Chapter

Appendix VII. Financial Statements of the General Account, Special Drawing Account, and Staff Retirement Fund

Author(s):
International Monetary Fund
Published Date:
September 1974
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Letter of Transmittal

August 5, 1974

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the General Account, the Special Drawing Account, and the Staff Retirement Fund for the year ended April 30, 1974, together with two memoranda from the Audit Committee, which include the audit opinions.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Ghana, Korea, and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. E. S. Okunor, Deputy Auditor-General of Ghana; Mr. Chong Jik Ahn, Deputy Superintendent of Banks, Office of Bank Supervision and Examination, Bank of Korea; and Mr. Steve L. Comings, Assistant Commissioner, Comptroller, Bureau of Government Financial Operations, U. S. Treasury. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the year under review for the General Account, operational income amounted to SDR 38,462,356 and operational expenses amounted to SDR 27,229,431 resulting in net operational income of SDR 11,232,925. Administrative budget and fixed property expenses and a net valuation adjustment loss amounted to SDR 48,443,179 which resulted in an excess of expenses over income of SDR 37,210,254 for the fiscal year. Pursuant to Executive Board Decision No. 708-(57/57), adopted November 27, 1957, this excess of expenses over income has been charged against the Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

H. Johannes Witteveen

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 28, 1974

To the Managing Director

and the Executive Directors

International Monetary Fund

Our report, dated June 28, 1974, submitted through you to the Board of Governors, on the audit of the financial records, operations and transactions of the General Account and the Special Drawing Account of the International Monetary Fund, for the fiscal year ended April 30, 1974, includes the following paragraphs relating to the authority for the audit, the scope of the audit, and the audit opinion:

Authority for the Audit

The audit for the fiscal year ended April 30, 1974, was carried out pursuant to and in accordance with the requirements of Section 20(b) of the By-Laws of the International Monetary Fund. In accordance with the provisions of the By-Laws, Ghana, Korea, and the United States were each invited to nominate a member to serve on an external audit committee. The appointments of the three members nominated were confirmed by the Executive Board.

Scope of the Audit

We have examined the Balance Sheet of the General Account of the International Monetary Fund as at April 30, 1974, the Statement of Income and Expenses, and the Statement of Reserves for the fiscal year then ended, and the schedules related thereto; and the Balance Sheet of the Special Drawing Account of the International Monetary Fund as at April 30, 1974, the Statement of Source and Use of Special Drawing Rights for the fiscal year then ended, and the schedules related thereto. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records, giving consideration to the extent of internal control and the internal audit work performed by the Internal Auditor, and such other auditing procedures as we considered necessary in the circumstances. In the course of our audit, reference was made to the Articles of Agreement, the By-Laws, the Rules and Regulations, the Resolutions of the Board of Governors, the minutes of the Executive Board, and the General Administrative Orders of the International Monetary Fund.

Audit Opinion

In our opinion, these Statements, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1974, and the results of the operations and transactions in the General Account and the Special Drawing Account for the fiscal year then ended, in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year.

Audit Committee:

/s/ E. S. Okunor, Chairman (Ghana)

/s/ Chong Jik Ahn (Korea)

/s/ Steve L. Comings (United States)

Exhibit A (General Account)

International Monetary Fund

General Account Sheet

Balance

as at April 30, 1974

Amounts expressed in (one SDR is equivalent to special drawing rights 0.888671 gram of fine gold)

Assets
Gold with Depositories (See 1)SDR 5,369,854,618
Special Drawing Rights499,031,271
Currencies and Securities (See 2) With depositories CurrenciesSDR 6,279,402,892
Securities (nonnegotiable, noninterest-bearing demand obligations, payable at face value by members in their currencies)17,577,704,502
SDR 23,857,107,394
Add: Currency valuation adjustments receivable (net) (in accordance with Article IV, Section 8)59,009,14223,916,116,536
Subscriptions to Capital—Receivable Balances of initial quotas—not dueSDR 146,105,479
Balance of an increase in quota—not due (Contra)1,600,000147,705,479
Other Assets (See 3 )10,201,183
Total AssetsSDR 29,942,909,087
Capital, Reserves, and Liabilities
Capital Subscriptions of membersSDR 29,189,400,000
Reserves (Exhibit C) Special reserveSDR 351,686,573
General reserve365,579,703717,266,276
Subscription in Respect of an Increase in Quota Consented to but Not Yet Effective Balance not due (Contra)1,600,000
Provision for Potential Refunds of Stand-By Charges (See 4)3,079,375
Other Liabilities (See 3)31,563,436
Total Capital, Reserves, and LiabilitiesSDR 29,942,909,087
Notes:

Excludes gold held under earmark for members equivalent to SDK. 333,104.

Total outstanding purchases of members amount to SDR 3,469 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to SDR 1,052 million. Total creditor positions of members amount to SDR 1,646 million.

The established policy of the Fund is to write off against income the total expenditures incurred during the year for fixed property, furniture, and equipment (including automotive equipment). The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under the arrangement. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

/s/ W. O. Habermeier/s/ H. Johannes Witteveen
TreasurerManaging Director

Notes:

Excludes gold held under earmark for members equivalent to SDK. 333,104.

Total outstanding purchases of members amount to SDR 3,469 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to SDR 1,052 million. Total creditor positions of members amount to SDR 1,646 million.

