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Chapter

Appendix II. Financial Operations and Transactions of the Fund

Author(s):
International Monetary Fund
Published Date:
October 1997
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The tables in this appendix supplement the information given in Chapter 9 on the Fund’s financial operations and policies.

Table II.1Arrangements Approved During Financial Years Ended April 30, 1953–97
Financial

Year
Number of ArrangementsAmounts Committed Under Arrangements

(in millions of SDRs)
Stand-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
199711512283,1831,1939115,287
Table II.2Arrangements in Effect at End of Financial Years Ended April 30, 1953–97
Financial

year
Number of Arrangements

as of April 30
Amounts Committed Under Arrangements

as of April 30

(in millions of SDRs)
Stand-ByEFFSAFESAFTotalStand-ByEFFSAFESAFTotal
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
1997141135603,76410,1844,04817,996
Table II.3Stand-By Arrangements in Effect During Financial Year Ended April 30, 1997(In millions of SDRs)
MemberArrangement DatesAmounts ApprovedUndisbursed Balance
At date of terminationOf current

arrangements at April 30, 1997
Effective dateExpiration dateThrough April 30, 1996In 1996/97
Argentina4/12/961/11/98720321
Azerbaijan11/17/9511/16/9659
Belarus9/12/959/11/96196146
Bulgaria17/19/964/11/97400320
Bulgaria4/11/976/10/98372349
Cameroon9/27/959/26/966839
Costa Rica11/29/952/28/975252
Djibouti4/15/966/14/9752
Egypt10/11/969/30/98271271
El Salvador7/21/959/20/963838
El Salvador2/28/974/27/983838
Estonia4/11/957/10/961414
Estonia7/29/968/28/971414
Hungary3/15/962/14/98264264
Kazakstan6/5/956/4/96186
Latvia4/21/955/20/962727
Latvia5/24/968/23/973030
Lesotho7/31/957/30/9677
Lesotho9/23/969/22/9777
Macedonia, FYR5/5/956/4/9622
Mexico22/1/952/15/9712,0703,312
Pakistan312/13/959/30/97402161268
Panama411/29/953/31/9784
Papua New Guinea57/14/9512/15/977136
Romania65/11/944/22/97320226
Romania4/22/975/21/98302241
Tajikistan75/8/9612/7/9615
Ukraine85/10/962/23/97598
Uruguay3/1/963/31/97100100
Uzbekistan12/18/953/17/9713559
Venezuela7/12/967/11/97976626
Yemen3/20/966/19/9713214
Total14,9623,1834,3422,481

Canceled prior to original expiration date of March 18, 1998.

Extended from August 15, 1996.

Extended from March 31, 1997. Increased by SDR 161 million.

Augmented by SDR 14.5 million for debt and debt-service reduction.

Extended from January 13, 1997.

Extended from December 10, 1995 and January 24, 1996. Increased by SDR 189 million. Canceled prior to original expiration date of April 24, 1997.

First credit tranche arrangement.

Extended from February 9, 1997.

Canceled prior to original expiration date of March 18, 1998.

Extended from August 15, 1996.

Extended from March 31, 1997. Increased by SDR 161 million.

Augmented by SDR 14.5 million for debt and debt-service reduction.

Extended from January 13, 1997.

Extended from December 10, 1995 and January 24, 1996. Increased by SDR 189 million. Canceled prior to original expiration date of April 24, 1997.

First credit tranche arrangement.

Extended from February 9, 1997.

Table II.4Extended Fund Facility Arrangements in Effect During Financial Year Ended April 30, 1997(In millions of SDRs)
MemberArrangement DatesAmounts ApprovedUndisbursed Balance
At date of

termination
Of current

arrangements

at April 30, 1997
Effective dateExpiration dateThrough April 30, 1996In 1996/97
Algeria5/22/955/21/981,169422
Azerbaijan12/20/9612/19/995949
Croatia3/12/973/11/00353324
Egypt9/20/939/19/96400400
Gabon11/8/9511/7/9811066
Jordan12/9/962/8/9920137128
Kazakstan7/17/967/16/99309309
Lithuania10/24/9410/23/9713521
Moldova5/20/965/19/99125113
Peru27/1/963/31/99300140
Philippines6/24/946/23/97475438
3/26/963/25/996,9014,565
Total9,5801,1934006,575

Increased by SDR 37 million.

Augmented by SDR 52 million for debt and debt-service reduction.

Increased by SDR 37 million.

Augmented by SDR 52 million for debt and debt-service reduction.

