- International Monetary Fund. External Relations Dept.
- Published Date:
- September 1953
Part II of this Report consists of a general review of developments in restrictions during 1952 and early in 1953 and a series of country surveys outlining the restrictive systems of certain member countries. In addition, country surveys for certain nonmember countries are presented at the end of this Report. As in previous Annual Reports on Exchange Restrictions, the exchange controls and restrictions of Belgium and Luxembourg are surveyed jointly and, with the exception of Hong Kong, separate surveys have not been prepared for the non-metropolitan territories of members of the Fund.
The individual country surveys record the position in each country as at December 31, 1952 and give a brief chronological statement of the major changes during that year. In a few cases, where particularly significant developments have already taken place in 1953, suitable references are made in footnotes or in a note at the end of the survey concerned. As mentioned in Part I of this Report, consultations have taken place between the Fund and a number of its members in connection with the fulfillment of the requirements of Article XIV, Section 4, of the Fund Agreement. The additional knowledge obtained from these consultations and from the preparatory work in connection therewith has enabled the country surveys to be written in a form which gives somewhat less emphasis to the formal characteristics of the various restrictive systems, and conveys, it is thought, a somewhat clearer and more comprehensive picture of the working of the individual exchange systems than has hitherto been possible. As in previous Reports, questions of definition and jurisdiction have not been raised and an attempt has been made to describe restrictive systems in their entirety, except for the tariff structure and (other than in a few cases) direct taxes on exports and imports. While, as in previous Reports, the country surveys are based on the formal characteristics of the restrictive systems of member countries, some attempt has been made in this Report to indicate the incidence and severity of the controls and restrictions as evidenced by their administrative application. Moreover, in order to assist in an understanding of the general character of recent developments, a section (Section B) has been included indicating broadly the nature of the changes which have taken place, thus facilitating the consideration of any general trends which may be observed and of developments affecting more than one country. Moreover, Section B carries the review of developments beyond December 31, 1952, the normal cut-off date for the country surveys.