The established policy of the Fund is to write off against income the total expenditures incurred during the year for fixed property, furniture, and equipment (including automotive equipment). The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under the arrangement. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

/s/ W. O. Habermeier/s/ H. Johannes Witteveen
TreasurerManaging Director

Exhibit B (General Account)International Monetary Fund General Account Statement of Income and Expenses for the year ended April 30, 1974Amounts expressed in special drawing rights (one SDR is equivalent to 0.888671 gram of fine gold)
Operational Income
Operational chargesSDR 2,453,906
Charges on balances in excess of quotas28,234,799
Interest on holdings of special drawing rights7,773,651
Total operational incomeSDR 38,462,356
Deduct: Operational expenses-remuneration27,229,431
Net Operational IncomeSDR 11,232,925
Expenses (See 1 )
Administrative budget expenses:
Board of GovernorsSDR 2,659,848
Executive Directors
SalariesSDR 2,008,003
Other compensations and benefits514,894
Travel469,3382,992,235
Staff
SalariesSDR 18,150,850
Other compensations and benefits6,669,006
Travel3,914,66328,734,519
Special services to member countries3,280,388
Other
CommunicationsSDR 1,246,850
Office occupancy expenses1,247,104
Books and printing (See 2)762,664
Supplies and equipment (See 3)802,788
Data processing services741,401
Miscellaneous (See 4)1,020,9755,821,782
SubtotalSDR 43,488,772
Deduct: Assessments levied on participants for estimated expenses of operating the Special Drawing Account1,000,417
Net administrative budget expenseSDR 42,488,355
Fixed property expenses (See 3)5,862,331
Net valuation adjustment loss92,493
Total Expenses (See 1)48,443,179
Excess of Expenses over IncomeSDR 37,210,254
(Charged against the Special Reserve pursuant to Executive Board Decision No. 708-(57/57), adopted November 27, 1957)
Notes:

Excludes operational expenses which have been deducted from operational income.

After deduction of SDR 116,870 for sales of Fund publications.

The established policy of the Fund is to write off against income the total expenditures incurred during the year for fixed property, furniture, and equipment (including automotive equipment).

After deduction of SDR 423,455 for food service sales and SDR 70,001 for miscellaneous administrative income.

Notes:

Excludes operational expenses which have been deducted from operational income.

After deduction of SDR 116,870 for sales of Fund publications.

The established policy of the Fund is to write off against income the total expenditures incurred during the year for fixed property, furniture, and equipment (including automotive equipment).

After deduction of SDR 423,455 for food service sales and SDR 70,001 for miscellaneous administrative income.

Exhibit C (General Account) International Monetary Fund General Account Statement of Reserves for the year ended April 30, 1974Amounts expressed in special drawing rights (one SDR is equivalent to 0.888671 gram of fine gold)
Special Reserve (See Note)
Balance, April 30, 1973SDR 388,896,827
Deduct
Excess of expenses over income (Exhibit B)37,210,254
Balance, April 30, 1974SDR 351,686,573
General Reserve
Balance, April 30, 1974365,579,703
Total Reserves (per Balance Sheet)SDR 717,266,276

Income from investments in U. S. Government securities was placed to this reserve from November 1, 1957 until February 15, 1972, when the Fund’s gold investment program was terminated. Pursuant to Executive Board Decision No. 708-(57/57) any administrative deficit for any fiscal year of the Fund must be written off first against this reserve. Under Article XII, Section 6(c), of the Articles of Agreement, the Fund may make transfers from this reserve to the General Reserve.

Income from investments in U. S. Government securities was placed to this reserve from November 1, 1957 until February 15, 1972, when the Fund’s gold investment program was terminated. Pursuant to Executive Board Decision No. 708-(57/57) any administrative deficit for any fiscal year of the Fund must be written off first against this reserve. Under Article XII, Section 6(c), of the Articles of Agreement, the Fund may make transfers from this reserve to the General Reserve.

Exhibit A (Special Drawing Account) International Monetary Fund

Special Drawing Account Balance Sheet (See 1) as at April 30, 1974Amounts expressed in special drawing rights (one SDR is equivalent to 0.888671 gram of fine gold)
Allocations
Net cumulative allocations of special drawing rights to participants (See 2)SDR 9,314,835,400
Holdings
Holdings of special drawing rights (See 3) (Exhibit B)
Participants
Holdings above allocations
AllocationsSDR 3,388,427,000
Received (net)1,780,183,085SDR 5,168,610,085
Holdings below allocations
AllocationsSDR 5,926,408,400
Used (net)2,279,214,3563,647,194,044SDR 8,815,804,129
General Account499,031,271
SDR 9,314,835,400
Notes :

This statement of the Special Drawing Account is a summary of net cumulative allocations of special drawing rights by the Fund to participants and the corresponding holdings of such special drawing rights by participants and the General Account.

Under Articles XXX and XXXI of the Fund Agreement, which cover termination of participation in and the liquidation of the Special Drawing Account, respectively, a participant has an obligation to pay to the Fund an amount equal to its net cumulative allocation of special drawing rights and any other amounts that may be due and payable because of participation in the Special Drawing Account. The Fund also has an obligation to redeem special drawing rights in accordance with these Articles.

Special drawing rights allocated by the Fund do not constitute claims by holders against the Fund to provide currency, except as prescribed by the provisions of Article XXX and XXXI relating to the termination of participation and liquidation. Participants may use their special drawing rights to obtain currency in accordance with the provisions of Article XXV, and under Section 5 of this Article they are entitled to request the Fund’s assistance in the form of designation of participants to provide currency in exchange for special drawing rights. The obligation of a participant to provide currency for special drawing rights does not extend beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocations are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may, however, provide currency in excess of the obligatory limit or any agreed higher limit.

/s/ W. O. Habermeier/s/ H. Johannes Witteveen
TreasurerManaging Director

Notes :

This statement of the Special Drawing Account is a summary of net cumulative allocations of special drawing rights by the Fund to participants and the corresponding holdings of such special drawing rights by participants and the General Account.

Under Articles XXX and XXXI of the Fund Agreement, which cover termination of participation in and the liquidation of the Special Drawing Account, respectively, a participant has an obligation to pay to the Fund an amount equal to its net cumulative allocation of special drawing rights and any other amounts that may be due and payable because of participation in the Special Drawing Account. The Fund also has an obligation to redeem special drawing rights in accordance with these Articles.

Special drawing rights allocated by the Fund do not constitute claims by holders against the Fund to provide currency, except as prescribed by the provisions of Article XXX and XXXI relating to the termination of participation and liquidation. Participants may use their special drawing rights to obtain currency in accordance with the provisions of Article XXV, and under Section 5 of this Article they are entitled to request the Fund’s assistance in the form of designation of participants to provide currency in exchange for special drawing rights. The obligation of a participant to provide currency for special drawing rights does not extend beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocations are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may, however, provide currency in excess of the obligatory limit or any agreed higher limit.

