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- I: The Current Perspective in International Finance
- II: World Payments Developments in 1955
- III: Payments Developments in the Principal Regions
- IV: Internal Monetary and Fiscal Developments
- V: Exchange Practices and Payments Arrangements
- VI: Gold Production and Prices
- VII: Use of the Fund’s Resources
- VIII: Membership, Organization, and Administration
Back Matter
- International Monetary Fund
- Published Date:
- September 1956
“ACL dollar certificates” 101
Administrative budget, Fund 132, 149, 150
Afghanistan, Fund membership 127
Agricultural production, world 1, 26
Agricultural surpluses 2, 4, 22
Argentina
Balance of payments 53
Cost of living 78
Exchange system 23, 54, 109
Fiscal and monetary policy 79
Foreign trade 52, 53
Money supply 78
Reserves 53
Wages 79
Articles VIII and XIV 97
Assets, Fund
Investment of 128, 147
Statement 154, 157, 162
Audit Committee 132
Auditors’ certificates 153, 164
Australia
Balance of payments 53
Commercial bank lending 71, 74
Cost of living 66
Fiscal and monetary policy 23, 53, 74
Foreign trade 52, 53
Gold production 112
Gold subsidy program 112, 113
Import restrictions 52, 74
Interest rates 70
Prices. 66
Reserves 53, 74
Wages 66
Austria
Balance of payments 35, 41
Commercial bank lending. 71
Competitiveness 15
Cost of living 66
Currency transferability 101, fn.
Fiscal and monetary policy 66, 71, 76
Foreign trade 34, 35, 36
Industrial production 33, 64
Interest rates 68, 76
Prices. 66
Reserves 35
Wages 65, 66
Balance of payments
Developments in 1955 1, 5, 8, 16
Prospects 24
See also entries under various countries
Balance sheet, Fund 154
Balance sheet, Staff Retirement Fund 165
Bank liquidity 68
Belgium-Luxembourg
Balance of payments 35, 39
Bilateral arrangements 94
Competitiveness 15
Cost of living 66
Currency transferability 100
Employment. 65
EPU position 99
Exchange system 102
Foreign trade 34, 35, 36, 38, 39
Gold prices 117
Gold transactions 114
Industrial production 34, 65
Interest rates 68, 70, 76
Liberalization measures 37
Monetary policy 76
Prices. 66
Reserves 35
Stand-by arrangement. 120
Wages 66
Bilateral practices
Fund position 93
OEEC study 100
Reduction of 91
Bolivia
Aid from United States 57
Balance of payments 57
Cost of living 77
Exchange system 57, 105
Foreign trade 57, 58
Monetary policy 80
Money supply 78
Reserves 58
Brazil
Balance of payments 48, 49
Commercial arrears 30
Cost of living 77
Currency transferability 100
Exchange system 102
Foreign trade 48, 49
Monetary reserves, computation of 126
Money supply 78
Repurchase obligation 122
Reserves 48, 49
Budget, Fund 132, 149, 150
Burma
Balance of payments 53
Bilateral payments agreements 56
Cost of living 77
Currency purchase 56, 121
Fiscal and monetary policy 23, 80
Foreign trade 52, 53, 56
Money supply 78
Reserves 53, 56
Cacao prices 12, 47
Canada
Balance of payments 60, 61, 85
Capital movements 21,31,85
Commercial bank lending 72
Cost of living 66
Exchange rate 21, 23, 85
Fiscal and monetary policy 21, 72, 85
Foreign trade 32, 60
Gold production and prices 111
Gold subsidy program 112
Gold transactions 114
Industrial production 65, 72
Interest rates 68, 69, 70, 72, 85
Prices 66
Reserves 60, 86
Wages 66
Capital, Fund 155
Capital movements, international 20
See also entries under various countries
Ceylon
Balance of payments 49
Cost of living 78
Foreign trade 48, 49, 51
Money supply 77
Reserves 49,51
Charges on use of Fund’s resources 125, 126
Chile
Balance of payments 57
Cost of living 77, 79
Exchange system 23, 57, 79, 88
Fiscal and monetary policy 57, 79
Foreign trade 57, 58
Money supply 78
Reserves 57, 59
Stand-by arrangement 57, 120
China (Taiwan)
Exchange system 108
Foreign trade 48, 50
Coffee prices 11, 12, 47
Colombia
Balance of payments 49
Bilateral arrangements 94
Commercial arrears. 30
Cost of living 78
Exchange system 49, 104
Foreign assets 77
Foreign trade 48, 49
Gold subsidy program 112
Monetary policy 80
