Chapter

Introduction

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2003
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The report provides a detailed description of the exchange arrangements and exchange/trade restrictions of individual IMF member countries and Hong Kong SAR, as well as Aruba and the Netherlands Antilles, for which the Kingdom of the Netherlands has accepted the IMF Articles of Agreement. In general, the description relates to the exchange and trade systems as of the end of 2002, but, in appropriate cases, reference is made to significant developments that took place in early 2003.

The description of the exchange and trade system is not necessarily confined to those aspects involving exchange restrictions or exchange controls. As in previous reports, questions of definition and jurisdiction have not been raised, and an attempt has been made to describe exchange and trade systems in their entirety, except for the tariff structure and, in most cases, direct taxes on imports and exports.

Following a standardized approach, the description of each system is broken down into similar headings, and the coverage for each country includes a final section that lists chronologically the significant changes during 2002 and early 2003.

The report is presented in a tabular format that enhances transparency and uniformity of treatment of the information across countries and includes coverage on the regulatory framework for capital transactions. The information serves to update the exchange arrangements and exchange restrictions database maintained by the IMF. The country chapters present an abstract of the relevant information that is available to the IMF. The report also includes the official IMF classification table on Exchange Rate Arrangements and Anchors of Monetary Policy. This classification system is based on the information available on the operations of members’ de facto policies, as analyzed by IMF staff, which may differ from countries’ officially announced arrangements. The table on Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries provides an overview of the characteristics of the exchange and trade systems of IMF member countries. The Country Table Matrix (the Appendix) provides a complete listing of the rubrics used in the database.

When it is unclear whether a particular category or measure exists, because pertinent information is not available at the time of publication, the category is displayed with the notation “n.a.” If a measure is known to exist but specific information on it is not available, the category is displayed with the notation “yes.” When information is available on all but a particular item or items within a category, these items are not included in the table. In cases where members have provided the IMF with the information that a category or an item is not regulated, these are marked by “n.r.”

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