 13.934.03
October 94.314.42April 83.954.05
October 164.324.43April 153.914.01
October 234.384.49April 223.863.96
October 304.434.54April 293.883.98

The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the one in effect before the retroactive reduction that took effect after the end of the financial year. The basic rate of charge, which was set at 102.5 percent of the SDR interest rate, was reduced to 101.7 percent of the SDR interest rate after the retroactive reduction.

The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the one in effect before the retroactive reduction that took effect after the end of the financial year. The basic rate of charge, which was set at 102.5 percent of the SDR interest rate, was reduced to 101.7 percent of the SDR interest rate after the retroactive reduction.

Table II.15Members that have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
MemberEffective Date

of Acceptance
MemberEffective Date

of Acceptance
Antigua and BarbudaNovember 22, 1983MalawiDecember 7, 1995
ArgentinaMay 14, 1968MalaysiaNovember 11, 1968
AustraliaJuly 1, 1965MaltaNovember 30, 1994
AustriaAugust 1, 1962Marshall IslandsMay 21, 1992
Bahamas, TheDecember 5, 1973MauritiusSeptember 29, 1993
BahrainMarch 20, 1973MexicoNovember 12, 1946
BangladeshApril 11, 1994Micronesia, Federated States ofJune 24, 1993
BarbadosNovember 3, 1993MoldovaJune 30, 1995
BelgiumFebruary 15, 1961MongoliaFebruary 1, 1996
BelizeJune 14, 1983MoroccoJanuary 21, 1993
BoliviaJune 5, 1967NepalMay 30, 1994
BotswanaNovember 17, 1995NetherlandsFebruary 15, 1961
Brunei DarussalamOctober 10, 1995New ZealandAugust 5, 1982
CanadaMarch 25, 1952NicaraguaJuly 20, 1964
ChileJuly 27, 1977NorwayMay 11, 1967
Costa RicaFebruary 1, 1965OmanJune 19, 1974
CroatiaMay 29, 1995PakistanJuly 1, 1994
CyprusJanuary 9, 1991PanamaNovember 26, 1946
Czech RepublicOctober 1, 1995Papua New GuineaDecember 4, 1975
DenmarkMay 1, 1967ParaguayAugust 22, 1994
DjiboutiSeptember 19, 1980PeruFebruary 15, 1961
DominicaDecember 13, 1979PhilippinesSeptember 8, 1995
Dominican RepublicAugust 1, 1953PolandJune 1, 1995
EcuadorAugust 31, 1970PortugalSeptember 12, 1988
El SalvadorNovember 6, 1946QatarJune 4, 1973
EstoniaAugust 15, 1994St. Kitts and NevisDecember 3, 1984
FijiAugust 4, 1972St. LuciaMay 30, 1980
FinlandSeptember 25, 1979St. Vincent and the GrenadinesAugust 24, 1981
FranceFebruary 15, 1961San MarinoSeptember 23, 1992
Gambia, TheJanuary 21, 1993Saudi ArabiaMarch 22, 1961
GermanyFebruary 15, 1961SeychellesJanuary 3, 1978
GhanaFebruary 21, 1994Sierra LeoneDecember 14, 1995
GreeceJuly 7, 1992SingaporeNovember 9, 1968
GrenadaJanuary 24, 1994Slovak RepublicOctober 1, 1995
GuatemalaJanuary 27, 1947SloveniaSeptember 1, 1995
GuineaNovember 17, 1995Solomon IslandsJuly 24, 1979
GuyanaDecember 27, 1966South AfricaSeptember 15, 1973
HaitiDecember 22, 1953SpainJuly 15, 1986
HondurasJuly 1, 1950Sri LankaMarch 15, 1994
HungaryJanuary 1, 1996SurinameJune 29, 1978
IcelandSeptember 19, 1983SwazilandDecember 11, 1989
IndiaAugust 20, 1994SwedenFebruary 15, 1961
IndonesiaMay 7, 1988SwitzerlandMay 29, 1992
IrelandFebruary 15, 1961ThailandMay 4, 1990
IsraelSeptember 21, 1993TongaMarch 22, 1991
ItalyFebruary 15, 1961Trinidad and TobagoDecember 13, 1993
JamaicaFebruary 22, 1963TunisiaJanuary 6, 1993
JapanApril 1, 1964TurkeyMarch 22, 1990
JordanFebruary 20, 1995UgandaApril 5, 1994
KenyaJune 30, 1994United Arab EmiratesFebruary 13, 1974
KiribatiAugust 22, 1986United KingdomFebruary 15, 1961
KoreaNovember 1, 1988United StatesDecember 10, 1946
KuwaitApril 5, 1963UruguayMay 2, 1980
Kyrgyz RepublicMarch 29, 1995VanuatuDecember 1, 1982
LatviaJune 10, 1994VenezuelaJuly 1, 1976
LebanonJuly 1, 1993Western SamoaOctober 6, 1994
LithuaniaMay 3, 1994ZimbabweFebruary 3, 1995
LuxembourgFebruary 15, 1961
Table II.16Exchange Rate Arrangements as of March 31, 1996
Pegged
Single currencyCurrency composite
U.S. dollarFrench francOtherSDROther
Antigua and BarbudaBeninBhutan (Indian rupee)Libyan ArabBangladesh
ArgentinaBurkina FasoBosnia and HerzegovinaJamahiriya 1,2Botswana
Bahamas, The 2Cameroon(deutsche mark)MyanmarBurundi
BarbadosCentral African Republic-Brunei DarussalamSeychellesCape Verde
BelizeChad(Singapore dollar)Cyprus 3
Estonia (deutsche mark)
DjiboutiComorosKiribati 4 (Australian dollar)Czech Republic 5
DominicaCongoLesotho (South African rand)Fiji
GrenadaCôte d’IvoireNamibia (South African rand)Iceland 6
IraqEquatorial GuineaJordan
San Marino 4 (Italian lira)
LiberiaGabonKuwait
Swaziland (South African rand)
LithuaniaMaliMalta
Marshall Islands 4NigerMorocco 7
Micronesia, FederatedSenegalNepal
States of 4TogoSlovak Republic 7
Nigeria 2Solomon Islands
OmanThailand
Panama 4Tonga
St. Kitts and NevisVanuatu
St. LuciaWestern Samoa
St. Vincent and the
Grenadines Syrian Arab Republic2
Venezuela
Flexibility Limited vis-à-visMore Flexible
a Single Currency or

