Back Matter

Back Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2015
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Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in IMF Member Countries(As of date shown on first page of country chapter; symbol key at end of table)
Total number of member countries with these featuresAfghanistanAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaAustraliaAustriaAzerbaijanThe BahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBolivia
Status under IMF Articles of Agreement
Article VIII168
Article XIV20
Exchange Rate Arrangements
No separate legal tender13
Currency board10
Conventional peg42+
Stabilized arrangement22
Crawling peg3
Crawl-like arrangement20
Pegged exchange rate within horizontal bands1
Other managed arrangement10*
Floating37
Free floating30
Exchange rate structure
Dual exchange rates13
Multiple exchange rates11
Arrangements for Payments and Receipts
Bilateral payments arrangements62
Payments arrears24
Controls on payments for invisible transactions and current transfers98
Proceeds from exports and/or invisible transactions
Repatriation requirements85
Surrender requirements59
Capital Transactions
Controls on:
Capital market securities151
Money market instruments126
Collective investment securities127
Derivatives and other instruments101
Commercial credits86
Financial credits114
Guarantees, sureties, and financial backup facilities77
Direct investment151
Liquidation of direct investment39
Real estate transactions145
Personal capital transactions95
Provisions specific to:
Commercial banks and other credit institutions174
Institutional investors145
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

Bosnia and HerzegovinaBotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCabo VerdeCambodiaCameroonCanadaCentral African RepublicChadChileChinaColombiaComorosCongo, Dem. Rep. ofCongo, Republic ofCosta RicaCôte d’IvoireCroatia
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board+
Conventional peg+
Stabilized arrangement
Crawling peg*
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to: Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

CyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFijiFinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreece
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board
Conventional peg*
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

GrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribati
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender+
Currency board
Conventional peg
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floatingθ
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:

Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

KoreaKosovoKuwaitKyrgyz RepublicLao P.D.R.LatviaLebanonLesothoLiberiaLibyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritius
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board
Conventional peg*+
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

MexicoMicronesiaMoldovaMongoliaMontenegroMoroccoMozambiqueMyanmarNamibiaNepalNetherlandsNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPalauPanamaPapua New GuineaParaguay
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board
Conventional peg*++
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

PeruPhilippinesPolandPortugalQatarRomaniaRussiaRwandaSamoaSan MarinoSão Tomé and PríncipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth Africa
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board
Conventional peg
Stabilized arrangement*
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

South SudanSpainSri LankaSt. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSudanSurinameSwazilandSwedenSwitzerlandSyriaTajikistanTanzaniaThailandTimor-LesteTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistan
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender
Currency board
Conventional peg+
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

TuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuelaVietnamYemenZambiaZimbabweArubaHong Kong SARCuraçao and Sint Maarten
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange Rate Arrangements
No separate legal tender+
Currency board
Conventional peg
Stabilized arrangement
Crawling peg
Crawl-like arrangement
Pegged exchange rate within horizontal bands
Other managed arrangement
Floating
Free floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for Payments and Receipts
Bilateral payments arrangements
Payments arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital Transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities-
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital transactions
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

Key

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at the time of publication.

Indicates that the specified practice is not regulated.

Indicates that the country participates in the euro area.

Indicates that the country participates in the European Exchange Rate Mechanism (ERM II).

Indicates that flexibility is limited vis-à-vis the U.S. dollar.

Indicates that flexibility is limited vis-à-vis the euro.

Indicates that flexibility is limited vis-à-vis another single currency.

Indicates that flexibility is limited vis-à-vis the SDR.

Indicates that flexibility is limited vis-à-vis another basket of currencies.

