Chapter

APPENDIX II: Operations and Financial Transactions of the Fund

Author(s):
International Monetary Fund
Published Date:
January 1991
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The tables in this appendix supplement the information given in the section on the Fund in 1990/91 on the activities of the Fund during the financial year ended April 30, 1991.

Table II.1.Summary of Arrangements Approved During the Financial Years Ended April 30, 1953—91
Amount Committed Under Arrangements

(In millions of SDRs)
FinancialNumber of Arrangements
YearStand-byEFFSAFESAFTotalStand-byEFFSAF1ESAF2Total
19532255.0055.00
19542262.5062.50
19552240.0040.00
19562247.5047.50
1957991,162.281,162.28
195811111,043.781,043.78
195915151,056.631,056.63
19601414363.88363.88
19611515459.88459.88
196224241,633.131,633.13
196319191,531.101,531.10
196419192,159.852,159.85
196524242,159.052,159.05
19662424575.35575.35
19672525591.15591.15
196832322,352.362,352.36
19692626541.15541.15
197023232,381.282,381.28
19711818501.70501.70
19721313313.75313.75
19731313321.85321.85
197415151,394.001,394.00
19751414389.75389.75
1976182201,188.02284.201,472.22
1977191204,679.64518.005,197.64
1978180181,285.091,285.09
197914418507.851,092.501,600.35
1980244282,479.36797.353,276.71
19812111325,197.935,220.6010,418.53
1982195243,106.217,907.7511,013.96
1983274315,449.988,671.2614,121.24
1984252274,287.3394.504,381.83
1985240243,218.333,218.33
1986181192,123.40825.002,948.40
198722010324,117.51487.694,605.20
198814115301,701.90245.401,008.632,955.93
198912147242,956.03207.30441.42954.974,559.72
199016334263,249.377,627.1045.22415.2311,336.92
199113223202,786.142,338.0052.78425.675,602.59

Amount committed is based on total access to SDA resources of 70 percent of quota.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Amount committed is based on total access to SDA resources of 70 percent of quota.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Table II.2.Arrangements in Effect as of Financial Years Ended April 30, 1953-91
Amount Committed Under Arrangements

(In millions of SDRs)
FinancialNumber of Arrangements
YearStand-byEFFSAFESAFTotalStand-byEFFSAF1ESAF2Total
19532255.0055.00
195433112.50112.50
195533112.50112.50
19563397.5097.50
1957991,194.781,194.78
195899967.53967.53
195911111,013.131,013.13
19601212351.38351.38
19611212416.13416.13
196221212,128.632,128.63
196317171,520.001,520.00
196419192,159.852,159.85
196523232,154.352,154.35
19662424575.35575.35
19672525591.15591.15
196831312,227.362,227.36
19692525538.15538.15
197023232,381.282,381.28
19711818501.70501.70
19721313313.75313.75
19731212281.85281.85
197415151,394.001,394.00
19751212337.25337.25
1976172191,158.96284.201,443.16
1977173204,672.92802.205,475.12
1978193225,075.09802.205,877.29
1979155201,032.851,610.502,643.35
1980227292,340.341,462.853,803.19
19812215375,331.035,464.1010,795.13
19822312356,296.219,910.1016,206.31
1983309399,464.4815,561.0025,025.48
1984305355,448.1613,121.2518,569.41
1985273303,925.337,750.0011,675.33
1986242264,075.73831.004,906.73
198723110344,313.10750.00327.455,390.55
198818225452,187.23995.401,357.384,540.01
1989142237463,054.051,032.301,566.25954.976,607.57
19901941711513,597.027,834.401,109.641,370.2013,911.26
19911451214452,702.589,596.70539.421,812.9514,651.65

For 1991, the number of arrangements includes three cases where the three-year commitment period has expired but the third annual arrangement remains in effect. The committed amounts exclude these cases.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

For 1991, the number of arrangements includes three cases where the three-year commitment period has expired but the third annual arrangement remains in effect. The committed amounts exclude these cases.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Table II.3.Stand-By and Extended Fund Facility Arrangements in Effect During the Financial Year Ended April 30, 1991(In millions of SDRs)
Amounts Approved
Arrangement DatesThrough 4/30/901In 1990/1991Undrawn Balance
MemberNumber2Date of

inception
Date of

expiration
Total

amount
Borrowed

resources
Total

amount
Borrowed

resources
At date of

termination
As at

4/30/91
Stand-by arrangements
Algeria105/31/8905/30/903155.70
Argentina1311/10/8903/31/914736.00490.67230.00
Bulgaria103/15/9103/14/92279.00201.50
Cameroon109/19/8806/30/90561.8023.18
Chile1411/08/8911/07/9064.00
Congo408/27/9005/26/9227.9823.98
Costa Rica1204/08/9104/07/9233.6412.00
05/23/8905/22/9042.0042.00
Côte d’lvoire511/20/8904/19/916146.5092.8329.30
Czechoslovakia101/07/9103/06/92619.50339.25398.25
Ecuador1409/15/8902/28/91109.9073.2770.65
El Salvador1408/27/9008/26/9135.6035.60
Gabon309/15/8903/14/9143.0028.6732.50
Guyana1207/13/9012/31/91749.5026.856.54
Haiti2109/18/8912/31/9021.006.00
Honduras1407/27/9008/15/9130.509.25
Hungary403/14/9002/20/91159.2131.84
India501/18/9104/17/913551.93
Jamaica803/23/9005/31/9182.0054.6720.40
Jordan107/14/8901/13/9160.0026.80
Mali908/05/8806/04/90812.70
Morocco1307/20/9003/31/91100.0052.00
Nigeria301/09/9104/08/92319.00319.00
Pakistan812/28/8811/30/909273.1578.67
Papua New Guinea104/25/9006/24/9126.3626.36
Philippines1902/20/9108/19/92264.20235.89
Poland102/05/9003/04/91545.00187.50
Romania404/11/9104/10/92380.50249.60
Trinidad and Tobago204/20/9003/31/9185.0056.67
Uruguay1512/12/9003/15/9294.8085.80
Yugoslavia1203/16/9009/15/91460.00306.67394.30
Zaïre906/09/8906/08/90116.4041.40
Subtotal3,199.721,103.432,786.14366.10851.842,018.47
Extended arrangements
Hungary102/20/9102/19/941,114.00431.07954.79
Mexico305/26/8905/25/92103,263.402,677.17932.40
Philippines205/23/8902/20/9111660.60142.59424.68
Poland104/18/9104/17/941,224.00459.501,147.50
Tunisia107/25/8807/24/9112138.100.00138.20
Venezuela106/23/8909/22/92133,857.101,937.002,083.00
Total7,919.304,756.762,338.00890.57424.685,255.89
Sources: The World Bank; and Fund staff estimates.

Approved in 1989/90 unless otherwise noted.

Total number of stand-by or extended arrangements approved for member since 1953.

First credit tranche arrangement.

Amount decreased from SDR 1,104 million.

