Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 1998
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Appendices
Appendix I: Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries1

(as of date shown on first country page)2

Total number of countries with this featureAfghanistan, Islamic State ofAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBosnia and HerzegovinaBotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCentral African RepublicChadChileChinaHong Kong, SARColombiaComorosCongo, Dem. Rep. ofCongo, Rep. ofCosta RicaCôte d’lvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopia
Status under IMF Articles of Agreement
Article VIII145
Article XIV39
Exchange rate arrangements
Pegged to:
Single currency48
Composite of currencies18
Flexibility limited17
More flexible arrangements
Managed floating55
Independent floating46
Exchange rate structure
Dual exchange rates19
Multiple exchange rates5
Arrangements for payments and receipts
Bilateral payment arrangements56
Payment arrears55
Control on payments for invisible transactions and current transfers102
Proceeds from exports and/or invisible transactions
Repatriation requirements111
Surrender requirements85
Capital transactions
Controls on:
Capital market securities127
Money market instruments111
Collective investment securities102
Derivatives and other instruments82
Commercial credits110
Financial credits114
Guarantees, sureties, and financial backup facilities88
Direct investment143
Liquidation of direct investment54
Real estate transactions128
Personal capital movements64
Provisions specific to:
Commercial banks and other credit institutions152
Institutional investors68
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, Portuguese Escudo, 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.

The listing includes Hong Kong, SAR; Aruba; and the Netherlands Antilles. It excludes Palau, which joined the IMF on December 16, 1997, but for which information was not available at the time of publication.

Usually December 31, 1997.

FijiFinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribatiKoreaKuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMailMaltaMarshall IslandsMauritaniaMauritiusMexicoMicronesia, Fed. States ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibia
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
Personal capital movements
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, Portuguese Escudo, 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.

The listing includes Hong Kong, SAR; Aruba; and the Netherlands Antilles. It excludes Palau, which joined the IMF on December 16, 1997, but for which information was not available at the time of publication.

Usually December 31, 1997.

NepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPakistanPanamaPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSamoaSan MarinoSão Tomé and PríncipeSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguay
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
Personal capital movements
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, Portuguese Escudo, 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.

The listing includes Hong Kong, SAR; Aruba; and the Netherlands Antilles. It excludes Palau, which joined the IMF on December 16, 1997, but for which information was not available at the time of publication.

Usually December 31, 1997.

UzbekistanVanuatuVenezuelaVietnamYemen, 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
Personal capital movements
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, Portuguese Escudo, 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.

The listing includes Hong Kong, SAR; Aruba; and the Netherlands Antilles. It excludes Palau, which joined the IMF on December 16, 1997, but for which information was not available at the time of publication.

Usually December 31, 1997.

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, Portuguese Escudo, 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.

The listing includes Hong Kong, SAR; Aruba; and the Netherlands Antilles. It excludes Palau, which joined the IMF on December 16, 1997, but for which information was not available at the time of publication.

Usually December 31, 1997.

