Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2002
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Appendix I: Exchange Rate Arrangements and Anchors of Monetary Policy1, 2
Exchange RateMonetary Policy Framework
Regime
MonetaryInflationIMF-supported or
(Number ofaggregatetargetingother monetary
countries)Exchange rate anchortargetframeworkprogramOther
ExchangeAnotherEuro area4,5
arrangementscurrency asCFA franc zoneAustria
with no separatelegal tenderECCU3WAEMUCAEMCBelgium
legal tender (40)Ecuador*Antigua andBenin*Cameroon*Finland
El Salvador6BarbudaBurkinaCentralFrance
KiribatiDominicaFaso*AfricanGermany
Marshall islandsGrenadaCôteRep.*Greece
Micronesia, Fed.St. Kitts andd’Ivoire*Chad*Ireland
States ofNevisGuinea-Congo,Italy
PalauSt. LuciaBissau*Rep. of*Luxembourg
PanamaSt. VincentMali*EquatorialNetherlands
San Marinoand theNiger*GuineaPortugal
GrenadinesSenegal*Gabon*Spain
Togo
Currency boardArgentina*
arrangements (8)Bosnia and Herzegovina*
Brunei Darussalam
Bulgaria*
China—Hong Kong SAR
Djibouti*
Estonia*
Lithuania*
OtherAgainst a single currency (31)Against a composite (10)Chinat†8
conventional fixedArubaBotswana7
peg arrangementsBahamas, The7Fiji
(including deBahrain. Kingdom ofKuwait
facto pegBangladeshLatvia*
arrangementsBarbadosLibya
under managedBelizeMalta
floating) (41)BhutanMorocco
Cape VerdeSamoa
China†8Seychelles
Comoros9Vanuatu
Eritrea
Eritrea Iran, I.R. of78
Jordan†8
Lebanon8
Lesotho*
Macedonia, FYR*8
Malaysia
Maldives8
Namibia
Nepal
Netherlands Antilles
Oman
Qatar8, 10
Saudi Arabia8, 10
Sudan8
Suriname7, 8
Swaziland
Syrian Arab Rep.7
Turkmenistan8
United Arab Emirates8, 10
Zimbabwe8
Pegged exchangeWithin a cooperativeOther bandHungary†
rates withinarrangement ERM 11 (1)arrangements (4)
horizontalDenmarkCyprus
bands (5)11Egypt7
Hungary†
Tonga
Crawling pegs (4)Bolivia*
Costa Rica8
Nicaragua*
Solomon Islands8
Source: IMF staff reports

Data are accurate as of December 31, 2001. The following countries were reclassified subsequent to that date: Argentina, the Islamic Republic of Iran, São Tomé and Principe, Sudan, and Repùblica Bolivariana de Venezuela.

An asterisk (*) indicates that the country has an IMF–supported or other monetary program. A dagger (+) indicates that the country adopts more than one nominal anchor in conducting monetary policy (it should be noted, however, that it would not be possible, for practical reasons, to infer from this table which nominal anchor plays the principal role in conducting monetary policy).

These countries have a currency board arrangement.

The country has no explicitly stated nominal anchor, but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first quarter of 2002, national currencies will retain their status as legal tender within their national territories.

For El Salvador, the printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate, along with the U.S. dollar as legal tender until all col6n notes wear out physically.

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

The regime operating de facto in the country is different from its de jure regime.

Comoros has the same arrangement with the French Treasury as the CFA franc zone countries do.

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

The band width for these countries is Cyprus (±2.25%), Denmark (±2.25%), Egypt (±3%), Hungary (±15%), and Tonga (±5%).

The band width for these countries is Belarus (±5%), Honduras (±7%), Israel (±22%), Romania (unannounced), Uruguay (±3%), and Republica Bolivariana de Venezuela (±7.5%).

Insufficient information on the country is available for classification.

