Chapter

Appendix I. The Fund in 1973/74

Author(s):
International Monetary Fund
Published Date:
September 1974
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The tables and chart in this appendix supplement the information given in Chapter 3 on the activities of the Fund during the past year. For some aspects of the Fund’s operations, data covering longer periods are included. Apart from Table 1.1 on exchange rates and Tables 1.19, 1.20, and 1.21 setting out the charges on the use of the Fund’s resources, the data in the tables and chart do not go beyond April 30, 1974, the end of the Fund’s fiscal year. The unit of value employed in most of the tables and in the chart is the special drawing right (SDR), which is equivalent to 0.888671 gram of fine gold. This, in turn, is equivalent to one U.S. dollar of the weight and fineness in effect on July 1, 1944, the unit of value that was employed in the Annual Reports prior to 1972.1

Exchange Rate Developments

Exchange rate developments from May 1973 to early May 1974 may be summarized as follows:

May 17-June 21, 1973

The Fund agreed to the initial par value proposed by Qatar.

The Fund noted (i) the middle rate for the U. S. dollar communicated by South Africa; (ii) that the South African rand continued to be the currency of Botswana, Lesotho, and Swaziland, and (iii) the exchange rate actions by Finland, Iceland, Malaysia, Morocco, and Singapore not to maintain exchange rates within specified margins.

June 29-August 10, 1973

The Fund noted (iv) the new central rate communicated by the Federal Republic of Germany and the new rate communicated by Austria; (v) central rates communicated by Kenya, Tanzania, Uganda, and Western Samoa; (vi) the circumstances that led Cyprus and Yugoslavia to the decisions not to maintain the spot exchange rates for their currencies within margins hitherto observed; and (vii) the circumstances that led New Zealand to discontinue the fixed exchange rate relationship between the New Zealand and U. S. dollars.

The Fund agreed to the initial par value proposed by Algeria, and concurred in the new par values proposed by Saudi Arabia and Thailand.

September 9-17, 1973

The Fund concurred in the new par value proposed by Australia; it noted (viii) the exchange rate action by New Zealand to appreciate the market rate for the New Zealand dollar by 10 per cent; (ix) the exchange rate action communicated by Fiji to appreciate the Fiji dollar by 5.3 per cent; and (x) the new central rate communicated by the Netherlands.

October 18, 1973-January 14, 1974

The Fund concurred in the new par values proposed by the United States, the Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Liberia, Mexico, Nicaragua, and Panama.

The Fund noted (xi) the circumstances that led Greece to the decision not to maintain the exchange rate for the drachma within margins hitherto observed; (xii) the decision of Malawi to cease to maintain the fixed exchange rate relationship between the kwacha and the pound sterling; and (xiii) the new central rates communicated by Norway, Kenya, Rwanda, Tanzania, and Uganda.

The Fund agreed to the initial par value proposed by the Bahamas.

January 21-23, 1974

The Fund noted (xiv) the circumstances that led France to the decision not to maintain during the next six months and on a provisional basis the exchange rates between the French franc and certain other currencies in the official market within margins hitherto observed; (xv) the circumstances that led Spain to the decision not to maintain for the time being the rate between the peseta and the U. S. dollar within margins hitherto observed; and (xvi) the decision of Tunisia to set the rate between the Tunisian dinar and the French franc by taking account of the daily quotations of the deutsche mark in terms of the commercial franc in the Paris exchange market.

January 21-22, 1974

Foreign exchange markets in Austria, Belgium, Denmark, Finland, Germany, Japan, Luxembourg, the Netherlands, Norway, Spain, and Sweden were closed on January 21, reopening the following day. Exchange markets were open on January 21 in France, Italy, and the United Kingdom.

January 28-April 30, 1974

The Fund agreed to the initial par value proposed by the United Arab Emirates. It concurred in the new par value proposed by Costa Rica.

The Fund noted (xvii) the new central rate communicated by Fiji, and by the United Kingdom for the Cayman Islands; and (xviii) the decisions taken by France and Italy to terminate the dual exchange markets.

The structure of exchange rates of member countries as it existed on July 12, 1974 is shown in Table 1.1. Fund action in 1973/74 with respect to par values and central rates is recorded in Tables 1.2 and 1.3, respectively.

Special Drawing Account

Summary data on SDR transactions between participants and SDR transactions and operations conducted through the Fund’s General Account for the period from the first allocation on January 1, 1970 to April 30, 1974 are shown in Table 1.4. Movements in the SDR holdings for individual participants during the fiscal year ended April 30, 1974 are summarized in Table 1.5. In addition, Table 1.6 shows the currencies transferred against SDRs in transactions between participants, and Table 1.7 sets out the amounts of SDRs transferred to individual participants from the General Account. The operations and transactions in SDRs during the fiscal year ended April 30, 1974 are discussed in Chapter 3.

Net transfers between participants and the General Account during the fiscal year resulted in a reduction of the General Account’s holdings from SDR 617 million on April 30, 1973 to SDR 499 million on April 30, 1974.

General Account

Tables 1.8 to 1.16 and Chart 1.1 show data on members’ use of the Fund’s resources, on their repurchases of balances of their currency held by the General Account, and on stand-by arrangements approved for members by the Fund.

Table 1.8 provides a comparative statement of members’ creditor positions, presented both by amounts and as percentages of quotas. The table includes 24 members with creditor positions amounting to more than SDR 50,000 on April 30, 1974; during the year the positions of 4 members increased, while those of 11 decreased and 7 remained unchanged. Kenya and New Zealand were added to the list at the end of 1973/74.

Details on members’ purchases and repurchases under the Fund’s compensatory financing facility are set out in Table 1.11. Summary data on stand-by arrangements and on members’ purchases and repurchases, since the inception of the Fund, are shown in Table 1.12 and Table 1.13, respectively. The transactions and operations of the General Account during the fiscal year ended April 30, 1974 are discussed in Chapter 3.

Repurchases Under Article V, Section 7(b)

Article V, Section 1(b), provides that, subject to certain limitations, a member shall repurchase an amount of the Fund’s holdings of its currency equivalent to one half of any increase in the Fund’s holdings of its currency that has occurred during the Fund’s financial year, plus one half of any increase or minus one half of any decrease in the member’s monetary reserves during the same period, or, if the Fund’s holdings of the member’s currency have decreased, one half of any increase in the member’s monetary reserves minus one half of the decrease in the Fund’s holdings of the member’s currency.

On April 30, 1973 the Fund’s holdings of currencies of 62 member countries exceeded 75 per cent of their quotas. Repurchase obligations pursuant to Article V, Section 1(b), were calculated for 19 of these members. Repurchase obligations by the 19 members totaled the equivalent of SDR 482 million payable in gold, SDRs, and convertible currencies as indicated in Table 1.14.

The outstanding balance of repurchase obligations incurred as of April 30, 1971 and April 30, 1972 payable in subsequent financial years amounted to SDR 35 million, of which SDR 16 million was payable as of April 30, 1973, SDR 10 million not later than August 25, 1973, and SDR 9 million in subsequent financial years.2

Article V, Section 7(c), (iv), limits the amounts to be repurchased under Article V, Section 7(b), in any year to 25 per cent of the quota of the member concerned. This limitation applied to the obligations of seven members incurred as of April 30, 1973 and to the outstanding balance of the obligations of one member incurred as of April 30, 1971 and 1972, thus reducing the total amount to be discharged as of April 30, 1973 to SDR 287 million—SDR 271 million in respect of obligations incurred as of April 30, 1973, and SDR 16 million in respect of outstanding balances of obligations incurred as of April 30, 1971 and April 30, 1972. In August 1973

Nigeria agreed with the revised calculation of its repurchase obligation incurred as of April 30, 1972. The obligation payable in convertible currencies equivalent to SDR 20.1 million was discharged in November 1973. Also in August 1973, Iraq discharged the part of its April 30, 1971 and 1972 repurchase obligations payable in convertible currencies equivalent to SDR 6.9 million that was scheduled to be repurchased not later than August 25, 1973.3 The member requested and the Fund agreed to further postponement of the discharge of the balance, equivalent to SDR 3.1 million payable in gold.