Appendix II: Country Table Matrix
Status Under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Arrangement
Currency
Other legal tender
Exchange rate structure
Unitary
Dual
Multiple
Classification
Pegged
Limited flexibility in respect to a single currency
Cooperative arrangement
Adjusted according to a set of indicators
Managed floating
Independent floating
Exchange tax
Exchange subsidy
Forward exchange market
Official cover of forward operations
Arrangements for Payments and Receipts
Prescription of currency requirements
Payment arrangements
Bilateral payment arrangements
Operative
Inoperative
Regional arrangements
Clearing agreements
Barter agreements and open accounts
Administration of control
Exchange control authorities
International security restrictions
In accordance with Executive Board Decision No. 144-(52/51)
In accordance with UN sanctions
Other
Payment arrears
Official
Private
Controls on trade in gold (coins and/or bullion)
Controls on domestic ownership and/or trade
Controls on external trade
Controls on exports and imports of banknotes
On exports
Domestic currency
Foreign currency
On imports
Domestic currency
Foreign currency
Resident Accounts
Eligibility to hold accounts
Juridical persons
Natural persons
Foreign exchange accounts permitted
Held domestically
Approval required
Held abroad
Approval required
Accounts in domestic currency convertible into foreign currency
Nonresident Accounts
Eligibility to hold accounts
Juridical persons
Natural persons
Foreign exchange accounts permitted
Approval required
Domestic currency accounts
Convertible into foreign currency
Approval required
Blocked accounts
Imports and Import Payments
Foreign exchange budget
Financing requirements for imports
Minimum financing requirements
Advance payment requirement
Advance import deposits
Documentation requirements for release of foreign exchange for imports
Domiciliation requirements
Preshipment inspection
Letters of credit
Import licenses used as exchange licenses
Other
Import licenses and other nontariff measures
Positive list
Negative list
Open general licenses
Licenses with quotas
Other nontariff measures
Import taxes and/or tariffs
Taxes collected through the exchange system
State import monopoly
Exports and Export Proceeds
Repatriation requirements
Surrender requirements
Financing requirements
Documentation requirements
Letters of credit
Guarantees
Domiciliation
Preshipment inspection
Other
Export licenses
Without quotas
With quotas
Export taxes
Taxes collected through the exchange system
Other export taxes
Payments for Invisible Transactions and Current Transfers
Controls on these payments
Freight/insurance
Prior approval
Quantitative limits
Indicative limits/bona fide test
Unloading/storage costs
Prior approval
Quantitative limits
Indicative limits/bona fide test
Administrative expenses
Prior approval
Quantitative limits
Indicative limits/bona fide test
Commissions
Prior approval
Quantitative limits
Indicative limits/bona fide test
Interest payments
Prior approval
Quantitative limits
Indicative limits/bona fide test
Profit/dividends
Prior approval
Quantitative limits
Indicative limits/bona fide test
Amortization of loans or depreciation of direct investments
Prior approval
Quantitative limits
Indicative limits/bona fide test
Payments for travel
Prior approval
Quantitative limits
Indicative limits/bona fide test
Medical costs
Prior approval
Quantitative limits
Indicative limits/bona fide test
Study abroad costs
Prior approval
Quantitative limits
Indicative limits/bona fide test
Subscriptions and membership fees
Prior approval
Quantitative limits
Indicative limits/bona fide test
Consulting/legal fees
Prior approval
Quantitative limits
Indicative limits/bona fide test
Foreign workers’ wages
Prior approval
Quantitative limits
Indicative limits/bona fide test
Pensions
Prior approval
Quantitative limits
Indicative limits/bona fide test
Gambling/prize earnings
Prior approval
Quantitative limits
Indicative limits/bona fide test
Family maintenance/alimony
Prior approval
Quantitative limits
Indicative limits/bona fide test
Credit card use abroad
Prior approval
Quantitative limits
Indicative limits/bona fide test
Proceeds from Invisible Transactions and Current Transfers
Repatriation requirements
Surrender requirements
Restrictions on use of funds
Capital Transactions
Controls on capital and money market instruments
On capital market securities
Shares or other securities of a participating nature
Purchase locally by nonresidents
Sale or issue locally by nonresidents
Purchase abroad by residents
Sale or issue abroad by residents
Bonds or other debt securities
Purchase locally by nonresidents
Sale or issue locally by nonresidents
Purchase abroad by residents
Sale or issue abroad by residents
On money market instruments
Purchase locally by nonresidents
Sale or issue locally by nonresidents
Purchase abroad by residents
Sale or issue abroad by residents
On collective investment securities
Purchase locally by nonresidents
Sale or issue locally by nonresidents
Purchase abroad by residents
Sale or issue abroad by residents
Controls on derivatives and other instruments
Purchase locally by nonresidents
Sale or issue locally by nonresidents
Purchase abroad by residents
Sale or issue abroad by residents
Controls on credit operations
Commercial credits
By residents to nonresidents
To residents from nonresidents
Financial credits
By residents to nonresidents
To residents from nonresidents
Guarantees, sureties, and financial backup facilities
By residents to nonresidents
To residents from nonresidents
Controls on direct investment
Outward direct investment
Inward direct investment
Controls on liquidation of direct investment
Controls on real estate transactions
Purchase abroad by residents
Purchase locally by nonresidents
Sale locally by nonresidents
Controls on personal capital movements
Loans
By residents to nonresidents
To residents from nonresidents
Gifts, endowments, inheritances, and legacies
By residents to nonresidents
To residents from nonresidents
Settlements of debts abroad by immigrants
Transfer of assets
Transfer abroad by emigrants
Transfer into the country by immigrants
Provisions specific to commercial banks and other credit institutions
Borrowing abroad
Maintenance of accounts abroad
Lending to nonresidents (financial or commercial credits)
Lending locally in foreign exchange
Purchase of locally issued securities denominated in foreign exchange
Differential treatment of deposit accounts in foreign exchange
Reserve requirements
Liquid asset requirements
Interest rate controls
Credit controls
Differential treatment of deposit accounts held by nonresidents
Reserve requirements
Liquid asset requirements
Interest rate controls
Credit controls
Investment regulations
Abroad by banks
In banks by nonresidents
Open foreign exchange position limits
Provisions specific to institutional investors
Limits (max.) on securities issued by nonresidents and on portfolio invested abroad
Limits (max.) on portfolio invested abroad
Limits (min.) on portfolio invested locally
Currency-matching regulations on assets/liabilities composition
Other restrictions imposed by securities laws
Changes During 1997
Status under IMF Articles of Agreement
Exchange arrangements
Arrangements for payments and receipts
Resident accounts
Nonresident accounts
Imports and import payments
Exports and export proceeds
Payments for invisible transactions and current transfers
Proceeds from invisible transactions and current transfers
Capital transactions
Controls on capital and money market instruments
Controls on derivatives and other instruments
Controls on credit operations
Controls on direct investment
Controls on real estate transactions
Controls on personal capital movements
Provisions specific to commercial banks and other credit institutions
Provisions specific to institutional investors
Other controls imposed by securities laws
Changes During 1998
Status under IMF Articles of Agreement
Exchange arrangements
Arrangements for payments and receipts
Resident accounts
Nonresident accounts
Imports and import payments
Exports and export proceeds
Payments for invisible transactions and current transfers
Proceeds from invisible transactions and current transfers
Capital transactions
Controls on capital and money market instruments
Controls on derivatives and other instruments
Controls on credit operations
Controls on direct investment
Controls on real estate transactions
Controls on personal capital movements
Provisions specific to commercial banks and other credit institutions
Provisions specific to institutional investors
Other controls imposed by securities laws

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