Chapter

Appendix II. Financial operations and transactions

Author(s):
International Monetary Fund
Published Date:
November 2005
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The tables in this appendix supplement the information given in Chapter 5 on the IMF’s financial operations and policies. Components may not sum to total because of rounding.

Table II.1Arrangements approved during financial years ended April 30, 1953–2005
Number of ArrangementsAmounts committed under Arrangements

(In millions of SDRs)
Financial yearStand-ByEFFSAFPRGFTotalStand-ByEFFSAFPRGFTotal
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
19989482127,3363,0781,73832,152
199954101914,32514,09099829,413
2000114102515,7066,58264122,929
2001111142613,093–91,24914,333
2002991839,4391,84841,287
2003102102228,5977941,18030,571
20045101514,51996715,486
200568141,1885251,713
Table II.2Arrangements in effect as of April 30, 1996–2005
Number of Arrangements as of April 30Amounts committed under Arrangements as of April 30

(In millions of SDRs)
Financial yearStand-ByEFFSAFPRGFTotalStand-ByEFFSAFPRGFTotal
19962171285714,9639,3901823,38327,918
1997141135603,76410,1844,04817,996
19981413336028,32312,3364,41045,069
1999912355632,74711,4014,18648,334
20001611315845,6069,7983,51658,920
2001178376234,9068,6973,29846,901
2002134355244,0957,6434,20155,939
2003153365442,8074,4324,45051,689
2004112364953,9447944,35659,094
2005102314311,9927942,87815,664
Table II.3Stand-By and Extended Arrangements in effect during financial year ended April 30, 2005(In millions of SDRs)
Arrangement datesAmounts approvedUndrawn balance
MemberEffective dateExpiration datePrior to FY2005In FY2005At date of terminationAs of April 30, 2005
Argentina9/20/20039/19/20068,9814,810
Bolivia4/2/20033/31/2006868660
Brazil9/6/20023/31/200527,37510,175
Bulgaria8/6/20049/5/2006100100
Colombia1/15/20035/2/20051,5481,548
Croatia8/4/20044/3/20069797
Dominican Republic8/29/20031/31/2005438306
Dominican Republic1/31/20055/31/2007438385
Gabon5/28/20046/30/20056928
Jordan7/3/20027/2/2004 8575
Macedonia, FYR4/30/20038/15/2004 20
Paraguay12/15/20039/30/2005 5050
Peru6/9/20048/16/2006287287
Romania7/7/20047/6/2006250250
Turkey2/4/20022/3/200512,821907
Ukraine3/29/20043/28/2005412412
Uruguay4/1/20023/31/20052,128(140)
Total for Stand-By Arrangements53,9441,18811,8757,615
Sri Lanka4/18/20034/17/2006144124
Serbia and Montenegro5/14/200212/31/2005650188
Total for Extended Arrangements794312
Total54,7381,18811,8757,927
Table II.4Arrangements under the Poverty Reduction and Growth Facility in effect during financial year ended April 30, 2005(In millions of SDRs)
Arrangement datesAmounts approvedUndrawn balance
MemberEffective dateExpiration datePrior to FY2005In FY2005At date of terminationAs of April 30, 2005
Albania16/21/200211/20/2005284
Armenia25/23/200112/31/200469
Azerbaijan37/6/20017/4/200580(13)13
Bangladesh46/20/20036/19/200634753252
Burkina Faso56/11/20038/15/20062410
Burundi1/23/20041/22/20076936
Cameroon612/21/200012/20/200411132
Cape Verde74/10/20027/31/200591
Chad2/16/20052/15/20082521
Congo, Dem. Rep.of6/12/20026/11/200558053
Congo, Rep. of12/6/200412/5/20075547
Côte d’Ivoire3/29/20023/28/2005293234
Dominica12/29/200312/28/200683
Ethiopia83/22/200110/31/2004100
Gambia, The7/18/20027/17/20052017
Georgia6/4/20046/3/20079870
Ghana5/9/20035/8/2006185105
Guinea5/2/20015/1/20046439
Guyana99/20/20029/12/20065528
Honduras2/27/20042/26/20077141
Kenya1011/21/200311/20/200617550150
Kyrgyz Republic1112/6/20013/14/200573
Kyrgyz Republic3/15/20053/14/200898
Lao People’s Dem. Rep.124/25/20014/24/20053214
Lesotho133/9/200110/31/200425
Madagascar143/1/20013/1/200592
Malawi1512/21/200012/20/20044532
Mali6/23/20046/22/200797
Mauritania167/18/200311/7/200466
Mongolia179/28/20017/31/20052816
Mozambique7/6/20047/5/20070118
Nepal11/19/200311/18/20065036
Nicaragua12/13/200212/12/20059842
Niger1812/22/20006/30/200459
Niger1/31/20051/30/200876
Pakistan12/6/200112/5/20041,034172
Rwanda198/12/20022/11/200641
Senegal4/28/20034/27/20062414
Sierra Leone209/26/20016/25/200513114
Sri Lanka4/18/20034/17/2006269231
Tajikistan12/11/200212/10/20056520
Tanzania8/16/20038/15/2006208
Uganda9/13/20029/12/2005144
Zambia6/16/20046/15/200722050
Total4,3575255281,315

Extended from 6/20/05.

