Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1988
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Summary Features of Exchange and Trade Systems in Member Countries1

(as of date shown on first country page)2

AfghanistanAlgeriaAntigua and BarbudaArgentinaAustraliaAustriaThe BahamasBahrainBangladeshBarbadosBelgium and LuxembourgBelizeBeninBhutanBoliviaBotswanaBrazilBurkina FasoBurmaBurundiCameroonCanadaCape VerdeCentral African Rep.Chad
A. Acceptance of Article Status
1. Article VIII status
2. Article XIV status
B. Exchange Arrangement3
1. Exchange rate determined on the basis of:
(a) A peg to:
(i) the U.S. dollar
(ii) pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies



(b) Limited flexibility with repect to:
(i) single currency
(ii) cooperative arrangement
(c) More flexible arrangements:
(i) adjusted according to a set of indicators
(ii) other managed floating
(iii) independently floating
2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
3. More than one rate for imports
4. More than one rate for exports
5. Import rate(s) different from export rates
C. Payments Arrears
D. Bilateral Payments Arrangements
1. With members
2. With nonmembers
E. Payments Restrictions
1. Restrictions on payments for current transactions5
2. Restrictions on payments for capital transactions5,6
F. Cost-Related Import Restrictions
1. Import surcharges
2. Advance import deposits
G. Surrender or Repatriation Requirement for Export Proceeds
ChileChina, People’s Rep. ofColombiaComorosCongoCosta RicaCôte d’IvoireCyprusDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEthiopiaFijiFinlandFranceGabonThe GambiaGermany, Fed. Rep. ofGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungary
IcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItalyJamaicaJapanJordanKenyaKiribatiKoreaKuwaitLao People’s Dem. Rep.LebanonLesothoLiberiaLibyan Arab JamahiriyaMadagascarMalawiMalaysiaMaldivesMali
A. Acceptance of Article Status
1. Article VIII status
2. Article XIV status
B. Exchange Arrangement3
1. Exchange rate determined on the basis of:
(a) A peg to:
(i) the U.S. dollar
(ii) pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies





(b) Limited flexibility with repect to:
(i) single currency
(ii) cooperative arrangement
(c) More flexible arrangements:
(i) adjusted according to a set of indicators
(ii) other managed floating
iii) independently floating
2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
3. More than one rate for imports
4. More than one rate for exports
5. Import rate(s) different from export rates
C. Payments Arrears
D. Bilateral Payments Arrangements
1. With members
2. With nonmembers
E. Payments Restrictions
1. Restrictions on payments for current transactions5
2. Restrictions on payments for capital transactions5,6
F. Cost-Related Import Restrictions
1. Import surcharges
2. Advance import deposits
G. Surrender or Repatriation Requirement for Export Proceeds
MaltaMauritaniaMauritiusMexicoMoroccoMozambiqueNepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and GrenadinesSao Tome” and PrincipeSaudi ArabiaSenegalSeychellesSierra Leone




SingaporeSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSyrian Arab Rep.TanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyUgandaUnited Arab EmiratesUnited KingdomUnited StatesUruguayVanuatuVenezuela
A. Acceptance of Article Status
1. Article VIII status
2. Article XIV status
B. Exchange Arrangement3
1. Exchange rate determined on the basis of:
(a) A peg to:
(i) the U.S. dollar
(ii) pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies

(b) Limited flexibility with repect to:
(i) single currency
(ii) cooperative arrangement
(c) More flexible arrangements:
(i) adjusted according to a set of indicators
(ii) other managed floating
(iii) independently floating
2. Separate exchange rate(s) for some or all capital transactions and/or some or all invisibles
3. More than one rate for imports
4. More than one rate for exports
5. Import rate(s) different from export rates
C. Payments Arrears
D. Bilateral Payments Arrangements
1. With members
2. With nonmembers
E. Payments Restrictions
1. Restrictions on payments for current transactions5
2. Restrictions on payments for capital transactions5,6
F. Cost-Related Import Restrictions
1. Import surcharges
2. Advance import deposits
G. Surrender or Repatriation Requirement for Export Proceeds
Viet NamWestern SamoaYemen Arab Rep.Yemen, R D. R. ofYugoslaviaZaïreZambiaZimbabwe
Annual Report on Exchange Arrangements and Exchange Restrictions 1988Key and Footnotes

indicates that the specified practice is a feature of the exchange and trade system.

indicates that the specified practice is not a feature of the system.

indicates that the composite is the SDR.

