Chapter

Appendix I The Fund in 1976/77

Author(s):
International Monetary Fund
Published Date:
September 1977
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The tables 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 I.1 on exchange rates and exchange rate regimes, Table I.13 on the status of the General Arrangements to Borrow, and Table I.16 setting out the charges on the use of the Fund’s resources, the data in the tables do not go beyond April 30, 1977, the end of the Fund’s fiscal year.

Table I.1.Exchange Rates and Exchange Rate Regimes, June 30, 1977(Currency units per unit listed)
Exchange Rate Maintained Against
MemberCurrencyU.S. dollar 1Pound sterlingFrench franc1Other single currency 1Special drawing rights 2Currency composite other than SDR 3Other currencies in group 2,4Exchange Rate Otherwise Determined 3,5Market Rate per U.S. Dollar 3
Afghanistan 6Afghani45.045.0
Algeria 6dinar4.14854.1485
Argentina 6peso390.507390.50
Australiadollar0.8964850.896485
Austriaschilling16.58516.585
*Bahamas 6dollar1.001.00
*Bahraindinar0.3947370.394737
*Bangladesh 6taka26.7015.5214
*Barbadosdollar2.002.00
*Belgium 6franc48.657336.035
Beninfranc50.00245.963
*Boliviapeso20.0020.00
Botswanapula0.8281570.828157
Brazil 6cruzeiro13.93 713.93
*Burmakyat8.508497.3218
*Burundifranc90.0090.00
Cambodia 8
Cameroonfranc50.00245.963
Canadadollar1.05991.0599
Central African
Empirefranc50.00245.963
Chadfranc50.00245.963
Chilepeso20.59720.59
*China, Republic ofnew Taiwan
dollar38.0038.00
Colombia 6peso36.50736.50
Comorosfranc50.00245.963
Congo, People’s
Republic of thefranc50.00245.963
Costa Rica6colón8.578.57
Cypruspound0.4100880.410088
*Denmarkkrone8.138226.0295
Dominican
Republic6peso1.001.00
Ecuador 6sucre25.0025.00
Egyptpound0.3913050.391305
El Salvadorcolón2.502.50
Equatorial Guinea6ekuele1.00 969.60
*Ethiopia 6birr2.072372.07237
Fijidollar0.9199630.919963
Finlandmarkka4.0524.052
Francefranc4.919254.91925
Gabonfranc50.00245.963
Gambia, Thedalasi4.002.3253
*Germany, Federaldeutsche3.15665
Republic ofmark2.338
Ghana 6cedi1.153851.15385
Greecedrachma37.01237.012
GrenadaEast
Caribbean2.70
dollar2.70
Guatemalaquetzal1.001.00
Guinea 6syli24.685321.2004
Guinea-Bissaupeso0.85 1032.831
*Guyana 6dollar2.552.55
Haitigourde5.005.00
Honduraslempira2.002.00
Icelandkróna194.75194.75
Indiarupee8.836198.83619
Indonesia 6rupiah415.00415.00
*Iran 6rial82.242570.625
*Iraqdinar0.2960530.296053
Ireland 6pound1.000.581327
*Israel 6pound9.3928 79.3928
Italylira884.775884.775
Ivory Coastfranc50.00245.963
*Jamaica 6dollar0.9090910.909091
Japanyen267.70267.70
*Jordandinar0.3877550.330000
*Kenyashilling9.668.31
Koreawon485.00485.00
Kuwaitdinar0.28740.2874
Lao People’s200.00
Democratic Republickip200.00
Lebanonpound3.0853.085
Lesothorand1.00110.869565
Liberiadollar1.001.00
*Libyadinar0.2960530.296053
*Luxembourg 6franc48.657336.035
Madagascarfranc50.00245.963
Malawikwacha1.054070.905264
Malaysiaringgit2.48512.4851
Malifranc100.00491.925
Maltapound0.4253140.425314
Mauritaniaouguiya46.1746.17
Mauritius 6rupee7.7137596.62479
Mexicopeso22.994922.9949
Morocco 6dirham4.481054.48105
*Nepal 6rupee12.5012.50
*Netherlandsguilder3.355072.4725
New Zealanddollar1.033061.03306
Nicaraguacórdoba7.007.00
Nigerfranc50.00245.963
Nigerianaira0.6513800.651380
*Norwaykrone7.155515.315
*Omanrial Omani0.3453950.345395
*Pakistanrupee9.909.90
Panamabalboa1.001.00
Papua New Guineakina0.882223 120.79090
Paraguay 6guaraní126.00126.00
Peru6sol79.3651 779.3651
Philippinespeso7.3967.396
Portugalescudo38.62538.625
Qatar 13riyal4.761903.95596
Romania 6leu12.00 1412.00
*Rwandafranc92.8492.84
Saudi Arabia 13riyal4.282553.53
Senegalfranc50.00245.963
SeychellesSeychelles
rupee13.337.749
Sierra Leoneleone2.001.1627
Singaporedollar2.46442.4644
*Somalia 6shilling6.232706.23270
South Africa 6rand0.8695650.869565
Spainpeseta69.6069.60
Sri Lanka 6rupee7.278217.27821
Sudan «pound0.3482420.348242
Swazilandlilangeni1.00 110.869565
*Swedenkrona5.911184.3985
Syrian Arab Republicpound3.9253.925
*Tanzaniashilling9.668.29628
*Thailandbaht20.0020.00
Togofranc50.00245.963
Trinidad and Tobagodollar2.402.40
Tunisiadinar0.4267940.426794
Turkey 6lira17.67517.675
*Ugandashilling9.668.31308
*United Arab Emiratesdirham3.947373.94737
United Kingdom 6pound0.5813270.581327
United Statesdollar1.0001.000
Upper Voltafranc50.00245.963
Uruguay 6new peso4.62 74.62
Venezuelabolivar4.29254.2925
Viet Nam 6South Vietnamese
dong2.130871.83005
Western Samoatala0.78510.7851
Yemen Arab Republicrial4.56254.5625
*Yemen, People’s Democratic Republic of 6dinar0.3453950.345395
Yugoslavia 6dinar18.236818.2368
*Zaïrezaïre1.000.858828
*Zambiakwacha0.9218370.791699

The member is availing itself of wider margins of up to ± 2.25 per cent.

Rates as notified to the Fund and in terms of currency units per unit of currency listed.

Rates as notified to the Fund and in terms of SDRs as valued in accordance with Article XXI, Section 2, of the Fund Articles of Agreement.

Market rates as of June 30 in currency units per U.S. dollar.

Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2.25 per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries.

Members under this heading comprise those describing their exchange rate regime as one of floating independently as well as certain other members whose regimes are not otherwise described in this table. These members have notified the Fund that their currencies are not being maintained within specified margins in terms of another currency or a currency composite.

Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1976 is given in the Twenty-Eighth Annual Report on Exchange Restrictions.

Exchange rates adjusted according to a set of indicators.

Information not available.

Per Spanish peseta.

Per Portuguese escudo.

Per South African rand.

Per Australian dollar.

Saudi Arabia and Qatar maintain margins of up to ± 7.25 per cent.

Rate for noncommercial transactions.

The member is availing itself of wider margins of up to ± 2.25 per cent.

Rates as notified to the Fund and in terms of currency units per unit of currency listed.

Rates as notified to the Fund and in terms of SDRs as valued in accordance with Article XXI, Section 2, of the Fund Articles of Agreement.

Market rates as of June 30 in currency units per U.S. dollar.

Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2.25 per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries.

Members under this heading comprise those describing their exchange rate regime as one of floating independently as well as certain other members whose regimes are not otherwise described in this table. These members have notified the Fund that their currencies are not being maintained within specified margins in terms of another currency or a currency composite.

Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1976 is given in the Twenty-Eighth Annual Report on Exchange Restrictions.

Exchange rates adjusted according to a set of indicators.

Information not available.

Per Spanish peseta.

Per Portuguese escudo.

Per South African rand.

Per Australian dollar.

Saudi Arabia and Qatar maintain margins of up to ± 7.25 per cent.

Rate for noncommercial transactions.

Table I.2.Transfers of Special Drawing Rights, January 1, 1970–April 30, 1977(In millions of SDRs)
Jan. 1, 1970–

Apr. 30, 1970
Fiscal Years Ended April 30Total
1971197219731974197519761977
Jan. 1, 1970–

Apr. 30, 1977
Transfers between
participants
Transactions with
designation155348267117604402921191,797
Transactions without
designation202863803039962491763172,727
1756336474201,0566884684364,524
General Account
Transfers from
participants
Repurchases (net)183357501682924440731,675
Charges (net)2966303029923547091,339
Assessments111111218
Interest received on
General Account
holdings4710821212395
213429540108671388178053,117
Transfers to
participants
Purchases2927444325771
Reconstitution461071571174044451,277
Replenishment of
participants
currencies12321144
Remuneration18152206102496
Distribution of net
income9817
Restoration of
participants’
holdings 12929
Interest on Fund
borrowings88
Other 211
1511204011851278654952,345
Total transfers3881,2131,3079291,3089532,1501,7369,986
General Account
holdings at end of
period213490910617499510461771771

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.3.Summary of Transactions and Operations in Special Drawing Rights, Fiscal Year Ended April 30, 19771(In thousands of SDRs)
ParticipantsHoldings on April 30, 1976Transactions and Operations
Between participantsPositions at April 30, 1977
ReceivedBetween participants and