Extended from 5/22/04.

Reduced by SDR 12.87 million on 12/22/04. Extended from 7/5/04, and from 3/31/05.

Augmented by SDR 53.3 million on 7/28/04.

Extended from 6/10/06.

Extended from 12/20/03.

Extended from 4/9/05.

Augmented by SDR 13.4 million on 3/18/02. Extended from 3/21/04, and from 7/31/04.

Extended from 9/19/05, and from 3/19/06.

Augmented by SDR 50 million on 12/20/04.

Extended from 12/5/04.

Extended from 4/24/04.

Extended from 3/8/04, and from 6/30/04.

Augmented by SDR 12.2 million on 3/17/04. Extended from 2/29/04, and from 11/30/04.

Extended from 12/20/03.

Cancelled on 11/7/04.

Extended from 9/27/04.

Extended from 12/21/03.

Extended from 8/11/05.

Extended from 9/25/04, and from 3/25/05.

Extended from 6/20/05.

Extended from 5/22/04.

Reduced by SDR 12.87 million on 12/22/04. Extended from 7/5/04, and from 3/31/05.

Augmented by SDR 53.3 million on 7/28/04.

Extended from 6/10/06.

Extended from 12/20/03.

Extended from 4/9/05.

Augmented by SDR 13.4 million on 3/18/02. Extended from 3/21/04, and from 7/31/04.

Extended from 9/19/05, and from 3/19/06.

Augmented by SDR 50 million on 12/20/04.

Extended from 12/5/04.

Extended from 4/24/04.

Extended from 3/8/04, and from 6/30/04.

Augmented by SDR 12.2 million on 3/17/04. Extended from 2/29/04, and from 11/30/04.

Extended from 12/20/03.

Cancelled on 11/7/04.

Extended from 9/27/04.

Extended from 12/21/03.

Extended from 8/11/05.

Extended from 9/25/04, and from 3/25/05.

Table II.5Summary of disbursements, repurchases, and repayments, financial years ended April 30, 1948–2005(In millions of SDRs)
DisbursementsRepurchases and repaymentsTotal Fund credit outstanding2
Financial yearPurchases1Trust Fund loansSAF loansPRGF loansTotalRepurchasesTrust Fund repaymentsSAF/PRGF repaymentsTotal
1948606606133
1949119119193
195052522424204
195128281919176
195246463737214
19536666185185178
1954231231145145132
1955494927627655
1956393927227272
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
199510,6151457311,2023,98442444,23136,837
199610,8701821,29512,3476,69873957,10042,040
19974,9397055,6446,66855247,19640,488
199820,00097320,9733,78915954,38556,026
199924,07182624,89710,46562711,09267,175
20006,3775136,89022,99363423,62750,370
20019,59963010,22911,24358811,83148,691
200229,19495230,14619,20776919,97658,699
200321,7841,21823,0027,7849288,71272,879
200417,83086518,69521,63889022,52869,031
20051,6087712,37913,90792314,83056,576

Includes reserve tranche purchases.

Excludes reserve tranche purchases; includes outstanding associated loans from the Saudi Fund for Development.

Includes reserve tranche purchases.

Excludes reserve tranche purchases; includes outstanding associated loans from the Saudi Fund for Development.