/s/ W. O. Habermeier/s/ H. Johannes Witteveen
TreasurerManaging Director

Special Drawing Account Source and Use of Special Drawing Rights for the year ended April 30, 1974Amounts expressed in special drawing rights (one SDR is equivalent to 0.888671 gram of fine gold)
ParticipantsGeneral AccountTotal
Total Holdings as at April 30, 19738,697,745,710617,089,6909,314,835,400
Source of Special Drawing Rights Received
Transactions with Designation (Article XXV, Sections 2(a) and 3(a))60,113,00060,113,000
Transactions without Designation (Article XXV, Section 2(b) (i))995,924,632995,924,632
Net Interest21,723,9487,773,65129,497,599
Transfers Between Participants and the General Account
Purchases7,266,0037,266,003
Repurchases3,083,33332,604,39235,687,725
Charges92,61328,611,43728,704,050
Reimbursement of Special Drawing Account Expenses1,000,4171,000,417
Remuneration20,393,63520,393,635
Reconstitution157,212,732––––––––__157,212,732
1,265,809,89669,989,8971,335,799,793
Use of Special Drawing Rights
Transactions with Designation (Article XXV, Sections 2(a) and 3(a))60,113,00060,113,000
Transactions without Designation (Article XXV, Section 2(b) (i))995,924,632995,924,632
Net Charges29,497,59929,497,599
Transfers Between Participants and the General Account
Purchases7,266,0037,266,003
Repurchases32,604,3923,083,33335,687,725
Charges28,611,43792,61328,704,050
Reimbursement of Special Drawing Account Expenses1,000,4171,000,417
Remuneration20,393,63520,393,635
Reconstitution––––––––__157,212,732157,212,732
1,147,751,477188,048,3161,335,799,793
Total Holdings as at April 30, 1974 (per Balance Sheet)8,815,804,129499,031,2719,314,835,400

Staff Retirement Fund Memorandum by the Audit Committee

June 28, 1974

To the Managing Director

and the Executive Directors

International Monetary Fund

Our report, dated June 28, 1974, submitted through you to the Board of Governors, on the audit of the financial records, operations and transactions of the Staff Retirement Fund of the International Monetary Fund for the fiscal year ended April 30, 1974, includes the following paragraphs relating to the authority for the audit, the scope of the audit, and the audit opinion:

Authority for the Audit

The audit of the Staff Retirement Fund of the International Monetary Fund for the fiscal year ended April 30, 1974, was carried out pursuant to and in accordance with the requirements of Section 20(b) of the By-Laws of the International Monetary Fund. All assets and income of the Staff Retirement Fund, in accordance with Article 9, Section 1, of the Staff Retirement Plan, are the property of the International Monetary Fund and are held and administered by it separately from its other property and assets.

Scope of the Audit

We have examined the Balance Sheet of the Staff Retirement Fund of the International Monetary Fund as at April 30, 1974, the Statement of Changes in Financial Position for the fiscal year then ended, and the schedules related thereto. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records, giving consideration to the extent of internal control and the internal audit work performed by the Internal Auditor, and such other auditing procedures as we considered necessary in the circumstances. In the course of our audit, reference was made to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration, and Investment Committees created under the Plan.

Audit Opinion

In our opinion, these Statements, together with the notes appearing thereon, present fairly the financial position of the Staff Retirement Fund of the International Monetary Fund as at April 30, 1974, and the results of its operations and the changes in its financial position for the fiscal year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

Audit Committee:

/s/ E. S. Okunor, Chairman (Ghana)

/s/ Chong Jik Ahn (Korea)

/s/ Steve L. Comings (United States)

International Monetary Fundtaff Retirement Fund Balance Sheet as at April 30, 1974Amounts expressed in U. S. dollars
Assets
Cash at Banks$ 52,876
Investments
Bonds
Amortized cost (market value, $13,918,100)
Notes insured by U. S. Government$ 2,768,696
International development banks8,308,248
Corporate5,701,824
Total amortized cost$16,778,768
Add: Net realized losses2,226,408
Funds originally invested$19,005,176
Deduct: Amortized net realized losses-444,758
Adjusted book value of bonds$18,560,418
Stocks (Common)
Cost (market value, $33,296,367)$39,001,823
Deduct: Net realized gains-4,255,932
Funds originally invested$34,745,891
Add: Recognized appreciation2,088,000
Adjusted book value of stocks36,833,891
Total Investments55,394,309
Accrued Interest on Bonds, and Accrued Contributions Receivable from Participants and International Monetary Fund461,339
Total Assets$55,908,524
Liabilities and Reserves
Participants’ Account$11,671,183
Accumulation Account33,771,832
Retirement Reserve Account10,465,128
Accounts Payable381
Total Liabilities and Reserves$55,908,524
/s/ W. O. Habermeier/s/ H. Johannes Witteveen
TreasurerManaging Director

INDEX

An asterisk (*) denotes a table; a dagger (t) denotes a chart.

Abu Dhabi

  • Oil Facility in Fund, 53

Afghanistan

  • Exchange rate, 76*

  • Purchase from Fund, 89*, 91*

  • Repurchase from Fund, 91*, 95*

  • Special drawing rights, 83*, 87* 90*

  • Stand-by arrangement with Fund,

Algeria

  • Exchange rate, 54, 71, 76*, 80*

  • International reserves, 36*

  • Special drawing rights, 83*

Argentina

  • Article VIII status, 100*

  • Exchange rate, 76*

  • International reserves, 36*, 37

  • Purchase from Fund, 91*

  • Special drawing rights, 56*, 83*, 87*

Articles of Agreement

  • Amendment, 48, 50

  • Article VIII, members accepting obligations of, 64, 100*

  • Article XXV, Section 8(a), suspension of “equal value” principle, 47-48, 56, 59, 103, 108-109

Australia

  • Article VIII status, 100*

  • Balance of payments, 23

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 71, 76*, 80*

  • International reserves, 36*, 38*

  • Prices, 5*

  • Special drawing rights, 83*

Austria

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 71, 76*

  • Special drawing rights, 83*

Bahamas

  • Article VIII status, 64, 100*

  • Exchange rate, 54, 72, 76*, 80*

  • Membership in Fund, 48, 67 Repurchase from Fund, 61, 95*

  • Special drawing rights, 67

Bahrain

  • Article VIII status, 100*

  • Exchange rate, 76*

Balance of Payments, 1, 12, 14, 20, 23, 40; adjustment process, 25-29; summary, 22*; see also Industrial Countries, Primary Producing Countries,and individual countries

