Chapter

Summary Features of Exchange and Trade Systems in Member Countries

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1990
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Summary Features of Exchange and Trade Systems in Member Countries1

(as of date shown on first Country Page)2

AfghanistanAlgeriaAngolaAntigua and BarbudaArgentinaArubaAustraliaAustriaThe BahamasBahrainBangladeshBarbadosBelgium and LuxembourgBelizeBeninBhutanBoliviaBotswanaBrazilBurkina FasoBurundiCameroonCanadaCape VerdeCentral African Rep.
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) the pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies

(b) Limited flexibility with respect 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 transactions 5
2. Restrictions on payments for capital transactions 5,6
F. Cost-Related Import Restrictions
1. Import surcharges
2. Advance import deposits
G. Surrender or Repatriation Requirement for Export Proceeds
Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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.

ChadChileChina, People’s Rep. ofColombiaComorosCongoCosta RicaCôte d’IvoireCyprusDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEthiopiaFijiFinlandFranceGabonThe GambiaGermany, Fed. Rep. ofGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungary
Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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.

IcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItalyJamaicaJapanJordanKenyaKiribatiKoreaKuwaitLao People’s Dem. Rep.LebanonLesothoLiberiaLibyan Arab JamahiriyaMadagascarMalawiMalaysiaMaldivesMali
Acceptance of Article Status
1. Article VIII status
2. Article XIV status
Exchange Arrangement3
1. Exchange rate determined on the basis of:
(a) A peg to:
(i) the U.S. dollar
(ii) the pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies



(b) Limited flexibility with respect 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
Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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.

MaltaMauritaniaMauritiusMexicoMoroccoMozambiqueMyanmarNepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and GrenadinesSao Tome and PrincipeSaudi ArabiaSenegalSeychellesSierra Leone






Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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.

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) the pound sterling
(iii) the French franc
(iv) other currencies4
(v) a composite of currencies
(b) Limited flexibility with respect 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
Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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.

Viet NamWestern SamoaYemen Arab Rep.Yemen, P. D. R. ofYugoslaviaZaïreZambiaZimbabwe


Annual Report on Exchange Arrangements and Exchange Restrictions 1990Key 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, 1989.

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 a 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 1990Key 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, 1989.

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 a 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.

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