Table II.6Purchases and loans from the IMF, financial year ended April 30, 2005(In millions of SDRs)
MemberReserve trancheEmergency assistanceStand-By/credit trancheExtended Fund FacilitySRFTotal purchasesPRGF loansTotal purchases and loans
Albania88
Armenia1919
Azerbaijan1313
Bangladesh5050
Bolivia474747
Burkina Faso77
Burundi77
Cape Verde22
Central African Republic666
Chad44
Congo, Dem. Rep.of2727
Congo, Rep. of88
Dominica22
Dominican Republic535353
Ethiopia1010
Gabon424242
Georgia2828
Ghana3636
Grenada333
Guyana66
Haiti101010
Honduras2020
Iraq297297297
Kenya5050
Kyrgyz Republic2020
Lesotho44
Macedonia, FYR888
Madagascar2323
Maldives444
Mali33
Mozambique33
Nepal66713
Nicaragua1414
Niger99
Pakistan172172
Rwanda22
Senegal33
Serbia and Montenegro163163163
Sierra Leone1414
Sri Lanka103103103
Tajikistan2020
Tanzania66
Turkey454454454
Uganda44
Uruguay419419419
Zambia171171
Total64231,0221631,6147712,385
Table II.7Repurchases and repayments to the IMF, financial year ended April 30, 2005(In millions of SDRs)
MemberStand-By/credit trancheExtended Fund FacilityOthers1Total repurchasesSAF/PRGF and Trust Fund repaymentsTotal repurchases and repayments
Albania55
Algeria19528223223
Argentina1,9382562,1952,195
Armenia662026
Azerbaijan910191634
Belarus121212
Benin88
Bolivia2727
Bosnia and Herzegovina292929
Brazil2,7832,7832,783
Bulgaria3270102102
Burkina Faso1212
Cambodia88
Cameroon2323
Central African Republic22
Chad1111
Congo, Rep.of5538
Côte d’Ivoire8080
Djibouti0.30.3
Ecuador949494
Equatorial Guinea0.20.2
Ethiopia99
Gabon7101717
Gambia, The66
Georgia993140
Ghana3030
Guinea1414
Guinea-Bissau1123
Guyana1313
Haiti33
Honduras1616
Indonesia726726726
Jamaica444
Jordan4566060
Kenya1010
Kyrgyz Republic2323
Lao P.D.R.55
Latvia222
Lithuania242424
Macedonia, FYR66511
Madagascar77
Malawi99
Mali2020
Mauritania1111
Moldova151515
Mongolia44
Mozambique1616
Nicaragua2020
Niger1010
Pakistan2143024360304
Panama777
Papua New Guinea646464
Peru272727
Philippines109129238238
Romania10316119119
Russian Federation592,8612,9202,920
Rwanda55
Senegal3333
Serbia and Montenegro11358171171
Sierra Leone77
Sri Lanka969696
Sudan1742222
Tajikistan99
Tanzania3333
Togo1010
Turkey2,9572,9572,957
Uganda3535
Ukraine11962181181
Uruguay503503503
Uzbekistan171717
Vietnam114849
Yemen, Rep. of662733
Zambia171171
Zimbabwe88614
Total9,1284,54923013,90792314,830

Includes Compensatory and Contingency Financing Facility and Systemic Transformation Facility.

Includes Compensatory and Contingency Financing Facility and Systemic Transformation Facility.

Table II.8Outstanding IMF credit by facility and policy, financial years ended April 30, 1996–2005(In millions of SDRs and percent of total)
1996199719981999200020012002200320042005
(In millions of SDRs)
Stand-By Arrangements120,70018,06425,52625,21321,41017,10128,61234,24142,10035,818
Extended Arrangements9,98211,15512,52116,57416,80816,10815,53814,98113,7519,365
Supplemental Reserve Facility7,10012,6554,0855,87515,7006,0284,569
Compensatory and Contingency Financing Facility1,6021,3366852,8453,0322,99274541312084
Systemic Transformation Facility3,9843,9843,8693,3642,7181,9331,31164415418
Subtotal (General Resources Account)36,26834,53949,70160,65143,96842,21952,08165,97862,15349,854
SAF Arrangements1,2089547305654564323411378645
PRGF Arrangements24,4694,9045,5055,8705,8575,9516,1886,6766,7036,588
Trust Fund95909089898989898989
Total42,04040,48856,02667,17550,37048,69158,69972,87969,03156,576
(Percent of total)
Stand-By Arrangements149454638433549476163
Extended Arrangements24282225333326212017
Supplemental Reserve Facility13199102198
Compensatory and Contingency Financing Facility4314661133
Systemic Transformation Facility91075542133
Subtotal (General Resources Account)86858990878788919088
SAF Arrangements3211111333
PRGF Arrangements111210912121191012
Trust Fund3333333333
Total100100100100100100100100100100

Includes outstanding 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 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.9Summary of bilateral contributions to the PRGF and PRGF-HIPC Trusts(In millions of SDRs; cumulative through April 30, 2005)
PRGF TrustPRGF-HIPC Trust
Subsidy contributions “as needed”1Loan commitmentsSubsidies and HIPC grant contributions “as needed”1
Total3,514.715,759.71,561.6
Major industrial countries2,314.112,864.8880.5
Canada206.0700.048.8
France468.82,900.082.2
Germany201.42,750.0127.2
Italy153.61,380.063.6
Japan731.45,134.8144.0
United Kingdom371.782.2
United States181.3332.6
Other advanced countries983.92,452.8299.7
Australia17.024.8
Austria62.614.3
Belgium119.4350.035.3
Denmark67.9100.018.5
Finland42.78.0
Greece39.96.3
Iceland4.70.9
Ireland8.75.9
Israel1.8
Korea60.792.715.9
Luxembourg14.50.7
Netherlands145.7450.045.4
New Zealand1.7
Norway46.2150.018.5
Portugal4.96.6
San Marino0.04
Singapore31.116.5
Spain17.4708.423.3
Sweden189.318.3
Switzerland111.1601.737.0
Fuel-exporting countries16.549.593.1
Algeria5.5
Brunei Darussalam0.1
Gabon22.5
Iran, Islamic Republic of1.82.2
Kuwait3.1
Libya7.3
Nigeria13.9
Oman0.8
Qatar0.5
Saudi Arabia14.749.553.5
United Arab Emirates3.8
Other developing countries186.4355.6221.3
Argentina336.316.2
Bangladesh0.91.7
Barbados0.4
Belize0.3
Botswana1.95.7
Brazil15.0
Cambodia0.03
Chile4.14.4
China15.6200.019.7
Colombia0.9
Cyprus0.8
Egypt13.7155.61.3
Fiji0.1
Ghana0.5
India13.522.9
Indonesia6.78.2
Jamaica2.7
Malaysia44.412.7
Malta2.01.1
Mauritius0.1
Mexico54.5
Micronesia, Federated States of0.04
Morocco9.91.6
Pakistan3.63.4
Paraguay0.1
Peru2.5
Philippines6.7
Samoa0.04
South Africa28.6
Sri Lanka0.6
St. Lucia0.1
St. Vincent and the Grenadines0.1
Swaziland0.04
Thailand17.54.5
Tonga0.04
Tunisia1.61.5
Turkey12.2
Uruguay2.42.2
Vietnam0.4
Countries in transition13.742.9
Croatia0.4
Czech Republic13.74.1
Estonia0.5
Hungary6.0
Latvia1.0
Poland12.0
Russian Federation14.6
Slovak Republic4.0
Slovenia0.4
Pending contributions to the PRGF-HIPC Trust (“as needed”)124.0
Bahrain0.9
Dominican Republic0.5
Grenada0.1
Lebanon0.4
Maldives0.04
Trinidad and Tobago1.6
Vanuatu0.1
Venezuela20.4
Memorandum Item:
OPEC Fund for International Development37.0