Bangladesh

  • Exchange rate, 76*

  • Purchase from Fund, 60, 89*, 91*

  • Special drawing rights, 83*, 87*

Bank for International Settlements (BIS), 58, 105-108

Barbados

  • Exchange rate, 76*

  • Special drawing rights, 83*

Belgium

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 54, 76*

  • Special drawing rights, 56, 59*, 83*, 87*

Board of Governors

  • Council of Governors, 50

  • Interim Committee, 48, 50

  • Resolutions, 47, 58, 106-108, 110—12

Bolivia

  • Article VIII status, 100*

  • Exchange rate, 76*

  • Repurchase from Fund, 61, 95*

  • Special drawing rights, 83*, 87*

  • Stand-by arrangement with Fund, 90*

Botswana

  • Currency, 71

  • Exchange rate, 76*

  • Special drawing rights, 83*

Brazil

  • Creditor position in Fund, 88*

  • Exchange rate, 76*

  • International reserves, 36, 37

  • Purchase and repurchase from Fund, 91*

  • Special drawing rights, 83*, 87*

Budget of Fund, 135-36

Buffer Stock Financing by Fund, 61

Burma

  • Exchange rate, 76*

  • Purchases and repurchases from Fund, 89*, 91*, 95*

  • Special drawing rights, 83*, 87*

  • Stand-by arrangement, 90*

Burundi

  • Exchange rate, 76*

  • Purchase and repurchase from Fund, 91*, 95*

  • Special drawing rights, 83*

Cameroon

  • Exchange rate, 76*

  • Special drawing rights, 83*

Canada

  • Article VIII status, 100*

  • Balance of payments, 21*, 23

  • Creditor position in Fund, 88*

  • Exchange rate, 14†, 53, 54, 76*

  • International reserves, 36*, 38*

  • Oil Facility in Fund, 53

  • Output, 3†, 4*

  • Prices, 3†, 5*, 6†

  • Special drawing rights, 21*, 59*, 83*, 87*

Capital Movements, 1, 15, 17, 25-27, 28, 40-41, 45; see also Industrial Countries, Primary Producing Countries,and individual countries

Cayman Islands

  • Central rate, 72, 81*

Central African Republic

  • Exchange rate, 76*

  • Repurchase from Fund, 95*

  • Special drawing rights, 83*

Central Rates of Members, 47, 54, 71-72, 81*, 104

Chad

  • Exchange rate, 76*

  • Repurchases from Fund, 95*

  • Special drawing rights, 83*, 87*

Chile

  • Exchange rate, 76*

  • Purchases from Fund, 89*, 91*

  • Special drawing rights, 83*, 87*

  • Stand-by arrangement, 90*

China, Republic of

  • Exchange rate, 76*

Colombia

  • Exchange rate, 76*

  • Purchases from Fund, 91*

  • Repurchases from Fund, 63, 74, 91* 94* 95*

  • Special drawing rights, 56*, 87*

  • Stand-by arrangement, 90*

Commitee on Reform of the International Monetary System and Related Issues (Committee of Twenty) Communiqués, 10, 26, 29, 48, 50, 52, 53

  • Declaration on trade measures, 126–28

  • International monetary reform, 2, 47, 49–50, 110

Commodities, Primary, 1, 3, 8, 9, 13, 18-19, 20, 24; see also Petroleum

Compensatory Financing by Fund, 59, 60, 61, 91*

Congo, People’s Republic of the

  • Exchange rate, 76*

  • Repurchase from Fund, 95*

  • Special drawing rights, 83*

Consultations with Members, 28, 48, 50, 63-64, 102-103, 108

Costa Rica

  • Article VIII status, 100*

  • Exchange rate, 55, 72, 76*, 80*

  • Special drawing rights, 83*

Cyprus

  • Exchange rate, 54, 71, 76*

  • Special drawing rights, 83*

Dahomey

  • Exchange rate, 76*

  • Special drawing rights, 83*

Declaration on Trade Measures by Members, 50, 53, 126-27

Denmark

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 54, 76*

  • Import restrictions, 45

  • Special drawing rights, 56, 83*

Deputy Managing Director, 68

Dominican Republic

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 76*, 80*

  • Purchase and repurchase from Fund, 91*, 92*, 95*

  • Special drawing rights, 59*, 83*, 87*

Ecuador

  • Article VIII status, 100*

  • Exchange rate, 76*

  • Purchases from Fund, 89*, 91*

  • Repurchases from Fund, 91*, 94*, 95*

  • Special drawing rights, 83*

  • Stand-by arrangement, 90*

Egypt

  • Exchange rate, 76*

  • Purchases and repurchases from Fund, 89*, 91*, 95*

  • Special drawing rights, 83*, 87*

El Salvador

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 77*, 80*

  • Purchase from Fund, 91*

  • Repurchase from Fund, 74, 91*, 94*, 95*

  • Special drawing rights, 83*, 87*

  • Stand-by arrangement, 90*

Equatorial Guinea

  • Exchange rate, 77*

  • Special drawing rights, 83*

Ethiopia

  • Creditor position in Fund, 88*

  • Exchange rate, 77*

Euro-Currency Markets, 27, 32*, 35, 36, 40, 41 (fn), 43, 44*

Exchange Markets, 15, 16, 17, 33, 47, 54, 56, 72, 105

Exchange Rates Developments, 2, 13, 16-18, 25, 27, 47, 53–55, 71-72

  • European narrow margins arrangement, 16, 17, 47, 54, 55, 56, 59, 60, 61

  • Floating: guidelines for, 2, 48, 51-52, 112—16; impact on reserves, 39, 44

  • List as of July 12, 1974, 76-79*

  • Spot quotations, 14†, 15†

Executive Board Decisions

  • Bank for International Settlements: Adherence to Resolution No. 29-1 and Termination of Suspension, 109-10