Group of Currencies
Adjusted

according

to a set of

indicators
Other

managed

floating
Independently floating
Single currency 8Cooperative arrangements 9
Bahrain 10AustriaChiles 2,, 11AlgeriaAfghanistan, Islamic State of 2Mozambique
Qatar 10BelgiumNicaraguaAngola 2New 1 Zealand
Saudi Arabia 10DenmarkBelarusAlbaniaPapua New Guinea
United ArabFranceBrazilArmeniaParaguay
Emirates 10GermanyCambodiaAustraliaPeru
IrelandChinaAzerbaijanPhilippines
Colombia
LuxembourgCosta RicaBoliviaRomania
NetherlandsCroatiaBulgariaRwanda
PortugalDominican Republic 2CanadaSão Tomé, and
SpainEcuadorEthiopiaPríncipe 2
FinlandSierra Leone
Egypt
El SalvadorGambia, TheSomalia 2
Eritrea 2GhanaSouth Africa
GeorgiaGuatemalaSudan 2
GreeceGuineaSweden
Guinea-BissauGuyanaSwitzerland
Honduras 2
Hungary 12HaitiTajikistan
IndonesiaIndiaTanzania
Iran, Islamic Republic ofItalyTrinidad and
JamaicaTobago
Israel 13
Kyrgyz RepublicJapanUganda
Korea LatviaKazakstan KenyaUnited Kingdom United States
Macedonia, former Yugoslav Republic ofLao People’sYemen 2
Democratic Rep.Zaïre 2
MalaysiaLebanonZambia 2
Maldives MauritiusMadagascarZimbabwe
NorwayMalawi
Pakistan 2Mauritania
Poland 13Mexico
RussiaMoldova
SingaporeMongolia
Slovenia
Sri Lanka
Suriname
Tunisia
Turkey
Turkmenistan
Ukraine
Uruguay
Uzbekistan
Vietnam

The exchange rate is maintained within margins of ±47 percent.

Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

The exchange rate, which is pegged to the European currency unit (ECU), is maintained within margins of ±2.25 percent.

Country uses peg currency as legal tender.

The exchange rate is maintained within margins of ±7.5 percent.

The exchange rate is maintained within margins of ±6 percent.

The exchange rate is maintained within margins of ±3 percent.

In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the exchange rate is maintained within a margin of ±15 percent around the bilateral central rates against other participating currencies, with the exception of Germany, and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

The exchange rate is maintained within margins of ±10 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ±2.25 percent with regard to the currency basket.

The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.

The exchange rate is maintained within margins of ±47 percent.

Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

The exchange rate, which is pegged to the European currency unit (ECU), is maintained within margins of ±2.25 percent.

Country uses peg currency as legal tender.

The exchange rate is maintained within margins of ±7.5 percent.

The exchange rate is maintained within margins of ±6 percent.

The exchange rate is maintained within margins of ±3 percent.

In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the exchange rate is maintained within a margin of ±15 percent around the bilateral central rates against other participating currencies, with the exception of Germany, and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

The exchange rate is maintained within margins of ±10 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ±2.25 percent with regard to the currency basket.

The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.

    Other Resources Citing This Publication