The term “as needed” refers to the nominal undiscounted sum of the projected delivery of HIPC assistance plus the profile of projected subsidy needs associated with PRGF lending during 2002–05.

Contribution to the PRGF-HIPC Trust includes a pending balance of SDR 1.9 million “as needed.”

Contribution to the PRGF-HIPC Trust includes a pending balance of SDR 6.4 million “as needed.”

Less than SDR 5,000.

The term “as needed” refers to the nominal undiscounted sum of the projected delivery of HIPC assistance plus the profile of projected subsidy needs associated with PRGF lending during 2002–05.

Contribution to the PRGF-HIPC Trust includes a pending balance of SDR 1.9 million “as needed.”

Contribution to the PRGF-HIPC Trust includes a pending balance of SDR 6.4 million “as needed.”

Less than SDR 5,000.

Table II.10Holdings of SDRs by all participants and by groups of countries as percentage of their cumulative allocations of SDRs, at end of financial years ended April 30, 1996–2005
Nonindustrial countries2
Net debtor countries
All participants1Industrial countries2All nonindustrial countriesNet creditor countries3All net debtor countries3Heavily indebted poor countries
199691.4102.467.9285.556.617.4
199787.299.860.5303.647.817.3
199895.0107.069.4323.756.124.1
199981.194.652.5170.746.326.3
200084.695.062.5174.156.620.6
200186.6101.654.6204.246.512.4
200291.5107.756.9227.944.714.6
200393.0102.472.0173.757.717.1
200496.3105.676.3230.523.520.9
200596.296.396.0178.733.017.7

Member countries that are participants in the SDR Department. At the end of FY2005, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.8 billion was not held by participants, but instead by the IMF and prescribed holders.

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

Net creditor countries’ holdings of SDRs are more than their cumulative allocations of SDRs. Net debtor countries’ holdings of SDRs are less than their cumulative allocations of SDRs.

Member countries that are participants in the SDR Department. At the end of FY2005, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.8 billion was not held by participants, but instead by the IMF and prescribed holders.

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

Net creditor countries’ holdings of SDRs are more than their cumulative allocations of SDRs. Net debtor countries’ holdings of SDRs are less than their cumulative allocations of SDRs.

Table II.11Key IMF rates, financial year ended April 30, 2005(In percent)
Period beginningSDR interest rate and unadjusted rate of remuneration1Basic rate of charge1Period beginningSDR interest rate and unadjusted rate of remuneration1Basic rate of charge1
2004
May 11.622.49November 12.093.22
May 31.632.51November 82.143.30
May 101.692.60November 152.173.34
May 171.662.56November 222.183.36
May 241.692.60Novermber 292.213.40
May 311.722.65December 62.223.42
June 71.792.76December 132.243.05
June 141.832.82December 202.223.02
June 211.842.83December 272.223.02
June 281.822.80
2005
July 51.842.83January 32.223.02
July 121.832.82January 102.253.06
July 191.872.88January 172.263.07
July 261.892.91January 242.263.07
January 312.303.13
August 21.912.94
August 91.912.94February 72.313.14
August 161.902.93February 142.343.18
August 231.932.97February 212.363.21
August 301.953.00February 282.423.29
September 61.983.05March 72.433.30
September 131.993.06March 142.433.30
September 202.013.10March 212.453.33
September 272.023.11March 282.473.36
October 42.013.10April 42.453.33
October 112.013.10April 112.453.33
October 182.033.13April 182.453.33
October 252.063.17April 252.493.39

Under the FY2005 decision on burden sharing, the rate of remuneration was adjusted downward and the rate of charge was adjusted upward to share the impact of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing in FY2005 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. Beginning May 1, 2004, the basic rate of charge remained set at 154.0 percent of the SDR interest rate for FY2005. Effective November 1, 2004, the rate of charge was reduced to 136.0 percent of the SDR interest rate for the remainder of FY2005.

