Chapter

Appendix II. Financial operations and transactions

Author(s):
International Monetary Fund
Published Date:
February 2007
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The tables in this appendix supplement the information given in Chapter 8 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, 1953–2006
Number of ArrangementsAmounts committed under Arrangements

(In millions of SDRs)
Financial

year
Stand-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
2006517138,33691298,474
Table II.2Arrangements in effect as of April 30, 1997–2006
Number of Arrangements as of April 30Amounts committed under Arrangements as of April 30

(In millions of SDRs)
Financial

year
Stand-ByEFFPRGFTotalStand-ByEFFPRGFTotal
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
200610127389,53491,77011,313
Table II.3Stand-By and Extended Arrangements in effect during financial year ended April 30, 2006(In millions of SDRs)
Arrangement datesAmounts approvedUndrawn balance
MemberEffective dateExpiration datePrior to FY2006In FY2006At date of terminationAs of April 30, 2006
Argentina9/20/20031/5/20068,9814,810
Bolivia14/2/20033/31/2006172−2634
Bulgaria8/6/20049/5/2006100100
Colombia1/15/20035/2/20051,5481,548
Colombia5/2/200511/2/2006405405
Croatia28/4/200411/15/200697299
Dominican Republic1/31/20055/31/2007438289
Gabon5/28/20047/31/20056928
Iraq12/23/20053/22/2007475475
Macedonia, FYR8/31/20058/30/20085241
Paraguay12/15/200311/30/20055050
Peru6/9/20048/16/2006287287
Romania7/7/20047/6/2006250250
Turkey5/11/20055/10/20086,6624,997
Uruguay6/8/20056/7/2008766588
Total for Stand-By Arrangements11,9928,3366,4707,532
Albania2/1/20061/31/200997
Sri Lanka4/18/20034/17/2006144124
Serbia and Montenegro5/14/20022/28/2006650
Total for Extended Arrangements79491247
Total12,7868,3456.5947,539

Reduced by SDR 26 million on 10/31/2005.

Augmentated by SDR 2 million on 3/29/2006.

Reduced by SDR 26 million on 10/31/2005.

Augmentated by SDR 2 million on 3/29/2006.

Table II.4Arrangements under the Poverty Reduction and Growth Facility in effect during financial year ended April 30, 2006(In millions of SDRs)
Arrangement datesAmounts approvedUndrawn balance
MemberEffective dateExpiration datePrior to FY2006In FY2006At date of terminationAs of April 30, 2006
Albania02/01/0601/31/0997
Albania106/21/0211/20/0528
Armenia05/25/0505/24/082316
Azerbaijan1,207/06/0107/04/056813
Bangladesh1,306/20/0312/31/06400117
Benin08/05/0508/04/0865
Burkina Faso106/11/0309/30/06243
Burundi01/23/0401/22/076929
Cameroon10/24/0510/23/081916
Cape Verde104/10/0207/31/059
Chad02/16/0502/15/082521
Congo, Dem. Rep. of106/12/0203/31/0658027
Congo, Rep. of12/06/0412/05/075539
Dominica12/29/0312/28/0682
Gambia, The07/18/0207/17/052017
Georgia06/04/0406/03/079842
Ghana105/09/0310/31/0618579
Grenada04/17/0604/16/09119
Guyana109/20/0209/12/06559
Honduras02/27/0402/26/077131
Kenya411/21/0311/20/06225150
Kyrgyz Republic03/15/0503/14/0896
Malawi08/05/0508/04/083828
Mali06/23/0406/22/0794
Mongolia109/28/0107/31/052816
Mozambique07/06/0407/05/07115
Nepal11/19/0311/18/065036
Nicaragua112/13/0212/12/069828
Niger501/31/0501/30/0872015
Rwanda108/12/0206/11/0641
São Tomé and Príncipe08/01/0507/31/0832
Senegal04/28/0304/27/0624
Sierra Leone109/26/0106/25/05131
Sri Lanka04/18/0304/17/06269231
Tajikistan112/11/0202/10/0665
Tanzania08/16/0308/15/06203
Uganda109/13/0201/31/0614
Zambia06/16/0406/15/0722033
Total2,879129304736

Arrangements are initially approved for a period of three years. An expiration date beyond that reflects an extension.

