Front Matter
- International Monetary Fund. Monetary and Capital Markets Department
- Published Date:
- September 2003

Annual Report on Exchange Arrangements and Exchange Restrictions 2003
International Monetary Fund
© 2003 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. 1. Title
K4440.A13 157 [date] 341.7’51 79-644506
ISSN 0250-7366
ISBN 1-58906-218-3
Price: US$110.00
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Letter of Transmittal to Members and Governors of the Fund
August 29, 2003
Dear Sir or Madam:
I have the honor of transmitting to you a copy of the International Monetary Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions, 2003, 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 would like to express our appreciation to the countries for their cooperation in the preparation of the Report.
Sincerely yours,

Horst Köhler
Chairman of the Executive Board
and Managing Director
Contents
- Preface
- Definition of Acronyms
- Introduction
- Compilation Guide
- Exchange Rate Arrangements and Anchors of Monetary Policy
- Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries
- Afghanistan, Islamic State of
- Albania
- Algeria
- Angola
- Antigua and Barbuda
- Argentina
- Armenia
- Aruba
- Australia
- Austria
- Azerbaijan
- Bahamas, The
- Bahrain, Kingdom of
- Bangladesh
- Barbados
- Belarus
- Belgium
- Belize
- Benin
- Bhutan
- Bolivia
- Bosnia and Herzegovina
- Botswana
- Brazil
- Brunei Darussalam
- Bulgaria
- Burkina Faso
- Burundi
- Cambodia
- Cameroon
- Canada
- Cape Verde
- Central African Republic
- Chad
- Chile
- China, People’s Republic of
- Hong Kong SAR
- Colombia
- Comoros
- Congo, Democratic Republic of the
- Congo, Republic of
- Costa Rica
- Côte d’Ivoire
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Equatorial Guinea
- Eritrea
- Estonia
- Ethiopia
- Fiji
- Finland
- France
- Gabon
- Gambia, The
- Georgia
- Germany
- Ghana
- Greece
- Grenada
- Guatemala
- Guinea
- Guinea-Bissau
- Guyana
- Haiti
- Honduras
- Hungary
- Iceland
- India
- Indonesia
- Iran, Islamic Republic of
- Iraq
- Ireland
- Israel
- Italy
- Jamaica
- Japan
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Korea, Republic of
- Kuwait
- Kyrgyz Republic
- Lao People’s Democratic Republic
- Latvia
- Lebanon
- Lesotho
- Liberia
- Libyan Arab Jamahiriya, Socialist People’s
- Lithuania
- Luxembourg
- Macedonia, former Yugoslav Republic of
- Madagascar
- Malawi
- Malaysia
- Maldives
- Mali
- Malta
- Marshall Islands
- Mauritania
- Mauritius
- Mexico
- Micronesia, Federated States of
- Moldova
- Mongolia
- Morocco
- Mozambique
- Myanmar
- Namibia
- Nepal
- Netherlands
- Netherlands Antilles
- New Zealand
- Nicaragua
- Niger
- Nigeria
- Norway
- Oman
- Pakistan
- Palau
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Poland
- Portugal
- Qatar
- Romania
- Russian Federation
- Rwanda
- St. Kitts and Nevis
- St. Lucia
- St. Vincent and the Grenadines
- Samoa
- San Marino
- São Tomé and Príncipe
- Saudi Arabia
- Senegal
- Serbia and Montenegro
- Seychelles
- Sierra Leone
- Singapore
- Slovak Republic
- Slovenia
- Solomon Islands
- Somalia
- South Africa
- Spain
- Sri Lanka
- Sudan
- Suriname
- Swaziland
- Sweden
- Switzerland
- Syrian Arab Republic
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tonga
- Trinidad and Tobago
- Tunisia
- Turkey
- Turkmenistan
- Uganda
- Ukraine
- United Arab Emirates
- United Kingdom
- United States
- Uruguay
- Uzbekistan
- Vanuatu
- Venezuela, República Bolivariana de
- Vietnam
- Yemen, Republic of
- Zambia
- Zimbabwe
- Appendix: Country Table Matrix
Preface
The Annual Report on Exchange Arrangements and Exchange Restrictions has been published 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 staff visits to member countries, and has been prepared in close consultation with national authorities. The information is presented in a tabular format.
This project was coordinated in the Monetary and Financial Systems Department by a staff team directed by Shogo Ishii and comprising Kyung-Mo Huh, Virgilio A. Sandoval, Jahanara Zaman, Harald Anderson, and Malinee Ramiscal. 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, Helen Chin, and Esha Ray of the External Relations Department and was produced by Mrs. Ramiscal and the IMF Multimedia Services Division.
