Front Matter

Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2015
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Annual Report on Exchange Arrangements and Exchange Restrictions 2015

International Monetary Fund

©2015 International Monetary Fund

Cataloging-in-Publication Data

Joint Bank-Fund Library

Annual report on exchange arrangements and exchange restrictions 2015. – Washington, D.C. : International Monetary Fund, 2015.

  • pages ; cm.
  • Includes bibliographical references.
  • ISBN: 978-1-51352-879-3 (Print)
  • ISBN: 978-1-51355-000-8 (PDF)
  • ISBN: 978-1-51357-584-1 (ePub)
  • ISBN: 978-1-51357-423-3 (Mobi)

1. Foreign exchange – Law and legislation. 2. Foreign exchange administration. I. International Monetary Fund.

K4440.A13 I57 2015

ISSN (Online) 2304-0831

ISSN (Print) 0250-7366

Disclaimer: The analysis and policy considerations expressed in this publication are those of the IMF staff and do not represent official IMF policy or the views of the IMF Executive Directors or their national authorities.

Recommended citation: International Monetary Fund, Annual Report on Exchange Arrangements and Exchange Restrictions (Washington, October 2015).

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Contents

Country Chapters1

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

Cabo Verde

Cambodia

Cameroon

Canada

Central African Republic

Chad

Chile

China

Colombia

Comoros

Democratic Republic of the Congo

Republic of 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 SAR

Hungary

Iceland

India

Indonesia

Islamic Republic of Iran

Iraq

Ireland

Israel

Italy

Jamaica

Japan

Jordan

Kazakhstan

Kenya

Kiribati

Korea

Kosovo

Kuwait

Kyrgyz Republic

Lao P.D.R.

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 that 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, Ricardo Cervantes, Salim Darbar, Ivett Jamborne Hankoczy, Annamaria Kokenyne, Jorge Lugo, and Viktoriya Zotova. 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. The Special Topic was prepared by Salim Darbar and Viktoriya Zotova. The report was edited and produced by Linda Griffin Kean, Linda Long, and Lucy Scott Morales of the Communications Department.

Abbreviations

AANZFTA

ASEAN–Australia–New Zealand Free Trade Agreement

ACU

Asian Clearing Union (Bangladesh, Bhutan, India, Islamic Republic of Iran, Maldives, Myanmar, Nepal, Pakistan, Sri Lanka)

AD

Authorized dealer

AFTA

ASEAN Free Trade Area (see ASEAN, below)

AGOA

African Growth and Opportunity Act (United States)

AMU

Asian monetary unit

ASEAN

Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao P.D.R., Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam)

BCEAO

Central Bank of West African States (Benin, Burkina Faso, Côte d’Ivoire, Guinea–Bissau, Mali, Niger, Senegal, Togo)

BEAC

Bank of Central African States (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)

CACM

Central American Common Market (Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua)

CAFTA

Central American Free Trade Agreement

CAP

Common agricultural policy (of the EU)

CARICOM

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

CB

Central bank

CEFTA

Central European Free Trade Area (Bulgaria, Hungary, Poland, Romania, Slovak Republic, Slovenia)

CEMAC

Central African Economic and Monetary Community (members of the BEAC)

CEPGL

Economic Community of the Great Lakes Countries (Burundi, Democratic Republic of the Congo, Rwanda)

CET

Common external tariff

CFA

Communauté financière d’Afrique (administered by the BCEAO) and Coopération financière en Afrique centrale (administered by the BEAC)

CIMA Code

Chartered Institute of Management Accountants Code of Ethics for Professional Accountants

CIS

Commonwealth of Independent States (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan)

CITES

Convention on International Trade in Endangered Species of Wild Fauna and Flora

CMA

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

CMEA

Council for Mutual Economic Assistance (dissolved; formerly Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, Romania, U.S.S.R., Vietnam)

COMESA

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)

EAC

East African Community

EBRD

European Bank for Reconstruction and Development

EC

European Council (Council of the European Union)

ECB

European Central Bank

ECCB

Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)

ECCU

Eastern Caribbean Currency Union

ECOWAS

Economic Community of West African States (Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo)

ECSC

European Coal and Steel Community

EEA

European Economic Area

EFSF

European Financial Stability Facility

EFSM

European Financial Stability Mechanism

EFTA

European Free Trade Association (Iceland, Liechtenstein, Norway, Switzerland)

EIB

European Investment Bank

EMU

European Economic and Monetary Union (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia, Spain)

EPZ

Export processing zone

ERM

Exchange rate mechanism (of the European monetary system)

EU

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)

FATF

Financial Action Task Force on Money Laundering (of the OECD)

FDI

Foreign direct investment

FEC

Foreign exchange certificate

FSU

Former Soviet Union

G7

Group of Seven advanced economies (Canada, France, Germany, Italy, Japan, United Kingdom, United States)

GAFTA

Greater Arab Free Trade Agreement

GCC

Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates)

GSP

Generalized System of Preferences

IBRD

International Bank for Reconstruction and Development (World Bank)

IMF

International Monetary Fund

LAIA

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

LC

Letter of credit

LIBID

London interbank bid rate

LIBOR

London interbank offered rate

MCP

Multiple currency practice

MERCOSUR

Southern Cone Common Market (Argentina, Brazil, Paraguay, Uruguay, Venezuela)

MFN

Most favored nation

MOF

Ministry of finance

NAFTA

North American Free Trade Agreement

OECD

Organisation for Economic Co-operation and Development

OECS

Organization of Eastern Caribbean States (Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)

OGL

Open general license

OTC

Over the counter

PACER

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)

PICTA

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)

RCPSFM

Regional Council on Public Savings and Financial Markets (an institution of WAEMU countries that is involved in issuance and marketing of securities)

RIFF

Regional Integration Facilitation Forum (formerly Cross-Border Initiative; Burundi, Comoros, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe)

SACU

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

SADC

Southern Africa Development Community (Angola, Botswana, Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe)

SDRs

Special drawing rights

UCITS

Undertakings for the Collective Investment of Transferable Securities

UDEAC

Central African Customs and Economic Union (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)

UN

United Nations

UNSC

UN Security Council

VAT

Value-added tax

WAEMU

West African Economic and Monetary Union (formerly WAMU; members of the BCEAO)

WAMA

West African Monetary Agency (formerly WACH)

WAMZ

West African Monetary Zone

W-ERM II

Exchange rate mechanism (of the WAMZ)

WTO

World Trade Organization

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