Table II.5Arrangements Under the Enhanced Structural Adjustment Facility Through Financial Year Ended April 30, 1997(In millions of SDRs)
MemberArrangement Dates1Approved

Through

April 30, 1996
Approved

in 1996/97
Disbursements

Through

April 30, 19972
Undisbursed Balance of

Current Arrangements

at April 30, 1997
Date of

approval
Expiration

date
Albania37/14/937/13/964231
Arinenia2/14/962/13/9911)13468
Azerbaijan12/20/9612/19/99942073
Bangladesh48/10/909/13/93345345
Benin41/25/935/21/965252
Benin8/28/968/27/9927523
Bolivia47/27/885/31/94163163
Bolivia12/19/9412/18/971016734
Burkina Faso3, 43/31/935/30/965344
Burkina Faso6/14/966/13/99401327
Burundi311/13/9111/12/944319
Cambodia5/6/948/31/97844242
Chad9/1/958/31/98502525
Congo, Rep. of6/28/966/27/99691456
Côte d’Ivoire3/11/946/13/97333333
Equatorial Guinea32/3/932/2/96135
Ethiopia10/11/9610/10/99881574
Gambia, The11/23/8811/25/912121
Georgia2/28/962/27/991678383
Ghana411/9/883/5/92389389
Ghana6/30/956/29/9816455110
Guinea11/6/9112/19/965846
Guinea31/13/971/12/00711259
Guinea-Bissau1/18/951/17/98964
Guyana47/13/9012/20/938282
Guyana7/20/944/17/9854459
Haiti10/18/9610/17/99911576
Honduras47/24/927/24/97473414
Kenya4, 55/15/8912/21/94261261
Kenya4/26/964/25/9915025125
Kyrgyz Republic47/20/943/31/98887216
Lao PDR6/4/935/7/973535
Lesotho5/22/918/1/941818
Macedonia, FYR4/11/974/10/0055945
Madagascar35/15/895/14/927751
Madagascar11/27/9611/26/99811468
Malawi47/15/883/31/946767~
Malawi10/18/9510/17/98462323
Mali48/28/924/10/967979
Mali4/10/964/9/99622141
Mauritania55/24/891/25/955151
Mauritania1/25/951/24/98432914
Mongolia36/25/936/24/964130
Mozambique3, 46/1/9012/31/95130115
Mozambique6/21/966/20/99762550
Nepal310/5/9210/4/953417
Nicaragua6/24/946/23/972020100
Niger312/12/8812/11/914724
Niger6/12/966/11/99581939
Pakistan62/22/9412/13/95607202
Senegal11/21/886/2/92145145
Senegal8/29/941/12/9813111318
Sierra Leone43/28/9412/31/971029210
Sri Lanka39/13/917/31/95336280
Tanzania37/29/917/28/9418286
Tanzania11/8/9611/7/9916226136
Togo35/31/895/19/934638
Togo9/16/949/15/97653333
Uganda44/17/896/30/94219219
Uganda9/6/9411/17/971219723
Vietnam11/11/9411/10/97362242121
Zambia12/6/9512/5/9870266240
Zimbabwe39/11/929/10/95201152
Total6,9379115,4041,676

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

ESAF Trust portion of SDR 4,933 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 2,200 million); Caisse Francaise de Developpement-France (SDR 800 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 691 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 370 million); Canada (SDR 300 million); Bank of Norway (SDR 90 million); and Bank of Korea (SDR 65 million). Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million).

The arrangement expired with partial disbursements. The total undisbursed amount under expired arrangements with Albania, Burkina Faso, Burundi, Equatorial Guinea, Guinea, Madagascar, Mongolia, Mozambique, Nepal, Niger, Sri Lanka, Tanzania, Togo, and Zimbabwe was SDR 364 million.

Commitment amount was increased.

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 and was replaced by a 16-month Stand-By Arrangement.

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

ESAF Trust portion of SDR 4,933 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 2,200 million); Caisse Francaise de Developpement-France (SDR 800 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 691 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 370 million); Canada (SDR 300 million); Bank of Norway (SDR 90 million); and Bank of Korea (SDR 65 million). Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million).

The arrangement expired with partial disbursements. The total undisbursed amount under expired arrangements with Albania, Burkina Faso, Burundi, Equatorial Guinea, Guinea, Madagascar, Mongolia, Mozambique, Nepal, Niger, Sri Lanka, Tanzania, Togo, and Zimbabwe was SDR 364 million.

Commitment amount was increased.

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 and was replaced by a 16-month Stand-By Arrangement.

Table II.6Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948–97(In millions of SDRs)
Financial YearDisbursementsRepurchases and RepaymentsTotal Fund Credit Outstanding
Purchases1Trust Fund loansSAF loansESAF loans2TotalRepurchasesTrust Fund repaymentsSAF/ESAF repaymentsTotal
1948606606133
1949119119193
195052522424204
195128281919176
195246463737214
19536666185185178
1954231231145145132
1955494927627655
1956393927227672
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
19974,9397055,6446,66855247,19640,488

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.7Purchases from the Fund, Financial Year Ended April 30, 1997(In millions of SDRs)
MemberStand-By/

Credit

Tranche
Extended

Fund

Facility
Compensatory and

Contingency Financing

Facility
Total

Purchases
Algeria338175512
Argentina321321
Azerbaijan37946
Bulgaria103108211
Croatia2929
Gabon2222
Jordan8585
Kazakstan4646
Lithuania5252
Macedonia, FYR55
Moldova2323
Pakistan107107
Panama5555
Papua New Guinea22
Peru161161
Romania6060
Russia2,1032,103
Rwanda199
Tajikistan1515
Ukraine598598
Uzbekistan5959
Venezuela350350
Yemen6868
Total1,8362,8202824,939

Emergency assistance.