Approved in 1988/89, extended from March 31, 1990 and amount decreased from SDR 69.53 million.

Amount decreased from SDR 175.8 million.

Extended from July 12, 1991.

Approved in 1988/89 and extended from October 4, 1989.

Approved in 1988/89, extended from March 27, 1990 and June 30, 1990.

Amount approved includes augmentation for interest support of SDR 466.2 million.

Canceled prior to original expiration date of May 22, 1992.

Approved in 1988/89 and amount decreased from SDR 207.3 million.

Amount approved includes augmentation for interest support of SDR 154 million. Extended from June 22, 1992.

Sources: The World Bank; and Fund staff estimates.

Approved in 1989/90 unless otherwise noted.

Total number of stand-by or extended arrangements approved for member since 1953.

First credit tranche arrangement.

Amount decreased from SDR 1,104 million.

Approved in 1988/89, extended from March 31, 1990 and amount decreased from SDR 69.53 million.

Amount decreased from SDR 175.8 million.

Extended from July 12, 1991.

Approved in 1988/89 and extended from October 4, 1989.

Approved in 1988/89, extended from March 27, 1990 and June 30, 1990.

Amount approved includes augmentation for interest support of SDR 466.2 million.

Canceled prior to original expiration date of May 22, 1992.

Approved in 1988/89 and amount decreased from SDR 207.3 million.

Amount approved includes augmentation for interest support of SDR 154 million. Extended from June 22, 1992.

Table II.4.Arrangements Under the Structural Adjustment Facility Through Financial Year Ended April 30, 1991(In millions of SDRs)
Amounts
Arrangement DatesAmount Approved1DisbursedUndisbursed
MemberDate of

approval
Date of

expiration
Through

4/30/901
1990/91Through

4/30/91
At expiration/

replacement2
As at

4/30/91
Bangladesh02/06/8702/05/90201.25201.25
Benin06/16/8906/15/9221.916.2615.65
Bolivia12/15/8607/27/8863.4918.1445.35
Burkina Faso03/13/9103/12/9422.126.3215.80
Burundi08/08/8608/07/8929.8929.89
Central African Rep.306/01/8705/31/9021.2821.28
Chad310/30/8710/29/9021.4221.42
Dominica11/26/8611/25/892.802.80
Equatorial Guinea12/07/8812/06/9112.883.689.20
Gambia09/17/8611/23/8811.978.553.42
Ghana11/06/8711/09/88143.1540.90102.25
Guinea07/29/8707/28/9028.9528.9511.58
Guinea-Bissau10/14/8710/13/903.753.751.50
Haiti12/17/8612/16/898.828.8222.05
Kenya02/01/8805/15/8999.4028.4071.00
Lao People’s
Democratic

Republic
09/18/8909/17/9220.5114.655.86
Lesotho06/29/8806/28/9110.5710.57
Madagascar08/31/8705/15/8946.4813.2833.20
Mali08/05/8808/04/9135.5625.4010.16
Mauritania09/22/8605/24/8923.7316.956.78
Mozambique06/08/8706/07/9042.7042.70
Nepal10/14/8710/13/9026.1126.11
Niger11/17/8612/12/8823.5916.856.74
Pakistan12/28/8812/27/91382.41273.15109.26
Rwanda04/24/9104/23/9430.668.7621.90
Sao Tome

and Principe
06/02/8906/01/922.800.802.00
Senegal11/10/8611/21/8859.5742.5517.02
Sierra Leone11/14/8611/13/8911.5811.5828.95
Somalia06/29/8706/28/908.848.8422.10
Sri Lanka303/09/8803/08/91156.17156.17
Tanzania10/30/8710/29/9074.9074.90
Togo03/16/8805/31/8926.887.6819.20
Uganda06/15/8704/17/8969.7249.8019.92
Zaïre05/15/8705/14/90145.50145.5058.20
Total1,838.5852.781,376.65469.26189.83

All amounts are at the 70 percent access level except those that have been reduced to account for the expiration of the commitment period: Guinea reduced SDR 11.58 million, Guinea Bissau SDR 1.50 million, Haiti SDR 22.05 million, Sierra Leone SDR 28.95 million, Somalia SDR 22.10 million, and Zaïre SDR 58.20 million.

See Table II.6 for undisbursed amounts that were subsequently committed under an ESAF arrangement that replaced the SAF arrangement on date shown as SAF expiration date.

For the Central African Republic, Chad, and Sri Lanka, the three-year commitment period has expired, but the third annual SAF arrangement will not expire until May 24, 1991, May 15, 1991, and October 21, 1991 respectively.

All amounts are at the 70 percent access level except those that have been reduced to account for the expiration of the commitment period: Guinea reduced SDR 11.58 million, Guinea Bissau SDR 1.50 million, Haiti SDR 22.05 million, Sierra Leone SDR 28.95 million, Somalia SDR 22.10 million, and Zaïre SDR 58.20 million.

See Table II.6 for undisbursed amounts that were subsequently committed under an ESAF arrangement that replaced the SAF arrangement on date shown as SAF expiration date.

For the Central African Republic, Chad, and Sri Lanka, the three-year commitment period has expired, but the third annual SAF arrangement will not expire until May 24, 1991, May 15, 1991, and October 21, 1991 respectively.

Table II.5.Arrangements Under the Enhanced Structural Adjustment Facility Through Financial Year Ended April 30, 1991(In millions of SDRs)
Arrangement DatesApproved Through 4/30/90Approved in 1990/91Disbursements

Through 4/30/91
Undisbursed

as at

4/30/91
MemberDate of

approval
Date of

expiration
Total

amount
ESAF Trust

resources
Total

amount
ESAF Trust

resources
TotalESAF Trust1
Bangladesh08/10/9008/09/93258.75258.7543.1343.13215.63
Bolivia07/27/8807/26/91136.0590.7090.7045.3545.35
Gambia, The11/23/8811/22/9120.5217.1017.1013 683 42
Ghana11/09/8811/08/91388.55286.30340.55238.3048.00
Guyana07/13/9007/12/9381.5247.0846.1036.2635.42
Kenya05/15/8905/14/92241.40170.40180.93109.9360.47
Madagascar05/15/8905/14/9276.9043.7051.2718.0725.63
Malawi07/15/8807/14/9155.8029.7655.8029.76
Mauritania05/24/8905/23/9250.8544.0716.9513.5633.90
Mozambique06/01/9005/31/9385.4085.4024.4024.4061.00
Niger12/12/8812/11/9147.1840.4423.5916.8523.59
Senegal11/21/8811/20/91144.67127.65102.1290.6342.55
Togo05/31/8905/30/9246.0826.8830.7211.5215 36
Uganda04/17/8904/16/92179.28159.36139.44119.5239.84
Total1,387.281,306.36425.67391.231,162.80810.96650.16

Financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 318.6 million); Caisse Centrale de Cooperation Economique- France (SDR 244.5 million); Bank of Spain (SDR 28.2 million); Canada (SDR 31.2 million); the Bank of Norway (SDR 11.2 million); Korea (SDR 6.8 million); Ufficio Italiano dei Cambi (SDR 17.2 million), and Kreditanstalt fur Wiederaufbau—Germany (SDR 43.1 million). The balance of SDR 110.1 million was financed using resources available under the borrowing agreement with the Swiss Confederation

Financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 318.6 million); Caisse Centrale de Cooperation Economique- France (SDR 244.5 million); Bank of Spain (SDR 28.2 million); Canada (SDR 31.2 million); the Bank of Norway (SDR 11.2 million); Korea (SDR 6.8 million); Ufficio Italiano dei Cambi (SDR 17.2 million), and Kreditanstalt fur Wiederaufbau—Germany (SDR 43.1 million). The balance of SDR 110.1 million was financed using resources available under the borrowing agreement with the Swiss Confederation

Table II.6.Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30,1948-91(In millions of SDRs)
DisibursementsRepurchases and RepaymentsTotal
Financial

Year
Purchases1Trust Fund

loans
SAF

loans
ESAF

loans2
TotalRepurchasesTrust Fund

repayments
TotalFund Credit

Outstanding
1948606.04606.04133.90
1949119.44119.44192.70
195051.8051.8024.2124.21204.10
195128.0028.0019.0919.09175.80
195246.2546.2536.5836.58213.50
195366.1266.12184.96184.96178.20
1954231.29231.29145.11145.11132.10
195548.7548.75276.28276.2854.90
195638.7538.75271.66271.6672.00
19571,114.051,114.0575.0475.04610.60
1958665.73665.7386.8186.811,026.50
1959263.52263.52537.32537.32897.60
1960165.53165.53522.41522.41329.60
1961577.00577.00658.60658.60551.50
19622,243.202,243.201,260.001,260.001,022.80
1963579.97579.97807.25807.251,058.90
1964625.90625.90380.41380.41951.80
19651,897.441,897.44516.97516.971,480.10
19662 817.292,817.29406.00406.003,039.00
19671,061.281,061.28340.12340.122,945.30
19681 348.251,348.251,115.511,115.512,462.50
19692,838.852,838.851,542.331,542.333,299.00
19702,995.652,995.651,670.691,670.694,020.20
19711,167.411,167.411,656.861,656.862,556.30
19722,028.492,028.493,122.333,122.33840.20
19731,175.431,175.43540.30540.30998.20
19741,057.721,057.72672.49672.491,084.70
19755,102.455,102.45518.08518.084,869.20
19766,591.426,591.42960.10960.109,759.80
19774,910.3331.614,941.94868.19868.1913,686.91
19782,503.01268.242,771.254,485.014,485.0112,366.05
19793,719.58670.054,389.634,859.184,859.189,843.30
19802,433.26961.543,394.803,775.833,775.839,967.44
19814,860.011,059.875,919.882,852.932,852.9312,536.13
19828,040.628,040.622,009.882,009.8817,792.93
198311,391.8911,391.891,555.1218.451,573.5726,562.76
198411,517.7311,517.732,017.65110.972,128.6234,603.47
19856,288.876,288.872,730.39212.342,942.7337,622.18
19864,101.224,101.224,289.01412.714,701.7236,877.03
19873,684.56139.343,823.906,169.32579.326,748.6433,443.29
19884,152.56444.874,597.437,934.57528.158,462.7229,542.99
19892,541.18290.14264.003,095.326,257.74447.236,704.9725,520.37
19904,502.68418 59407.675,328.946,042.09355.526,397.6124,388.23
19916,955.4383.71491.137,530.275,440.22167.805,608.0225,603.03

Includes reserve tranche purchases.

Includes SDR 351.84 million of SAF resources disbursed under ESAF arrangements.

Includes reserve tranche purchases.

Includes SDR 351.84 million of SAF resources disbursed under ESAF arrangements.

Table II.7.Purchases from the Fund, Financial Year Ended April 30, 1991(In millions of SDRs)
Stand-By ArrangementsExtended ArrangementsCompensatory and

Contingency

Financing Facility1
Financed by
ReserveOrdinaryEnlarged

access
OrdinaryEnlarged

access
ExportOil importTotalOrdinary resourcesEnlarged access

resources
MemberTrancheresourcesresourcesresourcesresourcesshortfallsexcessPurchases2CurrenciesSDRsCurrencies
Argentina107.33214.67322.00107.33214.67
Bulgaria70.3777.5060.60208.47100.53107.94
Congo4.004.004.00
Costa Rica21.6433.6455.2855.28
Côte d’lvoire33.3054.6024.83112.7357.970.1554.60
Czechoslovakia133.94147.5073.75314.47669.66411.97183.9473.75
Guyana20.4722.4942.9619.381.0922.49
Honduras21.2521.2521.140.11
Hungary95.53159.21226.20480.94479.021.92
India487.26551.933716.901,756.08763.97992.11
Jamaica15.9731.9319.9067.8035.730.1431.93
Mali2.542.542.54
Mexico722.61722.61722.61
Morocco48.0048.0048.00
Namibia15.8915.8915.89
Papua New Guinea42.8442.8442.84
Philippines28.31105.90171.20305.41305.41
Poland187.5076.50162.60426.60426.130.47
Romania130.90247.70378.60378.60
Trinidad and Tobago25.0050.0075.0025.0050.00
Uruguay9.009.009.00
Venezuela1.187.7841,187.781,157.7830.00
Total707.451,527.66447.441,423.49722.61173.561,953.216,955.434,451.631,333.751,170.05

During 1990/91, no purchases were made under the cereal component of the compensatory and contingency financing facility

Includes reserve tranche of SDR 707.45 million. Purchases excluding reserve tranche total SDR 6,248 million (see Table 2).

First credit tranche stand-by purchase.

Includes purchases of interest support of SDR 154 million and set-asides of SDR 463 million.

During 1990/91, no purchases were made under the cereal component of the compensatory and contingency financing facility

Includes reserve tranche of SDR 707.45 million. Purchases excluding reserve tranche total SDR 6,248 million (see Table 2).

First credit tranche stand-by purchase.

Includes purchases of interest support of SDR 154 million and set-asides of SDR 463 million.