During the year four members (Colombia, Iraq, the Philippines, and Turkey) requested postponement of the discharge of that part of their repurchase obligations that was payable in gold, totaling the equivalent of SDR 13.2 million. In permitting the postponements the Executive Directors took note of the reasons advanced by the respective authorities of the members concerned that a payment of gold in present circumstances would present them with serious problems and that they would appreciate postponement pending the clarification of the future role of gold in connection with the reform of the international monetary system. These decisions are subject to further review before October 31, 1974.

In November 1973 the Executive Directors also decided that if a payment due under Article V, Section 1(b), includes an amount of gold equal to less than one standard bar, such amount shall not be collected.

Five members, which in accordance with Article V, Section 7(c) (iv), discharged amounts equivalent to 25 per cent of their respective quotas, also subsequently discharged additional amounts. Indonesia and Peru discharged the balance of their obligations incurred as of April 30, 1973; Nicaragua repurchased the equivalent of SDR 4.25 million, which discharged the balance of the April 30, 1971 repurchase obligation and part of the repurchase obligation incurred as of April 30, 1972; the Philippines repurchased the equivalent of SDR 17.25 million and El Salvador the equivalent of SDR 6,245, which discharged part of the balance of their obligations incurred as of April 30, 1973.

The outstanding balance of repurchase obligations incurred as of April 30, 1971, 1972, and 1973 amounted to SDR 156 million, of which SDR 81 million was payable as of April 30, 1974, SDR 13 million after expiry of postponement, and SDR 62 million in subsequent financial years.

During the fiscal year 1973/74, repurchases in discharge of obligations incurred under Article V, Section 1(b), totaled SDR 381 million. Of this total, SDR 3 million was payable in gold, SDR 4 million in special drawing rights, and SDR 374 million in convertible currencies (Table 1.15). Of the amount payable in convertible currencies, the equivalent of SDR 297 million was calculated in currencies that the Fund could not accept or could accept only up to a limited amount in repurchases as of April 30, 1972 and April 30, 1973; this resulted from the limitation imposed by Article V, Section 7(c) (iii), providing that repurchases shall not be carried to a point at which the Fund’s holdings of any currency required to be used are above 75 per cent of the quota of the member concerned. In accordance with Schedule B, paragraph 1(d), of the Fund Agreement and paragraph 1 of Executive Board Decision No. 3049-(70/44),4 other convertible currencies were selected in substitution for these currencies.

The sum of SDR 381 million repurchased in discharge of obligations incurred under Article V, Section 1(b), of the Fund Agreement represented 57 per cent of total repurchases during the fiscal year 1973/74. Of this amount, SDR 8 million and SDR 30 million related to obligations incurred as of April 30, 1971 and April 30, 1972, respectively; the remainder, SDR 343 million, was in discharge of obligations incurred as of April 30, 1973.

Gold

The Fund’s transactions and operations in gold over the last three fiscal years are covered in Table 1.17.

Income and Expenses

Table 1.18 shows a summary of income and expenses of the General Account over the last ten fiscal years. Details are provided in Chapter 3.

The Fund’s schedule of charges on balances in excess of quota that was in effect from May 1, 1963 to June 30, 1974 is shown in Table 1.19. New schedules of charges that came into effect on July 1, 1974 are shown in Tables 1.20 and 1.21.

Administrative Budget and Audit

The administrative budget approved by the Executive Directors for the period May 1, 1974 to April 30, 1975 is presented in Appendix V. Comparative income and expense figures for the fiscal years ended April 30, 1972, 1973, and 1974 appear in Appendix VI. Appendix VII gives the Opinions of the Audit Committee, together with the audited Balance Sheets of the General Account and Special Drawing Account as at April 30, 1974, the Statement of Income and Expenses, the Statement of Reserves, the Statement of Source and Use of Special Drawing Rights, and the audited Balance Sheet of the Staff Retirement Fund as at April 30, 1974.

Article VIII

A list of the member countries that had accepted the obligations of Article VIII, Sections 2, 3, and 4, by April 30, 1974 is presented in Table 1.22.

Publications

Table I.23 lists publications issued by the Fund during the past fiscal year.

Table I.1.Exchange Rates, July 12, 1974(Currency units per unit listed)
Member Maintains Exchange Rate Against1
MemberCurrencyU. S. dollarPound sterlingFrench francSpanish pesetaOther currencies in group3Market Rates2
U. S. dollar
Afghanistan4afghani45.00
Algeria4dinar–––––––––––––––––––––––––––5–––––––––––––––––––––––3.92157
Argentina4peso5.00
Australiadollar0.672272
Austriaschilling–––––––––––––––––––––––––––5–––––––––––––––––––––––18.17
* Bahamas 4dollar1.00
* Bahraindinar0.394737
Bangladesh4taka18.9677
Barbadosdollar4.80
* Belgium4franc48.657237.945
* Boliviapeso20.00
Botswanarand–––––––––––––––––––––––––––5–––––––––––––––––––––––0.666667
Brazil4cruzeiro
* Burmakyat4.8138
* Burundifranc78.7501
Cameroonfranc50.00
Canadadollar–––––––––––––––––––––––––––6–––––––––––––––––––––––0.9756
Central African Republic4franc50.00
Chadfranc50.00
Chile4escudo750.00
* China, Republic ofnew Taiwan dollar38.00
Colombia4peso25.68
Congo, People’s Republic
of thefranc50.00
Costa Rica4colón8.57
Cypruspound–––––––––––––––––––––––––––5–––––––––––––––––––––––0.344828
Dahomeyfranc50.00
* Denmarkkrone7.578315.9550
Dominican Republic4peso1.00
Ecuadorsucre25.00
Egypt4pound0.391305
El Salvadorcolón2.50
Equatorial Guinea 4peseta1.00
* Ethiopiadollar2.07237
* Fijidollar0.80
Finlandmarkka–––––––––––––––––––––––––––5–––––––––––––––––––––––3.6707
Francefranc–––––––––––––––––––––––––––5–––––––––––––––––––––––4.8138
Gabonfranc50.00
Gambia, Thedalasi4.00
* Germany, Federal Republic ofdeutsche mark3.219792.5570
Ghana 4cedi1.15385
Greecedrachma–––––––––––––––––––––––––––5–––––––––––––––––––––––30.03
Guatemalaquetzal
Guinea4syli20.4628
Guyanadollar5.2114
Haitigourde5.00
Honduraslempira2.00
Icelandkróna–––––––––––––––––––––––––––5–––––––––––––––––––––––95.40
* Indiarupee18.9677
Indonesiarupiah415.00
* Iranrial68.1747
* Iraqdinar0.296053
Ireland4pound1.00
* Israelpound4.20
Italylira–––––––––––––––––––––––––––5–––––––––––––––––––––––644.475
Ivory Coastfranc50.00
* Jamaicadollar0.909091
Japanyen–––––––––––––––––––––––––––5–––––––––––––––––––––––292.80
* Jordandinar0.3214281
* Kenyashilling7.14286
Khmer Republic 4riel375.00
Koreawon398.90
* Kuwaitdinar0.296053
Laos4kip600.00
Lebanonpound–––––––––––––––––––––––––––5–––––––––––––––––––––––2.275
Lesothorand–––––––––––––––––––––––––––5–––––––––––––––––––––––0.666667
Liberiadollar1.00
* Libyan Arab Republicdinar0.296053
* Luxembourg4franc48.657237.945
Malagasy Republicfranc50.00
Malawikwacha–––––––––––––––––––––––––––5–––––––––––––––––––––––0.8000
Malaysiadollar–––––––––––––––––––––––––––5–––––––––––––––––––––––2.4242
Malifranc100.00
Maltapound–––––––––––––––––––––––5–––––––––––––––––––––––0.3636
Mauritaniaouguiya10.66
Mauritius4rupee13.3333
Mexicopeso12.50
Morocco4dirham–––––––––––––––––––––––5–––––––––––––––––––––––4.255
* Nepal4rupee16756
* Netherlandsguilder3.355072.6330
New Zealanddollar–––––––––––––––––––––––5–––––––––––––––––––––––0.6867
Nicaragua4córdoba7766
Nigerfranc50.00
Nigerianaira–––––––––––––––––––––––5–––––––––––––––––––––––0.588235
* Norwaykrone6.871455.4050
* Omanrial Omani0.345395
* Pakistanrupee9.90
Panamabalboa1.00
Paraguay4guarani126.00
Peru4sol38.70
Philippinespeso6.78
Portugalescudo–––––––––––––––––––––––5–––––––––––––––––––––––25.1889
* Qatarriyal3.94737
Romania4leu14.38 6
* Rwandafranc92.84
* Saudi Arabiariyal3.55001
Senegalfranc50.00
Sierra Leoneleone2.00
Singaporedollar–––––––––––––––––––––––5–––––––––––––––––––––––2.4876
* Somalia4shilling6.23270
South Africarand–––––––––––––––––––––––5–––––––––––––––––––––––0.666667
Spainpeseta–––––––––––––––––––––––5–––––––––––––––––––––––57.0470
Sri Lanka4rupee15.60
Sudan 4pound0.348242
Swazilandrand–––––––––––––––––––––––5–––––––––––––––––––––––0.666667
* Swedenkrona57500944.3880
Syrian Arab Republicpound3.675
* Tanzaniashilling7.14286
* Thailandbaht20.00
Togofranc50.00
Trinidad and Tobagodollar4.80
Tunisiadinar–––––––––––––––––––––––5–––––––––––––––––––––––0.4167
Turkey4lira13.50
* Ugandashilling7.14286
* United Arab Emiratesdirham3.94737
United Kingdom4pound–––––––––––––––––––––––5–––––––––––––––––––––––0.4193
United Statesdollar
Upper Voltafranc50.00
Uruguay4peso1,125.00
Venezuela4bolivar4.285
Viet-Nam4piastre620.00
* Western Samoatala0.596174
Yemen Arab Republicrial–––––––––––––––––––––––5–––––––––––––––––––––––4.396
* Yemen, People’s Democratic Republic of4dinar0.345395
Yugoslavia4dinar–––––––––––––––––––––––5–––––––––––––––––––––––14.8148
* Zaïrezaire6750
* Zambiakwacha0.642856