Definition of Acronyms
Atlantic, Caribbean, and Pacific countries
Asian Clearing Union (integrated by Bangladesh, Bhutan, India, Islamic Republic of Iran, Myanmar, Nepal, Pakistan, and Sri Lanka)
ASEAN free trade area (see ASEAN, below)
Asian monetary unit
Australia-New Zealand Closer Economic Relations and Trade Agreement
Association of Southeast Asian Nations (integrated by Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore, and Thailand)
Agreement of Textiles and Clothing
Central Bank of West African States; the West African states are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo
Bank of Central African States; the Central African states are Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon
Central American Common Market (integrated by Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua)
Central African Economic and Monetary Community (integrated by the members of the BEAC)
Common agricultural policy (of the EU)
Caribbean Community and Common Market (integrated by Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago). The Bahamas is also a member of CARICOM, but it does not participate in the Common Market.
Economic Community of Central African States (integrated by Angola, Burundi, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Gabon, Rwanda, and São Tomé and Príncipe)
Central European Free Trade Area (integrated by Bulgaria, Hungary, Poland, Romania, Slovak Republic, and Slovenia)
Economic Community of the Great Lakes Countries (integrated by Burundi, Democratic Republic of the Congo, and Rwanda)
Common effective preferential tariff of the ASEAN free trade zone
Common external tariff
Commúnauté financière d’Afrique (administered by the BCEAO) and Coopération financière en Afrique centrale (administered by the BEAC)
Commonwealth of Independent States (integrated by Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)
Common Monetary Area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)
Caribbean Multilateral Clearing Facility
Council for Mutual Economic Assistance (dissolved; formerly integrated by Bulgaria, Cuba, Czechoslovakia, Hungary, Mongolia, Poland, Romania, the U.S.S.R., and Vietnam)
Common Market for Eastern and Southern Africa (integrated by Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe)
East African Community
European Central Bank
Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)
Eastern Caribbean Currency Union
Economic Community of West African States (integrated by Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo)
European Coal and Steel Community
European economic area
European Free Trade Association (integrated by Iceland, Liechtenstein, Norway, and Switzerland)
European Economic and Monetary Union
Exchange rate mechanism (of the European monetary system)
European Union (formerly European Community; integrated by Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom)
Financial Action Task Force on Money Laundering (of the OECD; integrated by Argentina; Australia; Austria; Belgium; Brazil; Canada; Denmark; European Commission; Finland; France; Germany; Greece; the GCC; Hong Kong SAR; Iceland; Ireland; Italy; Japan; Luxembourg; Mexico; Netherlands; New Zealand; Norway; Portugal; Singapore; Spain; Sweden; Switzerland; Turkey; United Kingdom; and United States).
Former Soviet Union
Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf; integrated by the Kingdom of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates)
Generalized system of preferences
International Organization of Securities Commissions
Latin American Integration Association (integrated by Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and República Bolivariana de Venezuela)
Letter of credit
London interbank offered rate
Southern Cone Common Market (integrated by Argentina, Brazil, Paraguay, and Uruguay)
Multifiber Arrangement
Most-favored nation
Ministry of finance
North American Free Trade Agreement
Organization for Economic Cooperation and Development (integrated by Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Republic of Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom, and United States)
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)
Open general license
Pacific Agreement on Closer Economic Relations (of the Pacific Islands Forum; integrated by Australia, Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu)
Pacific Regional Trade Agreement (of the Pacific Islands Forum)
Pacific Island Countries Trade Agreement (of the Pacific Islands Forum; integrated by Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu)
Regional Council on Public Savings and Financial Markets (an institution of WAEMU countries that is involved in the authorization for issuance and marketing of securities)
Regional Integration Facilitation Forum (formerly the Cross-Border Initiative; integrated by Burundi, Comoros, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe)
Southern African Customs Union (integrated by Botswana, Lesotho, Namibia, South Africa, and Swaziland)
Southern Africa Development Community (integrated by Angola, Botswana, Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe)
Special drawing rights
South Pacific Regional Trade and Economic Cooperation Agreement (signed by Australia, Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu)
Central African Units of Accounts
Central African Customs and Economic Union (integrated by Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon)
United Nations
National Union for the Total Independence of Angola
Value-added tax
West African Economic and Monetary Union (formerly WAMU; integrated by the members of the BCEAO)
West African Monetary Agency (formerly WACH)
World Trade Organization