  • Bank for International Settlements: Draft Resolution to Become Holder of SDRs, 105-108

  • Borrowing in Connection with Oil Facility, 124-26

  • Central Rates and Wider Margins: A Temporary Regime—Revised Decision, 301, 303-304, 103-105

  • Charges, 120-21

  • Consultations on Members’ Policies in Present Circumstances, 108

  • Draft Resolution on Establishment of an Interim Committee of the Board of Governors on the International Monetary System, 110-111

  • Exchange Rates for the SDR in Transactions Between Participants, 103

  • Exchange Rates for the SDR in Transactions Between Participants: Extension of Suspension of Article XXV, Section 8(a), 108-109

  • Facility to Assist Members in Payments Difficulties Resulting from Initial Impact of Increased Costs of Imports of Petroleum and Petroleum Products, 122-24

  • Gold Payments Under Article V, Section 1(b), Amounting to Less Than One Bar, 105

  • Guidelines for the Management of Floating Exchange Rates, 112-16

  • Interim Valuation of the SDR: New Rule 0-3 and Method of Determining and Collecting Exchange Rates, 116-18

  • Procedure for Reviews of External Policies, 102-103

  • Remuneration and Interest Rate on Special Drawing Rights, 118—19

  • Voluntary Declaration on Trade and Other Current Account Measures, 126-28

Executive Directors

  • List and voting power, 129-31

  • Membership changes, 132-34

  • Reviews and studies, 48-49

  • See also Executive Board Decisions

Extended Fund Facility, 46, 48, 50

Fiji

  • Article VIII status, 100*

  • Exchange rate, 54, 71, 72, 77*, 81*

  • Special drawing rights, 83*

Financial Statements of Fund, 138-47

Finland

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 71, 77*

  • Special drawing rights, 83*, 87*

France

  • Article VIII status, 100*

  • Balance of payments, 22, 23

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 17, 54, 55, 72, 77*

  • International reserves, 36*, 38*

  • Official claims in francs, 32*, 36

  • Output, 3†, 4*

  • Prices 3† 5*

  • Purchase from Fund, 59, 60, 89*, 96*

  • Special drawing rights, 21*, 56, 59*, 83*

Gabon

  • Exchange rate, 77*

  • Repurchase from Fund, 100*

  • Special drawing rights, 83*

Gambia, The

  • Exchange rate, 77*

  • Repurchase from Fund, 100*

  • Special drawing rights, 83*

General Account Transactions

  • Charges, 50, 53, 57, 60, 62, 96*, 99*, 120-21

  • Creditor positions of members, 59, 60, 88*

  • Holdings of special drawing rights, 57, 58, 62, 72, 82*, 85*

  • Purchases by members, 31, 58-59, 60-61, 62, 89*, 91*, 93*, 96, 97†

  • Repurchases by members, 48, 55, 57, 59, 60, 61-62, 72-75, 91*, 93*, 94*, 95*, 96*

  • Transfers of special drawing rights, 31, 55, 57, 58, 87*

  • Use of currencies, 60, 61, 62, 74, 96*, 120-21

Germany, Federal Republic of

  • Article VIII status, 100*

  • Balance of payments, 20, 21, 23

  • Capital controls, 117

  • Creditor position in Fund, 88*

  • Economic policy, 7

  • Exchange rate, 15†, 17, 20, 54, 71, 77*, 81*

  • Foreign trade, 20

  • International reserves, 36, 37, 38*

  • Official claims in deutsche mark, 32*, 36

  • Output, 3†, 4

  • Prices, 3†, 5*

  • Purchase from Fund, 59, 60, 89*, 96*

  • Special drawing rights, 21*, 56, 59*, 83*, 87*

Ghana

  • Exchange rate, 77*

  • Purchase and repurchase from Fund, 91*, 95*

  • Special drawing rights, 84*, 87*

Gold

  • Fund-South Africa agreement, 39, 48, 63

  • Holdings by Fund, 63

  • International reserves, 30, 31*, 32*, 33†, 34*, 38*, 39-40

  • Official transactions, 48

  • Payments to Fund, 63, 105

  • Role in new system, study of, 50

  • Transactions by Fund, 48, 62-63, 74, 96*

  • Washington arrangements, 39-40, 48, 63

Greece

  • Exchange rate, 54, 72, 77*

  • Special drawing rights, 56*, 84*

Group of Ten, 39-40, 41

Guatemala

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 77*, 80*

  • Purchases and repurchases from Fund, 91*

  • Special drawing rights, 84*

Guinea

  • Exchange rate, 77*

  • Purchase from Fund, 89*, 91*, 95*

  • Special drawing rights, 84*, 87*

Guyana

  • Article VIII status, 100*

  • Exchange rate, 77*

  • Purchase and repurchase from Fund, 89*, 91*, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Haiti

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 77*, 80*

  • Purchases and repurchases from Fund, 89*, 91*, 95*

  • Special drawing rights, 84*, 87*

  • Stand-by arrangement, 90*

Honduras

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 77*, 80*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Iceland

  • Exchange rate, 54, 71, 77*

  • Purchases and repurchases from Fund, 91*

  • Special drawing rights, 84*

Income and Expenses of Fund, 52, 62, 98*, 137

India

  • Exchange rate, 77*

  • Purchases and repurchase from Fund, 60, 61, 89*, 91*

  • Special drawing rights, 84*

Indonesia

  • Exchange rate, 77*

  • Repurchase from Fund, 74, 94*, 95*

  • Special drawing rights, 56*, 84*, 87*

  • Stand-by arrangement, 90*

Industrial Countries

  • Balance of payments, 20, 21, 22, 23, 24*, 25-26, 27

  • Capital movements, 20, 21, 22, 45

  • Economic policies, 2, 5, 7, 8, 9-13, 25-27, 28

  • Economic situation and prospects, 1, 4, 7, 8, 45

  • Exchange rates, 55

  • International reserves, 30, 35*, 37, 38*

  • Output, 1, 2, 31, 4, 5

  • Prices, 1, 2, 3, 4-5, 6†, 9, 10*, 12, 45

  • Purchases from fund, 97†

  • Special drawing rights, 21*, 22*

  • Terms of trade, 19*, 20

  • See also individual countries

Inflation, 1, 2-12, 28, 45, 46

Interest Rates, 16†, 17

International Monetary System

  • Reform of 2, 47, 49-53, 110

International Organizations

  • Fund relations with, 65-67

International Reserves

  • Adequacy, 37-46; exchange rate changes, 44-45; floating exchange rates, 44, 45; gold marketing arrangements, 39-40; oil price increases, 40-41, 46; trade restrictions, 45, 46