The member is availing itself of wider margins in accordance with Executive Board Decision No. 3463-(71/126), as amended by Executive Board Decision No. 4083-(73/104), adopted November 7, 1973.

Rates other than market rates as notified to the Fund.

Representative rates for the currencies of Austria, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Norway, South Africa, Spain, Sweden, and the United Kingdom. Other rates are selling rates in New York.

Belgium, Denmark, Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2¼ per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. Rates shown are central rates established under Executive Board Decision No. 4083-(73/104), expressed in terms of SDRs.

Member maintains multiple currency practice and/or dual exchange market.

The member has notified the Fund that its currency is not being maintained within specified margins.

The rate at which the Fund computes its holdings of lei.

The member is availing itself of wider margins in accordance with Executive Board Decision No. 3463-(71/126), as amended by Executive Board Decision No. 4083-(73/104), adopted November 7, 1973.

Rates other than market rates as notified to the Fund.

Representative rates for the currencies of Austria, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Norway, South Africa, Spain, Sweden, and the United Kingdom. Other rates are selling rates in New York.

Belgium, Denmark, Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2¼ per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. Rates shown are central rates established under Executive Board Decision No. 4083-(73/104), expressed in terms of SDRs.

Member maintains multiple currency practice and/or dual exchange market.

The member has notified the Fund that its currency is not being maintained within specified margins.

The rate at which the Fund computes its holdings of lei.

Table I.2.Par Values Established or Changed, Fiscal Year Ended April 30, 1974
FromTo
MemberCurrencyGrams of gold per unitUnits per SDRGrams of gold per unitUnits per SDRDate
Algeriadinar(initial par value)0.1800004.937067/18/73
Australiadollar1.043600.8515441.095780.8109949/9/73
Bahamasdollar(initial par value)0.7366621.2063512/17/73
Costa Ricacolon0.1341396.625000.085958010.33844/25/74
Dominican Republicpeso0.8185131.085710.736662 11.20635 110/27/73
El Salvadorcolon0.3274052.714290.2946653.0158710/18/73
Guatemalaquetzal0.8185131.085710.7366621.2063510/18/73
Haitigourde0.1637035.428570.14733226.03176210/26/73
Honduraslempira0.4092562.171430.3683312.4127010/19/73
Liberiadollar0.8185131.085710.7366621.2063510/18/73
Mexicopeso0.065481013.57140.058933015.079310/17/15
Nicaraguacordoba0.1169307.600030.1052378.4444710/18/73
Panamabalboa0.8185131.085710.73666231.20635 311/16/73
Qatarriyal(initial par value)0.1866214.761906/14/73
Saudi Arabiariyal0.1974824.500000.2075104.282558/10/73
Thailandbaht0.035416425.09210.036833124.12707/15/73
United Arab Emiratesdirham(initial par value)0.1866214.761902/25//4
United Statesdollar0.8185131.085710.7366621.2063510/18/73

This was a central rate, February 16 to October 26, 1973.

This was a central rate, February 20 to October 25, 1973.

This was a central rate, February 23 to November 15, 1973.

This was a central rate, February 16 to October 26, 1973.

This was a central rate, February 20 to October 25, 1973.

This was a central rate, February 23 to November 15, 1973.

Table I.3.Central Rates Established or Changed in Accordance with Executive Board Decision No. 3463-(71/126), as Revised by Decision No. 4083-(73/104), Fiscal Year Ended April 30, 1974
FromTo
MemberCurrencyGrams of gold per unitUnits per SDRGrams of gold per unitUnits per SDRDate
Fijidollar(no par value or central rate)0.9208280.9650782/25/74
Germany, Fed. Rep. ofdeutsche mark0.261615 13.39687 10.2760033.219796/29/73
Kenyashilling0.10313328.6167510.1067638.323776/20/73
0.106763 18.32377 10.1031338.616751/14/74
Netherlandsguilder0.252265 13.52282 10.2648743.355079/17/73
Norwaykrone0.123170 17.21500 10.1293286.8714511/16/73
Rwandafranc0.00888671 2100.00020.00793456112.0001/7/74
Tanzaniashilling0.10313328.6167520.1067638.323777/2/73
0.106763 18.32377 10.1031338.616751/14/74
Ugandashilling0.10313328.6167520.1067638.323777/2/73
0.106763 18.32377 10.1031338.616751/14/74
Western Samoatala(no par value or central rate)1.235650.7191937/26/73
Separate Currency of Nonmetropolitan Area
United Kingdom Cayman Islandsdollar1.0664120.83333320.8839940.9947371/28/74

Central rate.

Par value.

Central rate.

Par value.

Table I.4.Transfers of Special Drawing Rights, January 1, 1970-April 30, 1974(In Millions of SDRs)
Jan. 1, 1970-

Apr. 30, 1970
Fiscal Years Ended April 30Total
1971197219731974Jan. 1, 1970-

Apr. 30, 1974
Transfers between participants
Transactions with designation15534826711760946
Transactions without designation202863803039961,985
1756336474201,0562,931
General Account
Transfers from participants
Repurchases (net)18335750168291,138
Charges (net)2966303029184
Assessments111115
Interest received on General Account holdings4710830
213429540108671,357
Transfers to participants
Purchases2927299
Replenishment of participants’ currencies12321144
Reconstitution46107157311
Remuneration181522056
Restoration of participants’ holdings 12929
Distribution of net income9817
Other 211
151120401185857
Total transfers3881,2131,3079291,3085,145
General Account holdings at end of period213490910617499499

Under Article XXV, Sections 2(b)(ii) and 7(e).

Under Article XXVI, Section 5.

Under Article XXV, Sections 2(b)(ii) and 7(e).

Under Article XXVI, Section 5.