Money supply 78
Reserves 49
Commercial arrears 30, 95
Commodity prices 65
Competitiveness of industrial countries 15, 17, 34
Consultations on exchange restrictions 92, 129
Consumer credit 67
Convertibility of currencies 1, 7, 90, 91
Copper stocks 26
Cost of living 65, 66, 77
Costa Rica
Cost of living 78
Foreign trade 49
Money supply 78
Cotton stocks 26
Credit policy 3, 66, 70
Cuba
Balance of payments 49
Cost of living 78
Foreign trade 48, 49, 50
Money supply 78
Reserves 49
Currency convertibility 1, 7, 90, 91
Currency holdings, Fund 154, 158
Currency purchases and repurchases 121, 136 163
Currency transferability 6, 90, 94, 100
Czechoslovakia, settlement of accounts with Fund 127
Denmark
Balance of payments 53, 54
Cost of living 66
Fiscal and monetary policy 23, 70, 75
Foreign trade 52, 53, 54
Industrial production. 65
Interest rates 68, 70
Liberalization measures 36
Prices 66
Reserves 53, 54
Wages 66
Discriminatory practices
Current position 91,100
Fund attitude 92
Disinflationary policies 22
Dollar imports 18, 100
“Dollar problem” 17
Dominican Republic
Balance of payments 49
Cost of living 78
Foreign trade 48, 49, 50
Money supply 78
Reserves 49
East-West trade 14
Ecuador
Balance of payments 49
Cost of living 78
Exchange system 104
Foreign trade 48, 49, 50
Money supply 78
Reserves 49, 50
Egypt
Balance of payments 53
Cost of living 78
Exchange system 106
Foreign assets 77
Foreign trade 52, 53, 55
Money supply 78
Reserves 53, 55
Transferable sterling, use of 90
El Salvador
Cost of living 78
Foreign assets 77
Foreign trade 49
Money supply 78
Employment 65
Europe, Western
Aid from United States 31
Balance of payments 18, 24, 33, 35, 38, 90
Competitiveness 15, 17, 34
Currency transferability, 6, 90
Foreign trade 8, 32, 34, 35, 36
Gross national product 33
Industrial countries, trade of 36, 37
Industrial production 8, 33, 34, 64
Inventories 25
Liberalization measures 22, 36, 91, 99
Trade restrictions 33
Trade with dollar area 35
Trade with Soviet area 14
European Fund 98
European Monetary Agreement 98
European Payments Union
Agreement, renewal of 97
Gold settlements 116
Multilateral clearing operations 98
Settlement ratio 6, 97
Exchange convertibility 1, 7, 90, 91
Exchange rates 23, 82, 176
Exchange reserves; see Reserves
Exchange restrictions
Current position 6, 89
Transitional period, termination of 97
Use by underdeveloped countries 93
Exchange restrictions consultations 92, 129
Exchange transactions, Fund 121, 136, 163
Executive Board, Fund
Decision on drawing rights 120, 135
Decision on investment of Fund’s assets 128, 147
Membership and voting power 143, 145
Expenditure statement, Fund 156
Far East
Aid from United States 31
Gold prices 117
Federation of Rhodesia and Nyasaland; see Rhodesia and Nyasaland
Financial statements. Fund 149, 152
Finished products, prices 8
Finland
Balance of payments 60
Currency transferability 90, 94
Exchange system 106
Foreign trade 60, 63
Reserves 60, 63
Fiscal policy 2, 22, 66
Foodstuffs, imports and prices 9, 11
France
Aid from United States 25, 39
Balance of payments 19, 35, 38
Bilateral arrangements 94
Competitiveness 15, 39
Cost of living 66
Currency transferability 94
EPU position 99
Exchange rate 87
Foreign trade 34, 35, 36, 38
Gold prices 116
Industrial production 34, 65, 76
Interest rates 68, 70
Liberalization measures 22, 37
Monetary policy 22, 76
Monetary reserves, computation of 126
Prices. 66
Reserves 35
Wages 65
Fund budget 122, 149, 150
Fund collaboration with other international organizations 129, 131
Fund members
Consultations on exchange restrictions 92, 129
Currency purchases and repurchases 121, 136, 163
Drawing rights 120, 13 5
List 137
New 127
Quotas 128, 137
Reports on monetary reserves 126
Transactions with Fund 120, 136, 163
Fund missions. 130
Fund publications 131
Fund staff. 132
Fund training program 130
Fund transactions 120, 136, 163
Fund’s resources
Charges on use of 125, 126
Currency purchases and repurchases 121, 136, 163