Reduced by SDR 13 million on 12/22/04.

Augmented by SDR 53 million on 7/28/04.

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

Augmented by SDR 20 million on 11/14/05.

Arrangements are initially approved for a period of three years. An expiration date beyond that reflects an extension.

Reduced by SDR 13 million on 12/22/04.

Augmented by SDR 53 million on 7/28/04.

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

Augmented by SDR 20 million on 11/14/05.

Table II.5Summary of disbursements, repurchases, and repayments, financial years ended April 30, 1948–2006(In millions of SDRs)
DisbursementsRepurchases and repaymentsTotal Fund
Financial yearPurchases1Trust Fund loansSAF loansPRGF loansTotalRepurchasesTrust Fund repaymentsSAF/PRGF repaymentsTotalcredit outstanding2
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
20062,1564032,55932,7833,20835,99123,144

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.

Tableau II.6Purchases and loans from the IMF, financial year ended April 30, 2006(In millions of SDRs)
MemberReserve trancheEmergency assistanceStand-By/credit trancheExtended Fund FacilitySRFTotal purchasesPRGF loansTotal purchases and loans
Albania1156
Armenia77
Bangladesh134134
Benin11
Burkina Faso77
Burundi77
Cameroon33
Cape Verde11
Central African Republic777
Congo, Dem. Rep. of2727
Congo, Rep. of88
Dominica11
Dominican Republic969696
Georgia2828
Ghana2626
Grenada22
Guyana1919
Haiti101010
Honduras1010
Kyrgyz Republic11
Macedonia, FYR111111
Malawi1010
Mali33
Mozambique22
Nicaragua1414
Niger1111
Rwanda11
São Toméand Príncipe11
Senegal1414
Serbia and Montenegro188188188
Sierra Leone1414
Tajikistan2020
Tanzania66
Turkey1,6661,6661,666
Uganda44
Uruguay178178178
Zambia1616
Total171,9511892.1564032.559
Note: Components may not sum to total because of rounding.
Note: Components may not sum to total because of rounding.
Tableau II.7Repurchases and repayments to the IMF, financial year ended April 30, 2006(In millions of SDRs)
MemberStand-By/

Credit

Tranche
Extended

Fund

Facility
Others1Total

repurchases
SAF/PRGF and

Trust Fund

repayments2
Total

repurchases

and repayments
Albania77
Algeria358358358
Argentina7,9941078,1018,101
Armenia112223
Azerbaijan95141630
Benin4040
Bolivia10210289191
Bosnia and Herzegovina272727
Brazil15,35615,35615,356
Bulgaria198235433433
Burkina Faso7171
Cambodia5959
Cameroon202202
Central African Rep.33
Chad1111
Congo, Rep. of4437
Cote d’lvoire6262
Djibouti11
Dominica0.50.51
Dominican Republic111111
Ecuador969696
Ethiopia115115
Gabon3101313
Gambia, The22
Georgia223436
Ghana295295
Grenada0.40.40.4
Guinea1414
Guinea-Bissau22
Guyana5353
Haiti33
Honduras119119
Indonesla826826826
Jordan5485454
Kenya88
Kyrgyz Republic2121
Lao P.D.R.44
Liberia0.20.20.2
Macedonia, FYR0.50.31257
Madagascar143143
Malawi44914
Mali8787
Mauritania1010
Moldova151515
Mongolia55
Mozambique122122
Nicaragua150150
Niger8383
Pakistan39195853111
Panama777
Papua New Guinea121212
Peru272727
Philippines59126185185
Romania127127127
Rwanda5858
São Toméand Príncipe0.10.1
Senegal122122
Serbia and Montenegro6344106106
Sierra Leone66
Sri Lanka626262
Sudan568.51919
Tajikistan7878
Tanzania263263
Togo88
Turkey5,8495,8495,849
Uganda118118
Ukraine231231231
Uruguay553553553
Uzbekistan888
Vietnam3030
Yemen, Republic of993039
Zambia571571
Zimbabwe64451090.2110
Total30,6302,0777432,7833,20835,991

Includes Compensatory and Contingency Financing Facility, Systemic Transformation Facility, Natural Disaster Emergency Assistance, Post-Conflict Emergency Assistance, and Supplementary Financing Facility.