  • Conditional liquidity, 46

  • Credit facilities, 31*

  • Developments, 30-37

  • Distribution, 36, 42-43, 46

  • Euro-market holdings, 35-36, 43

  • Foreign exchange, 30, 31*, 32*, 33, 34*, 35, 38*

  • Gold holdings, 30, 31*, 32*, 331, 34*, 38*

  • Impact of U. S. balance of payments deficit, 33-34

  • Industrial countries, 30, 35*, 37, 38*

  • Measurement concept, 30(fn)

  • Official holdings, 43, 44

  • Petroleum producers, 30, 35*, 38*

  • Primary producing countries, 30, 35*, 37*, 38*

  • Private holdings, 43, 44

  • Ratio of reserves to imports, 42

  • Reserve positions in the Fund, 30, 31*, 32, 33†, 34*, 38*

  • Sources of change, 32*

  • Special drawing rights, 30, 31*, 32*, 33†, 34*, 38*, 46

  • Swap credits, 32*, 46

  • Total, 30, 31*, 33†

Iran

  • Exchange rate, 77*

  • Oil Facility in Fund, 53

  • Special drawing rights, 56*, 84*

Iraq

  • Exchange rate, 77*

  • Purchase from Fund, 91*

  • Repurchase from Fund, 63, 74, 91*, 95*

  • Special drawing rights, 84*

Ireland

  • Article VIII status, 100*

  • Exchange rate, 77*

  • Creditor position in Fund, 88*

  • Special drawing rights, 84*, 87*

Israel

  • Exchange rate, 77*

  • Purchase from Fund, 89*

  • Special drawing rights, 84*

Italy

  • Article VIII status, 100*

  • Balance of payments, 20, 21, 23

  • Creditor position in Fund, 88*

  • Economic policy, 106

  • Exchange rate, 14†, 17, 53, 55, 77*

  • Import restrictions, 45

  • International reserves, 37, 38*

  • Output, 3†, 4*

  • Prices, 3† 5*

  • Special drawing rights, 21*, 84*, 87*

  • Stand-by arrangement, 59, 61, 90*

Ivory Coast

  • Exchange rate, 77*

  • Special drawing rights, 84*

Jamaica

  • Article VIII status, 100*

  • Exchange rate, 77*

  • Purchase and repurchase from Fund, 89*, 91*, 94*, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Japan

  • Article VIII status, 100*

  • Balance of payments, 20, 21, 23

  • Creditor position in Fund, 88*

  • Exchange rate, 14†, 17, 20, 53, 55, 77*

  • International reserves, 36*, 37, 38*

  • Output, 3†, 4

  • Prices, 3†, 5, 6†

  • Special drawing rights, 21*, 59*, 84*

Jordan

  • Exchange rate, 77*

  • Purchases and repurchases from Fund, 91*, 94*, 95*

  • Special drawing rights, 84*

Kenya

  • Exchange rate, 54, 71, 72, 77*, 81*

  • Creditor position in Fund, 88*

  • Special drawing rights, 84*, 87*

Khmer Republic

  • Exchange rate, 77*

  • Purchase from Fund, 91*

  • Special drawing rights, 56*, 84*

Korea

  • Exchange rate, 77*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Kuwait

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 77*

  • Oil Facility in Fund, 53

Laos

  • Exchange rate, 77*

  • Special drawing rights, 84*

Lebanon

  • Exchange rate, 77*

Lesotho

  • Currency, 71

  • Exchange rate, 77*

  • Repurchase from Fund, 95*

  • Special drawing rights, 84*

Liberia

  • Exchange rate, 54, 72, 77*, 80*

  • Repurchase from Fund, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Libyan Arab Republic

  • Exchange rate, 77*

  • International reserves, 36*, 37

  • Oil Facility in Fund, 53

Luxembourg

  • Article VIII status, 100*

  • Exchange rate, 54, 77*

  • Special drawing rights, 84*

Malagasy Republic

  • Exchange rate, 77*

  • Special drawing rights, 56*, 84*

Malawi

  • Exchange rate, 54, 72, 77*

  • Repurchase from fund, 94*, 95*

  • Special drawing rights, 84*

Malaysia

  • Article VIII status, 100*

  • Exchange rate, 54, 71, 77*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 84*

