Chapter

RULES AND REGULATIONS OF THE INTERNATIONAL MONETARY FUND

Author(s):
International Monetary Fund
Published Date:
August 2006
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A—Scope of Rules and Regulations

A-1. These Rules and Regulations supplement the Articles of Agreement and the By-Laws adopted by the Board of Governors. They are not intended to replace any provision of either the Articles or the By-Laws. The Rules and Regulations provide such operating rules, procedures, regulations, and interpretation as are necessary and desirable to carry out the purposes and powers contained in the Articles, as supplemented by the By-Laws. If any provision in the Rules and Regulations is found to be in conflict with any provision in the Articles or in the By-Laws, the Articles and By-Laws shall prevail and an appropriate amendment shall be made to these Rules and Regulations.

Adopted September 25, 1946, amended April 1, 1978

A-2. Additions to, and changes of, the Rules and Regulations will be made as experience brings to light new problems or suggests modifications in procedures already adopted.

Adopted September 25, 1946

B—Terms and Definitions

B-1. Executive Director, except where otherwise specified, shall include the Alternate or the temporary Alternate, as the case may be. In matters pertaining exclusively to the Special Drawing Rights Department references in these Rules and Regulations to Executive Director, other than in Rules C-1, C-5(a), C-15, and C-16, shall apply to an Executive Director appointed by a participant or elected or designated by at least one member that is a participant. Staff shall include all officers or employees of the Fund other than the Managing Director and those persons whose contracts state that they are not staff members. It shall not include Executive Directors, Alternate Executive Directors, Senior Advisors, or Advisors to Executive Directors.

Adopted September 25, 1946, amended August 14, 1947, effective September 17, 1947, September 18, 1969, April 1, 1978, and August 27, 2003

B-2. Chairman, except where otherwise specified, shall refer to the Chairman or Acting Chairman of the Executive Board.

Adopted September 25, 1946

B-3. Agenda ordinarily refers to both the list of items to be considered at a meeting and the supplementary documents pertinent thereto.

Adopted September 25, 1946

B-4. Business day of the Fund refers to the normal working hours of the Fund, 9:00 a.m. to 5:30 p.m. at the official time for the District of Columbia, on Monday through Friday of each week with the following exceptions (which will include the preceding Friday whenever one of the dates specified below falls on a Saturday and the following Monday whenever one falls on a Sunday):

January 1

The third Monday in January

The third Monday in February

The last Monday in May

July 4

The first Monday in September

The second Monday in October

The fourth Thursday in November

The Friday following the fourth Thursday in November

December 25

Adopted May 28, 1947, amended March 8, 1948, October 27, 1961, November 24, 1970, April 1, 1978, June 5, 1978, February 8, 1985, and July 28, 1986

B-5. The definition of “business day” shall not affect in any way the arrangements which have been made for the receipt of messages at all times and for prompt action upon them as required by circumstances and by the Articles, By-Laws, and Rules and Regulations.

Adopted April 1, 1978

B-6. SDR refers to the special drawing right of the Fund. The term “SDR” (or “SDRs,” as appropriate) shall be adopted as standard usage in Fund documents, correspondence, and publications where a reference to special drawing rights is intended, provided that if the text is in a language in which a different usage has become established, that usage may be retained.

Adopted July 26, 1983. The texts of the other sections of the Rules and Regulations have been amended in accordance with Rule B-6, as indicated in the note following each Rule so amended.

C—The Executive Board

Meetings

C-1. Meetings of the Executive Board shall be called by the Chairman as the business of the Fund may require. Except in special circumstances the Chairman shall notify all Executive Directors of meetings at least two business days in advance.

Adopted September 25, 1946, amended May 28, 1947, and April 1, 1978

C-2. The Chairman shall call a meeting at the request of any Executive Director.

Adopted September 25, 1946

  • C-3.

    • Ordinary meetings of the Executive Board shall be open to attendance by Senior Advisors and Advisors to Executive Directors, the Secretary and such other members of the staff as the Chairman indicates, but the Executive Board may determine which particular members of the staff may attend a session. The Deputy Managing Director shall be entitled to attend all ordinary meetings of the Executive Board.

    • Meetings of the Executive Board shall be held in executive session whenever the Managing Director or any Executive Director so desires. Only Executive Directors, the Managing Director, and the Deputy Managing Director shall be present at executive sessions, except that for any particular executive session the Executive Board may permit attendance by the Secretary and by such other members of the staff as may be prescribed by the Executive Board. The Executive Board may permit attendance by Senior Advisors or Advisors to Executive Directors.

Adopted September 25, 1946, amended January 15, 1948, April 1, 1978, and August 27, 2003.

C-4. The Executive Board shall meet at the principal office of the Fund unless the Executive Board decides that a particular meeting shall be held elsewhere.

Adopted September 25, 1946, amended April 1, 1978

  • C-5.

    • Executive Directors may participate in all meetings of the Executive Board and of its committees.

    • In the absence of the Managing Director, the Deputy Managing Director shall act as Chairman and shall have a deciding vote in case of an equal division. In the absence of both the Managing Director and the Deputy Managing Director, the Executive Director selected by the Executive Board shall act as Chairman. An Executive Director shall retain his right to vote when serving as Acting Chairman.