Emergency assistance.

Table II.8Repurchases from the Fund, Financial Year Ended April 30, 1997(In millions of SDRs)
MemberStand-By/

Credit

Tranche
Extended

Fund

Facility
Compensatory and

Contingency Financing

Facility
Total

Repurchases
Albania77
Algeria6666
Argentina23161292
Barbados71118
Bosnia and Herzegovina11
Brazil4545
Bulgaria10228130
Cameroon33
Costa Rica22
Côte d’Ivoire2929
Croatia33
Dominican Republic232447
Ecuador1212
Egypt4646
Estonia1111
Gabon22
Ghana111829
Guyana88
Honduras42226
Hungary1140140
India512138650
Israel8989
Jamaica36238
Jordan1717
Kazakstan22
Kyrgyz Republic44
Latvia2424
Lithuania2525
Macedonia, FYR11
Mexico22,3491,0033,352
Moldova177
Mongolia44
Morocco3030
Nicaragua44
Pakistan11746163
Panama191837
Philippines14239182
Romania12938168
Russia360360
Slovak Republic441558
Slovenia22
South Africa7777
Sudan215927
Trinidad and Tobago1515
Tunisia3434
Uruguay88
Venezuela329329
Vietnam1515
Yugoslavia, Federal Republic of
(Serbia/Montenegro)3
Zaïre410615
Zimbabwe1414
Total4,4731,6475486,668

Advance repurchase.

Advance repurchases total SDR 2.6 billion.

Less than SDR 500,000.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Advance repurchase.

Advance repurchases total SDR 2.6 billion.

Less than SDR 500,000.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Table II.9Outstanding Fund Credit by Facility and Policy, at End of Financial Years Ended April 30, 1990–97(In millions of SDRs and percent of total)
19901991199219931994199519961997
In millions of SDRs
Stand-By Arrangements19,9939,3239,46910,5789,48515,11720,70018,064
Extended Arrangements8,2828,4408,6419,8499,56610,1559,98211,155
Compensatory and Contingency Financing Facility3,8235,1425,3224,2083,7563,0211,6021,336
Systemic Transformation Facility2,7253,8483,9843,984
Subtotal (GRA)22,09822,90623,43224,63525,53232,14036,26834,539
SAF arrangements1,2931,3771,5001,4841,4401,2771,208954
ESAF arrangements26721,1631,6462,2192,8123,3184,4694,904
Trust Fund3261581581581051029590
Total24,38825,60326,73628,49529,88936,83742,04040,488
In percent of total
Stand-By Arrangements14136353732414945
Extended Arrangements3433323432282428
Compensatory and Contingency Financing Facility1520201512843
Systemic Transformation Facility910910
Subtotal (GRA)9189878685878685
SAF arrangements55655332
ESAF arrangements23568991112
Trust Fund11113333
Total100100100100100100100100

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than½ of 1 percent of total.

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than½ of 1 percent of total.

Table II.10Enhanced Structural Adjustment Facility, Estimated Value of Subsidy Contributions and Loan Commitments as of April 30, 1997(In millions of SDRs)
ContributorSubsidies (Grant or Grant Equivalent)1Loans2
Prior to enlargementAfter enlargement3TotalPrior to enlargementAfter enlargement3
Argentina3131
Australia1717
Austria422264
Bangladesh11
Belgium8444129
Botswana33
Canada12865192300200
Chile44
China1313100
Colombia66
Czech Republic1212
Denmark492777
Egypt1212100
Finland4141
France271250521800750
Germany194194700700
Greece241539
Iceland314
India1111
Indonesia66
Iran, Islamic Republic of22
Ireland66
Italy14440184370210
Japan4472506972,2002,150
Korea508596528
Luxembourg5712
Malaysia341650
Malta112
Mexico3434
Morocco99
Netherlands8256137
Norway2917469060
Pakistan44
Portugal66
Singapore221638
Spain343421667
Sweden13051181
Switzerland5848106200152
Thailand131629
Tunisia22
Turkey1010
United Kingdom39078468
United States14373216
Uruguay22
Other1515
Saudi Arabia8348342004
Subtotal (bilateral)2,44951,3433,7925,1414,516
OPEC Fund366
SDA7591591
Total2,44951,9344,3845,1414,552

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, 1997 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1997 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 constituting 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 into account additional loan costs.

The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1997.

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, 1997 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1997 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 constituting 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 into account additional loan costs.

The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1997.

Special Disbursement Account.