Table I.5.Summary of Transactions and Operations in Special Drawing Rights, Fiscal Year Ended April 30, 1974(In thousands of SDRs)
Transactions and OperationsPositions at April 30, 1974
Between participantsTotal

holdings
Net

cumulative

allocations
Holdings

as per cent

of net

cumulative

allocations
Holders

Participants
Total

Holdings on

May 1, 1973
ReceivedBetween participants

and the

General Account
Interest,

Charges,

and

Assessment (Net)
Through

designation
OtherUsedReceivedUsed
Afghanistan9775,5002,260−1494,06912,75331.9
Algeria41,847+ 1941,86640,290103.9
Argentina52,41821,4002,7373,675−1,41771,463152,52046.9
Australia234,724+112234,836225,645104.1
Austria85,891+ 12986,02076,745112.1
Bangladesh1,0661,066
Barbados2,7682,7682,769100.0
Belgium527,589103,16637,0484,603+5,878604,187209,346288.6
Bolivia9202,500344−1562,91912,75322.9
Botswana1,5681,5681,569100.0
Brazil157,08795+53157,235152,520103.1
Burma5,2135,085582−2059,51220,84445.6
Burundi3,601−453,5566,56754.1
Cameroon10,509−110,50810,513100.0
Canada466,878390+ 1,591468,859358,620130.7
Central African Republic1,159140−499694,36522.2
Chad5502,4081,310−571,5914,44935.7
Chile1,0935,0001,447−8053,84154,6547.0
Colombia17,2807,500421148−52524,52854,44145.1
Congo, People’s Republic of the2,54993−292,4264,44954.5
Costa Rica3,883−1083,77511,01634.3
Cyprus10,448+2210,4708,898117.7
Dahomey4,447−14,4474,44999.9
Denmark72,01472,2964,970+275139,61482,764168.7
Dominican Republic6,7824051−1186,65414,53545.8
Ecuador5,61042−865,48211,22948.8
Egypt1,53630,5001,255−63230,15065,24446.2
El Salvador3,728220101−1203,72811,65532.0
Equatorial Guinea1,860−131,8472,71268.1
Fiji1,3781,3781,378100.0
Finland67,538244+8867,87061,470110.4
France581,820108,382588,531−1,193100,478484,98020.7
Gabon4,72631−24,6934,79198.0
Gambia, The2,17776−3. 2,0982,33190.0
Germany, Federal Republic of825,850712,080100,4638,816+7,2331,453,517542,400268.0
Ghana9,69519−3099,40430,12331.2
Greece25,2362,213−31227,13646,19458.7
Guatemala11,484−711,47711,86896.7
Guinea2,7732,1401,383−943,4368,30441.4
Guyana4,05645−423,9696,78058.5
Haiti3,004900119681−631,4796,56722.5
Honduras5,4074−485,3558,51762.9
Iceland6,344−176,3277,41985.3
India245,257310−1,250243,697326,22074.7
Indonesia35,11610,5003,1723,319−78644,68390,15649.6
Iran33,9413,000−41136,53061,89659.0
Iraq23,2113,140−3020,04123,21786.3
Ireland39,288136−139,42339,213100.5
Israel27,891−22827,66342,81064.6
Italy341,8161,061+338343,216318,000107.9
Ivory Coast15,297+ 1415,31014,268107.3
Jamaica6,819509−1696,14117,67334.7
Japan425,138+676425,813377,400112.8
Jordan7,54718−27,5287,58799.2
Kenya17,0961+2117,11715,600109.7
Khmer Republic4,1113,500204−873208,5173.8
Korea26,1061+5626,16122,230117.7
Laos1,295−481,2474,44928.0
Lesotho853195−126461,56941.2
Liberia3,30126−953,1799,53733.3
Luxembourg7,342−17,3417,34599.9
Malagasy Republic8,7278,500−92178,7302.5
Malawi4,597−84,5905,08590.3
Malaysia63,1292,511+ 1360,63160,618100.0
Mali2,344105−802,1597,54228.6
Malta5,0871−15,0875,088100.0
Mauritania2,127−352,0924,44947.0
Mauritius7,311−27,3097,37499.1
Mexico127,76280+42127,884124,170103.0
Morocco16,189−34915,84039,18940.4
Nepal2,2142,2142,215100.0
Netherlands655,855264,9124,874+4,506400,323
New Zealand58,1261−17757,95069,40281.5
Nicaragua6,117515−485.5338,94362,1
Niger4,42511− 14,4144,44999.2
Nigeria42,453−3.082−3145,50545,55599 9
Norwa>87,986, 10788,15376,320115 5
Oman742742742100.0
Pakistan17,511911,7573.497−85324,91681,63930.5
Panama2,58223−1482,41112,37219.5
Paraguay6,566−16,5656,567100.0
Peru40,9973,76112037,21740,47991.9
Philippines20,5836,0003,0524,70314724,48.351,49547.5
Romania6,200238+386,000
Rwanda3062,120−642,3626,56736.0
Senegal5.626300−915,23611,44245.8
Sierra Leone5,7111,213394,4597,84556,1
Somalia4,53146−324,4536,56767 8
South Africa37,4231,00037,0008−96746588,9200.5
Spain128,72275+26128,824126,135102,1
Sri Lanka13,3721,9591,836−31413,18233,97838.8
Sudan6,35814,4483,435−19317,17824,91269.0
Swaziland902459373−299592,71235.4
Sweden107,039−11107,028107,025100.0
Syrian Arab Republic3,6275,011582−1447,91217,03446.4
Tanzania6,602−1176,48514,32245.3
Thailand28,535328,53228,542100.0
Togo5,083−15,0825,085100.0
Trinidad and Tobago7,132−2076,92520,81133.3
Tunisia7,6171087,50914,71351.0
Turkey38,0821,0009,624−27329,18550,30758.0
Uganda13,6239,000257−444,32213,89631.1
United Kingdom600,3699−6,197594,1801,006,32059.0
United States1,795,547−7,7231,787,8242,293,98077.9
Upper Volta4,429−14,4284,44999.5
Uruguay86010,5394,362−2186,81923,93728.5
Venezuela118,176+76118,253112,290105.3
Viet-Nam19,751−219,74819,758100.0
Western Samoa212212212100.0
Yemen Arab Republic2,1292,1292,130100.0
Yemen. People’s Dem. Rep of7.795−327,7639,17378.6
Yugoslavia377,50033.9591,545−56639,38569,29156.8
Zaire6,876−4896,38739,18916.3
Zambia8–––––––––14,045942-34812,76424,58851.9
Total Participants8,697,74660,113995,9251,056,038184,87258,040−8,7748,815,8049,314.81594.6
General Account617,090+8.774499,0315.4
Total9,314.8359,314.8359,314.835100.0
Table I.6.Currencies Transferred for Special Drawing Rights, January 1, 1970- April 30, 1974(In millions of SDRs)
Jan. 1, 1970-

Apr. 30, 1970
Fiscal Years Ended April 30Total
1971197219731974Jan. 1, 1970-

Apr. 30, 1974
Transactions with designation
Belgian francs
Provided directly to participants1.01.0
Deutsche mark
Converted to U. S. dollars3.03.0
French francs
Provided directly to participants3.522.325.8
Converted to pounds sterling8.08.0
Converted to U. S. dollars14.021.035.0
25.543.368.8
Italian lire
Provided directly to participants4.04.0
Pounds sterling
Provided directly to participants27.456.359.9143.6
Converted to French francs6.71.38.0
Converted to U. S. dollars45.853.45.43.0107.6
79.9111.065.33.0259.2
U.S. dollars
Provided directly to participants148.9227.1112.551.254.1593.9
Converted to French francs5.13.68.7
Converted to pounds sterling7.57.5
154.0238.2112.551.254.1610.0
Total155.0347.6266.8116.660.1946.1
Transactions without designation
Belgian francs−—37.037.0
Danish kroner5.05.0
Deutsche mark100.5100.5
French francs588.5588.5
Netherlands guilders11.7264.9276.6
Pounds sterling20.025.0291.8336.8
U. S. dollars285.5355.0640.5
Total20.0285.5380.0303.5995.91,984.9
Table I.7.Transfer of Special Drawing Rights by the General Account, Fiscal Year Ended April 30, 1974(In thousands of SDRs)
ParticipantReconstitutionPayment of RemunerationPurchases
Afghanistan5,500
Argentina2,737
Bangladesh1,066
Belgium4,603
Bolivia2,500
Brazil95
Burma5,085
Canada390
Chad2,408
Chile5,000
Colombia421
Dominican Republic40
Egypt30,500
El Salvador220
Finland244
Germany, Federal Republic of8,816
Ghana19
Guinea2,140
Haiti119
Indonesia3,172
Ireland136
Italy1,061
Kenya1
Malta1
Mexico80
Netherlands4,874
New Zealand1
Pakistan11,757
Philippines3,052
Romania6,200
Rwanda2,120
South Africa8
Spain75
Sri Lanka1,959
Sudan14,448
Swaziland459
Syrian Arab Republic5,011
United Kingdom9
Uruguay10,539
Yugoslavia33,959
Zambia14,045
Total157,21320,39417,266

Includes amounts of less than SDR 500 each paid to an additional 11 participants.