Mali

  • Exchange rate, 78*

  • Repurchase from Fund, 94*

  • Special drawing rights, 84*

Malta

  • Exchange rate, 78*

  • Special drawing rights, 84*, 87*

Managing Director, 48, 67-68, 102-103

Mauritania

  • Exchange rate, 78*

  • Repurchase from Fund, 95*

  • Special drawing rights, 84*

Mauritius

  • Exchange rate, 78*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 84*

Membership in Fund, 48

Mexico

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 72, 78*, 80*

  • Special drawing rights, 84*, 87*

Morocco

  • Exchange rate, 54, 71, 78*

  • Special drawing rights, 84*

Nepal

  • Exchange rate, 78*

  • Quota in Fund, 48, 67

  • Special drawing rights, 84*

Netherlands

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 54, 71, 78*, 81*

  • International reserves, 36, 38*

  • Purchase from Fund, 59, 60, 89*, 96*

  • Special drawing rights, 56, 59, 87*

New Zealand

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 71, 78*

  • International reserves, 38*

  • Purchase and repurchase from Fund, 91*

  • Special drawing rights, 84*, 87*

Nicaragua

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 78*, 80*

  • Purchase from Fund, 61, 89*

  • Repurchase from Fund, 74, 94*, 95*

  • Special drawing rights, 84*

Niger

  • Exchange rate, 78*

  • Repurchase from Fund, 95*

  • Special drawing rights, 84*

Nigeria

  • Exchange rate, 78*

  • Repurchase from Fund, 74, 94*, 95*

  • Special drawing rights, 84*

Norway

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 54, 72, 78*, 81*

  • Special drawing rights, 84*

Oil Facility in Fund, 27, 47, 50, 52-53, 122-26

Oman

  • Exchange rate, 78*

  • Oil Facility in Fund, 53

  • Special drawing rights, 84*

Pakistan

  • Exchange rate, 78*

  • Purchase and repurchase from Fund, 89*, 95*

  • Special drawing rights, 84*, 87*

  • Stand-by arrangement, 90*

Panama

  • Article VIII status, 100*

  • Exchange rate, 78*

  • Par value, 54, 72, 81*

  • Repurchase from Fund, 95*

  • Special drawing rights, 84*

  • Stand-by arrangement, 90*

Papua New Guinea

  • Membership in Fund, 67

Par Values of Members, 54, 103-104, 71-72, 81*

Paraguay

  • Exchange rate, 78*

  • Special drawing rights, 85*

Peru

  • Article VIII status, 100*

  • Exchange rate, 78*

  • Purchase from Fund, 91 *

  • Repurchase from Fund, 74, 91*, 94*, 95*

  • Special drawing rights, 85*

Petroleum

  • Price increases, 1, 3, 5, 17, 18, 20, 23; impact on: international reserves, 40-41, 47; other costs and prices, 9, 13; payments positions, 15, 17, 25, 47, 55; world economic situation, 3—4, 7; see also Oil Facility in Fund, Primary Producing Countries—Less Developed,and individual countries

Philippines

  • Exchange rate, 78*

  • Purchase from Fund, 89*, 91*

  • Repurchase from Fund, 63, 74, 94*, 95*

  • Special drawing rights, 56*, 85*, 87*

  • Stand-by arrangement, 90*

Portugal

  • Exchange rate, 78*

Primary Producing Countries

  • Balance of payments, 22, 23, 24, 25-26, 27

  • Capital movements, 1, 23, 27, 45

  • Economic policy, 12, 25-26, 28

  • Euro-dollar assets, 36

  • Exchange rates, 55

  • Foreign trade, 6, 18, 19, 20

  • International reserves, 30, 35*, 38*

  • Output, 1, 2, 4*

  • Prices, 3, 6

  • Purchases from Fund, 60-61, 97†

  • Special drawing rights, 59*

  • Stand-by arrangements with Fund, 61

  • Terms of trade, 19*

  • Trade restrictions, 45

  • See also Primary Producing Countries—Less Developed, Primary Producing Countries—More Developed,and individual countries

Primary Producing Countries—Less Developed

  • Africa, 6, 22*, 23, 35*, 37*, 38*, 59*

  • Asia, 6, 22*, 23, 35*, 37*, 38*, 59*

  • Balance of payments, 22*, 27

  • International reserves, 37, 38*

  • Middle East, 6, 22*, 23, 35*, 37*, 38*, 59*

  • Output, 4*

  • Petroleum exporters

    • Balance of payments, 22, 23, 24*, 25, 26, 27, 29

    • Capital movements, 23, 28

    • Foreign trade, 3, 5, 19, 20

    • International reserves, 30, 35*, 37, 40

    • Oil Facility in Fund, 53

    • Terms of trade, 19*

    • Special drawing rights, 22*, 58, 59*

    • Terms of trade, 19*

    • Western Hemisphere, 6, 22*, 23, 35*, 37*, 38*, 59*

    • See also Primary Producing Countriesand individual countries

Primary Producing Countries—More Developed

  • Balance of payments, 22, 23, 24-25

  • International reserves, 35*, 37

  • Output, 4*

  • Prices, 5*

  • Special drawing rights, 22*, 59*

  • See also Primary Producing Countriesand individual countries

Publications of Fund, 101*

Qatar

  • Article VIII status, 64, 100*

  • Exchange rate, 54, 71, 78*, 80*

Quotas of Fund Members, 53, 61, 96*

Reconstitution, 31, 55, 57, 58, 82*

Remuneration, 50, 52, 57, 63, 82*, 118-19

Representative Rate, 52, 59, 116-17

Romania

  • Exchange rate, 78*

  • Purchase from Fund, 60, 61, 89*

  • Special drawing rights, 85*, 87*

Rules and Regulations of Fund

  • Rules E-2 and E-3, Subscriptions, 60

  • Rules I-4 and I-10, Repurchases and Charges in Respect of General Account Transactions, 120-21

  • Rule O-3, Exchange Rates, 47, 48, 51, 56, 60, 116-18

  • Rule Q-1, Interest, Charges, and Assessments in Respect of Special Drawing Rights, 119

Rwanda

  • Exchange rate, 54, 72, 78*, 81*

  • Special drawing rights, 85*, 87*

Saudi Arabia

  • Article VIII status, 100*

  • Exchange rate, 54, 72, 78*, 81*

  • International reserves, 36

  • Oil Facility in Fund, 53

Senegal

  • Exchange rate, 78*

  • Repurchase from Fund, 95*

  • Special drawing rights, 85*

Sierra Leone

  • Exchange rate, 78*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 56*, 85*

Singapore

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 54, 71, 78*

Somalia

  • Exchange rate, 78*

  • Repurchase from Fund, 95*

  • Special drawing rights, 85*

South Africa

  • Article VIII status, 64, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 71, 78*