Table II.8.Repurchases from the Fund, Financial Year Ended April 30, 1991(In millions of SDRs)
Ordinary ResourcesBorrowed Resources
MemberCredit

tranche
Extended

Fund

facility
Compensatory

financing

facility
Supplementary

financing

facility
Enlarged

access

resources
Total
Argentina219.96194.54192.04606.53
Bangladesh82.5018.3344.45145.28
Barbados0.022.042.05
Belize1.481.48
Bolivia16.3515.0031.35
Brazil228.59327.28555.87
Central African Republic3.441.504.94
Chad1.751.75
Chile20.8317.65108.39146.88
China298.86298.86
Congo4.754.75
Costa Rica1.881.8810.5414.29
Côte d’lvoire17.5926.5914.4311.2869.87
Dominica0.680.250.92
Dominica Republic26.7011.535.816.7550.79
Ecuador35.6825.1929.6990.56
Egypt43.5043.50
Equatorial Guinea1.841.84
Ethiopia17.6517.65
Gabon10.193.1213.31
Gambia, The2.052.360.494.90
Ghana10.6765.4976.17
Grenada0.140.14
Guatemala9.899.89
Guinea10.4910.49
Guyana27.7912.6829.7870.25
Haiti1.783.905.67
Honduras7.2915.8075.80
Hungary75.8075.80
India325.0081.2562.50468.75
Indonesia173.59173.59
Jamaica18.4414.5220.4518.7272.13
Kenya8.6214.2139.8162.64
Liberia0.230.23
Liberia0.230.23
Madagascar14.528.0510.2832.85
Malawi3.0910.3713.46
Mali2.948.7111.65
Mauritania10.5510.55
Mauritius7.4425.3932.83
Mexico277.88187.25406.16871.30
Morocco25.4224.2928.7874.54153.02
Nepal8.048.04
Niger4.884.469.34
Pakistan90.325.9496.26
Panama14.3739.9554.33
Peru35.181.036.7442.95
Philippines62.29112.0559.83234.17
Senegal10.672.6825.0538.40
Sierra Leone1.000.100.491.60
Solomon Islands0.630.63
Somalia0.331.551.89
Sri Lanka27.553.8231.37
Sudan1.051.05
Tanzania21.1821.18
Thailand53.8653.86
Togo3.485.348.82
Tunisia29.7557.3687.11
Turkey11.2511.25
Uganda9.3817.0026.38
Uruguay24.5016.5331.8972.91
Western Samoa0.050.420.47
Yugoslavia62.3463.5083.75209.59
Zaïre48.9011.2311.3323.9795.43
Zambia4.385.9017.2012.0439.52
Zimbabwe12.2412.24
Total11,450.761,072.40808.06206.401,902.605,440.22

Details may not add due to rounding.

Details may not add due to rounding.

Table II.9.Outstanding Fund Credit by Facility and Policy, April 30,1985-91(In millions of SDRs)
Financial Year Ended April 30
1985198619871988198919901991
AmountAs percent

of total
AmountAs percent

of total
AmountAs percent of totalAmountAs percent of totalAmountAs percent

of total
AmountAs percent

of total
AmountAs percent

of total
Stand-by arrangements1
Ordinary resources5,51114.66,31517.16,57519.75,73219.45,96423.45,11921.05,19620.3
Supplementary financing3,78810.13,0308.22,0616.21,0643.65272.12260.91510.6
Enlarged access policy5,06513.56,02116.36,38019.16,50022.05,45821.44,64819.13,97615.5
Extended Fund facility arrangements Ordinary resources6,52917.46,49817.66,24218.75,76219.55,05519.85,47222.45,82322.7
Supplementary financing2,5226.72,2466.11,7085.11,0973.75992.32491.01170.5
Enlarged access policy3,83110.24,02610.93,86711.63,32911.32,4099.42,56110.52,5009.8
Compensatory and contingency financing7,49019.96,43017.44,77914.34,34214.73,68914.53,82315.75,14220.1
Buffer stock financing2370.6730.2340.130.0
Oil facility (1974 and 1975)
Subtotal (General
Resources Account)34,97393.034,64093.931,64694.627,82994.223,70092.922,09890.622,90689.5
SAF Arrangements1390.45842.08743.41,2935.31,3775.4
ESAF Arrangements2641.06722.81,1634.5
Trust Fund2,6507.02,2376.11,6585.01,1293.86822.73261.31580.6
Total237,622100.036,877100.033,443100.029,543100.025,520100.024,388100.025,603100.0

Includes outstanding first credit tranche and emergency purchases.

Details may not add due to rounding.

Includes outstanding first credit tranche and emergency purchases.

Details may not add due to rounding.

Table II.10.Borrowed Resources and Repayments to Lenders (Excluding the GAB and ESAF), May 29,1980-April 30,1991(In millions of SDRs)
Total

Amount of

Agreement

(1)
Amount

Borrowed

(2)
As Percent of

Total

(3)
Repayments

(4)
Outstanding

Balance

(2)-(4)

(5)
Balance

Available

(1)-(2)

(6)
Enlarged access resources
Medium term
Saudi Arabian Monetary Agency (SAMA)8,0008,0001006,7001,300
Short term
Concluded in 198111,2751,2751001,275
Concluded in 19846,0004,200704,200
Of which
BIS, Japan, and BNB23,0003,0001003,000
SAMA33,0001,200401,200
Subtotal15,27513,4758812,1751,300
Borrowing agreement with Japan3,0003,0001003,000
Supplementary financing facility47,7847,232937,232
Total26,05923,70719,4074,300

Composed of agreements with the Bank for International Settlements (BIS) (SDR 675 million), National Bank of Belgium (SDR 50 million), Swiss National Bank, Bank of England, Japan (SDR 150 million each), The Reserve Bank of Australia (SDR 50 million), Bank of Finland (SDR 30 million), and the Central Bank of Ireland (SDR 20 million). Another agreement for SDR 30 million was not drawn upon before it expired in view of lender’s weak balance of payments and reserve position.

Composed of agreements with the BIS, Japan, and the National Bank of Belgium and fully repaid by August 1988.

Agreement has expired and was fully repaid on November 6, 1989.

Fully committed by March 1981.

Composed of agreements with the Bank for International Settlements (BIS) (SDR 675 million), National Bank of Belgium (SDR 50 million), Swiss National Bank, Bank of England, Japan (SDR 150 million each), The Reserve Bank of Australia (SDR 50 million), Bank of Finland (SDR 30 million), and the Central Bank of Ireland (SDR 20 million). Another agreement for SDR 30 million was not drawn upon before it expired in view of lender’s weak balance of payments and reserve position.

Composed of agreements with the BIS, Japan, and the National Bank of Belgium and fully repaid by August 1988.

Agreement has expired and was fully repaid on November 6, 1989.

Fully committed by March 1981.

Table II.11.Enhanced Structural Adjustment Facility—Contributions as of April 30,19911(In millions of SDRs)
Subsidies
Contributor(Grant or grant

equivalent)2
Loans3
Austria(48)
Belgium(95)
Canada(174)300
Denmark48
Finland40
France(407)800
Germany130700
Greece(28)
Iceland3
Italy(215)370
Japan3552.2004
Korea(50)65
Luxembourg5
Malaysia(39)
Malta1
Netherlands68
Norway2890
Saudi Arabia(116)200
Singapore(28)
Spain(23)260
Sweden127
Switzerland(127)200
United Kingdom417
United States112
Other5(42)129
Total62,6975,3144

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures.