Includes amounts of less than SDR 500 each paid to an additional 11 participants.

Table I.8.Creditor Positions, Fiscal Years Ended April 30, 1973 and 19741
MemberApril 30, 1973April 30, 1974Change from Previous Year
Creditor position

(Million SDRs)
Per cent

of quota
Creditor position

(Million SDRs)
Per cent of quotaMillion SDRsPer cent

of quota
Australia1.20.27.11.1+5.9+0.9
Austria60.922.656.520.9−4.4−1.7
Belgium339.052.2298.545.9−40.5−6.3
Brazil6.31.46.31.4
Canada25.22.35.50.5-19.7-1.8
Denmark0.176.729.5+76.6+29.5
Ethiopia0.10.40.10.4
Finland16.38.616.38.6
France64.14.34.50.3-59.6-4.0
Germany, Federal Republic of679.642.5795.149.7+115.5+7.2
Ireland12.110.010.18.3-2.0-1.7
Italy64.06.426.92.7-37.1-3.7
Japan244.820.4223.018.6-21.8-1.8
Kenya0.40.8+0.4+0.8
Kuwait4.56.93.55.4-1.0-1.5
Mexico5.31.45.31.4
Netherlands358.751.269.710.0-289.0-41.2
New Zealand0.1+0.1
Norway7.23.02.81.2−4.4−1.8
Singapore0.10.30.10.3
South Africa0.50.20.50.2
Spain5.01.35.01.3
Sweden5.71.83.21.0−2.5−0.8
Venezuela28.68.729.08.8+0.4+0.1
Total1,929.71,646.3−283.4

Excluding amounts of SDR 50,000 and less. A creditor or super gold tranche position corresponds to the difference between the Fund’s holdings of a member’s currency and 75 per cent of quota. Balances on No. 2 Accounts have been included.

Excluding amounts of SDR 50,000 and less. A creditor or super gold tranche position corresponds to the difference between the Fund’s holdings of a member’s currency and 75 per cent of quota. Balances on No. 2 Accounts have been included.

Table I.9.Purchases of Currencies and Special Drawing Rights from the Fund, Fiscal Year Ended April 30, 1974(In millions of SDRs)
Within Credit TranchesTotal Purchases
Member PurchasingWithin Gold TrancheUnder stand-by arrangementsOther1Under

Decision

on Compensatory Financing
CurrenciesSpecial drawing rights2Total
Afghanistan7.504.003.5037.50
Bangladesh1.07 41.071.07
Burma15.0015.0015.00
Chile39.5034.505.00339.50
Ecuador0.652.002.652.65
Egypt47.0024.0023.OO347.00
France138.00138.00138.00
Germany, Fed. Rep. of19.6519.6519.65
Guinea6.003.862.1436.00
Guyana0.584.005.009.589.58
Haiti3.663.663.66
India76.2062.00138.20138.20
Israel32.5032.5032.50
Jamaica5.4613.2513.2531.9631.96
Netherlands280.38280.38280.38
Nicaragua_12.00_12.00_12.00
Pakistan60.0058.261.74360.00
Philippines38.7538.7538.75
Romania47.50447.50488.806.20 395.00
Sri Lanka24.5024.5024.50
Sudan19.0010.508.50319.00
Swaziland0.460.4630.46
Uruguay1.3615.0016.3616.36
Zambia19.0018.910.10319.00
Total607.47179.2559.50211.501,006.0251.701,057.72

In accordance with Executive Board Decision No. 102-(52/11), adopted February 13, 1952. (See Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pp. 22-25.)

In accordance with Article XXV, Section 7(f), of the Articles of Agreement.

In accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended by Executive Board Decision No. 3829-(72/144) S, adopted December 15, 1972.

Transaction prior to the establishment of an initial par value in accordance with Executive Board Decision No. 1687-(64/22), adopted April 22, 1964. (See Selected Decisions, p. 56.)

In accordance with Executive Board Decision No. 102-(52/11), adopted February 13, 1952. (See Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pp. 22-25.)

In accordance with Article XXV, Section 7(f), of the Articles of Agreement.

In accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended by Executive Board Decision No. 3829-(72/144) S, adopted December 15, 1972.

Transaction prior to the establishment of an initial par value in accordance with Executive Board Decision No. 1687-(64/22), adopted April 22, 1964. (See Selected Decisions, p. 56.)

Table I.10.Fund Stand-By Arrangements for Members, Fiscal Year Ended April 30, 1974(In millions of SDRs)
MemberTotal Number of Stand-Bys Approved for MemberDate of InceptionDate of ExpirationAmount Approved1972/73Amount Not Purchased at ExpirationAmount Approved1973/74Amount Not Purchased April30, 1974
Afghanistan5June18, 1973June17, 197410.002.50
Bolivia12Jan.17, 1973Jan.16, 197427.309.25
Burma2Feb.2, 1973Feb.1, 197413.50
Chile12Jan.30, 1974Jan.29, 197579.0039.50
Colombia15May1, 1972Apr.30, 197340.0040.00
June6, 1973June5,197420.0020.00
Ecuador9July3, 1972July2, 197316.50
El Salvador11Sep.8, 1972Sep.7, 19738.75
Guyana7May15, 1972May14, 19732.802.80
May15, 1973May14, 19744.00
Haiti13July6, 1972July5, 19734.004.00
July6, 1973July5, 19744.004.00
Honduras12June7,1972June6, 197315.0015.00
Indonesia8May4, 1973May3, 197450.0050.00
Italy1Apr.10, 1974Apr.9, 19751,000.001,000.00
Jamaica2June1,1973May31, 197426.5013.25
Korea9Apr.2, 1973Dec.31, 197320.0020.00
Liberia10May17, 1973May16, 19744.004.00
Pakistan5May18, 1972May17, 1973100.0016.00
Aug.11, 1973Aug.10, 197475.0015.00
Panama7June22, 1972June21, 19739.009.00
Aug.3, 1973Aug.2, 19749.009.00
Philippines11May11, 1972May10, 197345.0010.00
May16, 1973May15, 197445.0045.00
Sri Lanka6Apr.30, 1974Apr.29. 197524.5024.50
Sudan5Aug.9, 1973Aug.8, 197424.005.00
Uruguay6June27, 1972June26, 197320.00
Zambia1May4, 1973May3, 1974––––––––19.00
Total321.85126.051,394.001,231.75
Table I.11.Purchases and Repurchases Under the Decision on Compensatory Financing of Export Fluctuations, February 27, 1963-April 30, 19741(In millions of SDRs)
MemberPurchasesRelated RepurchasesOutstanding