  • Gold sales to Fund, 39, 48, 62

  • International reserves, 38*

  • Special drawing rights, 56*, 85*, 87*

Spain

  • Creditor position in Fund, 88*

  • Exchange rate, 55, 72, 78*

  • International reserves, 36 Prices, 5*

  • Special drawing rights, 56*, 85*

Special Drawing Rights

  • Allocations, 21*, 22*, 30, 34*, 38, 46, 83-85*; and development assistance, 50

  • BIS as holder of, 58, 105-108

  • Currencies transferred for, 86* Designation, 55, 56-57, 82*, 83-85*

  • Distribution of holdings, 58, 82* Holdings by General Account, 58, 82*, 85*

  • Holdings by participants, 31, 56, 58 83—85*

  • Interest rate, 50, 52, 118-19

  • International reserves, 30, 31*, 32*, 33†, 34*, 38*, 46

  • Participants in Special Drawing Account, 67

  • Total use, 55

  • Transactions and operations summary, 83*, 86*

  • Transactions by agreement, 47—48, 55-56, 82*, 103, 108-109

  • Transfers by General Account, 31, 57, 82*, 87*

  • Transfers, summary statement, 47, 82*

  • Valuation, 50, 51, 116-17

Sri Lanka

  • Exchange rate, 79*

  • Purchases and repurchases from Fund, 89*, 91*, 95*

  • Special drawing rights, 85*, 87*

  • Stand-by arrangement, 90*

Staff Appointments, 68

Stand-By Arrangements for Members, 59, 61, 90*, 92*

Sudan

  • Exchange rate, 79*

  • Purchases and repurchase from Fund, 89*, 91*, 95*

  • Special drawing rights, 85*, 87*

  • Stand-by arrangement, 90*

Swap Arrangements, 27, 32*, 46

Swaziland

  • Currency, 71

  • Exchange rate, 79*

  • Purchase and repurchase from Fund, 89*, 95*

  • Special drawing rights, 85*, 87*

Sweden

  • Article VIII status, 100*

  • Creditor position in Fund, 88*

  • Exchange rate, 15†, 54, 79*

  • International reserves, 36*

  • Special drawing rights, 85*

Switzerland

  • Exchange rate, 14†, 54

  • International Reserves, 37, 38*, 41 (fn)

Syrian Arab Republic

  • Exchange rate, 79*

  • Purchase and repurchase from Fund, 91*, 95*

  • Special drawing rights, 85*, 87*

Tanzania

  • Exchange rate, 54, 71, 72, 79*, 81*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 85*

Technical Assistance and Training, 64-65

Thailand

  • Exchange rate, 54, 71, 79*, 80*

  • Special drawing rights, 85*

Togo

  • Exchange rate, 79*

  • Special drawing rights, 85*

Trinidad and Tobago

  • Exchange rate, 79*

  • Special drawing rights, 85*

Tunisia

  • Exchange rate, 72, 79*

  • Special drawing rights, 85*

Turkey

  • Exchange rate, 79*

  • International reserves, 36

  • Repurchases from Fund, 63, 74, 95*

  • Special drawing rights, 56*, 85*

Uganda

  • Exchange rate, 54, 71, 72, 79*, 81*

  • Special drawing rights, 56*, 85*

Unit of Value, 71

United Arab Emirates

  • Article VIII status, 64, 100*

  • Exchange rate, 54, 72, 79*, 80*

United Kingdom

  • Article VIII status, 100*

  • Balance of payments, 20, 21, 23

  • Economic policy, 7, 17

  • Exchange rate, 14†, 17, 54, 55, 79*

  • International reserves, 37, 38*

  • Official claims in pounds sterling, 32*

  • Output, 3†, 4

  • Prices, 3†, 4, 5

  • Purchases from Fund, 97†

  • Special drawing rights, 21*, 59*, 85*, 87*

United States

  • Article VIII status, 100*

  • Balance of payments, 1, 17, 20, 21, 23, 33, 34

  • Capital controls, 17

  • Capital movements, 21, 26, 41

  • Economic policy, 17

  • Exchange rate, 30, 47, 53, 54, 60, 72, 79*, 80*; developments, 16, 17, 55

  • International reserves, 37, 38*

  • Official claims in dollars, 32*, 33-34, 35, 36

  • Output, 3†, 4

  • Prices, 3†, 5*, 6†

  • Purchases from Fund, 97†

  • Repurchase from Fund, 59, 60, 61, 94*, 95*

  • Special drawing rights, 21*, 34*, 59*, 85*

Upper Volta

  • Exchange rate, 79*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 85*

Uruguay

  • Exchange rate, 79*

  • Purchases and repurchases from Fund, 89*, 91*, 95*

  • Special drawing rights, 85*, 87*

  • Stand-by arrangement, 90*

Venezuela

  • Creditor position in Fund, 88*

  • Exchange rate, 79*

  • Oil Facility in Fund, 53

  • Special drawing rights, 85*

Viet-Nam

  • Exchange rate, 79*

  • Special drawing rights, 85*

Western Samoa

  • Exchange rate, 54, 71, 79*, 81*

  • Special drawing rights, 85*

Wider Margins for Exchange Rates, 103-104

World Trade, 9, 13-15, 19-20

Yemen Arab Republic

  • Exchange rate, 79*

  • Special drawing rights, 85*

Yeman, People’s Democratic Republic of

  • Exchange rate, 79*

  • Special drawing rights, 85*

Yugoslavia

  • Exchange rate, 54, 71, 79*

  • International reserves, 36*

  • Repurchase from Fund, 94*, 95*

  • Special drawing rights, 56*, 85*, 87*

Zaïre

  • Exchange rate, 79*

  • Purchase from Fund, 91*

  • Special drawing rights, 85*

Zambia

  • Exchange rate, 79*

  • Purchases from Fund, 89*, 91*

  • Special drawing rights, 85*, 87*

  • Stand-by arrangement, 90*

For the interim method of valuing the SDR, effective July 1, 1974, see page 51.

Annual Report, 1973, page 68.

Annual Report, 1973, page 68.

Decision adopted May 20, 1970 and reproduced in Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pages 64—66.

For original decision, No. 3463-(71/126), see Annual Report, 1972, pages 85-87.

Summary Proceedings of the Twenty-Sixth Annual Meeting of the Board of Governors (Washington, 1971), pages 331-32.

Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), page 11.

See Decision No. 4159-(74/10) S, pages 109-10.

Adopted by the Board of Governors as Resolution No. 29-1, effective January 21, 1974.

The Bank for International Settlements adhered to this Resolution by letter dated January 30, 1974.

Adopted by the Board of Governors as Resolution No. 29-2, effective March 4, 1974.

See pages 122-23.

Selected Decisions of the International Monetary Fund and Selected Documents (Sixth Issue, Washington, 1972), pages 22-25.

See page 108.

See pages 120-21.

See pages 122-23.

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