The subsidy contributions listed take a variety of forms, including grants and the grant element of resources provided for the benefit of the ESAF at concessional rates of interest. Figures indicated are partly staff estimates taking into account information on the likely timing of subsidy contributions in relation to projected operational needs and estimated investment earnings on balances held by or for the benefit of the Subsidy Account. Amounts in parentheses represent estimates of the subsidy value of contributions at concessional interest rates or in the form of grants sufficient to reduce the effective interest rate on accompanying loans to 0.5 percent or less; in general, the calculated subsidy value of these contributions will rise or fall with increases or decreases in interest rates over time. The other amounts listed are based on specific grant amounts indicated by contributors. Contributions expressed in local currency are valued at April 30, 1991 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket. The interest rate basis for one market-related loan is somewhat higher than for other loans.

Additional loan amounts up to SDR 0.3 billion could be provided by Japan, subject to the availability of further contributions to the Subsidy Account to subsidize those amounts down to 0.5 percent, and to the extent that total loan contributions do not there by exceed SDR 6 billion. With the possibility of this additional loan amount, the total of loan contributions could rise to up to SDR 5.6 billion.

Includes contributions that have not been announced publicly or have been advised but on which discussions are continuing.

Total may not add due to rounding. In addition, the sum of individual contributions has been adjusted downward to take account of the estimated added cost of interest and exchange rate charges.

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures.

The subsidy contributions listed take a variety of forms, including grants and the grant element of resources provided for the benefit of the ESAF at concessional rates of interest. Figures indicated are partly staff estimates taking into account information on the likely timing of subsidy contributions in relation to projected operational needs and estimated investment earnings on balances held by or for the benefit of the Subsidy Account. Amounts in parentheses represent estimates of the subsidy value of contributions at concessional interest rates or in the form of grants sufficient to reduce the effective interest rate on accompanying loans to 0.5 percent or less; in general, the calculated subsidy value of these contributions will rise or fall with increases or decreases in interest rates over time. The other amounts listed are based on specific grant amounts indicated by contributors. Contributions expressed in local currency are valued at April 30, 1991 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket. The interest rate basis for one market-related loan is somewhat higher than for other loans.

Additional loan amounts up to SDR 0.3 billion could be provided by Japan, subject to the availability of further contributions to the Subsidy Account to subsidize those amounts down to 0.5 percent, and to the extent that total loan contributions do not there by exceed SDR 6 billion. With the possibility of this additional loan amount, the total of loan contributions could rise to up to SDR 5.6 billion.

Includes contributions that have not been announced publicly or have been advised but on which discussions are continuing.

Total may not add due to rounding. In addition, the sum of individual contributions has been adjusted downward to take account of the estimated added cost of interest and exchange rate charges.