Under the FY2005 decision on burden sharing, the rate of remuneration was adjusted downward and the rate of charge was adjusted upward to share the impact of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing in FY2005 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. Beginning May 1, 2004, the basic rate of charge remained set at 154.0 percent of the SDR interest rate for FY2005. Effective November 1, 2004, the rate of charge was reduced to 136.0 percent of the SDR interest rate for the remainder of FY2005.

Table II.12Members that have accepted the obligations of Article VIII, Sections 2, 3, and 4, of the Articles of Agreement
MemberEffective date of acceptanceMemberEffective date of acceptance
AlgeriaSeptember 15, 1997IndiaAugust 20, 1994
Antigua and BarbudaNovember 22, 1983IndonesiaMay 7, 1988
ArgentinaMay 14, 1968Iran, Islamic Republic ofSeptember 6, 2004
ArmeniaMay 29, 1997IrelandFebruary 15, 1961
AustraliaJuly 1, 1965IsraelSeptember 21, 1993
AustriaAugust 1, 1962ItalyFebruary 15, 1961
AzerbaijanNovember 30, 2004JamaicaFebruary 22, 1963
Bahamas, TheDecember 5, 1973JapanApril 1, 1964
BahrainMarch 20, 1973JordanFebruary 20, 1995
BangladeshApril 11, 1994KazakhstanJuly 16, 1996
BarbadosNovember 3, 1993KenyaJune 30, 1994
BelarusNovember 5, 2001KiribatiAugust 22, 1986
BelgiumFebruary 15, 1961KoreaNovember 1, 1988
BelizeJune 14, 1983KuwaitApril 5, 1963
BeninJune 1, 1996Kyrgyz RepublicMarch 29, 1995
BoliviaJune 5, 1967LatviaJune 10, 1994
BotswanaNovember 17, 1995LebanonJuly 1, 1993
BrazilNovember 30, 1999LesothoMarch 5, 1997
Brunei DarussalamOctober 10, 1995LibyaJune 21, 2003
BulgariaSeptember 24, 1998LithuaniaMay 3, 1994
Burkina FasoJune 1, 1996LuxembourgFebruary 15, 1961
CambodiaJanuary 1, 2002Macedonia, FYRJune 19, 1998
CameroonJune 1, 1996MadagascarSeptember 18, 1996
CanadaMarch 25, 1952MalawiDecember 7, 1995
Cape VerdeJuly 1, 2004MalaysiaNovember 11, 1968
Central African RepublicJune 1, 1996MaliJune 1, 1996
ChadJune 1, 1996MaltaNovember 30, 1994
ChileJuly 27, 1977Marshall IslandsMay 21, 1992
ChinaDecember 1, 1996MauritaniaJuly 19, 1999
ColombiaAugust 1, 2004MauritiusSeptember 29, 1993
ComorosJune 1, 1996MexicoNovember 12, 1946
Congo, Dem. Rep. ofFebruary 10, 2003Micronesia, Federated States ofJune 24, 1993
Congo, Rep. ofJune 1, 1996MoldovaJune 30, 1995
Costa RicaFebruary 1, 1965MongoliaFebruary 1, 1996
Côte d’IvoireJune 1, 1996MoroccoJanuary 21, 1993
CroatiaMay 29, 1995NamibiaSeptember 20, 1996
CyprusJanuary 9, 1991NepalMay 30, 1994
Czech RepublicOctober 1, 1995NetherlandsFebruary 15, 1961
DenmarkMay 1, 1967New ZealandAugust 5, 1982
DjiboutiSeptember 19, 1980NicaraguaJuly 20, 1964
DominicaDecember 13, 1979NigerJune 1, 1996
Dominican RepublicAugust 1, 1953NorwayMay 11, 1967
EcuadorAugust 31, 1970OmanJune 19, 1974
EgyptJanuary 2, 2005PakistanJuly 1, 1994
El SalvadorNovember 6, 1946PalauDecember 16, 1997
Equatorial GuineaJune 1, 1996PanamaNovember 26, 1946
EstoniaAugust 15, 1994Papua New GuineaDecember 4, 1975
FijiAugust 4, 1972ParaguayAugust 22, 1994
FinlandSeptember 25, 1979PeruFebruary 15, 1961
FranceFebruary 15, 1961PhilippinesSeptember 8, 1995
GabonJune 1, 1996PolandJune 1, 1995
Gambia, TheJanuary 21, 1993PortugalSeptember 12, 1988
GeorgiaDecember 20, 1996QatarJune 4, 1973
GermanyFebruary 15, 1961RomaniaMarch 25, 1998
GhanaFebruary 21, 1994Russian FederationJune 1, 1996
GreeceJuly 7, 1992RwandaDecember 10, 1998
GrenadaJanuary 24, 1994St. Kitts and NevisDecember 3, 1984
GuatemalaJanuary 27, 1947St. LuciaMay 30, 1980
GuineaNovember 17, 1995St. Vincent and the GrenadinesAugust 24, 1981
Guinea-BissauJanuary 1, 1997SamoaOctober 6, 1994
GuyanaDecember 27, 1966San MarinoSeptember 23, 1992
HaitiDecember 22, 1953Saudi ArabiaMarch 22, 1961
HondurasJuly 1, 1950SenegalJune 1, 1996
HungaryJanuary 1, 1996Serbia and MontenegroMay 15, 2002
IcelandSeptember 19, 1983SeychellesJanuary 3, 1978
Sierra LeoneDecember 14, 1995TogoJune 1, 1996
SingaporeNovember 9, 1968TongaMarch 22, 1991
Slovak RepublicOctober 1, 1995Trinidad and TobagoDecember 13, 1993
SloveniaSeptember 1, 1995TunisiaJanuary 6, 1993
Solomon IslandsJuly 24, 1979TurkeyMarch 22, 1990
South AfricaSeptember 15, 1973UgandaApril 5, 1994
SpainJuly 15, 1986UkraineSeptember 24, 1996
Sri LankaMarch 15, 1994United Arab EmiratesFebruary 13, 1974
SudanOctober 29, 2003United KingdomFebruary 15, 1961
SurinameJune 29, 1978United StatesDecember 10, 1946
SwazilandDecember 11, 1989UruguayMay 2, 1980
SwedenFebruary 15, 1961UzbekistanOctober 15, 2003
SwitzerlandMay 29, 1992VanuatuDecember 1, 1982
TajikistanDecember 9, 2004VenezuelaJuly 1, 1976
TanzaniaJuly 15, 1996Yemen, Republic ofDecember 10, 1996
ThailandMay 4, 1990ZambiaApril 19, 2002
Timor-LesteJuly 23, 2002ZimbabweFebruary 3, 1995

