Chapter

Summary Features of Exchange and Trade Systems in Member Countries

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1996
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Summary Features of Exchange and Trade Systems in Member Countries1

(as of date shown on first country page)2

AlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgium and LuxembourgBelizeBeninBhutanBoliviaBosnia HerzegovinaBotswanaBrazilBrunei DanussalamBulgania
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 French franc
(iii)other currencies4
(iv)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 rate(s)
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. Export Proceeds
1.Repatriation requirement
2.Surrender requirement
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

Burkina FasoBurundiCambodiaCamerooncanadaCape VerdeCentral African RepublicChadChileChinaColombiaComorosCongoCosta RicaCôte d’IvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyprEl salvatorEquatorial GuineaEritreaEstoniaEthiopiaFijiFinlandFranceGabonGambia, TheGeorgiaGermany
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

GhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIrelandIsraelItalyJamaicaJapanJordanKazakstanKenyaKiribatiKorea
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 French franc
(iii)other currencies4
(iv)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 rate(s)
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. Export Proceeds
1.Repatriation requirement
2.Surrender requirement
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

KuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaMacedonia, former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritiusMexicoMicronesia, Fed. States ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibiaNepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeria
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

NorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and GrenadinesSan MarinoSão Tomé PríncipeSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak Republic
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 French franc
(iii) other currencies4
(iv) 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 rate(s)
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. Export Proceeds
1. Repatriation requirement
2. Surrender requirement
For key and footnotes, see page 552.
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

SloveniaSolomon IslandsSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuelaVietnamWestern SamoaYemen, Republic ofZaïreZambiaZimbabwe
Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

Key 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 the nonmetropolitan territory of 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, 1995.

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, deutsche mark, Indian rupee, Italian lira, Singapore dollar, 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 evidenced by external payments arrears and restrictions imposed for security reasons under Executive Board Decision No. 144-(52/51) adopted August 14, 1952.

Resident-owned funds.

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