the General Account
Interest, Charges, and Assessment (Net)HoldingsNet

cumulative

allocations
Holdings as per cent of net cumulative allocations
Through

designation
OtherUsedReceivedUsed
Afghanistan5,26080433–2944,61412,75336.2
Algeria43,0481+10143,14840,290107.1
Argentina43,71050,76321,858–3,08169,534152,52045.6
Australia40,0835,429–7,23827,416225,64512.1
Austria95,846+72496,57076,745125.8
Bangladesh15,6549,55412,382+63513,461
Barbados2,76718–12,7482,76999.3
Belgium563,303165,94412+9,776407,123209,346194.5
Benin4,445–14,4454,44999.9
Bolivia6,990112–2266,65212,75352.2
Botswana1,5681,5671,56999.9
Brazil170,734220+690171,644152,520112.5
Burma7,1371,1241,1661,639–5217,26720,84434.9
Burundi3,09482–1362,8776,56743.8
Cambodia328–315148,5170.2
Cameroon9,9451,641–548,24910,51378.5
Canada478,8676,3081,21814+4,578478,342358,620133.4
Central African Empire2,031560–1011,3704,36531.4
Chad2,147345–951,7074,44938.4
Chile46,05526,5149,98927,904–27154,38354,65499.5
Colombia18,9185,000405–1,26123,06254,44142.4
Congo, People’s Republic of the2,06144–921,9254,44943.3
Costa Rica3,0013,7322,354–3434,03611,01636.6
Cyprus9,7992,572–187,2098,89881.0
Denmark81,8868,340+3890,26382,764109.1
Dominican Republic6,2201,0001,000490–3265,40414,53537.2
Ecuador6,097164–1926,07011,22954.1
Egypt7,78723,5237,633–1,93921,73965,24433.3
El Salvador3,7482,000940881–2765,53111,65547.5
Equatorial Guinea1,773–361,7362,71264.0
Fiji1,329–21,3261,37896.3
Finland65,0204312,509–10952,44661,47085.3
France184,29435,0007,557–10,505216,346484,98044.6
Gabon4,619–74,6124,79196.3
Gambia, The1,9981,50050018–259562,33141.0
Germany, Federal Republic of1,632,668155,424142,039+43,7141,689,768542,400311.5
Ghana5,9924,8322,6502,654–8469,97430,12333.1
Greece13,4107,23910,35513,720–1,17916,10546,19434.9
Grenada567762+374
Guatemala11,440–1811,42211,86896.2
Guinea2,853283372–2112,5528,30430.7
Guyana3,64918256–1243,2876,78048.5
Haiti1,7991,500982–1962,1216,56732.3
Honduras3,5241,154–2162,1538,51725.3
Iceland4,0541,1533,348–1831,6767,41922.6
India198,51620,29831,384–5,296182,134326,22055.8
Indonesia3,8922,0006,111–3,2428,76190,1569.7
Iran61,3224,50012+3565,85661,896106.4
Iraq27,9771+18028,15823,217121.3
Ireland44,947374+22945,55039,213116.2
Israel4,6219,97110,00015,117–1,3778,09842,81018.9
Italy111,649161,128152,327–8,986111,465318,00035.1
Ivory Coast14,0542,7262,699–998,52914,26859.8
Jamaica3573,0004,50013,5112,856–5718,94217,67350.6
Japan446,33713,904+3,108463,349377,400122.8
Jordan7,378–97,3697,58797.1
Kenya1,6255,0005,227–49490315,6005.8
Korea3,1062,00011,93810,97920,668–6216,73422,23030.3
Lao People’s Democratic Republic1,492135232–1141,2814,44928.8
Lesotho496–414541,56929.0
Liberia3,52136–2323,3259,53734.9
Luxembourg7,339–17,3397,34599.9
Madagascar3481,2502,000983–2922,3238,73026.6
Malawi4,501263–284,2105,08582.8
Malaysia65,71425041,237+16724,89460,61841.1
Mali2,606337147–1872,6097,54234.6
Malta5,08759+25,1475,088101.2
Mauritania1,563158589–1211,0114,44922.7
Mauritius2,509186–1842,5117,37434.0
Mexico85,56845,80283,2981825,291–2,78140,182124,17032.4
Morocco13,3584,287–1,0708,00039,18920.4
Nepal2,20212152–32,0582,21592.9
Netherlands531,347+11,277542,624236,460229.5
New Zealand5,73633,00021,095–2,20615,43669,40222.2
Nicaragua4,1451,000825–2044,1158,94346.0
Niger4,387–34,3844,44998.5
Nigeria61,157+59361,75045,555135.6
Norway89,455+49589,95076,320117.9
Oman74274174299.9
Pakistan45,08032,67842,709–2,15432,89581,63940.3
Panama6,5501,908–2614,38112,37235.4
Papua New Guinea1,8337131,248+721,369
Paraguay6,5641—16,5646,567100.0
Peru6,4312,8062,1897,145—1,3742,90740,4797.2
Philippines21,27312,40919,676—1,33812,66751,49524.6
Portugal6,2139,2009,951+3465,808
Romania14,7213,1327,716+52810,665
Rwanda2,229205–1622,2726,56734.6
Senegal2,5262,7261,823–3583,07111,44226.8
Sierra Leone3,6451,018–1812,4467,84531.2
Somalia4,271–894,1826,56763.7
South Africa46,1945198,143–1,77136,79988,92041.4
Spain116,4705,00041,128–1,14379,200126,13562.8
Sri Lanka11,6778,9117,840–86911,88033,97835.0
Sudan2,2584,3471,1006,738–9343324,9120.1
Swaziland943–688752,71232.2
Sweden106,99536–12107,019107,025100.0
Syrian Arab Republic6,935167–3956,37317,03437.4
Tanzania1,5553,29710,1414,936–3439,71514,32267.8
Thailand29,583994+2028,60828,542100.2
Togo5,081146–34,9315,08597.0
Trinidad and Tobago7,1911,500521–5138,69920,81141.8
Tunisia9,965–1849,78214,71366.5
Turkey22,80216,28920,441–1,25617,39450,30734.6
Uganda2,2854701,861–48141313,8963.0
United Kingdom675,3116,750124,458–15,004542,5991,006,32053.9
United States2,020,68740,500–9,9432,051,2452,293,98089.4
Upper Volta4,425–14,4244,44999.4
Uruguay78915,34212,421–8282,88323,93712.0
Venezuela125,952+512126,464112,290112.6
Viet Nam19,74219,0005,000206–3765,16019,75826.1
Western Samoa1912881–75821227.5
Yemen Arab Republic Yemen, People’s Democratic2,1292,1282,13099.9
Republic of3,4172,4222,132–2563,4519,87335.0
Yugoslavia24,6492,0003,45022,250–2,1555,69369,2918.2
Zaïre31,0358,0001,9598,435–45916,10139,18941.1
Zambia14,5012,9001,5008,8206,968–28517,46824,58871.0
Total Participants8,853,989118,798317,017435,815503,135789,402–23,9818,543,7429,314,835
General Account460,847789,402503,135+23,981771,094
Total9,314,835118,798317,017435,8151,292,5371,292,5379,314,8359,314,835

This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, and Guinea-Bissau.

This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, and Guinea-Bissau.

Table I.4.Currencies Transferred for Special Drawing Rights, January 1, 1970–April 30, 1977(In millions of SDRs)
Jan. 1, 1970–

Apr. 30, 1970
Fiscal Years Ended April 30Total

Jan. 1, 1970–

Apr. 30, 1977
1971197219731974197519761977
Transactions with designation
Belgian francs
Provided directly to participants1.01.0
Deutsche mark
Converted to U.S. dollars3.02.02.07.0
French francs
Provided directly to participants3.522.319.044.8
Converted to pounds sterling8.08.0
Converted to U.S. dollars14.021.0104.080.516.0235.3
25.543.3104.080.535.0288.2
Italian lire
Provided directly to participants4.04.0
Mexican pesos
Converted to U.S. dollars1.01.0
Pounds sterling
Provided directly to participants27.456.359.91.5145.1
Converted to French francs6.71.38.0
Converted to U.S. dollars45.853.45.43.01.04.019.3131.9
79.9111.065.33.01.04.020.8285.0
U.S. dollars
Provided directly to participants148.9227.1112.551.254.1321.1207.261.01,183.1
Converted to French francs5.13.68.7
Converted to pounds sterling7.511.519.0
154.0238.2112.551.254.1332.6207.261.01,210.8
Total155.0347.6266.8116.660.1440.6291.7118.81,797.0
Transactions without designation
Belgian francs37.056.567.9165.9327.4
Danish kroner5.063.368.2
Deutsche mark100.5123.530.429.4283.7
French francs588.578.32.7669.6
Netherlands guilders11.7264.95.2281.8
Pounds sterling20.025.0291.8336.8
U.S. dollars285.5355.0119.0759.5
Total20.0285.5380.0303.5995.9248.5176.6317.12,727.0
Table I.5.Transfer of Special Drawing Rights by the General Account, Fiscal Year Ended April 30, 1977(In thousands of SDRs)
ReconstitutionPayment of

Remuneration
Purchases
Afghanistan80
Argentina50,364
Bangladesh9,500
Brazil220
Burma1,166
Canada1,218
Chile9,989
Colombia405
Dominican Republic1,000
Ecuador164
Egypt23,523
El Salvador940
Finland43
France7,419
Gambia, The500
Ghana2,650
Greece10,355
Grenada76
Guinea283
Haiti1,500
Iceland1,153
Indonesia5,948163
Iran1
Iraq1
Ireland374
Israel10,000
Italy161,128
Jamaica13,511
Japan13,904
Kenya5,000
Korea10,956
Lao People’s Democratic Republic135
Madagascar2,000
Malaysia250
Mali337
Malta59
Mauritania158
Mauritius186
Mexico182
New Zealand33,000
Pakistan32,678
Papua New Guinea713
Paraguay1
Peru2,189
Philippines12,240
Portugal9,200
Romania2,995
Rwanda205
South Africa106
Sri Lanka8,911
Sudan1,100
Tanzania10,141
Trinidad and Tobago521
Uganda470
Uruguay15,342
Viet Nam5,000
Western Samoa128
Yemen, People’s Democratic Republic of2,422
Zaïre1,857
Zambia7,2991,500
Total445,27324,108125,485

Includes amounts of less than SDR 500 each paid to an additional 15 participants.