Classification of exchange rate regimes and monetary framework1

This classification system is based on members’ actual, de facto, arrangements as identified by IMF staff, which may differ from their officially announced arrangements. The scheme ranks exchange rate arrangements on the basis of their degree of flexibility and the existence of formal or informal commitments to exchange rate paths. It distinguishes among different forms of exchange rate regimes, in addition to arrangements with no separate legal tender, to help assess the implications of the choice of exchange rate arrangement for the degree of monetary policy independence. The system presents members’ exchange rate regimes against alternative monetary policy frameworks with the intention of using both criteria as a way of providing greater transparency in the classification scheme and to illustrate that different exchange rate regimes can be consistent with similar monetary policy frameworks. The following explains the categories.

Exchange rate regimes

Exchange arrangements with no separate legal tender

The currency of another country circulates as the sole legal tender (formal dollarization), or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union. Adopting such regimes implies the complete surrender of the monetary authorities’ independent control over domestic monetary policy.

Currency board arrangements

A monetary regime based on an explicit legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuing authority to ensure the fulfillment of its legal obligation. This implies that domestic currency will be issued only against foreign exchange and that it remains fully backed by foreign assets, eliminating traditional central bank functions, such as monetary control and lender-of-last-resort, and leaving little scope for discretionary monetary policy. Some flexibility may still be afforded, depending on how strict the banking rules of the currency board arrangement are.

Other conventional fixed peg arrangements

The country (formally or de facto) pegs its currency at a fixed rate to another currency or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be standardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate—or the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percent—for at least three months. The monetary authority stands ready to maintain the fixed parity through direct intervention (that is, via sale/purchase of foreign exchange in the market) or indirect intervention (for example, via aggressive use of interest rate policy, imposition of foreign exchange regulations, exercise of moral suasion that constrains foreign exchange activity, or intervention by other public institutions). Flexibility of monetary policy, though limited, is greater than in the case of exchange arrangements with no separate legal tender and currency boards because traditional central banking functions are still possible, and the monetary authority can adjust the level of the exchange rate, although relatively infrequently.

Pegged exchange rates within horizontal bands

The value of the currency is maintained within certain margins of fluctuation of at least ±1 percent around a fixed central rate or the margin between the maximum and minimum value of the exchange rate exceeds 2 percent. It also includes arrangements of countries in the exchange rate mechanism (ERM) of the European Monetary System (EMS), which was replaced with the ERM II on January 1, 1999. There is a limited degree of monetary policy discretion, depending on the band width.

Crawling pegs

The currency is adjusted periodically in small amounts at a fixed rate or in response to changes in selective quantitative indicators, such as past inflation differentials vis-à-vis major trading partners, differentials between the inflation target and expected inflation in major trading partners, and so forth. The rate of crawl can be set to generate inflation-adjusted changes in the exchange rate (backward looking), or set at a preannounced fixed rate and/or below the projected inflation differentials (forward looking). Maintaining a crawling peg imposes constraints on monetary policy in a manner similar to a fixed-peg system.

