Chapter

Appendix II: Country Table Matrix

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2000
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Status under IMF Articles of Agreement

Article VIII

Article XIV

Exchange Arrangement

Currency

Other legal tender

Exchange rate structure

Unitary

Dual

Multiple

Classification

Exchange arrangement with no separate legal tender

Currency board arrangement

Conventional pegged arrangement

Pegged exchange rate within horizontal bands

Crawling peg

Crawling band

Managed floating with no preannounced path for the exchange rate

Independently 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

International security restrictions

In accordance with Executive Board Decision No. 144-(52/51)

In accordance with UN sanctions

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

Foreign exchange accounts permitted

Held domestically

  • Approval required

Held abroad

  • Approval required

Accounts in domestic currency convertible into foreign currency

Nonresident Accounts

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 requirements

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 transfers

Trade-related payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Investment-related payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Payments for travel

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Personal payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Foreign workers’ wages

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Credit card use abroad

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Other payments

  • 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

Settlement of debts abroad by immigrants

Transfer of assets

  • Transfer abroad by emigrants

  • Transfer into the country by immigrants

Transfer of gambling and prize earnings

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

  • On resident assets and liabilities

  • On nonresident assets and liabilities

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 controls imposed by securities laws

Changes During 1999

Status under IMF Articles of Agreement

Exchange arrangement

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 liquidation of 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 2000

Status under IMF Articles of Agreement

Exchange arrangement

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 liquidation of 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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