Chapter

Explanatory Note

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
September 1956
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The following surveys of individual exchange systems of various countries are presented in three groups. The first comprises those member countries of the Fund which, for the most part, maintain their existing restrictions under the postwar transitional period arrangements of Article XIV of the Fund Agreement. In some of these countries, however, restrictions to which the Fund has given approval under Article VIII of the Agreement may also be in operation. The second group comprises those member countries which do not apply any restrictions under Article XIV; they are referred to as “Article VIII countries.” The third group comprises certain countries which, at the time this Report was written, were not members of the Fund.

The surveys relate generally to the position in each country as at December 31,1955. For a few countries, however, the surveys relate to a later date or include references to significant developments which took place in early 1956. A standardized framework has been employed in drafting these surveys: each system is described under certain headings and a final section lists chronologically the more significant changes which took place in the country’s restrictive system during 1955. Some notes on the subject matter under each heading are given in the Explanatory Note to Part II of the Sixth Annual Report on Exchange Restrictions (pages 21-24).

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