Front Matter
- International Monetary Fund. Monetary and Capital Markets Department
- Published Date:
- December 2013

Annual Report on Exchange Arrangements and Exchange Restrictions 2013
CD-ROM Edition including Overview
International Monetary Fund
©2013 International Monetary Fund
Cataloging-in-Publication Data
Joint Bank-Fund Library
Assessing macroprudential policies in a financial stability framework. – Washington, D.C.: International Monetary Fund, 2013.
- p. ; cm.
Special topic of the Annual report on exchange arrangements and exchange restrictions, 2013 issue.
Includes bibliographical references.
ISBN: 978-1-48436-680-6 (Print)
ISBN: 978-1-47555-261-4 (PDF)
ISBN: 978-1-48435-431-5 (ePub)
ISBN: 978-1-47557-805-8 (Mobi)
1. Financial institutions – State supervision. 2. Financial crises - Prevention.
I. International Monetary Fund.
HG173.A87 2013
ISSN (Online) 2304-0831
ISSN (Print) 0250-7366
Please send orders to:
International Monetary Fund, Publication Services
P.O. Box 92780, Washington, D.C. 20090, U.S.A.
Tel.: (202) 623-7430 Fax: (202) 623-7201
E-mail: publications@imf.org
Contents
- Country Chapters on CD-ROM
- Preface
- Abbreviations
- Overview
- Overall Developments during 2012
- Developments in Exchange Arrangements
- Table 1. De Facto Classification of Exchange Rate Arrangements and Monetary Policy Frameworks, April 30, 2013
- Table 2. Exchange Rate Arrangements, 2008–13
- Table 3. Changes and Resulting Reclassifications of Exchange Rate Arrangements, January 1, 2012–April 30, 2013
- Table 4. Monetary Policy Frameworks and Exchange Rate Anchors
- Foreign Exchange Interventions
- Table 5. Changes in Exchange Rate Arrangements, Official Exchange Rate, and Monetary Policy Framework, January 1, 2012–August 31, 2013
- Table 6. Foreign Exchange Market Structure, 2009–13
- Table 7.a. Changes in Foreign Exchange Markets, January 1, 2012–August 31, 2013
- Table 7.b. Changes in Currency and Exchange Rate Structures, 2012–13
- Table 7.c. Changes in Exchange Subsidies and Exchange Taxes, 2012–13
- Member Countries’ Obligations and Status under Article VIII
- Regulating Framework for Foreign Exchange Transactions
- Provisions Specific to Commercial Banks and Institutional Investors
- Special Topic
- References
- Compilation Guide
- Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in IMF Member Countries
- Country Table Matrix
Country Chapters on CD-ROM1
Afghanistan
Albania
Algeria
Angola
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
The Bahamas
Bahrain
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
Colombia
Comoros
Democratic Republic of the Congo (DRC)
Republic of Congo (Congo)
Costa Rica
Côte d’Ivoire
Croatia
Curaçao and Sint Maarten
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
The Gambia
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong Special Administrative Region
Hungary
Iceland
India
Indonesia
Islamic Republic of Iran
Iraq
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kiribati
Korea
Kosovo
Kuwait
Kyrgyz Republic
Lao People’s Democratic Republic
Latvia
Lebanon
Lesotho
Liberia
Libya
Lithuania
Luxembourg
Former Yugoslav Republic of Macedonia
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Mauritania
Mauritius
Mexico
Micronesia
Moldova
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
Rwanda
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Samoa
San Marino
São Tomé and Príncipe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Slovenia
Solomon Islands
Somalia
South Africa
South Sudan
Spain
Sri Lanka
Sudan
Suriname
Swaziland
Sweden
Switzerland
Syria
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
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 information provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.
This project was coordinated in the Monetary and Capital Markets Department by a staff team directed by Karl F. Habermeier and comprising Chikako Baba, Roy Baban, Ricardo Cervantes, Salim Darbar, Mehmet Ziya Gorpe, Ivett Jamborne, and Annamaria Kokenyne. It draws on the specialized contribution of that department (for specific countries), with assistance from staff members of the IMF’s five area departments, together with staff of other departments. John Gregg Forte drafted the Special Topic. The report was edited and produced by Linda Griffin Kean of the Communications Department with assistance from Lucy Scott Morales.