Balance

April 30, 1974
DateAmountTotalUnder

paragraph (7)

of amended

decision
AfghanistanJune 5, 19684.804.80
ArgentinaMar. 3, 197264.0064.00
BangladeshDec. 15, 197262.5062.50
BrazilJune 7, 196360.00260.00
BurmaNov. 21, 19677.507.50
Sep. 21, 19716.506.50
Feb. 1, 197415.0015.00
BurundiJune 9, 19702.502.500.80
ChileDec. 14, 197139.5039.50
Dec. 22, 197239.5039.50
ColombiaMar. 22, 196718.9018.907.70
Apr. 19, 196830.9530.950.95
Apr. 19, 196830.9530.950.95
Dominican RepublicDec. 6, 19666.606.603.30
EcuadorOct. 15, 196933.5033.50—:
Oct. 15, 196932.7532.75
EgyptOct. 15, 196316.00216.00
Mar. 18, 196823.0023.00
Aug. 14, 197347.0047.00
El SalvadorDec. 16, 19696.256.254.30
GhanaDec. 20, 196617.2517.250.75
GuatemalaFeb. 5, 1968 33.0033.001.60
Feb. 5, 196833.2533.25
GuineaMar. 26, 19746.006.00
GuyanaMar. 26, 19745.005.00
HaitiAug. 11, 19671.301.300.12
Dec. 6, 19671.001.000.20
IcelandNov. 10, 19673.753.753.75
Nov. 26, 19683.753.753.75
IndiaDec. 28, 196790.0090.0080.00
Feb. 19, 197462.0062.00
IraqNov. 8, 1967317.50317.50
JamaicaMar. 20, 197413.2513.25
JordanNov. 15, 19714.504.50
Jan. 3, 19732.851.251.60
Khmer RepublicMar. 14, 19726.256.25
Apr. 18, 19736.256.25
New ZealandMay 10, 196729.2029.20
PeruJune 20, 197230.7530.75
PhilippinesMay 18, 197338.7538.75
Sri LankaMar. 21, 196719.5019.50
Apr. 17, 196819.3019.30
Jan. 24, 197234.7034.70
Jan. 26, 197214.7514.75
June 22, 197318.6018.60
Feb. 15, 19745.905.90
SudanJune 1, 196511.25211.25
Syrian Arab RepublicSep. 18, 19679.509.50
Jan. 25, 197212.5012.50
UruguayFeb. 7, 19689.509.505.00
May 17, 197217.2517.25
ZaireJuly 5, 197228.2528.25
ZambiaDec. 14, 197119.0019.00
Aug. 7, 197216.0016.00
Aug. 8, 19723.003.00
Total982.30429.25113.17553.05

All items are under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966, except where noted.

Under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963.

Date and amount of reclassification of previous purchases.

All items are under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966, except where noted.

Under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963.

Date and amount of reclassification of previous purchases.

Table I.12.Summary of Stand-By Arrangements That Became Effective During the Fiscal Years Ended April 30, 1953-741(In millions of SDRs)
NumberAmount
1953255.00
1954262.50
1955240.00
1956247.50
195791,162.28
1958111,043.78
1959151,056.63
196014363.88
196115459.88
1962241,633.13
1963191,531.10
1964192,159.85
1965242,159.05
196624575.35
196725591.15
1968322,352.36
196926541.15
1970232,381.28
197118501.70
197213313.75
197313321.85
1974151,394.00
Total34720,747.17

Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

Table I.13.Summary of Members’ Purchases and Repurchases, Years Ended April 30, 1948-74(In millions of SDRs)
Total Purchases by MembersTotal Repurchases by Members
1948606.04
1949119.44
195051.8024.21
195128.0019.09
195246.2536.58
195366.12184.96
1954231.29145.11
195548.75276.28
195638.75271.66
19571,114.0575.04
1958665.7386.81
1959263.52537.32
1960165.53522.41
1961577.00658.60
19622,243.201,260.00
1963579.97807.25
1964625.90380.41
19651,897.44516.97
19662,817.29406.00
19671,061.28340.12
19681,348.251,115.51
19692,838.851,542.33
19702,995.651,670.69
19711,167.411,656.86
19722,028.493,122.33
19731,175.43540.30
19741,057.72672.49
Total25,859.16116,869.322

Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 per cent of quota. These purchases are not subject to repurchase.

Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 per cent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 per cent of quota. These purchases are not subject to repurchase.

Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 per cent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

Table I.14.Total Repurchase Obligations Incurred in Accordance with Article V, Section 7(b), and Amounts Payable Forthwith by Members, as of April 30, 1973(In thousands of SDRs)
MemberTotal Repurchase Obligations IncurredAmounts Payable Forthwith
GoldSpecial

drawing

rights
Convertible

currencies
TotalGoldSpecial

drawing

rights
Convertible

currencies
Total
Colombia14832,19632,34414832,19632,3441
Ecuador7,5997,5997,5997,599
El Salvador612413,21013,29588,7428,7502
Honduras26,2456,24726,2456,2473
Indonesia23244103,480103,7471415364,83365,0004
Jamaica2965,1675,4632965,1675,463
Jordan102287,2047,3345,7505,750
Korea617,4937,500617,4937,5005
Malawi1,8501,8501,8501,850
Malaysia228228228228
Mauritius3,0353,0353,0353,035
Nicaragua116
Nigeria17367371736737
Peru3,0343,25241,57247,8581,3461,44327,96130,750 7
Philippines7881,759112,450114,99725857537,91738,7508
Sierra Leone1,2171,2171,2171,217
Tanzania3,6003,6003,6003,600
Upper Volta147147147147
Yugoslavia14125,233125,247651,74451,7509
Total4,1785,605472,663482,4461,7802,477266,460270,717

Member discharged the equivalent of SDR 32,196,000 with convertible currencies; payment of balance accrued in gold equivalent to SDR 148,000 postponed.

Member discharged the equivalent of SDR 8.75 million of its repurchase obligation, which was payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). (See Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pp. 64-66.) Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 was payable at the end of the subsequent financial year or years. However, member discharged a portion of the balance of the obligation equivalent to SDR 6,245 on January 10, 1974.

Member discharged the equivalent of SDR 6,245,000 with convertible currencies; balance accrued in gold being less than one standard bar was not collected in accordance with Executive Board Decision No. 4087-(73/105), adopted November 9, 1973.

Member discharged the equivalent of SDR 65 million of its repurchase obligation which was payable forthwith in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30,1973 was payable at the end of the subsequent financial year or years. However, member completed discharge of the balance of the obligation incurred in special drawing rights and in convertible currencies on March 15, 1974; in accordance with Executive Board Decision No. 4087-(73/105), balance accrued in gold being less than one standard bar was not collected.

Member discharged the equivalent of SDR 7,494,000 payable with special drawing rights and convertible currencies; balance accrued in gold being less than one standard bar was not collected.

Member discharged the portion of its repurchase obligation incurred as of April 30, 1971 equivalent to SDR 6,750,000, which was payable as of April 30, 1973. Member also repurchased the equivalent of SDR 4,253,156 during 1972/73, discharging the balance of the April 30, 1971 repurchase obligation and a portion of the repurchase obligation incurred as of April 30, 1972. Owing to the limitation of Article V, Section 7(c)(iv), the repurchase obligation incurred as of April 30, 1973 and the balance of the April 30, 1972 obligation will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 30,750,000 of its repurchase obligation, which was payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30,1973 was payable at the end of the subsequent financial year or years. However, member completed the discharge of the balance of the obligation on January 10, 1974.

Member discharged the equivalent of SDR 38,492,000 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44); the amount payable forthwith in gold equivalent to SDR 258,000 was postponed. The member also discharged a portion of the balance of the obligation equivalent to SDR 17,250,000 in convertible currencies. Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 51,744,000 payable forthwith in convertible currencies in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44); the amount payable forthwith in gold being less than one standard bar was not collected. Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 32,196,000 with convertible currencies; payment of balance accrued in gold equivalent to SDR 148,000 postponed.

Member discharged the equivalent of SDR 8.75 million of its repurchase obligation, which was payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). (See Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pp. 64-66.) Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 was payable at the end of the subsequent financial year or years. However, member discharged a portion of the balance of the obligation equivalent to SDR 6,245 on January 10, 1974.

Member discharged the equivalent of SDR 6,245,000 with convertible currencies; balance accrued in gold being less than one standard bar was not collected in accordance with Executive Board Decision No. 4087-(73/105), adopted November 9, 1973.

Member discharged the equivalent of SDR 65 million of its repurchase obligation which was payable forthwith in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30,1973 was payable at the end of the subsequent financial year or years. However, member completed discharge of the balance of the obligation incurred in special drawing rights and in convertible currencies on March 15, 1974; in accordance with Executive Board Decision No. 4087-(73/105), balance accrued in gold being less than one standard bar was not collected.