Exchange RateMonetary Policy Framework
RegimeMonetaryInflationIMF-supported or
(Number ofaggregatetargetingother monetary
countries)Exchange rate anchortargetframeworkprogramOther
Exchange ratesBelarusRomania*8Israel†
within crawlingHonduras*Uruguay*
bands (6)12Israel†Venezuela, Rep Bolivariana de
Managed floatingGhana*Thailand*AzerbaijanAlgeria4
with no pre-Guinea*Cambodia7Angola4
announced pathGuyana*CroatiaBurundi4
for exchange rateIndonesia*EthiopiaDominican Rep.4,7
(42)Jamaica*8KazakhstanGuatemala4
MauritiusKenyaIndia4
Mongolia*Kyrgyz Rep.Iraq13
São Tomé andLao PDR7Myanmar4,78
Príncipe*MauritaniaParaguay4
SloveniaNigeriaSingapore4
Sri Lanka*PakistanSlovak Rep.4
TunisiaRussian FederationUzbekistan4,7
Rwanda
Trinidad and
Tobago
Ukraine
Vietnam
Yugoslavia, Fed,
Rep. of
Zambia
IndependentlyGambia, The*AustraliaAlbaniaAfghanistan,
floating (40)Malawi*Brazil*ArmeniaI.S. of 7,13 Haiti4
Peru*CanadaCongo, DemHaiti4
Philippines*Chile7Rep. ofJapan4
SierraColombia*GeorgiaLiberia4
Leone*Czech Rep.MadagascarPapua New Guinea4
Turkey*IcelandMoldovaSomalia713
Yemen,KoreaMozambiqueSwitzerland4
Rep. of*MexicoTajikistanUnited States4
NewTanzania
ZealandUganda
Norway
Poland
South Africa
Sweden
United
Kingdom
Source: IMF staff reports

Data are accurate as of December 31, 2001. The following countries were reclassified subsequent to that date: Argentina, the Islamic Republic of Iran, São Tomé and Principe, Sudan, and Repùblica Bolivariana de Venezuela.

An asterisk (*) indicates that the country has an IMF–supported or other monetary program. A dagger (+) indicates that the country adopts more than one nominal anchor in conducting monetary policy (it should be noted, however, that it would not be possible, for practical reasons, to infer from this table which nominal anchor plays the principal role in conducting monetary policy).

These countries have a currency board arrangement.

The country has no explicitly stated nominal anchor, but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first quarter of 2002, national currencies will retain their status as legal tender within their national territories.

For El Salvador, the printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate, along with the U.S. dollar as legal tender until all col6n notes wear out physically.

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

The regime operating de facto in the country is different from its de jure regime.

Comoros has the same arrangement with the French Treasury as the CFA franc zone countries do.

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

The band width for these countries is Cyprus (±2.25%), Denmark (±2.25%), Egypt (±3%), Hungary (±15%), and Tonga (±5%).

The band width for these countries is Belarus (±5%), Honduras (±7%), Israel (±22%), Romania (unannounced), Uruguay (±3%), and Republica Bolivariana de Venezuela (±7.5%).

Insufficient information on the country is available for classification.

Source: IMF staff reports

Data are accurate as of December 31, 2001. The following countries were reclassified subsequent to that date: Argentina, the Islamic Republic of Iran, São Tomé and Principe, Sudan, and Repùblica Bolivariana de Venezuela.

An asterisk (*) indicates that the country has an IMF–supported or other monetary program. A dagger (+) indicates that the country adopts more than one nominal anchor in conducting monetary policy (it should be noted, however, that it would not be possible, for practical reasons, to infer from this table which nominal anchor plays the principal role in conducting monetary policy).

These countries have a currency board arrangement.

The country has no explicitly stated nominal anchor, but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first quarter of 2002, national currencies will retain their status as legal tender within their national territories.

For El Salvador, the printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate, along with the U.S. dollar as legal tender until all col6n notes wear out physically.

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

The regime operating de facto in the country is different from its de jure regime.