The listing includes a nonmetropolitan territory (Hong Kong) for which the United Kingdom has accepted the Fund’s Articles of Agreement, and Aruba and the Netherlands Antilles, for which the Kingdom of the Netherlands has accepted the Fund’s Articles of Agreement. Exchange practices indicated in individual countries do not necessarily apply to all external transactions.

Usually December 31, 1987.

It should be noted that existence of a separate rate does not necessarily imply a multiple currency practice under Fund jurisdiction. Exchange arrangements involving transactions at a unitary rate with one group of countries and at another unitary rate with a second group of countries are considered, from the viewpoint of the overall economy, to involve two separate rates for similar transactions.

Australian dollar, Indian rupee, or South African rand.

Restrictions (i.e., official actions directly affecting the availability or cost of exchange, or involving undue delay) on payments to member countries, other than restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

Annual Report on Exchange Arrangements and Exchange Restrictions 1988Key and Footnotes

indicates that the specified practice is a feature of the exchange and trade system.

indicates that the specified practice is not a feature of the system.

indicates that the composite is the SDR.

The listing includes a nonmetropolitan territory (Hong Kong) for which the United Kingdom has accepted the Fund’s Articles of Agreement, and Aruba and the Netherlands Antilles, for which the Kingdom of the Netherlands has accepted the Fund’s Articles of Agreement. Exchange practices indicated in individual countries do not necessarily apply to all external transactions.

Usually December 31, 1987.

It should be noted that existence of a separate rate does not necessarily imply a multiple currency practice under Fund jurisdiction. Exchange arrangements involving transactions at a unitary rate with one group of countries and at another unitary rate with a second group of countries are considered, from the viewpoint of the overall economy, to involve two separate rates for similar transactions.

Australian dollar, Indian rupee, or South African rand.

Restrictions (i.e., official actions directly affecting the availability or cost of exchange, or involving undue delay) on payments to member countries, other than restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

List Of Abbreviations*

ACP-EC

African, Caribbean, and Pacific State signatories to the Lomé Convention

ACU

Asian Clearing Union (or Unit)

AMU

Asian Monetary Unit

ASEAN

Association of South East Asian Nations

BCEAO

Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest)

BEAC

Bank of Central African States (Banque des Etats de l’Afrique Centrale)

CACM

Central American Common Market

CAP

Common Agricultural Policy (of the EC)

Caricom

Caribbean Common Market

CCCN

Customs Cooperation Council Nomenclature

CEPGL

Economic Community of the Great Lakes Countries

CMEA

Council for Mutual Economic Assistance

EC

European Communities

ECCB

Eastern Caribbean Central Bank

ECLAC

Economic Commission for Latin America and the Caribbean

ECO

Economic Cooperation Organization

Ecowas

Economic Community of West African States (CEDEAO)

ECSC

European Coal and Steel Community

ECU

European Currency Unit

EEC

European Economic Community

EFTA

European Free Trade Association

EMS

European Monetary System

Euratom

European Atomic Energy Community

GATT

General Agreement on Tariffs and Trade

GCC

Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf)

GSP

Generalized System of Preferences

IBEC

International Bank for Economic Cooperation

IBRD

International Bank for Reconstruction and Development (World Bank)

IDA

International Development Association

IMF

International Monetary Fund

LAIA

Latin American Integration Association (ALADI)

LIBOR

London interbank offered rate

MFA

Multifiber Arrangement

MFN

Most favored nation

OECD

Organization for Economic Cooperation and Development

OGL

Open general license

PTA

Preferential Trade Area for Eastern and Southern African States

UDEAC

Central African Customs and Economic Union

UN

United Nations

WAEC

West African Economic Community (CEAO)

WAUA

West African Unit of Account

*

The Fund has not received from the authorities of Democratic Kampuchea the information required for a description of the exchange and trade system as of December 31, 1987.

Note: The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

*

This list does not include abbreviations of purely national institutions mentioned in the country pages.

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