Includes MDRI debt relief provided to 19 eligible countries in January and to Cameroon in April 2006.

Includes Compensatory and Contingency Financing Facility, Systemic Transformation Facility, Natural Disaster Emergency Assistance, Post-Conflict Emergency Assistance, and Supplementary Financing Facility.

Includes MDRI debt relief provided to 19 eligible countries in January and to Cameroon in April 2006.

Tableau II.8Outstanding IMF credit by facility and policy, financial years ended April 30, 1997–2006(In millions of SDRs and percent of total)
1997199819992000200120022003200420052006
(In millions of SDRs)
Stand-By Arrangements118,06425,52625,21321,41017,10128,61234,24142,10035,81811,666
Extended Arrangements11,15512,52116,57416,80816,10815,53814,98113,7519,3657,477
Supplemental Reserve Facility7,10012,6554,0855,87515,7006,0284,569
Compensatory and Contingency
Financing Facility1,3366852,8453,0322,9927454131208484
Systemic Transformation Facility3,9843,8693,3642,7181,9331,31164415418
Subtotal (GRA)34,53949,70160.65143,96842,21952,08165,97862,15349,85419,227
SAF Arrangements95473056545643234113786459
PRGF Arrangements24,9045,5055,8705,8575,9516,1886,6766,7036,5883,819
Trust Fund90908989898989898989
Total40,48856.02667,17BB0,37048,69158,69972,87969,03156,57623,144
(Percent of total)
Stand-By Arrangements145463843354947616350
Extended Arrangements28222533332621201733
Supplemental Reserve Facility13199102198
Compensatory and Contingency
Financing Facility3146611333
Systemic Transformation Facility10755421333
Subtotal (GRA)85899087878891908883
SAF Arrangements2111113333
PRGF Arrangements2121091212119101217
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.

Tableau II.9Summary of bilateral contributions to the PRGF-ESF and PRGF-HIPC Trusts(In millions of SDRs; cumulative through April 30, 2006)
PRGF-ESF TrustPRGF-HIPC Trust
Subsidy contributions “as needed”1Subsidies and HIPC

grant contributions

“as needed”1
CommittedOf which, used for

MDRI debt relief
Loan commitments
Total3,352.91,120.01B,759.71,561.6
Major industrial countries2.238.5818.812,864.8880.5
Canada237.484.8700.048.8
France378.2116.42,900.082.2
Germany186.866.12,750.0127.2
Italy148.784.41,380.063.6
Japan683.6253.45,134.8144.0
United Kingdom439.1155.482.2
United States164.658.3332.6
Other advanced countries931.1250.42,452.8299.7
Australia16.03.724.8
Austria58.714.3
Belgium111.639.5350.035.3
Denmark66.723.6100.018.5
Finland42.815.18.0
Greece37.713.36.3
Iceland4.31.50.9
Ireland7.92.45.9
Israel1.8
Korea61.821.092.715.9
Luxembourg13.60.7
Netherlands134.3450.045.4
New Zealand1.7
Norway44.215.7150.018.5
Portugal4.21.46.6
San Marino0.05
Singapore18.36.516.5
Spain16.63.1708.423.3
Sweden183.865.018.3
Switzerland108.738.5601.737.0
Fuel-exporting countries17.26.149.5114.3
Algeria5.5
Bahrain0.9
Brunei Darussalam0.1
Gabon2.5
Iran, Islamic Republic of1.60.62.2
Kuwait3.1
Libya7.3
Nigeria13.9
Oman0.8
Qatar0.5
Saudi Arabia15.65.549.553.5
United Arab Emirates3.8
Venezuela20.4
Other developing countries153.944.8355.6224.1
Argentina32.511.516.2
Bangladesh0.80.21.7
Barbados0.4
Belize0.3
Botswana1.70.65.7
Brazil15.0
Cambodia0.04
Chile3.71.34.4
China14.24.2200.019.7
Colombia0.9
Cyprus0.8
Dominican Republic0.5
Egypt12.34.3155.61.3
Fiji0.1
Ghana0.5
Grenada0.1
India12.422.9
Indonesla6.02.18.2
Jamaica2.7
Lebanon0.4
Malaysia31.611.212.7
Maldives0.01
Malta1.40.51.1
Mauritius0.1
Mexico54.5
Micronesia, Federated States of0.00*
Morocco8.93.21.6
Pakistan2.30.33.4
Paraguay0.1
Peru2.5
Philippines6.7
Samoa0.00*
South Africa28.6
Sri Lanka0.6
St. Lucia0.1
St. Vincent and the Grenadines0.1
Swaziland0.01
Thailand12.64.44.5
Tonga0.02
Trinidad and Tobago1.6
Tunisia1.00.31.5
Turkey11.2
Uruguay1.30.52.2
Vanuatu0.1
Vietnam0.4
Countries in transition12.342.9
Croatia0.4
Czech Republic12.34.1
Estonia0.5
Hungary6.0
Latvia1.0
Poland12.0
Russian Federation14.6
Slovak Republic4.0
Slovenia0.4
Memorandum Item:
OPEC Fund for International Development37.0