Exchange rates within crawling bands

The currency is maintained within certain fluctuation margins of at least ±1 percent around a central rate—or the margin between the maximum and minimum value of the exchange rate exceeds 2 percent—and the central rate or margins are adjusted periodically at a fixed rate or in response to changes in selective quantitative indicators. The degree of exchange rate flexibility is a function of the band width. Bands are either symmetric around a crawling central parity or widen gradually with an asymmetric choice of the crawl of upper and lower bands (in the latter case, there may be no preannounced central rate). The commitment to maintain the exchange rate within the band imposes constraints on monetary policy, with the degree of policy independence being a function of the band width.

Managed floating with no predetermined path for the exchange rate

The monetary authority attempts to influence the exchange rate without having a specific exchange rate path or target. Indicators for managing the rate are broadly judgmental (for example, balance of payments position, international reserves, parallel market developments), and adjustments may not be automatic. Intervention may be direct or indirect.

Independently floating

The exchange rate is market-determined, with any official foreign exchange market intervention aimed at moderating the rate of change and preventing undue fluctuations in the exchange rate, rather than at establishing a level for it.

Monetary policy framework

Exchange rate anchor

The monetary authority stands ready to buy or sell foreign exchange at given quoted rates to maintain the exchange rate at its preannounced level or range; the exchange rate serves as the nominal anchor or intermediate target of monetary policy. This type of regime covers exchange rate regimes with no separate legal tender; currency board arrangements; fixed pegs with and without bands; and crawling pegs with and without bands.

Monetary aggregate anchor

The monetary authority uses its instruments to achieve a target growth rate for a monetary aggregate, such as reserve money, M1, or M2, and the targeted aggregate becomes the nominal anchor or intermediate target of monetary policy.

Inflation targeting framework

This involves the public announcement of medium-term numerical targets for inflation with an institutional commitment by the monetary authority to achieve these targets. Additional key features include increased communication with the public and the markets about the plans and objectives of monetary policymakers and increased accountability of the central bank for attaining its inflation objectives. Monetary policy decisions are guided by the deviation of forecasts of future inflation from the announced target, with the inflation forecast acting (implicitly or explicitly) as the intermediate target of monetary policy.

Fund-supported or other monetary program

This involves implementation of monetary and exchange rate policies within the confines of a framework that establishes floors for international reserves and ceilings for net domestic assets of the central bank. Indicative targets for reserve money may be appended to this system.

Other

The country has no explicitly stated nominal anchor but, rather, monitors various indicators in conducting monetary policy, or there is no relevant information available for the country.

Table II.13De facto exchange rate arrangements and anchors of monetary policy as of April 30, 2005
Monetary policy framework
Exchange rate regime (number of countries)Exchange rate anchorMonetary aggregate targetInflation-targeting frameworkIMF-supported or other monetary programOther
Exchange arrangements with no separate legal tender (41)Another currency as legal tender Ecuador

El Salvador4

Kiribati

Marshall Islands

Micronesia, Fed.

States of

Palau

Panama

San Marino

Timor-Leste
CFA franc zone (14)Euro area (12)3

Austria

Belgium

Finland

France

Germany

Greece

Ireland

Italy

Luxembourg

Netherlands

Portugal

Spain
ECCU (6)2

Antigua and Barbuda

Dominica*

Grenada

St. Kitts and Nevis

St. Lucia

St. Vincent and the Grenadines


WAEMU

Benin

Burkina Faso*

Côte d’Ivoire*

Guinea-Bissau

Mali*

Niger*

Senegal*

Togo
CAEMC

Cameroon*

Central African Rep.

Chad*

Congo, Rep. of*

Equatorial Guinea

Gabon*
Currency board arrangements (7)Bosnia and Herzegovina5

Brunei

Darussalam

Bulgaria*

Hong Kong SAR

Djibouti

Estonia6

Lithuania6
Other conventional fixed-peg arrangements (42)Against a single currency (35)

Aruba

Bahamas, The7

Bahrain

Barbados

Belize

Bhutan

Cape Verde*

China†8

Comoros9

Eritrea

Guinea8

Iraq8

Jordan8

Kuwait

Latvia

Lebanon8

Lesotho

Macedonia, FYR8

Malaysia

Maldives

Namibia

Nepal*

Netherlands Antilles

Oman

Qatar

Saudi Arabia

Seychelles8

Swaziland

Syrian Arab Rep.7

Trinidad and Tobago8

Turkmenistan8

Ukraine8

United Arab Emirates

Venezuela

Vietnam8
Against a composite (7)

Botswana7

Fiji

Libya

Malta

Morocco

Samoa

Vanuatu
China†8
Pegged exchange rates within horizontal bands (5)10Within a cooperative arrangement (2)

Denmark6

Slovenia6
Other band arrangements (3)

Cyprus

Hungary†

Tonga
Hungary†
Crawling pegs (5)Bolivia

Costa Rica

Honduras*†8

Nicaragua*

Solomon Islands8
Honduras*†8
Exchange rates within crawling bands (1)Belarus11
Managed floating with no pre-determined path for the exchange rate (52)Bangladesh*

Cambodia7

Egypt

Ethiopia

Ghana*8

Guyana*

Indonesia

Iran, I.R. of

Jamaica8

Mauritius

Moldova

Sudan

Suriname7

Tunisia

Zambia
Colombia*

Czech Rep.