Country Table Matrix: Status under IMF Articles of Agreement

Date of membership

Article VIII

Article XIV

Exchange Measures

Restrictions and/or multiple currency practices

Exchange measures imposed for security reasons

In accordance with IMF Executive Board Decision No. 144-(52/51)

Other security restrictions

References to legal instruments and hyperlinks

Exchange Arrangement

Currency

Other legal tender

Exchange rate structure

Unitary Dual Multiple

Classification

No separate legal tender

Currency board

Conventional peg

Stabilized arrangement

Crawling peg

Crawl-like arrangement

Pegged exchange rate within horizontal bands

Other managed arrangement

Floating

Free floating

Official exchange rate

Monetary policy framework

Exchange rate anchor

Monetary aggregate target

Inflation-targeting framework

Other monetary framework

Exchange tax

Exchange subsidy

Foreign exchange market

Spot exchange market

  • Operated by the central bank

    • Foreign exchange standing facility

    • Allocation

    • Auction

    • Fixing

  • Interbank market

    • Over the counter

    • Brokerage

    • Market making

  • Forward exchange market

    • Official cover of forward operations

References to legal instruments and hyperlinks

Arrangements for Payments and Receipts

Prescription of currency requirements

Controls on the use of domestic currency

  • For current transactions and payments

  • For capital transactions

    • Transactions in capital and money market instruments

    • Transactions in derivatives and other instruments

    • Credit operations

Use of foreign exchange among residents

Payments arrangements

Bilateral payments arrangements

  • Operative

  • Inoperative

Regional arrangements

Clearing agreements

Barter agreements and open accounts

Administration of control

Payments arrears

Official

Private

Controls on trade in gold (coins and/or bullion)

On domestic ownership and/or trade

On external trade

Controls on exports and imports of banknotes

On exports

  • Domestic currency

  • Foreign currency

On imports

  • Domestic currency

  • Foreign currency

References to legal instruments and hyperlinks

Resident Accounts

Foreign exchange accounts permitted

Held domestically

  • Approval required

Held abroad

  • Approval required

Accounts in domestic currency held abroad

Accounts in domestic currency convertible into foreign currency

References to legal instruments and hyperlinks

Nonresident Accounts

Foreign exchange accounts permitted

Approval required

Domestic currency accounts

Convertible into foreign currency

Approval required

Blocked accounts

References to legal instruments and hyperlinks

Imports and Import Payments

Foreign exchange budget

Financing requirements for imports

Minimum financing requirements

Advance payment requirements

Advance import deposits

Documentation requirements for release of foreign exchange for imports

Domiciliation requirements

Preshipment inspection Letters of credit

Import licenses used as exchange licenses

Other

Import licenses and other nontariff measures

Positive list

Negative list

Open general licenses

Licenses with quotas

Other nontariff measures

Import taxes and/or tariffs

Taxes collected through the exchange system

State import monopoly

References to legal instruments and hyperlinks

Exports and Export Proceeds

Repatriation requirements

Surrender requirements

  • Surrender to the central bank

  • Surrender to authorized dealers

Financing requirements

Documentation requirements

Letters of credit

Guarantees

Domiciliation

Preshipment inspection

Other

Export licenses

Without quotas

With quotas

Export taxes

Collected through the exchange system

Other export taxes

References to legal instruments and hyperlinks

Payments for Invisible Transactions and Current Transfers

Controls on these transfers

Trade-related payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Investment-related payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Payments for travel

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Personal payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Foreign workers’ wages