Lessthan SDR 5,000.

Estimated values of total contributions include forthcoming contributions that are not yet received. The term “as needed” refers to the nominal sum of concessional assistance taking into account the profile of subsidy needs associated with PRGF lending and the provision of HIPC assistance, respectively.

Lessthan SDR 5,000.

Estimated values of total contributions include forthcoming contributions that are not yet received. The term “as needed” refers to the nominal sum of concessional assistance taking into account the profile of subsidy needs associated with PRGF lending and the provision of HIPC assistance, respectively.

Tableau 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, 1997–2006
Nonindustrial countries2
Net debtor countries
All

participants1
Industrial

countries2
All nonindustrial

countries
Net creditor

countries3
All net debtor

countries3
Heavily indebted

poor countries
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
200681.885.374.3233.720.210.4

Consists of member countries that are participants in the SDR Department. At the end of FY2006, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion) SDR 3.9 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.

Consists of member countries that are participants in the SDR Department. At the end of FY2006, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion) SDR 3.9 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.

Tableau II.11Key IMF rates, financial year ended April 30, 2006(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
2005November 72.944.02
May 12.493.57November 142.974.05
May 22.473.55November 212.994.07
May 92.453.53November 283.004.08
May 162.443.52
May 232.463.54December 53.024.10
May 302.493.57December 123.004.08
December 193.004.08
June 62.503.58December 263.034.11
June 132.513.59
June 202.513.59
June 272.543.622006
January 23.064.14
July 42.563.64January 93.174.25
July 112.563.64January 163.224.30
July 182.593.67January 233.244.32
July 252.633.71January 303.294.37
August 12.653.73
August 82.703.78February 63.324.40
August 152.693.77February 133.354.43
August 152.703.78February 203.364.44
August 292.703.78February 273.404.48
September 52.663.74March 63.424.50
September 122.683.76March 133.434.51
September 192.693.77March 203.434.51
September 262.683.76March 273.464.54
October 32.733.81April 33.474.55
October 102.753.83April 103.484.56
October 172.823.90April 173.494.57
October 242.863.94April 243.514.59
October 312.913.99

Under the FY2006 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 IMFs income from overdue charges and of contributing to the IMF's precautionary balances. The amounts generated from burden sharing in FY2006 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. During FY2006, the basic rate of charge was equal to the SDR interest rate plus 108 basis points.

Under the FY2006 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 IMFs income from overdue charges and of contributing to the IMF's precautionary balances. The amounts generated from burden sharing in FY2006 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. During FY2006, the basic rate of charge was equal to the SDR interest rate plus 108 basis points.

