Selected Decisions (9th Ed)
Chapter

Article V, Section 8

Author(s):
International Monetary Fund
Published Date:
June 1981
Share
  • ShareShare
Show Summary Details

Charges: Future Changes in Charges on Fund’s Holdings of Members’ Currencies in Excess of Quota

Changes in any schedule of charges levied under Article V, Section 8(c), (d), and (e)* shall apply to all holdings subject to the schedule that are obtained by the Fund after the date of this decision.

Decision No. 4239-(74/67)

June 13, 1974

Charges: Media of Payment in General Resources Account

1. A member that is unable to pay charges in SDRs because it is not a particpant in the Special Drawing Rights Department and has not been prescribed as an other holder may pay all charges payable under Article V, Section 8 in the currencies of other members. Such currencies shall be selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment.

2. A member whose holdings of SDRs are insufficient for the payment of the total of charges due and payable by it may (a) obtain SDRs from the General Resources Account up to the amount of the balance of SDRs needed for the payment, or (b) pay the balance of the charges in the currencies of other members. The currencies for which the SDRs would be sold under (a) or that would be paid under (b) shall be selected by the Managing Director from those currencies that the Fund would receive in accordance with the operational budget in effect at the time of payment.

Decision No. 5702-(78/39) G/S

March 22, 1978, effective April 1, 1978

    Other Resources Citing This Publication