Gold and currency holdings 125, 154, 157, 158
Gold holdings, investment of 128, 147, 157
Gold tranche drawings 123
Members’ drawing rights 120, 135
Repurchase obligations 122, 125
Stand-by arrangements 120, 124
Use of 95, 120
Waiver transactions. 124
GATT
Fund cooperation with 129, 131
Proposed revision 93
Tariff agreements 6
Germany, Federal Republic of
Aid from United States 40
Balance of payments 18, 39
Beko Mark, use of 6
Bilateral arrangements 94
Competitiveness 15
Cost of living 66
Currency transferability 91,100
Employment 65, 75
EPU position 99
Fiscal and monetary policy 22, 75
Foreign trade 34, 35, 36, 39
Gold coins, imports and exports 117
Industrial production 33, 34, 64, 75
Interest rates 68, 70, 76
Liberalization measures 22, 36
Prices 66
Reserves 35
Wages 65
Gold
Coins, prices of 117
Fund policy statement 115
Fund’s holdings 125, 154, 157
Hoarding 115
Markets. 113
Prices Ill, 113
Production 111
Reserves 113
Sales in premium markets. 112
Subsidy programs 112
Transaction service. 118
Gold and foreign exchange reserves; see Reserves
Gold Coast
Central bank 81
Foreign trade 48
Gold production 112
Gold tranche drawings 123
Governors, Board of, membership and voting power 137, 140
Grain prices 12
Grain producing countries
Balance of payments 20
Foreign trade 13, 52
Greece
Aid from United States 55
Balance of payments 53,55
Exchange rate 89
Foreign trade 52, 53, 55
Gold imports 114
Reserves 53, 55
Guatemala
Cost of living 78
Foreign trade 49
Money supply 78
Hague Club 94, 100
Haiti, exports 50
Honduras
Cost of living 78
Foreign assets 77
Money supply 78
Hong Kong, gold prices 117
Iceland, exchange system 105
Imports, dollar 18, 100
Imports, liberalization of 5, 22, 36, 91, 99
Income statement, Fund 151, 156
India
Balance of payments 60, 61
Cost of living 78
Currency repurchase 61
Five Year Plan 81
Food reserves 62
Foreign trade 60, 61
Gold prices 117
Gold production 112
Money supply 78
Reserves 60, 61
Indonesia
Balance of payments 59
Cost of living 78
Exchange system 107
Fiscal and monetary policy 79
Foreign trade 58, 59
Money supply 78
Reserves 58, 59
Industrial countries
Balance of payments 18, 25
Competitiveness 15, 17
Export prices 15
Foreign trade 8, 14
Industrial production, world 1, 8, 17, 26, 64
Industrial raw materials, imports and prices 9, 11
Inflationary pressures 2, 66
Interest rates 68
International organizations, Fund collaboration with 129, 131
International payments
Developments in 1955 1, 5, 8, 16
Payments problems. 66
Inventories 25
Iran
Balance of payments 58
Cost of living 78
Currency purchase 121
Exchange system 89
Oil production 59
Money supply 78
Reserves 58, 59
Iraq
Balance of payments 58
Cost of living 78
Foreign trade 58, 59
Money supply 78
Reserves 59
Ireland
Balance of payments 53
Foreign trade 52, 53, 54
Import restrictions 54
Reserves 53, 54
Israel
Balance of payments 49
Cost of living 78
Exchange system 105
Foreign trade 48 49
Monetary policy 80
Money supply 78
Reserves 49
Italy
Balance of payments 35
Competitiveness 15
Cost of living 66
Currency transferability 100
EPU position 99
Exchange rate 89
Foreign trade 34, 35, 36, 38
Gold prices 117
Industrial production 34, 65
Interest rates 22, 68, 70
Prices 66
Reserves 35
Wages 66
Japan
Aid from United States 25, 47
Balance of payments 18, 35, 46
Cash settlement agreements 94
Competitiveness 15
Cost of living 66
Currency repurchase 47
Employment. 76
Foreign trade 34, 35, 36, 46
Industrial production 34, 46, 65, 76
Monetary policy 76
Prices 66, 76
Reserves 35, 47
Wages 66
Korea, Republic of
Cost of living 78
Exchange system 109
Fund membership 127
Money supply 78
Latin America
Capital movements 30
Foreign trade 32
Trade debts 30
Lebanon
Cost of living 78
Exchange transactions. 89
Gold prices 117
Money supply 78
Liabilities, Fund 155
Liberalization measures 5, 22, 36, 91, 99
Libya, central bank 81
Livestock producing countries
Balance of payments 20, 53
Foreign trade 13, 52, 53
Luxembourg; see Belgium-Luxembourg