Member discharged the equivalent of SDR 7,494,000 payable with special drawing rights and convertible currencies; balance accrued in gold being less than one standard bar was not collected.

Member discharged the portion of its repurchase obligation incurred as of April 30, 1971 equivalent to SDR 6,750,000, which was payable as of April 30, 1973. Member also repurchased the equivalent of SDR 4,253,156 during 1972/73, discharging the balance of the April 30, 1971 repurchase obligation and a portion of the repurchase obligation incurred as of April 30, 1972. Owing to the limitation of Article V, Section 7(c)(iv), the repurchase obligation incurred as of April 30, 1973 and the balance of the April 30, 1972 obligation will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 30,750,000 of its repurchase obligation, which was payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30,1973 was payable at the end of the subsequent financial year or years. However, member completed the discharge of the balance of the obligation on January 10, 1974.

Member discharged the equivalent of SDR 38,492,000 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44); the amount payable forthwith in gold equivalent to SDR 258,000 was postponed. The member also discharged a portion of the balance of the obligation equivalent to SDR 17,250,000 in convertible currencies. Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 51,744,000 payable forthwith in convertible currencies in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44); the amount payable forthwith in gold being less than one standard bar was not collected. Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1973 will be payable at the end of the subsequent financial year or years.

Table I.15.Repurchases of Currencies from the Fund, Fiscal Year Ended April 30, 1974(In millions of SDRs)
Member

Repurchasing
Repurchases in Respect ofVoluntary

Repurchases
Other

Repurchases
Total
Purchases

under stand-by

arrangements
Schedules

approved

by Fund
Article V,

Section 7(b)
Afghanistan5.05.0
Bahamas5.05.0
Bolivia3.63.6
Burma8.58.5
Burundi1.50.11.6
Central African Republic0.10.1
Chad1.10.11.2
Colombia7.132.239.3
Congo, People’s Republic of the0.10.1
Dominican Republic6.07.513.5
Ecuador7.67.6
Egypt4.50.24.7
El Salvador8.88.8
Gabon11
Gambia, The0.10.1
Ghana6.00.76.7
Guinea1.91.9
Guyana2.00.12.1
Haiti0.80.20.9
Honduras16.26.2
Indonesia103.7103.7
Iraq6.923.110.0
Jamaica5.55.5
Jordan5.85.8
Korea7.57.5
Lesotho0.10.10.2
Liberia1.00.41.4
Malawi1.81.8
Malaysia0.27.07.2
Mali1.00.21.2
Mauritania0.10.1
Mauritius3.03.0
Nicaragua11.0211.0
Niger111
Nigeria−3.1320.8217.7
Pakistan40.00.940.9
Panama1.01.0
Peru47.913.661.5
Philippines0.355.756.0
Senegal0.30.3
Sierra Leone1.21.2
Somalia11
Sri Lanka12.31.013.3
Sudan7.50.68.1
Swaziland0.30.10.4
Syrian Arab Republic4.84.8
Tanzania3.63.6
Turkey9.69.6
United States110.1110.1
Upper Volta0.10.1
Uruguay12.14.416.5
Yugoslavia51.751.7
Total33.5102.0381.3 2138.317.3672.5

Less than SDR 50,000.

Total includes SDR 8 million and SDR 30 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1971 and April 30, 1972, respectively, as follows: 1971—SDR 8 million by Nicaragua; 1972—SDR 6.9 million by Iraq, SDR 3 million by Nicaragua, and SDR 20.1 million by Nigeria.

Reversal of amount repurchased in 1972/73, which was included in repurchase data for that year.

Note. Included in the table are repurchases equivalent to SDR 5.8 million by Jordan and SDR 30.8 million by Peru relating to purchases under the decision on compensatory financing of export fluctuations.

Less than SDR 50,000.

Total includes SDR 8 million and SDR 30 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1971 and April 30, 1972, respectively, as follows: 1971—SDR 8 million by Nicaragua; 1972—SDR 6.9 million by Iraq, SDR 3 million by Nicaragua, and SDR 20.1 million by Nigeria.

Reversal of amount repurchased in 1972/73, which was included in repurchase data for that year.

Note. Included in the table are repurchases equivalent to SDR 5.8 million by Jordan and SDR 30.8 million by Peru relating to purchases under the decision on compensatory financing of export fluctuations.
Table I.16.Currencies and Special Drawing Rights Obtained from the Fund by Members in Purchases for Their Own Currencies; Currencies, Gold, and Special Drawing Rights Used by Members in Repurchases, Fiscal Year Ended April 30, 1974(In Millions of SDRs)
MediumCurrencies and SDRs Obtained by MembersCurrencies, Gold, and SDRs Used by Members

in Repurchases
PurchasesTotalUnited

States
Other

countries
Under

Article V,

Section 7(b)
Total
For EEC settlements

by France, Germany,

and the Netherlands
Other

countries
SDRs51.751.725.04.5129.5
Gold3.13.1
Australian dollars30.130.17.513.7 121.2
Austrian schillings17.517.512.38.5120.8
Belgian francs5.731.837.519.18.838.9166.7
Canadian dollars30.430.48.030.0 138.0
Danish kroner87.62.089.68.05.013.0
Deutsche mark235.0180.5415.587.234.6125.8 1247.6
French francs109.716.0125.710.722.032.6
Guatemalan quetzales22
Irish pounds2.02.04.04.0
Italian lire18.818.89.535.344.8
Japanese yen80.580.53.930.953.9188.6
Kuwaiti dinars1.01.0
Mexican pesos22
Netherlands guilders43.543.59.534.9 144.4
Norwegian kroner2.02.03.62.96.5
Swedish kronor8.58.58.52.010.5
U. S. dollars104.4104.4
Total438.0619.71,057.7110.1181.0381.3 1672.5

Total includes SDR 8 million and SDR 30 million relating to Article V, Section 1(b), repurchase obligations incurred as of April 30, 1971 and April 30, 1972, respectively, as follows: 1971—SDR 0.1 million in SDRs, SDR 2.7 million in Australian dollars, SDR 1.2 million in Austrian schillings, SDR 2 million in Belgian francs, and SDR 2 million in Netherlands guilders; 1972—SDR 6.9 million in Canadian dollars, SDR 10 million in deutsche mark, and SDR 13.1 million in Japanese yen.

Less than SDR 50,000.

Total includes SDR 8 million and SDR 30 million relating to Article V, Section 1(b), repurchase obligations incurred as of April 30, 1971 and April 30, 1972, respectively, as follows: 1971—SDR 0.1 million in SDRs, SDR 2.7 million in Australian dollars, SDR 1.2 million in Austrian schillings, SDR 2 million in Belgian francs, and SDR 2 million in Netherlands guilders; 1972—SDR 6.9 million in Canadian dollars, SDR 10 million in deutsche mark, and SDR 13.1 million in Japanese yen.

Less than SDR 50,000.

Table I.17.Gold Transactions and Operations by the Fund, Fiscal Years Ended April 30, 1972-74(In millions of SDRs)
197219731974
Increase in gold holdings due to
Subscriptions81.660.9
Repurchases of currency by members506.22.83.0
Charges paid by members46.43.90.4
Reacquisition from United States400.0
Purchases under Article V, Section 6(a)1105.0
Total increase1,139.267.63.4
Decrease in gold holdings due to
Sales under Article VII, Section 2(ii)121.2
of which sales in connection with Fifth General Review of Quotas7.5
Interest on Fund borrowing2.7
Remuneration paid to members22.728.53.6
Total decrease146.628.53.6
Net increase or decrease (—)992.639.1−0.2

All these purchases were from South Africa.

All these purchases were from South Africa.

Chart I.1Use of Fund Resources, April 30, 1965-74

(In billions of SDRs)

1Belgium, Canada, Denmark, France, Italy, Japan, the Netherlands, and Norway.

