Front Matter

Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
January 1996
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    EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS ANNUAL REPORT 1996

    Special Supplement

    © 1997 International Monetary Fund

    ISSN 0250-7366

    ISBN 1-55775-660-0

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel: (202) 623–7430 Telefax: (202) 623–7201

    Internet: publications@imf.org

    Preface

    The Annual Report on Exchange Arrangements and Exchange Restrictions has been published annually 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 visits to member countries, and it has been prepared in close consultation with national authorities. This Special Supplement presents the information included in the 1996 Annual Report in a new tabular format and expands the coverage on the regulations on capital transactions. The Supplement was prepared as a pilot for the 1997 Annual Report on Exchange Arrangements and Exchange Restrictions.

    The 52 countries covered in this Special Supplement have been selected as those where expanded information on the regulatory framework for capital movements was readily available to the IMF. They include countries that participated in a pilot data collection project on the regulatory framework for capital transactions conducted by the IMF in 1996, and member countries of the OECD. The information presented refers in most cases to the positions as of end-1995.

    This project was coordinated in the Monetary and Exchange Affairs Department by a staff team directed by R. Barry Johnston, and comprising Susana Sosa, Alexander Kyei, Virgilio Sandoval, and Fabienne Piccinni. The report was edited by Gail Berre of the External Relations Department, and was designed and produced by Ms. Piccinni and the IMF Graphics Section.

    Definitions of Acronyms

    Note: This list does not include acronyms of purely national institutions mentioned in the country chapters.

    ACP

    Atlantic, Caribbean, and Pacific countries

    ACU

    Asian Clearing Union (integrated by Bangladesh, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, and Sri Lanka)

    AFTA

    ASEAN free trade area (see ASEAN, below)

    AMU

    Asian monetary unit

    ANZCERTA

    Australia-New Zealand Closer Economic Relations and Trade Agreement

    ASEAN

    Association of Southeast Asian Nations (integrated by Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand)

    ATC

    Agreement of Textiles and Clothing

    BCEAO

    Central Bank of West African States (Banque centrale des états de l’Afrique de l’ouest). (The West African States are: Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo)

    BEAC

    Bank of Central African States (Banque des états de l’Afrique centrale). (The Central African states are: Cameroon, Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon)

    BLEU

    Belgium-Luxembourg Economic Union

    CAP

    Common agricultural policy (of the EU)

    CARICOM

    Caribbean Common Market (integrated by Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago)

    CET

    Common external tariff

    CFA

    African Financial Community (Communauté financière africaine)

    CIS

    Commonwealth of Independent States

    CMA

    Common monetary area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)

    CMEA

    Council for Mutual Economic Assistance (dissolved) (Bulgaria, Cuba, Czechoslovakia, Hungary, Mongolia, Poland, Romania, USSR, and Vietnam)

    CPI

    Consumer price index

    ECOWAS

    Economic Community of West African States (Cedeao)

    ECSC

    European Coal and Steel Community

    ECU

    European currency unit

    EEA

    European economic area

    EFTA

    European Free Trade Association

    EMS

    European monetary system

    ERM

    Exchange rate mechanism (of the EMS)

    EU

    European Union (formerly European Community), (integrated by Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom)

    FSU

    Former Soviet Union

    GATT

    General Agreement on Tariffs and Trade

    GSP

    Generalized system of preferences

    LAIA

    Latin American Integration Association (integrated by Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela)

    LIBOR

    London interbank offered rate

    MERCOSUR

    Southern Cone Common Market (integrated by Argentina, Brazil, Paraguay, and Uruguay)

    MFA

    Multifiber Arrangement

    MFN

    Most favored nation

    NAFTA

    North American Free Trade Agreement

    NATO

    North Atlantic Treaty Organization

    OECD

    Organization for Economic Cooperation and Development

    PTA

    Preferential trade area for eastern and southern African states

    SACU

    Southern African Customs Union (integrated by Botswana, Lesotho, Namibia, South Africa, and Swaziland)

    SDRs

    Special drawing rights

    SPARTECA

    South Pacific Regional Trade and Economic Cooperation Agreement (signed by Australia, Cook Islands, Fiji, Kiribati, Nauru, New Zealand, Niue, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, Vanuatu, and Western Samoa)

    UN

    United Nations

    WAEC

    West African Economic Community (CEAO) (dissolved)

    WAEMU

    West African Economic and Monetary Union (formerly WAMU, integrated by Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo)

    WTO

    World Trade Organization (supersedes GATT)

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