Guatemala8

Peru*

Thailand
Argentina*

Azerbaijan*

Croatia*

Georgia*

Haiti*3, 8

Kenya*

Kyrgyz Rep.*

Lao P.D.R.*7

Mongolia*

Mozambique*8

Rwanda*

Serbia and Montenegro*12

Tajikistan*
Afghanistan, I.R. of

Algeria3

Angola3

Burundi*3

Gambia, The*3, 8

India3

Kazakhstan3

Mauritania

Myanmar3, 7, 8

Nigeria8

Pakistan3

Paraguay*3

Romania*

Russian Federation3

São Tomé and Príncipe

Singapore3

Slovak Rep.3

Uzbekistan3, 7

Zimbabwe7
Independently floating (34)Madagascar

Malawi

Sierra Leone*8

Sri Lanka*

Uruguay

Yemen, Rep. of
Australia

Brazil

Canada

Chile

Iceland

Israel†8

Korea

Mexico

New Zealand

Norway

Philippines

Poland

South Africa

Sweden

Turkey

United Kingdom
Albania*

Armenia*

Congo, Dem.

Rep. of the*

Tanzania*

Uganda*
Dominican Rep.*3

Japan3

Liberia3, 8

Papua New Guinea3

Somalia7, 13

Switzerland3

United States3
Sources: IMF staff reports; Recent Economic Developments; and International Financial Statistics.Note: An asterisk (*) indicates that the country has an IMF-supported or other monetary program. A dagger (†) indicates that the country adopts more than one nominal anchor in conducting monetary policy. It should be noted, however, that it would not be possible, for practical reasons, to include in this table which nominal anchor plays the principal role in conducting monetary policy.1Based on “Exchange Arrangements and Foreign Exchange Markets: Developments and Issues” (unpublished; SM/02/233, July 22, 2002).

The ECCU has a currency board arrangement.

These countries have no explicitly stated nominal anchor but, rather, monitor various indicators in conducting monetary policy.

The printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate along with the U.S. dollar as legal tender until all colón notes wear out physically.

In the Republika Srpska, the Serbian dinar circulates.

The member participates in the ERM II of the European monetary system.

The member maintains an exchange arrangement involving more than one foreign exchange market. The arrangement shown is that maintained in the major market.

The regime operating de facto in the country is different from its de jure regime.

Comoros has the same arrangement with the French Treasury as the CFA franc zone countries.

The band widths for these countries are as follows: Cyprus ±15%, Denmark ±2.25%, Hungary ±15%, Slovenia ±15%, and Tonga ±5%.

The band width is adjusted frequently.

The description of the exchange rate regime applies to the Republic of Serbia only, which accounts for about 93% of the economy of Serbia and Montenegro; in the Republic of Montenegro, the euro is legal tender. In the UN-administered province of Kosovo, the euro is the most widely used currency.

As insufficient information on the country is available to confirm this classification, the classification of the last official consultation is used.

Sources: IMF staff reports; Recent Economic Developments; and International Financial Statistics.Note: An asterisk (*) indicates that the country has an IMF-supported or other monetary program. A dagger (†) indicates that the country adopts more than one nominal anchor in conducting monetary policy. It should be noted, however, that it would not be possible, for practical reasons, to include in this table which nominal anchor plays the principal role in conducting monetary policy.1Based on “Exchange Arrangements and Foreign Exchange Markets: Developments and Issues” (unpublished; SM/02/233, July 22, 2002).

The ECCU has a currency board arrangement.

These countries have no explicitly stated nominal anchor but, rather, monitor various indicators in conducting monetary policy.

The printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate along with the U.S. dollar as legal tender until all colón notes wear out physically.

In the Republika Srpska, the Serbian dinar circulates.

The member participates in the ERM II of the European monetary system.

The member maintains an exchange arrangement involving more than one foreign exchange market. The arrangement shown is that maintained in the major market.

The regime operating de facto in the country is different from its de jure regime.

Comoros has the same arrangement with the French Treasury as the CFA franc zone countries.

The band widths for these countries are as follows: Cyprus ±15%, Denmark ±2.25%, Hungary ±15%, Slovenia ±15%, and Tonga ±5%.

The band width is adjusted frequently.

The description of the exchange rate regime applies to the Republic of Serbia only, which accounts for about 93% of the economy of Serbia and Montenegro; in the Republic of Montenegro, the euro is legal tender. In the UN-administered province of Kosovo, the euro is the most widely used currency.

As insufficient information on the country is available to confirm this classification, the classification of the last official consultation is used.

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