Table I.18.Income and Expenses, Fiscal Years Ended April 30, 1965-74(In millions of SDRs)
1965196619671968196919701971197219731974
Operational income Service and stand-by charges, etc.11.815.67.17.414.613.03.23.03.22.5
Charges on balances in excess of quotas35.965.782.582.0107.4124.7128.162.028.228.2
Interest on holdings of special drawing rights0.44.37.210.27.8
Total operational income 147.781.389.689.4122.0138.1135.672.241.638.5
Deduct: operational expenses Remuneration27.237.430.529.327.2
Other4.616.117.811.922.319.111.81.2
Net operational income43.165.271.877.599.791.886.340.512.211.2
Administrative budget expenses13.015.018.121.324.428.633.237.139.443.5
Deduct: assessments levied on participants for estimated expenses of operating the Special Drawing Account0.90.91.00.71.0
Fixed property expenses4.65.73.30.54.56.57.517.7−4.825.9
Net valuation adjustment loss0.10.1
Total administrative budget and fixed property expenses and net valuation adjustment loss17.620.721.421.828.934.239.953.734.048.4
Net income or expenses (—)325.544.550.455.770.857.646.4−13.3−21.7−37.2

Excludes income from investments transferred to the Special Reserve until February 15, 1972.

Represents sale of Fund’s former headquarters building for the equivalent of SDR 21.2 million from which fixed property expenses of SDR 16.4 million have been deducted.

Net income was transferred to the General Reserve until the fiscal year ended April 30, 1968. Of the SDR 55.7 million, SDR 70.8 million, SDR 57.6 million, and SDR 46.4 million net income in 1968, 1969, 1970, and 1971, respectively, SDR 18.3 million, SDR 38.9 million, SDR 40.0 million, and SDR 33.9 million were transferred to the General Reserve and SDR 37.5 million, SDR 31.9 million, SDR 17.5 million, and SDR 12.5 million were distributed under the provisions of Article XII, Section 6(a) and (b), of the Fund Agreement. The net expenses for the fiscal years ended April 30, 1972, 1973, and 1974 have been charged against the Special Reserve.

Excludes income from investments transferred to the Special Reserve until February 15, 1972.

Represents sale of Fund’s former headquarters building for the equivalent of SDR 21.2 million from which fixed property expenses of SDR 16.4 million have been deducted.

Net income was transferred to the General Reserve until the fiscal year ended April 30, 1968. Of the SDR 55.7 million, SDR 70.8 million, SDR 57.6 million, and SDR 46.4 million net income in 1968, 1969, 1970, and 1971, respectively, SDR 18.3 million, SDR 38.9 million, SDR 40.0 million, and SDR 33.9 million were transferred to the General Reserve and SDR 37.5 million, SDR 31.9 million, SDR 17.5 million, and SDR 12.5 million were distributed under the provisions of Article XII, Section 6(a) and (b), of the Fund Agreement. The net expenses for the fiscal years ended April 30, 1972, 1973, and 1974 have been charged against the Special Reserve.

Table I.19.Charges on Transactions Effected After May 1, 1963 and up to June 30, 1974
Charges in per cent per annum1 for period stated and for portion of holdings in excess of quota by (per cent)
More than050100
But not more than50100
Service charge20.50.50.5
0 to 3 months0.00.00.0
3 to 6 months2.02.02.0
½ to 1 year2.02.02.5
1 to 1½ years2.02.53.0
1½ to 2 years2.53.03.5
2 to 2½ years3.03.54.03
2½ to 3 years3.54.034.5
3 to 3½ years4.034.55.0
3½ to 4 years4.55.0
4 to 4½ years5.0

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

No service charge is payable in respect of any gold tranche purchase effected after July 27, 1969.

Point at which the Fund and the member consult.

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

No service charge is payable in respect of any gold tranche purchase effected after July 27, 1969.

Point at which the Fund and the member consult.

Table I.20.Charges on Transactions Effected After July 1, 1974
Charges in per cent per annum,1 payable on holdings in excess of quota, for period stated:
Service charge0.5
Up to 1 year4.0
1 to 2 years4.5
2 to 3 years5.0
3 to 4 years5.52
4 to 5 years6.0

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

Point at which the Fund and the member consult.

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

Point at which the Fund and the member consult.

Table I.21.Charges on Transactions Effected Under the Oil Facility After July 1, 1974
Charges in per cent per annum,1 payable on holdings in excess of quota arising from drawings under the Oil Facility for the period stated:
Service charge0.5
Up to 3 years6.875
3 to 4 years7.0002
5 to 7 years7.125

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

Point at which the Fund and the member consult.

Except for service charge, which is payable once per transaction and stated as per cent of amount of transaction.

Point at which the Fund and the member consult.

Table I.22.Members That Have Accepted Article VIII, April 30, 1974
Effective Date

of Acceptance
Member
ArgentinaMay 14, 1968
AustraliaJuly 1, 1965
AustriaAugust 1, 1962
BahamasDecember 5, 1973
BahrainMarch 20, 1973
BelgiumFebruary 15, 1961
BoliviaJune 5, 1967
CanadaMarch 25, 1952
Costa RicaFebruary 1, 1965
DenmarkMay 1, 1967
Dominican RepublicAugust 1, 1953
EcuadorAugust 31, 1970
El SalvadorNovember 6, 1946
FijiAugust 4, 1972
FranceFebruary 15, 1961
GermanyFebruary 15, 1961
GuatemalaJanuary 27, 1947
GuyanaDecember 27, 1966
HaitiDecember 22, 1953
HondurasJuly 1, 1950
IrelandFebruary 15, 1961
ItalyFebruary 15, 1961
JamaicaFebruary 22, 1963
JapanApril 1, 1964
KuwaitApril 5, 1963
LuxembourgFebruary 15, 1961
MalaysiaNovember 11, 1968
MexicoNovember 12, 1946
NetherlandsFebruary 15, 1961
NicaraguaJuly 20, 1964
NorwayMay 11, 1967
PanamaNovember 26, 1946
PeruFebruary 15, 1961
QatarJune 4, 1973
Saudi ArabiaMarch 22, 1961
SingaporeNovember 9, 1968
South AfricaSeptember 15, 1973
SwedenFebruary 15, 1961
United Arab EmiratesFebruary 13, 1974
United KingdomFebruary 15, 1961
United StatesDecember 10, 1946
Table I.23.Publications Issued, Fiscal Year Ended April 30, 1974
Reports and Other Documents
Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1973 (English, French, German, and Spanish). Free
Summary Proceedings of the Twenty-Eighth Annual Meeting of the Board of Governors. Free
Twenty-Fourth Annual Report on Exchange Restrictions. Free
Subscription Publications
Balance of Payments Yearbook
Volume 24, 1967–71 (clothbound). US$6.00
Volume 25, 1968-72 (monthly, loose–leaf). US$7.50 (binder available for US$3.50)
Direction of Trade, issued jointly with IBRD; monthly with annual supplement. US$10.00 a year
International Financial Statistics, monthly (English and a combined English, French, and Spanish edition), and annual supplement. US$20.00 a year
Staff Papers, three times a year. US$6.00 a year
University libraries, faculty members, and students may obtain the four subscription publications listed above at the reduced rates of US$12.00 for all four publications, or US$5.00 for International Financial Statistics and US$3.00 each for the other publications.
For users of Fund publications that have access to a computer, tape subscriptions to International Financial Statistics, Direction of Trade, and the Balance of Payments Yearbook are available at US$1,000 a year per tape subscription. This price includes the book version of the publication. Universities may obtain the tape subscription for US$300 a year.
Books
Instruments of Monetary Policy in the United States: The Role of the Federal Reserve System, by Ralph A. Young. US$1.25
Surveys of African Economies. US$5.00 a volume
Volume 4, covering Democratic Republic of Congo (Zaïre), Malagasy Republic, Malawi, Mauritius, and Zambia, was issued in French during the fiscal year.
Volume 5: Botswana, Lesotho, Swaziland, Burundi, Equatorial Guinea, and Rwanda (English; French edition in preparation)
The volumes in this series are available to university libraries, faculty members, and students at a reduced price of US$2.50 a volume.
Pamphlet Series
No. 17 Operations and Transactions in SDRs: The First Basic Period, by Walter Habermeier, in English, French, and Spanish. Free
Other
Finance and Development, issued jointly with IBRD; quarterly (English, French, German, and Spanish, and an annual edition in Portuguese). Free
IMF Survey, twice monthly. Private firms and individuals are charged for delivery.

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