Malaya
Central bank. 81
Foreign trade 57, 58
Manufactured goods, imports 9
Members, Fund; see Fund members
Metal producing countries, foreign trade 56, 57, 58
Metals and ores, prices 11, 12, 57
Mexico
Balance of payments 60, 62
Cost of living 77
Fiscal and monetary policy 77
Foreign assets 78
Foreign trade 60, 62
Money supply 77
Prices 77
Reserves 60, 62, 77
I Stand-by arrangement 120
Missions, Fund 130
Monetary policy 2, 22, 66
Monetary reserves
Gold and foreign exchange reserves 3, 5, 16, 113
Reports from Fund members 126
Multilateral payments 3, 95, 101
Multilateral System of Settlements 98
Multilateral trade arrangements 5
Netherlands
Balance of payments 35, 40
Bilateral arrangements 94
Cost of living 66
Currency transferability 100
EPU position 99
Exchange system 102
Foreign trade 34, 35, 36, 40
Industrial production 34, 65
Interest rates 68, 70, 76
Liberalization measures 36
Monetary policy 76
Prices 66
Reserves 35
Wages 66
New Zealand
Balance of payments 51, 53
Commercial bank lending 71, 74
Cost of living 66
Fiscal and monetary policy 23, 53, 68, 74
Foreign trade 52, 53
Import restrictions 53
Interest rates 68, 70, 74
Prices 66
Reserves 53
Wages 66
Nicaragua
Cost of living 77
Exchange system 83
Foreign trade 49
Money supply 78
Par value. 83
Payments position 83
Nonferrous metal producing countries, foreign trade 13, 56
Nonferrous metals, prices 11, 12, 57
Norway
Balance of payments 35, 41
Commercial bank lending 71
Cost of living 66
Fiscal and monetary policy 23, 70 75
Foreign trade 34, 35, 36, 38
Housing loans 71, 75
Industrial production 34, 65
Interest rates 68, 70, 75
Liberalization measures 37, 100
Prices 66
Reserves 35, 41
Wages 66
Nyasaland; see Rhodesia and Nyasaland
Oil producing countries, foreign trade 13, 56
Oilseed prices 51
Organization for European Economic Cooperation (OEEC) 99
OEEC countries; see Europe, Western
Organization for Trade Cooperation 6
Overseas sterling area; see Sterling area, overseas
Pakistan
Balance of payments 53, 55
Cost of living 78
Exchange devaluation 23, 55, 83
Foreign trade 52, 53, 55
Import restrictions 56
Money supply 78
Par value 83
Reserves 53
Par values 82, 176
Paraguay
Cost of living 77
Exchange system 84
Fiscal and monetary policy 23
Money supply 78
Par value 84
Payments position 84
Stabilization program 84
Payments, international; see International payments
Payments, multilateral 3, 95, 101
Peru
Balance of payments 60
Cost of living 78
Exchange rates 86
Fiscal and monetary policy 62, 80
Foreign trade 60, 62
Money supply 78
Reserves 60, 62
Stand-by arrangement 120
Petroleum producing countries, foreign trade 13, 56
Philippine Republic
Balance of payments 49
Cost of living 78
Currency purchase 121
Exchange tax 105
Foreign assets 77
Foreign trade 48, 49, 51
Gold subsidy program 112
Import levy 105
Money supply 78
Reserves 49, 51
Portugal
Balance of payments 35
Foreign trade 35, 36
Reserves 35
Prices, commodity 65
Primary producing countries
Balance of payments 4, 19, 25
Export earnings 12
Fiscal and monetary policy 23
Foreign trade 9, 13
Trade with Soviet area 14
Primary products
Inventories 26
Prices 8, 11, 25
Production; see Agricultural production; Industrial production
Publications, Fund 131
Purchases of currency 121, 136, 163
Quotas of Fund members 128, 137
Raw materials, imports and prices 9, 11
Repurchase obligations 122, 125
Repurchases of currency 121, 136, 163
Reserves, Fund 155
Reserves, gold and foreign exchange 3, 5, 16, 113
See also entries under various countries
Reserves, monetary, reports from Fund members 126
Resources, Fund’s; see Fund’s resources Rhodesia and Nyasaland, Federation of
Central bank. 21
Foreign trade 58
Rubber prices 11, 12, 25, 57
Rubber producing countries, foreign trade 13, 56
Scandinavian countries
Fiscal and monetary policy 66, 70
See also Denmark, Norway, Sweden
Security holdings, Fund. 158
South Africa; see Union of South Africa
Soviet area, foreign trade 14
Staff, Fund 132