Table II.12.Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1991(In thousands of SDRs)
ReceiptsTransfersInterest,Positions as at April 30,1991
Receipts fromTransfers tofrom theto theCharges,Holdings as
TotalParticipants andParticipants andGeneralGeneralandNetpercent of
HoldingsPrescribed HoldersPrescribed HoldersResourcesResourcesAssess-cumulativecumulative
HoldersApril 30,1990DesignatedOtherDesignatedOtherAccountAccountment (Net)Holdingsallocationsallocations
PARTICIPANTS
Afghanistan7,664-1,7875,87726,70322.0
Algeria41766,42016,2329,25344,908-11,4913,459128,6402.7
Angola751+ 783
Antigua and Barbuda33
Argentina22,325332,1098,822206,627-23,414133,215318,37041.8
Australia230,1775006,211-22,368213,520470,54545.4
Austria182,50560,00072,10015,080-68185,417179,045103.6
Bahamas, The326521259-90819810,2301.9
Bahrain16,11377+93017,1206,200276.1
Bangladesh32,982161,0002,1581,715170,414-1,79121,33447,12045.3
Barbados193437414147-7241738,0392.2
Belgium420,617124,178131,87712,754-7,311418,361485,24686.2
Belize3097105+224
Benin306800-8462609,4092.8
Bhutan21729+21267
Bolivia1258,1633,4138,377-2,35796726,7033.6
Botswana19,6091,283+ 1,47522,3674,359513.1
Brazil1,806173,90222,301150,871-32,12815,010358,6704.2
Bulgaria70,370107,635109,21771,758194
Burkina Faso5,647329-3425,6349,40959.9
Burundi287520738-1,23730813,6972.2
Cambodia15,417
Cameroon2,6077,6004088,104-2,09042124,4631.7
Canada1,046,5908,688+25,3111,080,589779,290138.7
Cape Verde2550-54216203.4
Central African Republic2,2866,080252345,562-5172,0699,32522.2
Chad1,1251,550151,845-801449,4090.5
Chile15,82861,50018,69383,461-10,6931,867121,9241.5
China404,42174,71615,765115,158+ 14,785394,529236,800166.6
Colombia114,231-23114,208114,27199.9
Comoros4280-61617168.5
Congo1,5602,35049603,176-721249,7190.2
Costa Rica7453,1916611,918-2,11756223,7262.4
Côte d’I voire5,63126,6661,49725,338-3,2625,19437,82813.7
Cyprus335950785-1,75431619,4381.6
Czechoslovakia133,930133,935186,160140,467+ 57646,264
Denmark172,23360,00042,97313,148-1,905200,503178,864112.1
Djibouti26041-852161,17818.3
Dominica30698814101,077-4117259229.0
Dominican Republic8,8986,021-2,87731,585
Ecuador5,143108,593823111,257-2,53876432,9292.3
Egypt6,28433,28213,18757810,162-12,1854,610135,9243.4
El Salvador5701,77989-2,26024,985
Equatorial Guinea1,2781,630481121,942-476215,8120.4
Ethiopia8281,5001131,137-98531911,1602.9
Fiji15,595352+82116,7686,958241.0
Finland150,52360,05047,5519,281+ 1,202173,505142,690121.6
France936,02729,60062,00050,396-15,071938,9521,079,87087.0
Gabon3,63520,35021123,014-99119114,0911.4
Gambia, The7889,3333,585475,653-3525785,12111.3
Germany1,323,946144,888138,406+ 10,5501,328,0141,210,760109.7
Ghana8,240157,4612,2081,23199,813-5,18359,72862,98394.8
Greece1,6664,1004,928-9,3711,323103,5441.3
Grenada3217312-85930
Guatemala77,9094,843-2,51855527,6782.0
Guinea2010,4615578818,238-1,57199617,6045.7
Guinea-Bissau17119-110261,2122.1
Guyana10,5942,79733,44138,911-1,63669114,5304.8
Haiti813,0741,840-1,24113,697
Honduras7,2625,135-1,75337419,0572.0
Hungary8032,3107,92428,943+ 15611,527
Iceland3531,1502-1,4366916,4090.4
India145,102142,742543,5901,008,657572,016-46,772134,123681,17019.7
Indonesia17,56952,5002,88240,208-21,31611,427238,9564.8
Iran, Islamic Republic of305,9481367+5,763311,854244,056127.8
Iraq311,6271,460-3,11868,464
Ireland148,6146,654+5,979161,24787,263184.8
Israel2,5719,440-9,6312,380106,3602.2
Italy777,73632138,28965,606+ 8,030713,115702,400101.5
Jamaica921127,98624,381-3,65187640,6132.2
Japan1,933,507133,935500,726167,274+99,7901,833,780891,690205.7
Jordan6,3096,0004,2353126,358-1,21980916,8874.8
Kenya9,99071,10069678,262-2,81970536,9901.9
Kiribati55
Korea3,01615,529-6,01812,52772,91117.2
Kuwait102,0076809,105+ 7,351117,78326,744440.4
Lao People’s Democratic Republic459900397-8459119,4099.7
Lebanon5,7941,307+ 1777,2784,393165.7
Lesotho6734-2883893,73910.4
Liberia21,007
Libyan Arab Jamahiriya258,68318,724+ 19,377296,78458,771505.0
Luxembourg19,249572+ 23220,05316,955118.3
Madagascar1,3446,8502176,039-1,71266019,2703.4
Malawi1,3434,0001253,791-89478310,9757.1
Malaysia129,4769,436-573138,339139,04899.5
Maldives1325-25132824.6
Mali6803,0501,3322,748-1,40890615,9125.7
Malta54,95671,367+4,13860,46811,288535.7
Mauritania1,0085,0602,7392181,942-8407659,7197.9
Mauritius5,39151,0007135,676-79519,99115,744127.0
Mexico297,7841,429,10069,93012,8561,153,162+3,406520,054290,020179.3
Morocco7,466106,45527,8231,28354,011-7,53525,83585,68930.1
Mozambique23+225
Myanmar1,4724,0009-3,8921,58943,4743.7
Namibia15,89015,89015,89015,890
Nepal6801,000274908-7043428,1054.2
Netherlands564,370100,763151,72325,853-1,341537,922530,340101.4
New Zealand3,70812,300-12,7823,226141,3222.3
Nicaragua2,176-1,76740919,4832.1
Niger5773,4009564752,202-8204749,4095.0
Nigeria49817,500450798-14,1743,476157,1552.2
Norway337,88258,66327,886+ 14,259321,364167,770191.6
Oman11,5061,885+ 55913,9506,262222.8
Pakistan14,08143,5782,06934,391-15,17210,165169,9896.0
Panama39,81320,69246,072-6,9287,50526,32228.5
Papua New Guinea2,4951,3503223,278-7081819,3001.9
Paraguay51,837540+3,59055,96713,697408.6
Peru2,06010,02564,96068,763-8,28291,319
Philippines1,28993,0883,13671,976-10,34515,192116,59513.0
Poland51323,0185,28128,671+ 68209
Portugal36,63620,0006,597-1,59861,63553,320115.6
Qatar29,3571,031+ 1,58431,97212,822249.4
Romania75,9834,63075,9503,1152,844-9194,01575,9505.3
Rwanda7,444170-5817,03313,69751.3
St. Lucia285965-41,246742168.0
St. Vincent22619-32153544.2
Sao Tome and Principe4724412-55246203.9
Saudi Arabia402,1691,615,5701,310,950+7,018104,567195,52753.5
Senegal2,15211,5539892409,131-2,1361,69224,4626.9
Seychelles3125-36204064.9
Sierra Leone890-89017,455
Singapore82,32640410,0005,326+5,98684,04216,475510.1
Solomon Islands5875016701-527165410.8
Somalia1,394400-99413,697
South Africa6,41419,10076-19,8125,778220,3602.6
Spain544,815149,45759,630+ 23,881478,869298,805160.3
Sri Lanka1,69323,4946932,74820,483-6,35140870,8680.6
Sudan2,670-2,67052,192
Suriname2706-70537,750
Swaziland6718,0002-1488,5256,432132.5
Sweden276,885164,074179,09913,285-2,066273,079246,525110.8
Syrian Arab Republic42,0131,2422,545-3,319136,564
Tanzania305146,0583,151-2,83162031,3722.0
Thailand70,1964001,15754957,5145,6146,86084,6528.1
Togo58111,4807,680642,614-96187010,9757.9
Tonga13450037+14685
Trinidad and Tobago6,99517,9271,00120,080-39021,94146,2314.2
Tunisia28,40882,9185,4051,131102,501-1,7032,84834,2438.3
Turkey2,77010,67184579-10,1482,798112,3072.5
Uganda4,06731,7203532,79119,997-2,20216,02629,39654.5
United Arab Emirates87,091380+4,53592,00638,737237.5
United Kingdom928,449471,136365,73437,490-94.638976.7031,913,07051.1
United States7,757,160699,756382,793+260,2827,700,4794,899,530157.2
Uruguary8,26392,00040382,873-3,85713,93649,97727.9
Vanuatu42261+42525
Venezuela10,096188,50030,00038,270121,503-27,84657,517316,89018.2
Viet Nam10,010-10,01047,658
Western Samoa3142,978173547+542,7851,142243.9
Yemen Arab Republic112,8506,16013,045+195
Yemen, People’s Democratic Republic of160922,583127-482
Zaïre2,29815,17036613,50221,143-7,7571,70486,3092.0
Zambia9,71243484,88959,616-23,28411,26768,29816.5
Total Participants20,830,2235,516,5715,505,3394,233,8244,218,094-99,77120,757,41421,433,33096.8
PRESCRIBED HOLDERS
Arab Monetary Fund78136,814134,963+ 8802,809
Bank of Central African States58632,95033,480+ 90146
Bank for International Settlements9,817104,055114,545+ 1,226553
East African Development Bank426+ 40466
Eastern Caribbean Central Bank1,436+ 1341,570
International Bank for Reconstruction and Development4,5122,064+3132,761
Islamic Development Bank1,639+ 1541,793
Nordic Investment Bank305+ 29334
Swiss National Bank485929+ 841,498
Total Prescribed Holders19,285273,818285,051929+ 2,95011,930
GENERAL RESOURCES ACCOUNT628,4874,218,0914,234,749+ 82,452694,280
Total21,477,99510,008,47910,025,1394,234,7534,218,094-14,37021,463,62421,433,330

In June 1990, the Executive Board of the Fund, following the merger of the Yemen Arab Republic and the People’s Democratic Republic of Yemen concluded that the Republic of Yemen is a single member of the Fund. Their positions were consolidated as of that date.

In June 1990, the Executive Board of the Fund, following the merger of the Yemen Arab Republic and the People’s Democratic Republic of Yemen concluded that the Republic of Yemen is a single member of the Fund. Their positions were consolidated as of that date.