Abbreviations
ASEAN–Australia–New Zealand Free Trade Agreement
Asian Clearing Union (Bangladesh, Bhutan, India, Islamic Republic of Iran, Maldives, Myanmar, Nepal, Pakistan, Sri Lanka)
Authorized dealer
ASEAN Free Trade Area (see ASEAN, below)
African Growth and Opportunity Act (United States)
Asian monetary unit
Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao P.D.R., Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam)
Central Bank of West African States (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo)
Bank of Central African States (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)
Central American Common Market (Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua)
Central African Economic and Monetary Community (members of the BEAC)
Central American Free Trade Agreement
Common agricultural policy (of the EU)
Caribbean Community and Common Market (Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago); The Bahamas is also a member of CARICOM, but it does not participate in the Common Market
Central bank
Central European Free Trade Area (Bulgaria, Hungary, Poland, Romania, Slovak Republic, Slovenia)
Economic Community of the Great Lakes Countries (Burundi, Democratic Republic of the Congo, Rwanda)
Common external tariff
Communauté financière d’Afrique (administered by the BCEAO) and Coopération financière en Afrique centrale (administered by the BEAC)
Chartered Institute of Management Accountants Code of Ethics for Professional Accountants
Commonwealth of Independent States (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan)
Convention on International Trade in Endangered Species of Wild Fauna and Flora
Common Monetary Area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)
Council for Mutual Economic Assistance (dissolved; formerly Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, Romania, U.S.S.R., Vietnam)
Common Market for Eastern and Southern Africa (Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, Zimbabwe)
East African Community
European Bank for Reconstruction and Development
European Council (Council of the European Union)
European Central Bank
Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)
Eastern Caribbean Currency Union
Economic Community of West African States (Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo)
European Coal and Steel Community
European Economic Area
European Financial Stability Facility
European Financial Stability Mechanism
European Free Trade Association (Iceland, Liechtenstein, Norway, Switzerland)
European Investment Bank
European Economic and Monetary Union (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia, Spain)
Export processing zone
Exchange rate mechanism (of the European monetary system)
European Union (formerly European Community); Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom)
Financial Action Task Force on Money Laundering (of the OECD)
Foreign direct investment
Foreign exchange certificate
Former Soviet Union
Group of Seven advanced economies (Canada, France, Germany, Italy, Japan, United Kingdom, United States)
Greater Arab Free Trade Agreement
Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates)
Generalized System of Preferences
International Bank for Reconstruction and Development (World Bank)
International Monetary Fund
Latin American Integration Association (Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, Venezuela)
Letter of credit
London interbank bid rate
London interbank offered rate
Southern Cone Common Market (Argentina, Brazil, Paraguay, Uruguay, Venezuela)
Most favored nation
Ministry of finance
North American Free Trade Agreement
Organization for Economic Cooperation and Development
Organization of Eastern Caribbean States (Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)
Open general license
Over the counter
Pacific Agreement on Closer Economic Relations (of the Pacific Islands Forum; Australia, Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu)
Pacific Island Countries Trade Agreement (of the Pacific Islands Forum); Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu)
Regional Council on Public Savings and Financial Markets (an institution of WAEMU countries that is involved in issuance and marketing of securities authorization)
Regional Integration Facilitation Forum (formerly Cross-Border Initiative); Burundi, Comoros, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe)
Southern African Customs Union (Botswana, Lesotho, Namibia, South Africa, Swaziland)
Southern Africa Development Community (Angola, Botswana, Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe)
Special drawing right
Undertakings for the Collective Investment of Transferable Securities
Central African Customs and Economic Union (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)
United Nations
UN Security Council
Value-added tax
West African Economic and Monetary Union (formerly WAMU; members of the BCEAO)
West African Monetary Agency (formerly WACH)
West African Monetary Zone
Exchange rate mechanism (of the WAMZ)
World Trade Organization