Front Matter

Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
August 1997
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EXCHANGE ARRANGEMENTS and EXCHANGE RESTRICTIONS annual report 1997

© 1997 International Monetary Fund

Library of Congress Cataloging-in-Publication Data

International Monetary Fund.

Annual report on exchange arrangements and exchange restrictions. 1979—

Continues: International Monetary Fund. Annual report on exchange restrictions, 1950–1978

1. Foreign exchange — Law and legislation — Periodicals. 2. Foreign exchange — Control — Periodicals. I. Title.

K4440.A13 157 [date] 341.7’51 79-644506

ISSN 0250-7366

ISBN 1-55775-666-X

Price: US$76.00

(US$38.00 to full-time university faculty members and students)

Please send orders to:

International Monetary Fund, Publication Services

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E-mail: publications@imf.org

Internet: http://www.imf.org

Letter of Transmittal to Members and Governors of the Fund

August 8, 1997

Dear Sir:

I have the honor to transmit to you a copy of the International Monetary Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions, 1997, which has been prepared in accordance with the provisions of Article XIV, Section 3 of the Articles of Agreement.

On behalf of the Executive Board, I should like to express our appreciation of the cooperation of the countries in the preparation of the Report.

Sincerely yours,

Michel Camdessus

Chairman of the Executive Board and Managing Director

Contents

Note: The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

Preface

The Annual Report on Exchange Arrangements and Exchange Restrictions has been published annually by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official visits to member countries, and it has been prepared in close consultation with national authorities. This report presents the information in a new tabular format and expands the coverage on the regulations on capital transactions.

This project was coordinated in the Monetary and Exchange Affairs Department by a staff team directed by R. Barry Johnston and coordinated by Susana Crossa de Sosa, comprising Alexander Kyei, Dmitri Menchikov, Virgilio A. Sandoval, Fabienne Piccinni, and Gregory S. Taft. It draws on the specialized contribution of that department (for specific countries), with assistance from staff members of the IMF’s six area departments, together with staff of other departments. The report was edited by Gail Berre and Martha Bonilla of the External Relations Department, and was produced by Ms. Piccinni and the IMF Graphics Section.

Definition of Acronyms

Note: This list does not include acronyms of purely national institutions mentioned in the country chapters.

ACP

Atlantic, Caribbean, and Pacific countries

ACU

Asian Clearing Union (integrated by Bangladesh, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, and Sri Lanka)

AFTA

ASEAN free trade area (see ASEAN, below)

AMU

Asian monetary unit

ANZCERTA

Australia-New Zealand Closer Economic Relations and Trade Agreement

ASEAN

Association of South East Asian Nations (integrated by Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand)

ATC

Agreement of Textiles and Clothing

BCEAO

Central Bank of West African States (Banque centrale des états de l’Afrique de l’ouest). (The West African States are Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo.)

BEAC

Bank of Central African States (Banque des états de l’Afrique centrale). (The Central African States are Cameroon, Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon.)

BLEU

Belgian-Luxembourg Economic Union

CACM

Central American Common Market (integrated by Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua)

CAP

Common agricultural policy (of the EU)

CARICOM

Caribbean Common Market (integrated by Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monster, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago)

CEEAC

Economic Community of Central African States

CEFTA

Central European free trade area

CEPGL

Economic Community of the Great Lakes Countries

CEPT

Common effective preferential tariff of the ASEAN free trade zone

CET

Common external tariff

CFA

Communauté financière africaine

CIS

Commonwealth of Independent States

CMA

Common monetary area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)

CMCF

Carribean Multilateral Clearing Facility

CMEA

Council for Mutual Economic Assistance (dissolved) (Bulgaria, Cuba, Czechoslovakia, Hungary, Mongolia, Poland, Romania, U.S.S.R., and Vietnam)

COCOM

Coordinating Committee for Multilateral Export Controls

COMESA

Common market for Eastern and Southern Pacific

CPI

Consumer Price Index

ECCB

Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)

ECLAC

Economic Commission for Latin America and the Caribbean

ECOWAS

Economic Community of West African States (Cedeao)

ECSC

European Coal and Steel Community

ECU

European currency unit

EEA

European economic area

EFTA

European Free Trade Association

EMS

European monetary system

ERM

Exchange rate mechanism (of the EMS)

EU

European Union (formerly European Community), (integrated by Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom)

FSU

Former Soviet Union

GATT

General Agreement on Tariffs and Trade

GCC

Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf) (Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates)

GSP

Generalized system of preferences

HCDCS

Harmonized commodity description and coding system

IBEC

International Bank for Economic Cooperation

LAIA

Latin American Integration Association (integrated by Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela)

LIBOR

London interbank offered rate

MERCOSUR

Southern Cone Common Market (integrated by Argentina, Brazil, Paraguay, and Uruguay)

MFA

Multifiber Arrangement

MFN

Most favored nation

MTN

Multilateral trade negotiations

NAFTA

North American Free Trade Agreement

NATO

North Atlantic Treaty Organization

OECD

Organization for Economic Cooperation and Development

OECS

Organization of Eastern Caribbean States (integrated by Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)

OGL

Open general license

OPEC

Organization of the Petroleum Exporting Countries

PTA

Preferential trade area for Eastern and Southern African states

SACU

Southern African Customs Union (integrated by Botswana, Lesotho, Namibia, South Africa, and Swaziland)

SADC

Southern Africa Development Community (integrated by Angola, Botswana, Lesotho, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe)

SDR

Special drawing rights

SIBOR

Singapore Interbank Offered Rate

SPARTECA

South Pacific Regional Trade and Economic Cooperation Agreement (signed by Australia, Cook Islands, Fiji, Kiribati, Nauru, New Zealand, Niue, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, Vanuatu, and Western Samoa)

UAPTA

Union of account of the PTA

UDEAC

Central African Customs and Economic Union

UN

United Nations

UNITA

National Union for the Total Independence of Angola

VAT

Value-added tax

WACH

West African Clearing House

WAEC

West African Economic Community (CEAO) (dissolved)

WAEMU

West African Economic and Monetary Union (formerly WAMU, integrated by Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo)

WTO

World Trade Organization (supersedes GATT)

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