Includes amounts of less than SDR 500 each paid to an additional 15 participants.

Table I.6.Purchases of Currencies and Special Drawing Rights from the Fund, Fiscal Year Ended April 30, 1977(In millions of SDRs)
Member

Purchasing
Within

Gold

Tranche
Within Credit TranchesUnder Decision onTotal

Purchases
Under the Non-Oil Facilities
Under

stand-by

arrangements
Other1Compensatory

financing
Extended

Fund

facility
Oil

facility
CurrenciesSpecial

drawing

rights 2
Total
Argentina159.50159.50159.50159.50
Australia332.50332.50332.50332.50
Bahrain5.005.005.005.00
Bangladesh21.5020.00 314.6956.1932.009.5041.50
Barbados3.503.503.503.50
Cameroon17.504.2821.7817.5017.50
Chad6.506.506.506.50
Chile79.0079.0079.0079.00
Congo, People’s Rep.
of the2.03 46.508.538.538.53
Costa Rica6.836.83
Cyprus13.007.9720.9713.0013.00
Dominican Rep.15.0021.5036.5035.501.00 436.50
Ecuador17.5617.5617.5617.56
Egypt94.0011.49105.4994.0094.00
Finland115.11115.11
Gambia, The1.743.505.244.740.50 45.24
Germany, Fed. Rep. of8.348.348.348.34
Greece58.0058.0058.0058.00
Grenada0.230.230.150.080.23
Guyana5.007.2510.0022.2522.2522.25
Haiti3.003.001.501.50 53.00
Israel12.0065.0077.0067.0010.00 577.00
Jamaica26.5026.5024.502.00 526.50
Kenya24.003.1027.1019.005.00 524.00
Korea9.0040.0049.0049.0049.00
Lao People’s Dem. Rep.3.253.253.253.25
Liberia4.564.564.564.56
Malaysia93.0093.0093.0093.00
Mauritania1.931.93
Mexico97.77134.12185.00100.00516.90516.90516.90
Morocco18.0018.00
Nepal3.114.507.607.607.60
New Zealand50.5050.5050.5050.50
Pakistan99.50 399.5089.5010.00 599.50
Panama18.0018.0018.0018.00
Papua New Guinea10.0010.009.290.7110.00
Peru61.5061.5061.5061.50
Philippines90.0055.16145.1690.0090.00
Portugal58.5058.5049.309.2058.50
Romania55.0055.0052.012.9955.00
Sierra Leone5.505.505.505.50
South Africa189.00160.00349.00349.00349.00
Sri Lanka15.8015.8015.8015.80
Sudan26.7026.7026.7026.70
Tanzania4.704.704.70 54.70
Thailand67.0067.0067.0067.00
Togo7.507.507.507.50
Turkey91.4991.49
United Kingdom1,700.001,700.001,700.001,700.00
Viet Nam15.50 631.0046.5041.505.00 546.50
Western Samoa1.001.000.890.1151.00
Yemen, People’s Dem.
Rep. of5.76—37.4213.185.765.76
Yugoslavia56.1556.15
Zaïre40.9632.5373.4940.9640.96
Zambia8.5038.0010.7957.2939.886.62 746.50
Total160.612,210.43159.591,752.75 3190.00436.944,910.334,404.4668.924,473.39

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 (Eighth Issue, Washington, 1976), pages 37–40.)

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

In addition, the following amounts purchased within credit tranches during the fiscal year 1975/76 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

In accordance with Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977 and reproduced in Appendix II.

In accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended. (See Selected Decisions, pages 173–74.)

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, page 88.)

Of which, SDR 1.5 million was purchased in accordance with Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977 and reproduced in Appendix II. and SDR 5.12 million in accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended. (See Selected Decisions, pages 173–74.)

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 (Eighth Issue, Washington, 1976), pages 37–40.)

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

In addition, the following amounts purchased within credit tranches during the fiscal year 1975/76 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

In accordance with Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977 and reproduced in Appendix II.

In accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended. (See Selected Decisions, pages 173–74.)

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, page 88.)

Of which, SDR 1.5 million was purchased in accordance with Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977 and reproduced in Appendix II. and SDR 5.12 million in accordance with Executive Board Decision No. 3457-(71/121) G/S, as amended. (See Selected Decisions, pages 173–74.)

Table I.7.Repurchases of Currencies from the Fund, Fiscal Year Ended April 30, 1977(In millions of SDRs)
Member

Repurchasing
Repurchases in Respect ofVoluntary

Repurchases
Other

Repurchases
Total
Purchases

under

oil facility
Purchases

under stand-by

arrangements
Schedules

approved

by Fund
Article V,

Section 7(b)
Afghanistan9.39.3
Argentina48.048.0
Bangladesh31.71.333.0
Bolivia12.11.913.9
Burma7.17.1
Chile39.533.112.184.8
Comoros0.50.5
Costa Rica3.03.0
Denmark3.93.9
Egypt22.022.0
Haiti3.00.73.7
India200.030.0230.0
Ivory Coast24.224.2
Korea0.319.720.0
Liberia1.31.3
Malaysia85.785.7
Mali3.03.0
Mauritius11
Nicaragua6.86.8
Pakistan59.059.0
Philippines1.936.838.8
South Africa75.075.0
Sri Lanka17.717.7
Sudan20.020.0
Swaziland1.01.0
Syrian Arab Republic5.45.4
Uganda5.15.1
Uruguay4.34.3
Western Samoa0.50.5
Zaïre22.622.6
Zambia19.019.0
Total200.0117.5232.1198.6 21.9118.1868.2

Less than SDR 50,000.

Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 48 million by Argentina, SDR 12.1 million by Chile, SDR 6.7 million by Nicaragua, SDR 35.6 million by the Philippines, SDR 5.4 million by the Syrian Arab Republic, and SDR 19 million by Zambia; 1975—SDR 12.1 million by Bolivia, SDR 24.2 million by Ivory Coast, and SDR 1.2 million by the Philippines.

Note:Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

Philippines29.1
Argentina48.0Sri Lanka7.2
Bangladesh31.3Uruguay4.3
Burma1.5Western Samoa0.1
Chile45.3Zaïre22.6
Egypt14.0Zambia19.0
Ivory Coast13.4
Malaysia85.7Total321.4

Less than SDR 50,000.

Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 48 million by Argentina, SDR 12.1 million by Chile, SDR 6.7 million by Nicaragua, SDR 35.6 million by the Philippines, SDR 5.4 million by the Syrian Arab Republic, and SDR 19 million by Zambia; 1975—SDR 12.1 million by Bolivia, SDR 24.2 million by Ivory Coast, and SDR 1.2 million by the Philippines.

Note:Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

Philippines29.1
Argentina48.0Sri Lanka7.2
Bangladesh31.3Uruguay4.3
Burma1.5Western Samoa0.1
Chile45.3Zaïre22.6
Egypt14.0Zambia19.0
Ivory Coast13.4
Malaysia85.7Total321.4

Table I.8.Fund Stand-By Arrangements for Members, Fiscal Year Ended April 30, 1977(In millions of SDRs)
MemberTotal Number

of Stand-Bys

Approved

for Member
Date of

Inception
Date of

Expiration
Amount

Approved

1975/76
Amount Not

Purchased at

Expiration
Amount

Approved

1976/77
Amount Not

Purchased

April 30, 1977
Afghanistan6July 16, 1975July 15, 19768.50
Argentina8Aug. 6, 1976Aug. 5, 1977260.00100.50
Bangladesh2July 28, 1975July 27, 197662.50
Burundi7June 5, 1976Mar. 31, 19776.50
Congo, People’s
Rep. of the1Jan. 1, 1977Dec. 31, 19774.704.70
Costa Rica6July 23, 1976July 22, 197711.6011.60
Egypt3Apr. 20, 1977Apr. 19, 1978125.00125.00
Finland3June 4, 1975June 3, 197695.0095.00
Grenada2Sept. 29, 1975Sept. 28, 1976 10.50
June 30, 1976Dec. 31, 19760.23
Guyana10June 18, 1975June 17, 19765.005.00
June 18, 1976June 17, 19777.25
Haiti16Aug. 1, 1975July 31, 19764.751.50
Aug. 2, 1976Aug. 1, 19776.883.88
Israel3Oct. 20, 1976Oct. 19, 197729.2517.25
Italy2Apr. 25, 1977Dec. 31, 1978450.00450.00
Korea11Oct. 22, 1975June 30, 197620.0011.00
Liberia12Jan. 14, 1976Jan. 13, 19775.005.00
Nepal1Feb. 18, 1976Feb. 17, 19774.50
Pakistan7Mar. 9, 1977Mar. 8, 197880.0080.00
Panama10Nov. 8, 1975Nov. 7, 19769.009.00
Apr. 6, 1977Apr. 5, 197811.2511.25
Philippines13May 31, 1975May 30, 1976 229.06
Portugal1Apr. 25, 1977Apr. 24, 197842.4042.40
Romania1Oct. 3, 1975Oct. 2, 197695.00
South Africa4Jan. 21, 1976Jan. 20, 1977 380.00
Aug. 6, 1976Aug. 5, 1977152.0038.00
Tanzania1Aug. 21, 1975Aug. 20, 197610.5010.50
United Kingdom11Dec. 31, 1975Dec. 30, 1976700.00
Jan. 3, 1977Jan. 2, 19793,360.002,360.00
Uruguay8May 9, 1975May 8, 197617.2512.95
Aug. 4, 1976Aug. 3, 197725.0025.00
Western Samoa2Nov. 12, 1975Nov. 11, 19760.50
Jan. 31, 1977Jan. 30, 19780.590.59
Zaïre3Mar. 22, 1976Mar. 21, 197740.96
Apr. 25, 1977Apr. 24, 197845.0045.00
Zambia2July 30, 1976July 29, 197762.0053.50
Total1,188.02149.954,679.643,368.67

Canceled as of June 30, 1976.

Canceled as of April 1, 1976.

Canceled as of August 6, 1976.

Canceled as of June 30, 1976.

Canceled as of April 1, 1976.

Canceled as of August 6, 1976.

Table I.9.Purchases and Repurchases Under the Decision on Compensatory Financing of Export Fluctuations, February 27, 1963–April 30, 19771(In millions of SDRs)
MemberRelated Repurchases
PurchasesTotalUnder

paragraph (7)