Staff Retirement Fund, financial statements 164
Stand-by arrangements 120, 124
Sterling area
Balance of payments 41, 42
Monetary policy 70
Reserves 7, 90
Sterling area, overseas
Aid from United States 32, 43
Balance of payments 41
Foreign trade 19, 32, 43
Monetary policy 74
Reserves 19
Sterling convertibility 7
Sterling exchange rate 45, 91
Sterling, security 6, 91
Sterling, transferable 6, 90
Subscriptions to Fund capital 160
Sugar prices 11, 12, 50
Surpluses, agricultural 2, 4, 22
Sweden
Balance of payments 35, 41
Commercial bank lending 71
Cost of living 65
Fiscal and monetary policy 23, 70, 75
Foreign trade 34, 35
Industrial production 34, 65
Interest rates 68, 70
Liberalization measures 36
Prices 66
Reserves 35
Wages 65, 75
Switzerland
Balance of payments 35, 41
Foreign trade 35, 36
Gold prices 116
Interest rates 70
Reserves 35, 41
Syria
Balance of payments 53
Central bank 81
Exchange rates 89
Foreign trade 52, 53, 55
Interest rates 80
Monetary policy 55, 80
Reserves 53, 55
Tangier, gold prices 116
Tea prices 12
Textile fiber producing countries, foreign trade 52, 53
Textile materials, prices 12
Thailand
Balance of payments 53
Cost of living 77
Exchange system 87
Foreign trade 52, 53, 56
Gold imports 115
Money supply 78
Reserves 53, 56
Tin prices 57
Tobacco producing countries, foreign trade 52, 53
Trade arrangements, multilateral 5
Trade restrictions, relaxation of 6
Trade, world 5, 8
Training program, Fund. 130
Transactions, Fund 120, 136, 163
Transferable currencies 6, 90, 94, 100
Transferable sterling 6, 90
Transitional arrangements 97
Tropical food producing countries
Balance of payments 20
Foreign trade 13, 48
Turkey
Cost of living 77
Currency repurchase 122
Exchange system 106
Fiscal and monetary policy 55, 80
Foreign trade 52, 55
Interest rates 80
Liberalization measures 100
Money supply 78
Repurchase obligation 122
Unemployment 65
Union of South Africa
Balance of payments 60, 61
Capital movements 61, 75
Commercial bank lending 71
Cost of living 66
Fiscal and monetary policy 23, 74
Foreign trade 60, 61
Gold production 61, 111
Interest rates 68, 70, 74
Prices 66
Reserves 60, 61
Wages 66
U.S.S.R., gold sales 113
United Kingdom
Balance of payments 19, 25, 35, 41, 42
Bilateral arrangements 94
Capital issues 71
Capital movements 21, 30, 44
Chancellor of Exchequer, appeal for reduction of bank advances. 73
Chancellor of Exchequer, statement on sterling rate 45
Commercial bank lending 70
Commercial bank liquidity 68
Competitiveness 16, 67
Cost of living 65, 73
Currency transferability 100
Employment 65, 73
EPU position 99
Fiscal and monetary policy 22, 66, 70, 73
Foreign trade 34, 35, 36, 44
Gold market, London 115
Industrial production 8, 34, 44, 64
Interest rates 45, 68, 70, 73
Inventories 26
London gold market 115
Prices 66, 73
Reserves 16, 19, 36, 41, 46, 73
Trade with Soviet area 14
Wages 65, 73
See also Sterling
United States
Agricultural surpluses 4, 22, 29
Balance of payments 27
Capital movements 21, 30
Commercial bank lending 72
Commercial policy, importance of 6
Competitiveness 16
Cost of living 66
Fiscal and monetary policy 21, 22, 72
Foreign trade 9, 17, 27
Gold production 112
Government expenditures abroad 3, 18, 22, 25, 31, 33
Gross national product 27
Industrial production 8, 17, 27, 66, 71
Interest rates 68, 70, 72
Inventories 26
Investment abroad 31
Prices 66
Wages 65
Uruguay
Balance of payments 53, 54
Cost of living 78
Exchange system 103
Foreign trade 52, 53, 54
Import restrictions 54
Money supply 78
Reserves 53 54
Venezuela
Balance of payments 59
Cost of living 78
Foreign trade 58, 59
Iron ore production 58
Money supply 78
Reserves 59
Viet-Nam, Fund membership 127
Voting power, Fund
Executive Directors 143
Governors 137
Wages 64
Western Europe; see Europe, Western
Wool prices 51
Wool producing countries, foreign trade 51
World payments; see International payments
World trade 5, 8
Yugoslavia
Aid from United States 63
Exchange system 106
Foreign trade 60, 63