Table II.13.Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs and of Their Non-Gold Reserves, Financial Years Ended April 30,1970-91
Developing Countries
Net debtor countries
All

Participants1
Industrial

Countries
All

developing

countries
Net

creditor

countries
All

net

debtor

countries
With

recent debt-

servicing

problems
Without

recent debt-

servicing

problems
Holdings of SDRs as percent of cumulative allocations
197093.8101.473.5100.072.982.956.0
197192.3103.363.22.864.771.653.1
197290.2100.064.434.565.261.571.2
197393.4105.760.855.460.956.468.3
197494.6106.264.359.564.461.369.6
197594.5106.563.172.562.864.260.6
197695.1108.459.899.158.860.356.4
197791.7105.754.9106.353.656.349.2
197885.395.658.1117.656.660.150.7
197990.397.074.5112.371.571.172.2
198091.996.881.0148.375.671.082.6
198174.581.060.8139.653.553.253.9
198274.681.959.1140.551.545.660.3
198379.895.147.4207.932.421.648.4
198469.880.447.3183.934.622.053.1
198578.495.242.8182.229.820.343.8
198687.3105.349.0192.535.625.550.6
198790.8110.049.9195.436.422.556.8
198896.2115.954.4202.840.631.753.7
198993.1116.343.5181.630.721.045.0
199097.2121.944.4205.329.417.047.6
199196.8120.745.9166.234.626.946.0
Holdings of SDRs as percent of non-gold reserves
19707.59.04.30.75.05.83.8
19719.29.96.10.07.78.76.2
19729.29.37.20.49.69.49.8
19738.08.75.00.56.46.16.7
19747.49.23.60.44.64.44.7
19756.18.92.40.23.93.74.4
19765.58.32.00.23.33.43.3
19774.57.41.40.22.32.52.0
19783.65.31.40.22.12.41.7
19794.85.82.91.13.63.93.1
19805.87.13.51.54.44.74.2
19815.06.22.91.83.54.03.0
19825.56.93.01.63.74.33.2
19835.57.22.32.22.32.42.3
19844.35.62.01.92.12.02.1
19854.66.31.61.71.61.51.7
19865.26.72.01.82.22.22.2
19874.95.72.01.42.42.22.6
19884.65.12.01.42.53.12.1
19894.14.71.51.21.72.31.5
19904.04.61.51.51.41.51.4
19913.64.31.31.21.31.81.1
Source: International Monetary Fund, International Financial Statistics, various issues.

This category consists of member countries that are participants in the Fund’s SDR Department. At the end of the financial year 1991, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.72 billion was not held by participants but by the Fund (SDR 0.7 billion) and by prescribed holders (SDR 0.02 billion).

Source: International Monetary Fund, International Financial Statistics, various issues.

This category consists of member countries that are participants in the Fund’s SDR Department. At the end of the financial year 1991, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.72 billion was not held by participants but by the Fund (SDR 0.7 billion) and by prescribed holders (SDR 0.02 billion).

Table II.14.Purchases and Subsidy Payments Under Supplementary Financing Facility, May 29,1980-April 30,1991(In millions of SDRs)
Cumulative

Purchases
Cumulative

Subsidy

Payments
Recipients of subsidy at the full rate1
Bangladesh110.016.35
Bolivia25.53.89
Dominica4.50.61
Gambia, The4.80.65
Guyana30.94.66
India1,200.0157.30
Kenya94.813.84
Liberia42.96.26
Madagascar22.23.30
Malawi28.14.18
Mauritania16.02.33
Pakistan537.175.90
Philippines333.049.26
Senegal54.27.79
Sierra Leone17.22.54
Sri Lanka0.592
Sudan171.425.36
Tanzania16.32.45
Togo7.31.07
Zambia3.523
Subtotal2,7165381.85
Recipients of subsidy at half the full rate4
Côte d’lvoire286.419.38
Jamaica227.116.80
Mauritius69.25.07
Morocco137.510.23
Peru195.115.06
Subtotal915.366.54
Total3,631.5448.385,6

Members with per capita incomes equal to or below the level of per capita income used to determine eligibility for assistance from the International Development Association (IDA) are eligible for the full rate subsidy (not to exceed 3 percent per annum).

Subsidy paid in respect of Fund holdings in excess of 140 percent of quota under the Fund’s policy on exceptional use.

Subsidy paid in respect of Fund holdings in excess of 200 percent of quota under the Fund’s policy on exceptional use

Members with per capita incomes in excess of the IDA level but not more than the per capita income of the member with the highest per capita income in 1979 that was eligible to receive assistance from the Trust Fund.

Including SDR 2.5 million of subsidies approved but not paid to four members on account of nonpayment of SFF charges by these members

Total may not add up due to rounding.

Members with per capita incomes equal to or below the level of per capita income used to determine eligibility for assistance from the International Development Association (IDA) are eligible for the full rate subsidy (not to exceed 3 percent per annum).

Subsidy paid in respect of Fund holdings in excess of 140 percent of quota under the Fund’s policy on exceptional use.

Subsidy paid in respect of Fund holdings in excess of 200 percent of quota under the Fund’s policy on exceptional use

Members with per capita incomes in excess of the IDA level but not more than the per capita income of the member with the highest per capita income in 1979 that was eligible to receive assistance from the Trust Fund.

Including SDR 2.5 million of subsidies approved but not paid to four members on account of nonpayment of SFF charges by these members

Total may not add up due to rounding.

Table II.15.Key IMF Rates, May 1,1990-April 30,1991
Week

Beginning
SDR Interest Rate

and Unadjusted Rate

of Remuneration1
Basic Rate of

Charge on Ordinary

Resources2
Week

Beginning
SDR Interest Rate

and Unadjusted Rate

of Remuneration1
Basic Rate of

Charge on Ordinary

Resources2
1990November 48.927.83
May 69.058.26November 118.977.88
May 139.078.28November 188.987.88
May 208.998.21November 259.067.95
May 279.058.26December 28.967.87
June 39.058.26December 99.067.95
June 109.068.27December 169.027.92
June 179.078.28December 239.037.93
June 249.068.27December 308.967.87
July 19.108.311991
July 89.108.31January 68.977.88
July 159.108.31January 138.637.58
July 229.108.31January 208.497.45
July 299.078.28January 278.487.45
August 59.068.27February 38.477.44
August 129.058.26February 108.417.38
August 199.148.34February 178.267.25
August 269.168.36February 248.147.15
September 29.278.46March 38.157.16
September 99.228.42March 108.197.19
September 169.238.43March 178.117.12
September 239.238.43March 248.007.02
September 309.208.40March 318.017.03
October 79.188.38April 77.866.90
October 148.928.14April 147.896.93
October 218.938.15April 217.826.87
October 288.998.21April 287.876.91

The rate of remuneration is adjusted downward in light of overdue charges so as to share the burden of protecting the Fund’s income. These burden-sharing amounts are refundable when overdue charges are paid.

The rate of charge is adjusted upward in light of overdue charges so as to share the burden of protecting the Fund’s income. These burden-sharing amounts are refundable when overdue charges are paid.

The rate of remuneration is adjusted downward in light of overdue charges so as to share the burden of protecting the Fund’s income. These burden-sharing amounts are refundable when overdue charges are paid.