of amended

decision
Outstanding

Balance

April 30, 1977
DateAmount
AfghanistanJune 5, 19684.804.80
ArgentinaMar. 3, 197264.0064.00
Dec. 23, 1975110.00110.00
Mar. 30, 1976110.00110.00
AustraliaJuly 8, 1976332.50332.50
BangladeshDec. 15, 197262.5039.0623.44
Aug. 2, 1976 219.06 219.06
Aug. 5, 197620.0020.00
BarbadosJan. 3, 19773.503.50
BrazilJune 7, 196360.0060.00
BurmaNov. 21, 19677.507.50
Sept. 21, 19716.506.50
Feb. 1, 197415.0015.00
BurundiJune 9, 19702.502.500.80
CambodiaMar. 14, 19726.256.25
Apr. 18, 19736.256.25
CameroonJuly 6, 197617.5017.50
Central African EmpireFeb. 3, 19765.105.10
ChadAug. 2, 19766.506.50
ChileDec. 14, 197139.5039.50
Dec. 22, 197239.5029.5010.00
June 9, 197679.0079.00
ColombiaMar. 22, 196718.9018.907.70
Apr. 19, 1968 20.95 20.950.95
Apr. 19, 196820.9520.950.95
Congo, People’s Rep. of theFeb. 4, 19771.501.50
Feb. 7, 19775.005.00
CyprusMay 3, 197613.0013.00
Dominican RepublicDec. 6, 19666.606.603.30
Sept. 23, 197621.5021.50
EcuadorOct. 15, 1969 23.50 23.50
Oct. 15, 1969 22.75 22.75
EgyptOct. 15, 196316.0016.00
Mar. 18, 196823.0023.00
Aug. 14, 197347.0014.0033.00
June 16, 197694.0094.00
El SalvadorDec. 16, 19696.256.254.30
Gambia, TheMar. 30, 19773.503.50
GhanaDec. 20, 196617.2517.250.75
GreeceSept. 13, 197658.0058.00
GuatemalaFeb. 5, 1968 23.00 23.001.60
Feb. 5, 1968 23.25 23.25
GuineaMar. 26, 19746.006.00
GuyanaMar. 26, 19745.005.00
Dec. 16, 197610.0010.00
HaitiAug. 11, 19671.301.300.12
Dec. 6, 19671.001.000.20
IcelandNov. 10, 19673.753.753.75
Nov. 26, 19683.753.753.75
Mar. 16, 197611.5011.50
IndiaDec. 28, 196790.0090.0080.00
Feb. 19, 197462.0062.0062.00
IraqNov. 8, 1967 217.50 217.50
IsraelAug. 9, 197665.0065.00
Ivory CoastMar. 22, 197626.0013.4212.58
JamaicaMar. 20, 197413.2513.25
Sept. 22, 197613.2513.25
Nov. 10, 197613.2513.25
JordanNov. 15, 19714.504.50
Jan. 3, 19732.852.840.01
KenyaJuly 26, 197624.0024.00
KoreaJune 3, 197640.0040.00
Lao People’s Dem. Rep.Dec. 19, 19753.253.25
June 9, 19763.253.25
MalaysiaAug. 5, 197690.0085.744.26
Aug. 6, 19763.003.00
MauritaniaApr. 2, 19766.506.50
MexicoNov. 1, 1976125.00125.00
Nov. 3, 197660.0060.00
MoroccoApr. 8, 197656.5056.50
New ZealandMay 10, 196729.2029.20
July 28, 197550.5050.50
Apr. 28, 197650.5050.50
Dec. 2, 197649.5049.50
Dec. 6, 19761.001.00
PakistanJuly 6, 1976 218.00 218.00
July 9, 197672.5072.50
Apr. 25, 197722.0022.00
Apr. 28, 19775.005.00
PanamaDec. 27, 19762.002.00
Dec. 28, 197616.0016.00
Papua New GuineaJune 16, 197610.0010.00
PeruJune 20, 197230.7530.75
May 4, 197661.5061.50
PhilippinesMay 18, 197338.7538.759.69
Apr. 5, 197677.5077.50
PortugalJuly 1, 197638.5038.50
July 2, 197620.0020.00
RomaniaApr. 28, 197695.0095.00
Sierra LeoneMar. 24, 19767.007.00
Sept. 23, 19765.505.50
South AfricaNov. 16, 1976160.00160.00
Sri LankaMar. 21, 196719.5019.50
Apr. 17, 196819.3019.30
Jan. 24, 197224.70 24.70
Jan. 26, 197214.7514.75
June 22, 197318.602.2016.40
Feb. 15, 19745.905.90
Nov. 15, 19766.186.18
Nov. 16, 19769.629.62
SudanJune 1, 196511.2511.25
Mar. 7, 197516.0016.00
Mar. 10, 19752.002.00
May 19, 197626.7026.70
Syrian Arab RepublicSept. 18, 19679.509.50
Jan. 25, 197212.5012.50
TanzaniaApr. 7, 197621.0021.00
ThailandAug. 5, 197667.0067.00
TogoAug. 2, 19767.507.50
TurkeyNov. 14, 197537.7537.75
Apr. 2, 197637.7537.75
UgandaApr. 9, 197620.0020.00
UruguayFeb. 7, 19689.509.505.00
May 17, 197217.2512.92 3
Mar. 31, 197625.9025.90
Viet NamJan. 17, 197731.0031.00
Western SamoaNov. 19, 19750.500.140.36
Nov. 1, 19760.500.50
Feb. 3, 19770.500.50
Yemen, People’s Dem. Rep. ofMay 10, 1976 22.50 22.50
ZaïreJuly 5, 197228.2528.25
Mar. 26, 197656.5056.50
ZambiaDec. 14, 197119.0019.00
Aug. 7, 197216.0016.00
Aug. 8, 19723.003.00
Nov. 28, 197514.0014.00
Dec. 1, 19755.005.00
June 3, 197619.0019.00
Apr. 27, 197719.0019.00
3,620.36941.77 3184.862,674.26

Before September 1966, purchases were made under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963. Subsequently until December 1975, they were made under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966. And since January 1976, they have been under the decision as amended by Executive Board Decision No. 4912-(75/207), adopted December 24, 1975. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 62–66.)

Date and amount of reclassification of previous purchases.

In addition, Fund sale of Uruguayan new pesos had the effect of repurchasing the equivalent of SDR 4.33 million.

Before September 1966, purchases were made under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963. Subsequently until December 1975, they were made under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966. And since January 1976, they have been under the decision as amended by Executive Board Decision No. 4912-(75/207), adopted December 24, 1975. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 62–66.)

Date and amount of reclassification of previous purchases.

In addition, Fund sale of Uruguayan new pesos had the effect of repurchasing the equivalent of SDR 4.33 million.

Table I.10.Total Repurchase Obligations Incurred in Accordance with Article V, Section 7(b), and Amounts Payable Forthwith by Members, as of April 30, 1976(In thousands of SDRs)
MemberTotal Repurchase Obligations IncurredAmounts Payable Forthwith
GoldSpecial

drawing

rights
Convertible

currencies
TotalGoldSpecial

drawing

rights
Convertible

currencies
Total
Afghanistan1,56252615,40717,4951879,0639,2501
Bahamas33332
Denmark3,8973,8973,8973,897
Greece7,15572371,19979,07729954733,65434,500 3
Indonesia275264,91364,992275264,91364,992 2
Ivory Coast1,0228,9359,9571,0228,9359,957 2
Jamaica4010,26110,3014010,26110,301 2
Kenya28022,63322,9131881,6421,830 4
Korea1,3051,47490,50993,28828031619,40420,000 5
New Zealand382,0432,081382,0432,081 2
Somalia515515515515 2
Western Samoa2780782500500 6
Total10,0494,157291,095305,3016062,390154,830157,826

Member discharged the equivalent of SDR 9,250,000 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 (Eighth Issue, Washington, 1976), pages 91–93.) Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

Member has agreed with the calculations.

Member has agreed with the calculations and will discharge the equivalent of SDR 34,500,000 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, 1976 will be payable at the end of the subsequent financial year or years.

Member repurchased the equivalent of SDR 24,170,000, which discharged the total repurchase obligation incurred as of April 30, 1975. This repurchase discharged the equivalent of SDR 13,000,000, which was payable as of April 30, 1975, and the balance equivalent to SDR 11,170,000, which was payable as of April 30, 1976. Owing to the limitation of Article V, Section 7(c)(iv), the member, which has agreed with the calculations, has to pay the equivalent of SDR 1,830,000. The balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

Member discharged the equivalent of SDR 19,720 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). The amount payable in gold equivalent to SDR 280,000 was postponed. Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 500,000 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, 1976 will be payable at the end of the subsequent financial year.

Member discharged the equivalent of SDR 9,250,000 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 (Eighth Issue, Washington, 1976), pages 91–93.) Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

Member has agreed with the calculations.