Table II.11Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1997(In thousands of SDRs)
Total Holding April 30, 1996Receipts from Participants and Prescribed HoldersTransfers to Participants and Prescribed HoldersReceipts from the General Resources AccountTransfers to the General Resources AccountInterest, Charges, and Assessment (Net)Positions as at April 30, 1997
HoldingsNet cumulative allocationsHoldings as percent of cumulative allocations
MemberDesignatedOtherDesignatedOther
Participants
Afghanistan, Islamic State of26,703
Albania896,33515556,193889
Algeria27,45233,800426,102513,508125,518–4,52618,614128,64014.5
Angola1104115
Antigua and Barbuda45
Argentina313,267100,0002,267323,600472,730–4,005257,866318,37081.0
Armenia29,63489172,0981,14528,609
Australia33,9525,789–17,30322,438470,5454.8
Austria143,84255,86099,18316,539–2,172114,887179,04564.2
Azerbaijan12,44021,64521,7804,3533508,572
Bahamas, The100272133–40010410,2301.0
Bahrain11,520521011,7356,200189.3
Bangladesh105,34220,00068,116352,11159,37247,120126.0
Barbados29972712598–3121278,0391.6
Belarus2,0168,5418,444232,136
Belgium335,80489819,544–5,734350,511485,24672.2
Belize5417022633
Benin2364,7804,530–3631239,4091.3
Bhutan4491218479
Bolivia27,564790102126,80426,703100.4
Bosnia and Herzegovina14,096142,850–67658520,4812.9
Botswana27,55462992729,1104,359667.8
Brazil12,9413,7072,794–13,80252358,670
Brunei Darussalam7749783
Bulgaria8,671139,000130,800131,651147,964337896
Burkina Faso5,5453,750135–1771,7539,40918.6
Burundi19940093–53415913,6971.2
Cambodia10,0882103277–2219,38315,41760.9
Cameroon2434,235203,291–95325424,4631.0
Canada797,26819,572838817,677779,290104.9
Cape Verde1250–23396206.3
Central African Republic942,9812,1416476–3631009,3251.1
Chad9717,15316,3205458–3671109,4091.2
Chile4,7091,20077–4,6651,322121,9241.1
China403,4581,00027,0286,908436,393236,800184.3
Colombia119,6834,081248124,012114,271108.5
Comoros66601012–26716
Congo, Republic of1099276555–3801079,7191.1
Costa Rica344720286157–92626723,7261.1
Côre d’Ivoire1,9251,250471,274–1,44250637,8281.3
Croatia, Republic of192,28828,92210,1401,801112,87144,205255.3
Cyprus118673–7603119,4380.2
Czech Republic761
Denmark109,67240,22029111,971–2,604158,968178,86488.9
Djibouti32908735103–42611,1785.2
Dominica65835646–2375921.2
Dominican Republic1,5213,5489593,752–1,1921,08431,5853.4
Ecuador1,85518,00037217,006–1,2062,01632,9296.1
Egypt78,76520,0002741,851–2,19794,991135,92469.9
El Salvador24,9831081106–524,98124,985100.0
Equatorial Guinea631711107–2281125,8121.9
Eritrea
Estonia9512,45157113,087939
Ethiopia259260132–43321811,1602.0
Fiji7,791231358,0576,958115.8
Finland199,878215,689258,4858,0511,653166,787142,690116.9
France656,46651,050–16,255691,2611,079,87064.0
Gabon1405,4841,5002,1434,622–5471,09914,0917.8
Gambia, The7595,2004,9711–1748155,12115.9
Georgia8362,6309223,4509947
Germany1,321,567119,210115,4834,5901,322,4301,210,760109.2
Ghana20,315106,22078,0485131,631–1,89215,01562,98323.8
Greece6351,3002,725–4,045616103,5440.6
Grenada67–35329303.5
Guatemala10,6523–6809,97527,67836.0
Guinea2,0805,1004,9312–6221,62817,6049.3
Guinea-Bissau142,1422,030–47791,2126.5
Guyana1,12917,66012,4672005,473–50654314,5303.7
Haiti4732,6191,782347728–52640313,6972.9
Honduras529944268758–74124219,0571.3
Hungary2,8587,1002,09710,751511,354
Iceland54540269–64222116,4091.3
India7,985653,00017,046633,417–25,36919,244681,1702.8
Indonesia2,7637,762–9,2941,230238,9560.5
Iran, Islamic Republic of143,413100,0101,0001–2,756239,668244,05698.2
Iraq68,464
Ireland109,4896,426952116,86887,263133.9
Israel2,62795,61763292,420–4,0952,362106,3602.2
Italy11,82758,94557,40036,056–26,53322,896702,4003.3
Jamaica2,1234,9812,0655,792–1,5601,81840,6134.5
Japan1,805,320132,000146,04836,6161,855,984891,690208.1
Jordan2,66418,92058,17047,1069,775–61912516,8870.7
Kazakstan199,52920,00046,60518,3898,913256,658
Kenya1,15347,49146,64923–1,39762136,9901.7
Kiribati78
Korea71,08915,25312986,47172,911118.6
Kuwait63,9524,1431,52869,62326,744260.3
Kyrgyz Republic9,204229186,0213033,275
Lao People’s Democratic Republic8,8835,8653,158–4111,5489,409122.7
Latvia1,34225,7001,23988725,75541975
Lebanon12,67856633513,5794,393309.1
Lesotho9677718–1129143,73924.4
Liberia21,007
Libya357,10210,67211,959379,73358,771646.1
Lithuania7,03619,64310,35020,89730,5513827,058
Luxembourg7,565620–3677,81916,95546.1
Macedonia, former Yugoslav Republic of19343,0204,4005,5472,629–3102,1628,37925.8
Madagascar48413,86013,560190–74722719,2701.2
Malawi2939,6618,3178565–39968110,9756.2
Malaysia105,49314,544–1,152118,885139,04885.5
Maldives5324–96828224.0
Mali33410,83510,335113–61633115,9122.1
Malta38,283148871,08040,26411,288356.7
Marshall Islands
Mauritania32410,74110,5573–3611489,7191.5
Mauritius21,9206624322,22815,744141.2
Mexico775,9121,889,30134,1632,480,9327,028225,472290,02077.7
Micronesia, Federated States of91736953
Moldova7,1758,74314,8572461,307
Mongolia2975,00014434,19822980
Morocco8,05715,00017,115118757–3,0852,21985,6892.6
Mozambique33824824638
Myanmar4791,250437–1,70146543,4741.1
Namibia1213
Nepal17320091–3141508,1051.9
Netherlands555,933627,899681,86536,9931,329540,288530,340101.9
New Zealand5812,0003,258–5,529311141,3220.2
Nicaragua2584,9781001994,366–76120819,4831.1
Niger1,9908,5008,216188493–3171,6519,40917.6
Nigeria2732,3033,943–6,154365157,1550.2
Norway260,713188,689232,72419,8702,738239,285167,770142.6
Oman7,9721,100829,1546,262146.2
Pakistan8,56723,51098,580107,71226,315–6,4808,414169,9894.9
Panama8,90934,20044,71937,23233,443–8781,30126,3224.9
Papua New Guinea4701,4982,0002,5381,565–3595839,3006.3
Paraguay71,3473342,28673,96713,697540.0
Peru90124,575160,500169,25829,789–3,55988591,3191.0
Philippines1,563167,0001,925164,456–4,1041,927116,5951.7
Poland2,4137751073,296
Portugal60,6219,88641970,92653,320133.0
Qatar21,63982735922,82512,822178.0
Romania2,426166,52164,549170,491–2,85260,15375,95079.2
Russia140,47675,6001,371,1261,820,803668,5003,152405
Rwanda13,6613521,7958,927441–1420,69013,697151.1
St. Kitts and Nevis
St. Lucia1,399261,425742192.1
St. Vincent and the Grenadines786–117335420.7
San Marino201629271
São Tomé and Príncipe10783163–2166201.0
Saudi Arabia459,82418,23410,693488,752195,527250.0
Senegal2,36534,95031,646191,372–8453,47024,46214.2
Seychelles2119–15244066.0
Sierra Leone5,40110,1809,8774–5085,20017,45529.8
Singapore35,3471,6046,65087244,47416,475269.9
Slovak Republic96168,0003,00366,1281656,001
Slovenia12732,5483181,869–99227925,4311.1
Solomon Islands10225–25116541.7
Somalia13,697
South Africa9,74917,5009,26427,279–8,554680220,3600.3
Spain288,70534,27124323,001298,805108.1
Sri Lanka89442,00038,76118–2,7131,43770,8682.0
Sudan8,7166,670–2,04552,192
Suriname7,71050648,2217,750106.1
Swaziland5,91734–215,9306,43292.2
Sweden263,132459,470524,01112,607184211,381246,52585.7
Switzerland141,167711,655801,08931,0764,50187,309
Syrian Arab Republic1,435–1,43536,564
Tajikistan3,5006,044584982,058
Tanzania3391,2644–1,21938831,3721.2
Thailand34,9051,20310,264–1,83944,53384,65252.6
Togo31325022–42214210,9751.3
Tonga52932378
Trinidad and Tobago9381,1501,405982–1,79971246,2311.5
Tunisia15,95551,01865510342,321–85423,24434,24367.9
Turkey7,25118,5006,18620,445–4,3297,162112,3076.4
Turkmenistan
Uganda1,07060,23259,435336–1,1071,09629,3963.7
Ukraine86,449406,200407,72161,0602,68129,590
United Arab Emirates57,0332671857,77638,737149.2
United Kingdom276,811600,302530,85233,737–65,518314,4801,913,07016.4
United States7,560,719835,459302,29194,9037,122,4544,899,530145.4
Uruguay1,29310,254178,380–1,9151,27049,9772.5
Uzbekistan603,53020,00025,0366,282122,356
Vanuatu3135613383
Venezuela328,346234,080210,000353,739387,4952,137320,807316,890101.2
Vietnam1,93876,94161,2615813,426–1,7852,46647,6585.2
Western Samoa2,0686372,1101,142184.8
Yemen, Republic of45,53033,61748,1693,09928657,26828,743199.2
Yugoslavia, Federal Republic of (Serbia/Montenegro)156,665
Zaïre22,4078521,576–1,68486,309
Zambia7,2184,167183–2,47975468,2981.1
Zimbabwe2,67221,7343826921,355–2782,46110,20024.1
Total participants19,585,2047,626,0047,810,3755,365,8125,979,748-90,04618,696,85021,433,33087.2
Prescribed holders
Arab Monetary Fund26,26445,66130,9201,49942,503
Bank of Central African States1,77113,48514,43161886
Bank for International Settlements1,041,900417,861247,10543,9281,256,584
East African Development Bank1636169
Eastern Caribbean Central Bank1,997792,077
International Bank for Reconstruction and Development2,372179932,286
Islamic Development Bank2,345563563932,438
Total prescribed holders1,076,810477,570293,19845,7601,306,942
General Resources Account824,7285,979,7485,365,81255,4851,494,149
Total21,486,74214,083,32213,469,3855,365,8125,979,74811,19921,497,94121,433,330