Comoros has the same arrangement with the French Treasury as the CFA franc zone countries do.

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

The band width for these countries is Cyprus (±2.25%), Denmark (±2.25%), Egypt (±3%), Hungary (±15%), and Tonga (±5%).

The band width for these countries is Belarus (±5%), Honduras (±7%), Israel (±22%), Romania (unannounced), Uruguay (±3%), and Republica Bolivariana de Venezuela (±7.5%).

Insufficient information on the country is available for classification.

Classification of Exchange Rate Arrangements and Monetary Policy Frameworks

The classification system is based on the members’ actual, de facto, regimes that may differ from their officially announced arrangements. The scheme ranks exchange rate regimes on the basis of the degree of flexibility of the arrangement, It distinguishes between the more rigid forms of pegged regimes (such as currency board arrangements); other conventional fixed peg regimes against a single currency or a basket of currencies; exchange rate bands around a fixed peg; crawling peg arrangements; and exchange rate bands around crawling pegs, in order to help assess the implications of the choice of exchange rate regime for the degree of independence of monetary policy. This includes a category to distinguish the exchange arrangements of those countries that have no separate legal tender. The system presents members’ exchange rate regimes against alternative monetary policy frameworks with the intention of using both criteria as a way of providing greater transparency in the classification scheme and to illustrate that different forms of exchange rate regimes could be consistent with similar monetary frameworks. The categories are explained in the compilation guide.

Members’ exchange rate regimes are presented against alternative monetary policy frameworks in order to present the role of the exchange rate in broad economic policy and help identify potential sources of inconsistency in the monetary-exchange rate policy mix. The monetary policy frameworks listed are as follows.

Exchange rate anchor

The monetary authority stands ready to buy or sell foreign exchange at given quoted rates to maintain the exchange rate at its preannounced level or range (the exchange rate serves as the nominal anchor or intermediate target of monetary policy). These regimes cover exchange rate regimes with no separate legal tender, currency board arrangements, fixed pegs with or without bands, and crawling pegs with or without bands, where the rate of crawl is set in a forward-looking manner.

Monetary aggregate target

The monetary authority uses its instruments to achieve a target growth rate for a monetary aggregate (reserve money, Ml, M2, etc.) and the targeted aggregate becomes the nominal anchor or intermediate target of monetary policy.

Inflation targeting framework

Involves the public announcement of medium-term numerical targets for inflation with an institutional commitment by the monetary authority to achieve these targets. Additional key features include increased communication with the public and the markets about the plans and objectives of monetary policymakers and increased accountability of the central bank for obtaining its inflation objectives. Monetary policy decisions are guided by the deviation of forecasts of future inflation from the announced inflation target, with the inflation forecast acting (implicitly or explicitly) as the intermediate target of monetary policy.

IMF–supported or other monetary program

Involves implementation of monetary and exchange rate policy within the confines of a framework that establishes floors for international reserves and ceilings for net domestic assets of the central bank. As the ceiling on net domestic assets limits increases in reserve money through central bank operations, indicative targets for reserve money may be appended to this system.

Other

The country has no explicitly stated nominal anchor, but rather monitors various indicators in conducting monetary policy. This is also used when no relevant information on the country is available.