Member has agreed with the calculations and will discharge the equivalent of SDR 34,500,000 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, 1976 will be payable at the end of the subsequent financial year or years.

Member repurchased the equivalent of SDR 24,170,000, which discharged the total repurchase obligation incurred as of April 30, 1975. This repurchase discharged the equivalent of SDR 13,000,000, which was payable as of April 30, 1975, and the balance equivalent to SDR 11,170,000, which was payable as of April 30, 1976. Owing to the limitation of Article V, Section 7(c)(iv), the member, which has agreed with the calculations, has to pay the equivalent of SDR 1,830,000. The balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

Member discharged the equivalent of SDR 19,720 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). The amount payable in gold equivalent to SDR 280,000 was postponed. Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

Member discharged the equivalent of SDR 500,000 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, 1976 will be payable at the end of the subsequent financial year.

Table I.11.Summary of Members’ Purchases and Repurchases, Years Ended April 30, 1948–77(In millions of SDRs)
Total Purchases

by Members
Total 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
19755,102.45518.08
19766,591.42960.10
19774,910.33868.19
Total42,463.35 119,215.69 2

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.12.Summary of Stand-By Arrangements That Became Effective During the Fiscal Years Ended April 30, 1953–771(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
197514389.75
1976181,188.02
1977194,679.64
Total39827,004.58

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.Status of General Arrangements to Borrow on June 30, 1977(In millions of SDR equivalents)
ParticipantsMaximum Amounts of

Credit Arrangements
Fund

Indebtedness
Belgium178.925.0
Canada175.229.7
Deutsche Bundesbank1,462.1388.8
France473.432.0
Italy333.6
Japan1,077.3275.8
Netherlands250.054.2
Sveriges Riksbank100.511.3
United Kingdom528.3
United States1,715.5467.7
Total6,294.81,284.6
Table I.14.Currencies Replenished by the Fund in Connection with the First Phase of Gold Sales Program, Fiscal Year Ended April 30, 1977(In millions of SDRs)
CurrencySales for DistributionSales by AuctionsTotal
DirectIndirectTotal
Algerian dinars0.970.970.97
Austrian schillings2.022.684.709.1113.81
Bahrain dinars0.080.080.08
Belgian francs4.875.6510.5227.2737.79
Brazilian cruzeiros3.290.744.0418.1722.20
Canadian dollars8.243.8412.0813.6625.74
Colombian pesos1.181.181.18
Danish kroner1.951.951.95
Deutsche mark11.9911.4823.4627.2850.74
Fiji dollars0.100.100.10
French francs11.237.1218.3518.35
Guatemalan quetzales0.270.270.27
Iranian rials1.441.441.44
Irish pounds0.910.910.91
Japanese yen8.9911.1820.1627.3447.50
Kuwaiti dinars0.490.490.49
Luxembourg francs0.150.150.15
Malta pounds0.120.120.12
Netherlands guilders5.245.3510.5918.3228.92
Norwegian kroner1.800.852.652.65
Paraguayan guaraníes0.140.140.14
Qatar riyals0.150.150.15
Rials Omani0.050.050.05
Saudi Arabian riyals1.001.001.00
Swedish kronor2.432.164.599.1913.78
Trinidad and Tobago dollars0.470.470.47
U.A.E. dirhams0.110.110.11
U.S. dollars50.1734.8485.0127.53112.54
Venezuelan bolívares2.471.664.1322.7126.83
Yemen rials0.070.070.07
Total122.4087.55209.95200.57410.51
Table I.15.Currencies and Special Drawing Rights Obtained from the Fund by Members in Purchases for Their Own Currencies; Currencies and Special Drawing Rights Used by Members in Repurchases, Fiscal Year Ended April 30, 19771(In millions of SDRs)
MediumCurrencies and SDRs Obtained by Members in Purchases 1
For EEC settlements

by the

Federal Republic

of Germany
Other

countries
TotalCurrencies and SDRs Used by Members

in Repurchases 1
Under

Article V,

Section 7(b)
OtherTotal
SDRs68.968.95.766.972.6
Algerian dinars1.01.0
Australian dollars22
Austrian schillings81.081.06.76.7
Belgian francs140.8140.8215.815.8
Brazilian cruzeiros78.378.3
Canadian dollars315.8315.82.317.419.6
Colombian pesos18.018.0
CFA francs (Upper Volta)1.01.0
Danish kroner8.32.010.3
Deutsche mark399.0399.019.168.487.4
Ecuadoran sucres5.05.0
Ethiopian birr0.50.5
Fiji dollars1.01.0
French francs227.8227.824.729.153.8
Guatemalan quetzales4.54.5
Indonesian rupiahs5.05.0
Iranian rials21.521.5
Iraqi dinars1.01.0
Irish pounds28.428.43.23.2
Japanese yen658.7658.721.542.564.0
Kuwaiti dinars6.06.022.52.5
Luxembourg francs4.04.0
Malta pounds7.07.01.01.0
Netherlands guilders211.4211.40.316.216.5
Nigerian naira1.51.5
Norwegian kroner55.955.90.44.34.7
Paraguayan guaraníes1.01.0
Qatar riyals1.01.01.01.0
Saudi Arabian riyals16.016.0
Swedish kronor86.686.625.85.8
Trinidad and Tobago dollars2.02.0
U.A.E. dirhams1.01.0
U.S. dollars1,926.51,926.5124.7178.0302.6
Uruguayan new pesos5.05.0
Venezuelan bolívares81.181.110.010.0
Yemen rials1.01.0
Total8.34,465.04,473.4198.6 3469.6668.2

Exclusive of transactions in connection with the oil facility.

Less than SDR 50,000.

Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 4.4 million in SDRs, SDR 17 million in deutsche mark, SDR 1.7 million in French francs, SDR 4.2 million in Japanese yen, and SDR 99.5 million in U.S. dollars; 1975—SDR 0.8 million in SDRs, SDR 0.5 million in Canadian dollars, SDR 1.3 million in deutsche mark, SDR 23 million in French francs, SDR 2.8 million in Japanese yen, SDR 0.3 million in Netherlands guilders, SDR 0.4 million in Norwegian kroner, and SDR 8.3 million in U.S. dollars.

Exclusive of transactions in connection with the oil facility.

Less than SDR 50,000.

Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 4.4 million in SDRs, SDR 17 million in deutsche mark, SDR 1.7 million in French francs, SDR 4.2 million in Japanese yen, and SDR 99.5 million in U.S. dollars; 1975—SDR 0.8 million in SDRs, SDR 0.5 million in Canadian dollars, SDR 1.3 million in deutsche mark, SDR 23 million in French francs, SDR 2.8 million in Japanese yen, SDR 0.3 million in Netherlands guilders, SDR 0.4 million in Norwegian kroner, and SDR 8.3 million in U.S. dollars.

Table I.16.Schedules of Fund Charges

Charges on Transactions Effected from July 1, 1974

Charges in per cent per annum 1 payable on holdings in excess of quota, for period stated:

PreviousCurrent
Service charge0.50.5
Up to 1 year4.04.375
1 to 2 years4.54.875
2 to 3 years5.05.375
3 to 4 years5.5 25.875 2
4 to 5 years6.06.375
Charges on Transactions Effected Under the Oil Facility for 1974

Charges in per cent per annum 1 payable on holdings in excess of quota, for period stated:

Service charge0.5
Up to 1 year6.875
1 to 2 years6.875
2 to 3 years6.875
3 to 4 years7.000 2
4 to 5 years7.125
5 to 6 years7.125
6 to 7 years7.125
Charges on Transactions Effected Under the Extended Fund Facility

Charges in per cent per annum 1 payable on holdings in excess of quota, for period stated:

PreviousCurrent
Service charge0.50.5
Up to 1 year4.04.375
1 to 2 years4.54.875
2 to 3 years5.05.375
3 to 4 years5.55.875
4 to 5 years6.0 26.375 2
5 to 6 years6.56.875
6 to 7 years6.56.875
7 to 8 years6.56.875
Charges on Transactions Effected Under the Oil Facility for 1975

Charges in per cent per annum 1 payable on holdings in excess of quota for period stated:

Service charge0.5
Up to 1 year7.625
1 to 2 years7.625
2 to 3 years7.625
3 to 4 years7.750 2
4 to 5 years7.875
5 to 6 years7.875
6 to 7 years7.875
Charges on Transactions Effected from May 1, 1963 and up to June 30, 1974

Charges in per cent per annum 1 for period stated and for portion of holdings in excess of quota by (per cent)

More than050100
But not more than50100
Service charge0.50.50.5
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 years3.03.54.0 2
2½ to 3 years3.54.0 24.5
3 to 3½ years4.0 24.55.0
3½ to 4 years4.55.0
4 to 4½ years5.0

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

Point at which the Fund and the member consult.

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

Point at which the Fund and the member consult.

Table I.17.Income and Expenses, Fiscal Years Ended April 30, 1960, 1965, 1970, and 1973–77 1(In millions of SDRs)
19601965197019731974197519761977
Operational income from regular facilities
Service and stand-by charges, etc.4.111.813.03.22.58.56.822.2
Charges on balances in excess of quotas16.935.9124.728.228.256.4101.2232.7
Interest on holdings of special drawing rights0.410.27.821.120.823.0
Total operational income from regular
facilities 221.047.7138.141.638.586.0128.8277.9
Remuneration27.229.327.262.4104.1226.9
Interest on borrowing under the
General Arrangements to Borrow and
bilateral arrangements 32.616.712.7
Transfer charges under the
General Arrangements to Borrow and
bilateral arrangements2.02.45.0
Total operational expenses4.646.329.327.262.4104.1244.6
Net operational income from
regular facilities21.043.191.812.211.223.624.733.3
Operational income from the oil facility
Service charges12.519.82.2
Periodic charges68.0307.3494.6
80.5327.1496.8
Deduct: interest expense69.2303.4483.0
Net operational income from
the oil facility11.323.713.8
Total net operational income21.043.191.812.211.234.948.447.1
Net administrative expenses6.713.027.738.842.644.952.265.3
Fixed property expenses0.24.66.5–4.85.9–0.3–0.9
Total expenses6.917.634.234.048.444.651.365.3
Net income or expenses (—) 3+14.1+25.5+57.6–21.7–37.2–9.7–2.9–18.2

Totals may not add to figures shown, owing to rounding.

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

Net income or expense for each year was transferred to the General Reserve until 1971 and to the Special Reserve for the period 1973–77, except for the fiscal year 1970, when SDR 17.5 million was distributed to members under Article XII, Sections 6(a) and (b), of the Fund Agreement.

Totals may not add to figures shown, owing to rounding.

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

Net income or expense for each year was transferred to the General Reserve until 1971 and to the Special Reserve for the period 1973–77, except for the fiscal year 1970, when SDR 17.5 million was distributed to members under Article XII, Sections 6(a) and (b), of the Fund Agreement.

Table I.18.Members That Have Accepted Article VIII, April 30, 1977
MemberEffective Date

of Acceptance
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
Germany, Fed. Rep. ofFebruary 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
OmanJune 19, 1974
PanamaNovember 26, 1946
Papua New GuineaDecember 4, 1975
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
VenezuelaJuly 1, 1976
Table I.19.Publications Issued, Fiscal Year Ended April 30, 1977
Reports and Other Documents
Annual Report of the Executive Directors for the Fiscal Year
Ended April 30, 1976 (English, French, German, and Spanish). Free
Summary Proceedings of the Thirty-First Annual Meeting of the Board of Governors and Supplement: Proposed Second Amendment to the Articles of Agreement of the International Monetary Fund Free
Twenty-Seventh Annual Report on Exchange Restrictions Free
Subscription Publications
Balance of Payments Yearbook
Volume 27, 1967–74 (clothbound). US$6.00
Volume 28, data through 1976 (monthly loose-leaf tables and annual bound volume). US$20.00 (binder available for US$4.50)
Direction of Trade
Monthly, with annual supplement.
US$10.00 a year
International Financial Statistics
Monthly (English, French, and Spanish).
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$1,000.00 a year each. This price includes the book version of the publication. The price to universities is US$300.00 a year for each subscription.
Books
The International Monetary Fund, 1966–1971: The System Under Stress
Volume I: Narrative; Volume II: Documents US$15.00 the set Vol. I, US$ 11.00; Vol. II, US$6.00
The Monetary Approach to the Balance of Payments: A Collection of Research Papers by Members of the Staff of the International Monetary Fund US$4.00
Pamphlet Series
No. 19 Floating Currencies, Gold, and SDRs: Some Recent Legal Developments
By Joseph Gold (English and Spanish). Free
Other
Finance and Development
Issued jointly with IBRD; quarterly (English, French, German, and Spanish. A selection of articles is published quarterly in Arabic and annually in Portuguese). Free
IMF Survey
Twice monthly but only once in December (English, French, and Spanish). Private firms and individuals are charged for delivery.

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