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1997, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1997, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Table II.12Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs and of Their Nongold Reserves, at End of Financial Years Ended April 30, 1973–97
Financial YearAll Participants1Industrial Countries2Nonindustrial Countries
All nonindustrial countriesNet creditor countriesNet debtor countries
All net debtor countriesWith recent debt-servicing problems3Without recent debt servicing problems3
Holdings of SDRs as percent of cumulative allocations
197393.4105.760.8100.060.860.261.4
197494.6106.264.3100.064.367.660.7
197594.5106.563.1100.063.167.458.3
197695.1108.459.8100.059.863.655.7
197791.7105.754.9100.054.962.446.7
197885.395.658.1100.058.067.847.4
197990.397.074.5100.073.881.565.6
198091.996.881.0176.577.384.569.6
198174.581.060.8154.855.964.647.0
198274.681.859.1154.054.260.347.9
198379.995.047.4267.635.936.035.8
198469.880.347.4224.638.136.340.0
198578.495.142.8218.333.635.931.3
198687.3105.249.0233.639.440.937.8
198790.8110.049.9236.740.237.243.2
198896.2115.854.4262.143.635.152.4
198993.1116.343.5240.233.315.751.3
199097.2121.944.4262.933.016.649.9
199196.8120.745.9193.938.121.155.1
199296.8121.244.6200.136.520.353.4
199363.073.141.6166.635.129.940.1
199471.077.956.3222.547.758.237.3
199590.9105.160.4263.949.854.744.8
199691.4102.467.9285.556.650.762.3
199787.299.360.3303.647.846.749.0
Holdings of SDRs as percent of nongold reserves
19737.88.75.16.14.112.7
19747.29.23.64.33.18.4
19756.08.92.43.42.38.8
19765.48.32.03.02.15.8
19774.47.41.42.11.73.1
19783.55.31.41.91.72.3
19794.65.82.90.53.43.04.2
19805.67.13.51.44.13.65.0
19814.86.22.91.33.63.73.4
19825.36.93.01.33.74.33.1
19835.37.22.32.32.32.72.0
19844.25.62.02.12.02.51.7
19854.46.31.71.91.62.21.2
19865.06.72.02.41.92.61.5
19874.75.72.02.81.83.11.3
19884.45.12.03.41.83.11.4
19893.94.71.53.31.21.41.2
19903.84.61.55.01.11.21.1
19913.54.31.33.31.11.31.0
19923.24.41.03.40.91.00.8
19932.22.80.93.20.81.30.6
19942.12.71.14.80.92.10.5
19952.63.51.15.20.92.00.5
19962.12.90.94.60.81.30.6
19971.72.60.74.80.51.00.4