Appendix II: Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries 1 (As of date shown on first country page)2
Total number of countries with this featureAfghanistan, I.S. ofAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanThe BahamasBahrain, Kingdom ofBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBosnia and HerzegovinaBotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCentral African RepublicChadChileChina, People’s Rep. ofHong Kong SARColombiaComorosCongo, Dem. Rep. of theCongo, Republic ofCosta RicaCôte d’lvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopia
Status under IMF Articles of Agreement
Article VIII156
Article XIV30
Exchange rate arrangements
Exchange arrangement with no separate legal tender40
Currency board arrangement7
Conventional pegged arrangement39+++++++++++
Pegged exchange rate within horizontal bands5**
Crawling peg4
Crawling band5
Managed floating with no preannounced path for the exchange rate44
Independently floating42
Exchange rate structure
Dual exchange rates10
Multiple exchange rates6
Arrangements for payments and receipts
Bilateral payments arrangements65
Payments arrears62
Controls on payments for invisible transactions and current transfers101
Controls on proceeds from exports and/or invisible transactions
Repatriation requirements104
Surrender requirements79
Capital transactions Controls on:
Capital market securities131
Money market instrument110
Collective investment securities101
Derivatives and other instrument83
Commercial credits107
Financial credits113
Guarantees, sureties, and financial backup facilities96
Direct investments147
Liquidation of direct investments59
Real estate transactions135
Personal capital transactions91
Provisions specific to:
Commercial banks and other credit institutions157
Institutional investors86
FijiFinlandFranceGabonThe GambiaGeorgiaGermanyGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIran, I.R. ofIraqIrelandIsraelItaly
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
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 rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Controls on 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 credit
Guarantees, sureties, and financial backup facilities
Direct investments
Liquidation of direct investments
Real estate transaction
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
NepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPalauPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSamoaSan MarinoSãn Tomé and PrincipeSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuela, Rep. Bolivariana ofVietnamYemen, Republic ofYugoslavia, Fed. Rep. OfZambiaZimbabwe
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
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 rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfer
Controls on 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 investments
Liquidation of direct investments
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
• 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 specific practice is not regulated.♦ Indicates that member uses the currency of another member as legal tender.⋄ Indicates that member participates in the ECCU.▴ Indicates that the arrangement was pegged to the French franc through December 31, 2001.⊕ Indicates that member participates in the euro area.+ Indicates that flexibility is limited to a single currency.▾ Indicates that the composite is a basket of other currencies.∔ Indicates that the country participates in the ERM II of the EMS.* Indicates other band arrangements.

Usually December 31, 2001.

The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

• 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 specific practice is not regulated.♦ Indicates that member uses the currency of another member as legal tender.⋄ Indicates that member participates in the ECCU.▴ Indicates that the arrangement was pegged to the French franc through December 31, 2001.⊕ Indicates that member participates in the euro area.+ Indicates that flexibility is limited to a single currency.▾ Indicates that the composite is a basket of other currencies.∔ Indicates that the country participates in the ERM II of the EMS.* Indicates other band arrangements.

Usually December 31, 2001.

The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

APPENDIX III: 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
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 pre–announced 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
Controls on the use of domestic currency
For current transactions and payments
For capital transactions
Transactions in capital and money market instruments
Transactions in derivatives and other instruments
Credit operations
Use of foreign exchange among residents
Payments arrangements
Bilateral payments arrangements
Operative
Inoperative
Regional arrangements
Clearing agreements
Barter agreements and open accounts
Administration of control
International security restrictions
Inaccordance with IMF Executive Board Decision No. 144–(52/51)
In accordance with UN sanctions
Payments 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 held abroad
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
Preshipmerit 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
Exportlicenses
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 iimits/bona fide test
Investment–related payments
Prior approval
Quantitative limits
Indicative limits/bona fide test
Payments for travel
Prior approval
Quantitative limits
Indicative Iimits/bona fide test
Personal payments
Prior approval
Quantitative limits
Indicative Iimits/bona fide test
Foreign workers’ wages
Prior approval
Quantitative limits
Indicative Iimits/bona fide test
Credit card use abroad
Prior approval
Quantitative limits
Indicative Iimits/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 transactions
Controls on capita! 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 transactions
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
Differentiat 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
Limits (max.) on investment portfolio held abroad
Limits (min.) on investment portfolio held locally
Currency–matching regulations on assets/liabilitiescomposition
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 transactions
Provisions specific to commercial banks and other credit institutions
Provisions specific to institutional investors
Other controls imposed by securities laws
Changes During 2001
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 persona) capital transactions
Provisions specific to commercial banks and other credit institutions
Provisions specific to institutional investors
Other controls imposed by securities laws

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