Tableau II.12Members 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
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, 1965IsraelSeptember21, 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, 1961PhilippinesSeptembers, 1995
GabonJune 1, 1996PolandJune 1, 1995
Gambia, TheJanuary 21, 1993PortugaSeptember 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, 1995TongaMarch 22, 1991
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
SudanOctober 29, 2003United StatesDecember 10, 1946
SurinameJune 29, 1978UruguayMay 2, 1980
SwazilandDecember 11, 1989UzbekistanOctober 15, 2003
SwedenFebruary 15, 1961VanuatuDecember 1, 1982
SwitzerlandMay 29, 1992VenezuelaJuly 1, 1976
TajikistanDecember 9, 2004VietnamNovember 8, 2005
TanzaniaJuly 15, 1996Yemen, Republic ofDecember 10, 1996
ThailandMay 4, 1990ZambiaApril 19, 2002
Timor-LesteJuly 23, 2002ZimbabweFebruary 3, 1995
TogoJune 1, 1996
Tableau II.13De facto classification of exchange rate regimes and monetary policy framework
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 and monetary policy frameworks to provide greater transparency in the classification scheme and to illustrate the relationship between exchange rate regimes and different 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’ 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, leaving little scope for discretionary monetary policy and eliminating traditional central bank functions, such as monetary control and lender-of-last-resort. Some flexibility may still be afforded, depending on how strict the banking rules of the currency board arrangement are.

Conventional fixed peg arrangements

The country pegs its currency within margins of ±1 percent or less vis-à-vis another currency; a cooperative arrangement, such as the ERM II; 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 maintains the narrow range of fluctuation through direct intervention (that is, via sale/purchase of foreign exchange in the market) or indirect intervention (for example, via the use of interest rate policy, imposition of foreign exchange regulations, exercise of moral suasion that constrains foreign exchange activity, or through 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 more than ±1 percent around a fixed central rate or the margin between the maximum and minimum value of the exchange rate exceeds 2 percent. As in the case of conventional fixed pegs, reference may be made to a single currency, a currency composite, or a cooperative arrangement (such as the ERM II). 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, or differentials between the inflation target and expected inflation in major trading partners. The rate of crawl can be set to adjust for measured inflation or other indicators (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 within a 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. Countries that maintain nominal anchors, exchange rate anchors, monetary anchors, or inflation targeting frameworks are classified under those respective rubrics.

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.
Monetary policy framework1
Exchangerate regime (number of countries)Exchange rate anchorMonetary aggregate targetInflation-targeting frameworkIMF-supported or other monetary programOther2
Exchange arrangements with no separate legal tender (41)AnotherEuro area (12) Austria
currency asCFA franc zone (14)
legal tender (9)ECCU (6)3WAEMUCEMACBelgium
EcuadorAntlaua andBenin*Cameroon*Finland
El Salvador4BarbudaBurkina Faso*Central African Rep.France
KiribatiDominica*Côte d'IvoireChad*Germany
Marshall IslandsGrenada*Guinea-BissauCongo, Rep. of*Greece
Micronesia FedSt. Kitts and NevisMall*Equatorial GuineaIreland
States ofSt. LuciaNiger*GabonItaly
PalauSt. Vincent andSenegalLuxembourg
Panamathe GrenadinesTogoNetherlands
San MarinoPortugal
Timor-LesteSpain
Currency board arrangements (7)Bosnia and Herzegovina
Brunei Darussalam
Bulgaria*
Djibouti
Estonia5
Hong KongSAR
Lithuania5
Other conventional fixed-peg arrangements (49)Against a singleChina†6Pakistan†7
currency (44)Against a composite (5)Guyana*7,8
ArubaFijiSuriname7,8,9
Azerbaijan7Libyan Arab Jamahiriya
Bahamas, The9Morocco
BahrainSamoa
BarbadosVanuatu
Belarus7
Belize
Bhutan
Cape Verde
China†6
Comoros10
Egypt7
Eritrea
Guyana*7
Honduras*†7
Iraq*7
Jordan7
Kuwait
Latvia5
Lebanon7
Lesotho
Macedonia, FYR*7
Maldives
Malta5
Mauritania7
Namibia
Nepal*
Netherlands Antilles
Oman
Pakistan†7
Qatar
Saudi Arabia
Seychelles7
Solomon Islands7
Suriname7,9
Swaziland
Syrian Arab Rep.9
Trinidad and Tobago7
Turkmenistan7
Ukraine7
United Arab Emirates
Venezuela, Rep. Bollvariana de
Vietnam7
Zimbabwe9
Pegged exchange rates within horizontal bands (6)11Within aOther bandHungary†
cooperativearrangements (2)Slovak Rep.†5
arrangement (4)
Cyprus5Hungary†
Denmark5Tonga
Slovak Rep.†5
Slovenia5
Crawling pegs (5)BoliviaIran, I.R. of7
Botswana9
Costa Rica
Iran, I.R. of7
Nicaragua*
Managed floating with no predetermined path for the exchange rate (53)ArgentinaColombia*Afghanistan, I.R. of*Algeria
Bangladesh*Czech Rep.Angola
CambodiaGuatemala7Georgia*Burundi*
Ethiopia7Peru*Kenya*Croatia
Gambia, The7Romania*Kyrgyz Rep.*Dominican Rep.*
Ghana*7ThailandMozambique*7Guinea7
Haiti7Rwanda*India
IndonesiaKazakhstan
Jamaica7Liberia7
Lao RD.R.9Malaysia
Madagascar7Myanmar9
Malawi*Nigeria7
MauritiusPapua New Guinea7
Moldova*Paraguay
MongoliaRussian Federation
Serbia and Montenegro*12São Tomé and Príncipe*
Sri Lanka7Singapore
SudanUzbekistan9
Tajikistan
Tunisia
Uruguay*7
Yemen, Rep. of7
Zambia*
Independently floating (26)Albania*AustraliaArmenia*Japan
Congo, Dem.BrazilTanzania*7Somalia9,13
Rep. ofCanadaSwitzerland
Sierra Leone7ChileUnited States
UgandaIceland
Israel
Korea
Mexico
New Zealand
Norway
Philippines
Poland
South Africa
Sweden
Turkey*
United Kingdom
Sources: IMF staff reports; Recent Economic Developments; and IMF staff estimates.