Consists of member countries that are participants in the SDR Department. At the end of financial year 1997, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 2.8 billion was not held by participants but instead by the Fund and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

Countries with recent debt-servicing problems are those that 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 1997, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 2.8 billion was not held by participants but instead by the Fund and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

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

Table II.13Key IMF Rates, Financial Year Ended April 30, 1997(In percent)
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate of

Remuneration1
Basic Rate

of Charge1
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate of

Remuneration1
Basic Rate

of Charge1
1996
April 293.884.24November 43.884.24
November 113.884.24
May 63.894.26November 183.894.26
May 133.894.26November 253.924.29
May 203.904.27
May 273.924.29December 23.934.30
December 93.874.23
June 33.934.30December 163.824.18
June 103.964.33December 233,874.23
June 173.934.30December 303.914.28
June 243.964.33
1997
July 13.934.30January 63.934.30
July 83.994.37January 133.924.29
July 153.974.34January 203.894.26
July 223.964.33January 273.914.28
July 293.974.34
February 33.924.29
August 53,924.29February 103.924.29
August 123.914.28February 173.914,28
August 193.954.32February 243.904,27
August 263.854.21
March 33.964.33
September 23.924.29March 103.964.33
September 93,944.31March 173.984.35
September 163,854.21March 244.074.45
September 233,884.24March 314,064.44
September 303.774,12
April 74.044.42
October 73.754.10April 144.044.42
October 143.814.17April 214.054.43
October 213.824.18April 284.094.47
October 283.844.20

Under the decision on burden sharing, the rate of remuneration is adjusted downward and the 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. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the rate 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 109.4 percent of the SDR interest rate, was reduced to 108.6 percent of the SDR interest rate after the retroactive reduction.