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Credit card use abroad

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

Other payments

  • Prior approval

  • Quantitative limits

  • Indicative limits/bona fide test

References to legal instruments and hyperlinks

Proceeds from Invisible Transactions and Current Transfers

Repatriation requirements

Surrender requirements

  • Surrender to the central bank

  • Surrender to authorized dealers

Restrictions on use of funds

References to legal instruments and hyperlinks

Capital Transactions

Controls on capital transactions

Repatriation requirements

  • Surrender requirements

    • Surrender to the central bank

    • Surrender to authorized dealers

Controls on capital and money market instruments

  • On capital market securities

    • Shares or other securities of a participating nature

      • Purchase locally by nonresidents

      • Sale or issue locally by nonresidents

      • Purchase abroad by residents

      • Sale or issue abroad by residents

    • Bonds or other debt securities

      • Purchase locally by nonresidents

      • Sale or issue locally by nonresidents

      • Purchase abroad by residents

      • Sale or issue abroad by residents

  • On money market instruments

    • Purchase locally by nonresidents

    • Sale or issue locally by nonresidents

    • Purchase abroad by residents

    • Sale or issue abroad by residents

  • On collective investment securities

    • Purchase locally by nonresidents

    • Sale or issue locally by nonresidents

    • Purchase abroad by residents

    • Sale or issue abroad by residents

Controls on derivatives and other instruments

  • Purchase locally by nonresidents

  • Sale or issue locally by nonresidents

  • Purchase abroad by residents

  • Sale or issue abroad by residents

Controls on credit operations

  • Commercial credits

    • By residents to nonresidents

    • To residents from nonresidents

  • Financial credits

    • By residents to nonresidents

    • To residents from nonresidents

  • Guarantees, sureties, and financial backup facilities

    • By residents to nonresidents

    • To residents from nonresidents

Controls on direct investment

  • Outward direct investment

  • Inward direct investment

Controls on liquidation of direct investment

Controls on real estate transactions

  • Purchase abroad by residents

  • Purchase locally by nonresidents

  • Sale locally by nonresidents

Controls on personal capital transactions

  • Loans

    • By residents to nonresidents

    • To residents from nonresidents

  • Gifts, endowments, inheritances, and legacies

    • By residents to nonresidents

    • To residents from nonresidents

  • Settlement of debts abroad by immigrants

  • Transfer of assets

    • Transfer abroad by emigrants

    • Transfer into the country by immigrants

  • Transfer of gambling and prize earnings

References to legal instruments and hyperlinks

Provisions Specific to the Financial Sector

Provisions specific to commercial banks and other credit institutions

Borrowing abroad

Maintenance of accounts abroad

Lending to nonresidents (financial or commercial credits)

Lending locally in foreign exchange

Purchase of locally issued securities denominated in foreign exchange

Differential treatment of deposit accounts in foreign exchange

  • Reserve requirements

  • Liquid asset requirements

  • Interest rate controls

  • Credit controls

Differential treatment of deposit accounts held by nonresidents

  • Reserve requirements

  • Liquid asset requirements

  • Interest rate controls

  • Credit controls

Investment regulations

  • Abroad by banks

  • In banks by nonresidents

Open foreign exchange position limits

  • On resident assets and liabilities

  • On nonresident assets and liabilities

Provisions specific to institutional investors

Insurance companies

  • Limits (max.) on securities issued by nonresidents

  • Limits (max.) on investment portfolio held abroad

  • Limits (min.) on investment portfolio held locally

  • Currency-matching regulations on assets/liabilities composition

Pension funds

  • Limits (max.) on securities issued by nonresidents

  • Limits (max.) on investment portfolio held abroad

  • Limits (min.) on investment portfolio held locally

  • Currency-matching regulations on assets/liabilities composition

Investment firms and collective investment funds

  • Limits (max.) on securities issued by nonresidents

  • Limits (max.) on investment portfolio held abroad

  • Limits (min.) on investment portfolio held locally

  • Currency-matching regulations on assets/liabilities composition

References to legal instruments and hyperlinks

Changes during 2014

Status under IMF Articles of Agreement

Exchange measures

Exchange arrangement

Arrangements for payments and receipts

Resident accounts

Nonresident accounts

Imports and import payments

Exports and export proceeds

Payments for invisible transactions and current transfers

Proceeds from invisible transactions and current transfers

Capital transactions

Repatriation and surrender requirements

Controls on capital and money market instruments

Controls on derivatives and other instruments

Controls on credit operations

Controls on direct investment

Controls on liquidation of direct investment

Controls on real estate transactions

Controls on personal capital transactions

Provisions specific to the financial sector

Provisions specific to commercial banks and other credit institutions

Provisions specific to institutional investors

Changes during 2015

Status under IMF Articles of Agreement

Exchange measures

Exchange arrangement

Arrangements for payments and receipts

Resident accounts

Nonresident accounts

Imports and import payments

Exports and export proceeds

Payments for invisible transactions and current transfers

Proceeds from invisible transactions and current transfers

Capital transactions

Repatriation and surrender requirements

Controls on capital and money market instruments

Controls on derivatives and other instruments

Controls on credit operations

Controls on direct investment

Controls on liquidation of direct investment

Controls on real estate transactions

Controls on personal capital transactions

Provisions specific to the financial sector

Provisions specific to commercial banks and other credit institutions

Provisions specific to institutional investors

These chapters are available on AREAER Online (www.elibrary-areaer.imf.org/). 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.

