Chapter

Appendix I: Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries1

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
August 1997
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(as of date shown on first country page)2

Total number of countries with this featureAfghanistan, Islamic State ofAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBosnia and Herzegovina
Status under IMF Articles of Agreement
Article VIII143
Article XIV42
Exchange rate arrangements
Pegged to:
Single currency47
Composite of currencies22
Flexibility limited16+
More flexible arrangements
Managed floating48
Independent floating51
Exchange rate structure
Dual exchange rates17
Multiple exchange rates6
Arrangements for payments and receipts
Bilateral payment arrangements51
Payment arrears54
Control on payments for invisible transactions and current transfers105
Proceeds from exports and/or invisible transactions
Repatriation requirements115
Surrender requirements92
Capital transactions
Controls on:
Capital market securities128
Money market instruments112
Collective investment securities107
Derivatives and other instruments78
Commercial credits103
Financial credits76
Guarantees, sureties, and financial backup facilities82
Direct investment144
Liquidation of direct investment54
Real estate transactions119
Provisions specific to:
Commercial banks and other credit institutions131
Institutional investors60
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
BotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCentral African RepublicChadChileChinaColombiaComorosCongo, Dem. Rep. ofCongo, Rep. ofCosta RicaCôte d’IvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFiji
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
FinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItaly
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
Pegged to:
Single currency
Composite of currencies
Flexibility limited
More flexible arrangements
Managed floating
Independent floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Control on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
JamaicaJapanJordanKazakhstanKenyaKiribatiKoreaKuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritiusMexicoMicronesia, Fed. States ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibia
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
NepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSan Marino
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
Pegged to:
Single Currency
Composite of currencies
Flexibility limited+
More flexible Arrangements
Managed floating
Independent floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Control on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
São Tomé and PríncipleSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistan
++
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.
VanuatuVenezuelaVietnamWestern SamoaYemen, Republic ofZambiaZimbabwe
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
Pegged to:
Single currency
Composite of currencies
Flexibility limited
More flexible arrangements
Managed floating
Independent floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Control on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key and Footnotes• indicates that the specified practice is a feature of the exchange system.– indicates that data were not available at time of publication.■ indicates that the arrangement is pegged to the U.S. dollar.◆ indicates that the arrangement is pegged to the French franc.◇ indicates that arrangements are pegged either to the Australian dollar, deutsche mark, Indian rupee, Italian lira, Singapore dollar, or South African rand.▴ indicates that the composite is the SDR.⊕ indicates that the composite is a basket of other currencies.+ indicates that flexibility is limited to a single currency.▾ indicates that the country participates in the ERM of the EMS.

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