Under the decision on burden sharing, the rate of remuneration is adjusted downward and the 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. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the rate 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 109.4 percent of the SDR interest rate, was reduced to 108.6 percent of the SDR interest rate after the retroactive reduction.

Table II.14Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement1
MemberEffective Date of AcceptanceMemberEffective Date of Acceptance
Antigua and BarbudaNovember 22, 1983IndonesiaMay 7, 1988
ArgentinaMay 14, 1968IrelandFebruary 15, 1961
AustraliaJuly 1, 1965IsraelSeptember 21, 1993
AustriaAugust 1, 1962ItalyFebruary 15, 1961
Bahamas, TheDecember 5, 1973JamaicaFebruary 22, 1963
BahrainMarch 20, 1973JapanApril 1, 1964
BangladeshApril 11, 1994JordanFebruary 20, 1995
BarbadosNovember 3, 1993KazakstanJuly 16, 1996
BelgiumFebruary 15, 1961KenyaJune 30, 1994
BelizeJune 14, 1983KiribatiAugust 22, 1986
BeninJune 1, 1996KoreaNovember 1, 1988
BoliviaJune 5, 1967KuwaitApril 5, 1963
BotswanaNovember 17, 1995Kyrgyz RepublicMarch 29, 1995
Brunei DarussalamOctober 10, 1995LatviaJune 10, 1994
Burkina FasoJune 1, 1996LebanonJuly 1, 1993
CameroonJune 1, 1996LithuaniaMay 3, 1994
CanadaMarch 25, 1952LuxembourgFebruary 15, 1961
Central African RepublicJune 1, 1996MadagascarSeptember 18, 1996
ChadJune 1, 1996MalawiDecember 7, 1995
ChileJuly 27, 1977MalaysiaNovember 11, 1968
ChinaDecember 1, 1996MaliJune 1, 1996
ComorosJune 1, 1996MaltaNovember 30, 1994
Congo, Republic ofJune 1, 1996Marshall IslandsMay 21, 1992
Costa RicaFebruary 1, 1965MauritiusSeptember 29, 1993
Côte d’IvoireJune 1, 1996MexicoNovember 12, 1946
CroatiaMay 29, 1995Micronesia, Federated States ofJune 24, 1993
CyprusJanuary 9, 1991MoldovaJune 30, 1995
Czech RepublicOctober 1, 1995MongoliaFebruary 1, 1996
DenmarkMay 1, 1967MoroccoJanuary 21, 1993
DjiboutiSeptember 19, 1980NamibiaSeptember 20, 1996
DominicaDecember 13, 1979NepalMay 30, 1994
Dominican RepublicAugust 1, 1953NetherlandsFebruary 15, 1961
EcuadorAugust 31, 1970New ZealandAugust 5, 1982
El SalvadorNovember 6, 1946NicaraguaJuly 20, 1964
Equatorial GuineaJune 1, 1996NigerJune 1, 1996
EstoniaAugust 15, 1994NorwayMay 11, 1967
FijiAugust 4, 1972OmanJune 19, 1974
FinlandSeptember 25, 1979PakistanJuly 1, 1994
FranceFebruary 15, 1961PanamaNovember 26, 1946
GabonJune 1, 1996Papua New GuineaDecember 4, 1975
Gambia, TheJanuary 21, 1993ParaguayAugust 22, 1994
GeorgiaDecember 20, 1996PeruFebruary 15, 1961
GermanyFebruary 15, 1961PhilippinesSeptember 8, 1995
GhanaFebruary 21, 1994PolandJune 1, 1995
GreeceJuly 7, 1992PortugalSeptember 12, 1988
GrenadaJanuary 24, 1994QatarJune 4, 1973
GuatemalaJanuary 27, 1947Russian FederationJune 1, 1996
GuineaNovember 17, 1995St. Kitts and NevisDecember 3, 1984
Guinea-BissauJanuary 1, 1997St. LuciaMay 30, 1980
GuyanaDecember 27, 1966St. Vincent and the GrenadinesAugust 24, 1981
HaitiDecember 22, 1953San MarinoSeptember 23, 1992
HondurasJuly 1, 1950Saudi ArabiaMarch 22, 1961
HungaryJanuary 1, 1996SenegalJune 1, 1996
IcelandSeptember 19, 1983SeychellesJanuary 3, 1978
IndiaAugust 20, 1994Sierra LeoneDecember 14, 1995
SingaporeNovember 9, 1968Trinidad and TobagoDecember 13, 1993
Slovak RepublicOctober 1, 1995TunisiaJanuary 6, 1993
SloveniaSeptember 1, 1995TurkeyMarch 22, 1990
Solomon IslandsJuly 24, 1979UgandaApril 5, 1994
South AfricaSeptember 15, 1973UkraineSeptember 24, 1996
SpainJuly 15, 1986United Arab EmiratesFebruary 13, 1974
Sri LankaMarch 15, 1994United KingdomFebruary 15, 1961
SurinameJune 29, 1978United StatesDecember 10, 1946
SwazilandDecember 11, 1989UruguayMay 2, 1980
SwedenFebruary 15, 1961VanuatuDecember 1, 1982
SwitzerlandMay 29, 1992VenezuelaJuly 1, 1976
TanzaniaJuly 15, 1996Western SamoaOctober 6, 1994
ThailandMay 4, 1990Yemen, Republic ofDecember 10, 1996
TogoJune 1, 1996ZimbabweFebruary 3, 1995
TongaMarch 22, 1991

Armenia accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement with effect from May 29, 1997.