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

In addition to the 188 IMF member countries, the report includes information on Hong Kong SAR (China) as well as Aruba and Curaçao and Sint Maarten (all in the Kingdom of the Netherlands).

The IMF’s Articles of Agreement are available at www.imf.org/external/pubs/ft/aa/index.htm.

The information on restrictions and MCPs consists of verbatim quotes from each country’s most recent published IMF staff report as of December 31, 2014, and represents the views of the IMF staff, which may not necessarily have been endorsed by the IMF Executive Board. In cases in which the information is drawn from IMF staff reports that have not been made public, the quotes have been included with the express consent of the member country. In the absence of such consent, the relevant information is reported as “not publicly available.” Any changes to these restrictions and MCPs implemented after the relevant IMF report has been issued will be reflected in the subsequent issue of the AREAER that covers the year during which the IMF staff report with information on such changes is issued.

The information on exchange measures imposed for security reasons is based solely on information provided by country authorities.

For further information on these resources, see www.imf.org/external/publications/index.htm, www.imfbookstore.org, or www.elibrary.imf.org.

The date of the latest reported development is indicated for each country in the country chapters on the CD accompanying the printed version of the Overview and in the AREAER Online database as Position date. The exchange rate classification for all countries reflects the status as of April 30 of the year of publication regardless of the position date.

This section summarizes developments between May 1, 2014, and April 30, 2015.

The Iranian rial was reclassified retroactively to stabilized from other managed arrangement as of July 2013, and reclassified again to a crawl-like arrangement as of March 2014. The first change is reflected as of January 1, 2014, corresponding to the first day of the period covered in this year’s AREAER.

Monetary anchors are defined as the main intermediate target the authorities pursue to achieve their policy goal (which, overwhelmingly, is price stability). The inventory of monetary anchors is based mainly on members’ declaration in the context of the yearly AREAER update or Article IV consultations. For the 2010 reporting year, country officials were asked for the first time to report specific information about the monetary policy framework, and as a result, the information provided by officials improved considerably.

The officially announced monetary anchor may differ from the anchor implemented in practice, as a result of the de facto exchange rate arrangement.

Inflation targeting aims to address the problem of exchange rates and monetary aggregates that do not have a stable relationship with prices, making intermediate targets less suitable for inflation control.

Preannounced programs of purchases and/or sales of foreign exchange typically do not qualify as interventions because the design of these programs minimizes the impact on the exchange rate. Very small, retail-type transactions are also disregarded.

The AREAER does not indicate whether the Executive Board of the IMF has approved such measures.

The member countries that avail themselves of the transitional arrangements under Article XIV are Afghanistan, Albania, Angola, Bhutan, Bosnia and Herzegovina, Burundi, Eritrea, Ethiopia, Iraq, Kosovo, Liberia, Maldives, Myanmar, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Syria, Turkmenistan, and Tuvalu.

See Decision No. 144-(52/51) in Selected Decisions and Selected Documents of the International Monetary Fund, Issue 36 (Washington: IMF, 2012).

The total number of measures includes a large number of changes reported by Cyprus, similar to the previous reporting period. Cyprus, to deal with its economic crisis, imposed wide-ranging temporary restrictions in March 2013 that significantly constrained capital transactions across many categories. Subsequently, as conditions improved, restrictions were gradually eased starting as early as April 2013 and finally all restrictions were eliminated in April 2015. The AREAER records the imposition of these restrictions and their step-by-step removal across many categories of transactions, thereby showing a large number of measures taken by Cyprus.

CFMs encompass a broad spectrum of measures. For the purposes of the IMF’s institutional view, the term “capital flow management measures” refers to measures designed to limit capital flows. CFMs comprise residency-based CFMs, which encompass a variety of measures (including taxes and regulations) affecting cross-border financial activity that discriminate on the basis of residency—also generally referred to as capital controls—and other CFMs, which do not discriminate on the basis of residency but are nonetheless designed to limit capital flows. These other CFMs typically include measures, such as some prudential measures, that differentiate transactions on the basis of currency as well as other measures that typically apply to the nonfinancial sector. The concept of capital controls in the AREAER is quite similar to that of the CFM: it encompasses regulations that limit capital flows and includes various measures that regulate the conclusion or execution of transactions and transfers and the holding of assets at home by nonresidents and abroad by residents. See “The Liberalization and Management of Capital Flows: An Institutional View” (Washington: IMF, 2012).