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).

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

The ECCU has a currency board arrangement.

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.

The member participates in the ERM II.

On July 21, 2005, China announced a 2.1 percent revaluation of the renminbi–U.S. dollar exchange rate and a change in its exchange rate arrangement to allow the value of the renminbi to fluctuate based on market supply and demand with reference to an undisclosed basket of currencies. To permit a greater role for market forces in determining the renminbi exchange rate, steps have been taken since July 2005 to liberalize and develop China's foreign exchange markets, including the establishment of an over-the-counter spot foreign exchange market and markets for currency swaps and futures. From end-July 2005 to end-April 2006, the renminbi exchange rate was more flexible, but the fluctuation in the renminbi-U.S. dollar exchange rate was less than the 2 percent range (for a three-month period) used in the IMF's de facto exchange rate classification system as an indicator for a conventional fixed peg exchange rate arrangement.

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

There is no evidence of direct intervention by the authorities in the foreign exchange market.

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

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

The bands for these countries are as follows: Cyprus ±15%, Denmark ±2.25%, Hungary ±15%, Slovak Republic ±15%, Slovenia (undisclosed), and Tonga ±5%.

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.

Insufficient information on the country is available to confirm this classification, and so the classification of the last official consultation is used.

Sources: IMF staff reports; Recent Economic Developments; and IMF staff estimates.

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).

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

The ECCU has a currency board arrangement.

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.

The member participates in the ERM II.

On July 21, 2005, China announced a 2.1 percent revaluation of the renminbi–U.S. dollar exchange rate and a change in its exchange rate arrangement to allow the value of the renminbi to fluctuate based on market supply and demand with reference to an undisclosed basket of currencies. To permit a greater role for market forces in determining the renminbi exchange rate, steps have been taken since July 2005 to liberalize and develop China's foreign exchange markets, including the establishment of an over-the-counter spot foreign exchange market and markets for currency swaps and futures. From end-July 2005 to end-April 2006, the renminbi exchange rate was more flexible, but the fluctuation in the renminbi-U.S. dollar exchange rate was less than the 2 percent range (for a three-month period) used in the IMF's de facto exchange rate classification system as an indicator for a conventional fixed peg exchange rate arrangement.

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

There is no evidence of direct intervention by the authorities in the foreign exchange market.

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

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

The bands for these countries are as follows: Cyprus ±15%, Denmark ±2.25%, Hungary ±15%, Slovak Republic ±15%, Slovenia (undisclosed), and Tonga ±5%.

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.

Insufficient information on the country is available to confirm this classification, and so the classification of the last official consultation is used.

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