The rate of charge is adjusted upward in light of overdue charges so as to share the burden of protecting the Fund’s income. These burden-sharing amounts are refundable when overdue charges are paid.

Table II.16.Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
MemberEffective Date

of Acceptance
MemberEffective Date

of Acceptance
Antigua and BarbudaNovember 22, 1983KuwaitApril 5, 1963
ArgentinaMay 14, 1968LuxembourgFebruary 15, 1961
AustraliaJuly 1,1965MalaysiaNovember 11,1968
AustriaAugust 1, 1962MexicoNovember 12, 1946
Bahamas, TheDecember 5, 1973NetherlandsFebruary 15, 1961
BahrainMarch 20, 1973New ZealandAugust 5 1982
BelgiumFebruary 15, 1961NicaraguaJuly 20, 1964
BelizeJune 14, 1983NorwayMay 11, 1967
BoliviaJune 5, 1967OmanJune 19, 1974
CanadaMarch 25, 1952PanamaNovember 26, 1946
ChileJuly 27, 1977Papua New GuineaDecember 4, 1975
Costa RicaFebruary 1, 1965PeruFebruary 15, 1961
CyprusJanuary 9, 1991PortugalSeptember 12, 1988
DenmarkMay 1, 1967QatarJune 4, 1973
DjiboutiSeptember 19, 1980St. Kitts and NevisDecember 3, 1984
DominicaDecember 13, 1979
Dominican RepublicAugust 1, 1953St. LuciaMay 30, 1980
St. VincentAugust 24, 1981
EcuadorAugust 31, 1970Saudi ArabiaMarrh OO 1Qfi1
El SalvadorNovember 6, 1946SeychellesJanuary 3, 1978
FijiAugust 4, 1972SingaporeNovember 26, 1946
FinlandSeptember 25, 1979
FranceFebruary 15, 1961Solomon IslandsJuly 24, 1979
South AfricaSeptember 15, 1973
GermanyFebruary 15, 1961SpainJuly 15 1986
GuatemalaJanuary 27, 1947SurinameJune 29, 1978
GuyanaDecember 27, 1966Swazilandriopomhor 11 1QPQ
HaitiDecember 22, 1953
HondurasJuly 1, 1950SwedenFebruary 15, 1961
ThailandMay 4, 1990
IcelandSeptember 19, 1983TongaMarch 22, 1991
IndonesiaMay 7, 1988TurkeyMarch 22, 1990
IrelandFebruary 15, 1961United Arab EmiratesFebruary 13, 1974
ItalyFebruary 15, 1961
JamaicaFebruary 22, 1963United KingdomFebruary 15, 1961
United StatesDecember 10, 1946
JapanApril 1, 1964UruguayMay 2, 1980
KiribatiAugust 22, 1986VanuatuDpromhor 1, 1982
KoreaNovember 1, 1988VenezuelaJuly 1, 1976
Table II.17.Exchange Rate Arrangements as of March 31,19911
Flexibility limited vis-à-vis

a Single Currency or

Group of Currencies
More Flexible
PeggedAdjusted according to a set ofOther managed
Single currencyCurrency compositeSingle currency2Cooperative arrangements3Independently
U.S. dollarFrench francOtherSDROtherindicatorsfloatingfloating
Chile4,8China4Australia
Afghanistan4BeninBhutanBurundiAlgeriaBahrain5BelgiumColombiaCostaBolivia9
AngolaBurkina Faso(IndianIran, IslamicAustriaQatar5DenmarkMadagascarRicaBrazil
Antigua andCameroonrupee)Republic of4Bangladesh4Saudi Arabia5FranceMozambique4Ecuador4Bulgaria
BarbudaCentralKiribatiLibyanBotswanaUnited ArabGermanyZambia4Egypt4Canada
ArgentinaAfrican Republic(AustralianArabCape VerdeEmirates5IrelandGreece
Bahamas, The4Chaddollar)Jama-hiriya6CyprusItalyGuineaDominican Republic4
BarbadosComorosLestho4 (SouthMyanmarCzechoLuxembourgGuineaEl Salvador4
BelizeCongoAfricanslovakia4NetherlandsBissauGambia, The
DjiboutiCôte d’lvoirerand)RwandaFijiSpainHonduras4Ghana4
DominicaEquatorialSwazilandSeychellesFinland7United KingdomIndia8Guatemala
EthiopiaGuinea(SouthHungaryIndonesiaGuyana4
GrenadaGabonAfricanIceland9KoreaCauyana Jamaica
Haiti9Malirand)Israel10Lao People’sJapan
Iraq4NigerYugoslaviaJordanDemocraticLebanon
Liberia4Senegal(deutscheKenyaRepublicMaldives
Mongolia4Togomark)Kuwait
MauritaniaNamibia11
Nicaragua4MalawiMexico4New Zealand
OmanMalaysia9PakistanNigeria4
PanamaMaltaParaguay
PolandMauritiusPortugalPeru
St. KittsMorocco7Singapore
and NevisSomaliaPhilippines
NepalSri LankaSierra Leone
St. LuciaNorway12TunisiaSouth
St. Vincent andPapua NewAfrica4
The GrenadinesGuineaTurkeyUnited States
Sudan4Romania4Viet NamUruguay
SurinameSao Tome and
Syrian ArabPrincipeVenezuela
Republic4Zaïre
Solomon
Trinidad andIslands
TobagoSweden13
Yemen, RepublicTanzania
ofThailand
Tonga
Uganda
Vanuatu
Western Samoa
Zimbabwe

Current information relating to Cambodia is unavailable.

In all cases listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism of the European Monetary System. In each case, the exchange rate is maintained within a margin of 2.25 percent around the bilateral central rates against other participating currencies, with the exception of Spain and the United Kingdom in which case the exchange rate is maintained within a margin of 6 percent.

Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ± 7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

The exchange rate is maintained within margins of ± 7.5 percent.

The exchange rate is maintained within margins of ± 3.0 percent.

The exchange rate is maintained within margins of ± 5 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ± 2.25 percent.

The exchange rate is maintained within margins of ± 5.0 percent.

The currency of Namibia is the South African rand, pending issuance of Namibia’s own national currency.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 2.25 percent.

The exchange rate is maintained within margins of ± 1.5 percent.

Current information relating to Cambodia is unavailable.

In all cases listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism of the European Monetary System. In each case, the exchange rate is maintained within a margin of 2.25 percent around the bilateral central rates against other participating currencies, with the exception of Spain and the United Kingdom in which case the exchange rate is maintained within a margin of 6 percent.

Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ± 7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

The exchange rate is maintained within margins of ± 7.5 percent.

The exchange rate is maintained within margins of ± 3.0 percent.

The exchange rate is maintained within margins of ± 5 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ± 2.25 percent.

The exchange rate is maintained within margins of ± 5.0 percent.

The currency of Namibia is the South African rand, pending issuance of Namibia’s own national currency.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 2.25 percent.

The exchange rate is maintained within margins of ± 1.5 percent.

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