Capital controls and prudential measures are highly intertwined because of their overlapping application. For example, some prudential measures (such as different reserve requirements for deposit accounts held by residents and nonresidents) could also be regarded as capital controls because they distinguish between transactions with residents and nonresidents and hence influence capital flows.

Inclusion of an entry in this category does not necessarily indicate that the aim of the measure is to control the flow of capital.

Peru gradually decreased its multicomponent reserve requirements in 31 steps. Turkey introduced a reserve option mechanism, under which a gradually increasing share of required reserves on lira liabilities may be held in foreign currency and gold. The new regime was implemented in several steps, which increased the number of changes significantly.

Depending on the policy objective, reserve requirement ratios are often differentiated according to maturity, the denomination of the liability, or the residency of the depositor or lender. Reserve requirements imposed at different levels or under different conditions for liabilities to residents and nonresidents are considered capital controls.

In order to encourage dedollarization, Peru increased the marginal reserve requirement on foreign currency from 50 percent to 60 percent in January 2015 and to 70 percent in March 2015, while it lowered reserve requirements on local currency.

To address concerns with respect to consumer credit growth, the Central Bank of Tunisia imposed an additional 50 percent reserve requirement on increases in consumer credit in late 2012. The rate was subsequently reduced to 30 percent in March 2013,

Asymmetric open foreign exchange position limits are often considered capital controls because they have the effect of influencing capital flows.

Regulation (EU) No. 575/2013 (Capital Requirements Regulation) and Directive No. EU/2013/36 (Capital Requirements Directive IV).

Prepared by Salim M. Darbar and Viktoriya V. Zotova.

Per the original Articles of Agreement in effect prior to their second amendment in 1978, Article XIV, Section 4, read: “Action of the Fund relating to restriction[:] Not later than three years after the date on which the Fund begins operations and in each year thereafter, the Fund shall report on the restrictions still in force under Section 2 of this Article. Five years after the date on which the Fund begins operations, and in each year thereafter, any member still retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4, shall consult the Fund as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representation to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XV, Section 2(a).”

Per the original Articles of Agreement before the second amendment, Article XIV, Section 2, read: “Exchange Restrictions[:] In the post-war transitional period members may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances (and in the case of members whose territories have been occupied by the enemy, introduce where necessary) restrictions on payment and transfers for current international transactions. Members shall, however, have continuous regard in their foreign exchange policies to the purpose of the Fund; and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the maintenance of exchange stability. In particular, members shall withdraw restrictions maintained or imposed under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the resources of the Fund.”

First Annual Report on Exchange Restrictions (IMF 1950).

See the Fourth Annual Report on Exchange Restrictions (IMF 1953). Bilateral consultations began in 1952, after the IMF completed five years of operations, as required by Article XIV, with members still under the transitional provisions of the Articles of Agreement. The nature of these initial consultations is contained in the Third Annual Report on Exchange Restrictions (IMF 1952).

See IMF Executive Board Minutes (EBM) 55/9. During the first few decades, the board provided comments on a draft report during a board discussion and then approved a final version. Comments on Part II were provided directly to the IMF staff by country authorities and/or by Executive Directors’ offices. Over time, as the reports evolved, so did the role of the board, particularly with reference to Part I. Today, the board no longer reviews the AREAER, but country authorities still provide input to the country surveys, either directly or through their Executive Directors.

See EBM/79/13 and EBM/79/76.

Annual Report on Exchange Arrangements and Exchange Restrictions, 1989—Proposed Outline (EBD/89/13).

IMF 1989.

Annual Report on Exchange Arrangements and Exchange Restrictions (EBD/97/29). Appendix II of the 1997 AREAER provides a sample country report in the tabular format.

Exchange Arrangement and Exchange Restriction Annual Report 1996 Special Supplement.

IMF 1999.

A survey of AREAER-based indices is in the appendix to the 2010 AREAER (IMF 2010). Some indices described there have recently been updated.

Usage statistics are based partly on a survey conducted in 2005: AREAER Usership Research, Qualitative Findings and on the latest IMF statistics.

AREAER Web metrics May 1, 2013–April 30, 2015; IMF Communications Department.

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