Armenia accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement with effect from May 29, 1997.

Table II.15Exchange Rate Arrangements as of April 30, 1997
Pegged
Single currencyCurrency composite
U.S. dollarFrench francOtherSDROther
AngolaBeninBhutan (Indian rupee)Libyan ArabBangladesh
Antigua and BarbudaBurkina FasoBosnia and HerzegovinaJamahiriya3, 4Botswana4
ArgentinaCameroon(deutsche mark)Myanmar4Burundi
Bahamas, The4Central African Rep.Brunei DarussalamCape Verde
BarbadosChad(Singapore dollar)Cyprus6
Estonia
BelizeComoros(deutsche mark)Czech Republic8
DjiboutiCongo, Rep. ofKiribati11Fiji
DominicaCôte d’Ivoire(Australian dollar)Iceland10
GrenadaEquatorialJordan
Iraq4GuineaLesotho (South African rand)Kuwait
Liberia4GabonNamibiaMalta
LithuaniaGuinea-Bissau(South African rand)Morocco13
Marshall Islands11MaliSan Marino11Nepal
Micronesia, FederatedNiger(Italian lira)Seychelles
States of11SenegalSwazilandSlovak Republic14
Nigeria4Togo(South African rand)
Solomon Islands
OmanThailand
Panama11Tonga
St. Kitts and NevisVanuatu
St. LuciaWestern Samoa
St. Vincent and
the Grenadines
Syrian Arab Republic4

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.

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

Member maintained exchange arrangement involving more than one market. The arrangement shown is that maintained in the major market. For Zaïre, note that the official name was changed to Democratic Republic of the Congo on May 17, 1997.

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, which is pegged to the European Currency Unit (ECU), is maintained within margins of ±2.25 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.

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

Member maintained exchange arrangement involving more than one market. The arrangement shown is that maintained in the major market. For Zaïre, note that the official name was changed to Democratic Republic of the Congo on May 17, 1997.

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, which is pegged to the European Currency Unit (ECU), is maintained within margins of ±2.25 percent.

Flexibility Limited vis-á-vis

a Single Currency or

Group of Currencies
More Flexible
Other

managed

floating
Independently

floating
Single

currency1
Cooperative

arrangements2
Bahrain5AustriaAlgeriaAfghanistan,United States
Qatar5BelgiumBelarusIslamic State of4Yemen, Republic of
Saudi Arabia5DenmarkBrazil4AlbaniaZaïre4
United ArabFinlandCambodia4ArmeniaZambia4
Emirates5FranceChile4, 7AustraliaZimbabwe
GermanyChina, Peoples’ Republic ofAzerbaijan
IrelandColombia9Bolivia
ItalyCosta RicaBulgaria
LuxembourgCroatiaCanada
NetherlandsDominican Republic4Ethiopia
PortugalEcuador12, 4Gambia, The
SpainEgypt4Ghana
El SalvadorGuatemala
Eritrea4, 11Guinea
GeorgiaGuyana
GreeceHaiti
Honduras4, 12India
Hungary15Jamaica
IndonesiaJapan
Iran, Islamic Republic of4Kazakstan
Israel14Kyrgyz- Republic
Kenya RepublicLebanon
KoreaMadagascar
Lao P.D.R.Malawi
LatviaMauritania
Macedonia, formerMexico
Yugoslav Republic ofMoldova
MalaysiaMongolia
MaldivesMozambique
MauritiusNew Zealand
NicaraguaPapua New Guinea
NorwayParaguay
Pakistan4Peru
Poland14Philippines
Russian FederationRomania
SingaporeRwanda
SloveniaSão Tomé and
Sri LankaPríncipe4
Sudan4Sierra Leone
SurinameSomalia
TunisiaSouth Africa
TurkeySweden
Turkmenistan4Switzerland
UkraineTajikistan, Republic of4
UruguayTanzania
Uzbekistan4Trinidad and Tobago
Venezuela8Uganda
VietnamUnited Kingdom

The exchange rate is maintained within margins of ±12.5 percent on either side of a weighted composite of the currencies of the main trading areas. The exchange arrangement involves more than one market.

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

The exchange rate is maintained within margins of ±7 percent.

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

Country uses peg currency as legal tender.

The exchange rate is maintained within margins of ±5 percent.

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

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

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 ±12.5 percent on either side of a weighted composite of the currencies of the main trading areas. The exchange arrangement involves more than one market.

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

The exchange rate is maintained within margins of ±7 percent.

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

Country uses peg currency as legal tender.

The exchange rate is maintained within margins of ±5 percent.

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

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

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

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