Adopted September 25, 1946, amended November 12, 1948, September 18, 1969, and April 1, 1978

Agenda

C-6. The agenda for each meeting shall be prepared by the Chairman. The agenda shall include any item requested by an Executive Director.

Adopted September 25, 1946

C-7. Except in special circumstances the Chairman shall notify Executive Directors of new items on the agenda at least two full business days before their consideration in meetings. Additional advance notice shall be given at the discretion of the Chairman before the consideration of new items of special importance which may require consultation with members or the return to the principal office of the Fund of Executive Directors who are absent.

Adopted September 25, 1946, amended May 28, 1947, and April 1, 1978

C-8. Matters not on the agenda for a meeting may be considered at that meeting only by unanimous consent of the Executive Directors present.

Adopted September 25, 1946

C-9. Any item of the agenda for a meeting, consideration of which has not been completed at that meeting, shall, unless the Executive Board decides otherwise, be automatically included in the agenda of the next meeting.

Adopted September 25, 1946, amended April 1, 1978

Voting

C-10. The Chairman shall ordinarily ascertain the sense of the meeting in lieu of a formal vote. Any Executive Director may require a formal vote to be taken with votes cast as prescribed in Article XII, Section 3(i), or Article XXI(a)(ii).

Adopted September 25, 1946, amended September 18, 1969, and April 1, 1978

C-11. There shall be no formal voting in committees and subcommittees. The Chairman of the committee or subcommittee shall determine the sense of the meeting (including alternative points of view) which shall be reported.

Adopted September 25, 1946

C-12. No Executive Director may vote at any meeting by proxy or by any other method than in person.

Adopted September 25, 1946

Language

C-13. The working language of the Fund shall be English. The discussion, documents, and reports of meetings shall ordinarily be in English. Speeches or papers presented in other languages shall be translated into English.

Adopted September 25, 1946, amended April 1, 1978

Minutes

C-14. Under the direction of the Managing Director, the Secretary shall be responsible for the preparation of a summary record of the proceedings of the Executive Board.

Adopted September 25, 1946

C-15. Verbatim records shall be kept for inclusion in the archives of the Fund only if the Chairman or an Executive Director so requests. In addition, verbatim records may be kept in order to assist the Secretary to prepare the summary record of a meeting of the Executive Board, provided that these verbatim records shall be destroyed after a reasonable period of time.

Adopted September 25, 1946, amended April 1, 1978

C-16. Draft minutes shall be circulated to all Executive Directors as soon as possible after meetings. They shall be submitted for approval by the Executive Board within a reasonable time.

Adopted September 25, 1946, amended May 28, 1947, August 14, 1947, and April 1, 1978

D—Application for Membership and Change in Quota

Application for Membership

D-1. When a country applies for membership in the Fund, the application shall be placed promptly before the Executive Board, and a reasonable time shall be allowed for discussion and preliminary investigation by the Executive Board before a decision is reached to proceed with the formal investigation. If this decision is in the affirmative the Fund may proceed to obtain all relevant information and discuss with the applicant any matters relating to its application. Any Executive Director may request such information to be added to the list requested of the applicant as in his opinion is relevant to the decision to be made. The Executive Board shall then decide whether to submit an application for membership with its views to the Board of Governors for a vote without meeting or hold the application until the next meeting of the Board of Governors.

If the Executive Board decides not to proceed with its formal investigation of an application for membership, it shall report that decision to the Board of Governors with the reasons for the decision.

Adopted September 25, 1946, amended April 1, 1978

Quotas

D-2. When a member requests an adjustment of its quota, the Executive Board, after consulting the member, shall submit a written report on the request to the Board of Governors.

Adopted September 25, 1946, amended May 28, 1947, and April 1, 1978

D-3. At least one year prior to the time when a general review of quotas must be undertaken by the Board of Governors, the Executive Board shall appoint a Committee of the Whole to study the matter and to prepare a written report. If it is decided to conduct a general review before the time at which such a review must be undertaken by the Board of Governors, the Executive Board shall appoint a Committee of the Whole for this purpose promptly.

Adopted September 25, 1946, amended April 1, 1978

E—substitution of Securities for Currency

E-1. Each member is authorized to substitute, in accordance with Article III, Section 4, non-negotiable, non-interest bearing notes or similar obligations payable to the Fund on demand for that part of the currency holdings of the Fund in the General Resources Account which exceed 1/4 of 1 per cent of the member’s quota, and the depository shall hold such notes or similar obligations for the account of the Fund. Such notes or similar obligations shall not be accepted until the Fund is satisfied that they are in proper form and that their issue has been authorized. The balances held in the administrative accounts of the Fund shall not be considered as part of the currency holdings of the Fund for the application of this Rule.

Adopted September 25, 1946, amended February 20, 1950, January 30, 1974, April 1, 1978, and June 23, 1988

E-2. The Executive Board may agree to alter the 1/4 of 1 percent requirement in the case of any member should circumstances in the opinion of the Executive Board warrant a different percentage.

Adopted September 25, 1946, amended February 20, 1950, and January 30, 1974

E-3. The member is allowed 24 hours in which to deposit the currency necessary to maintain the amount required under E-1 and E-2.

Adopted September 25, 1946, amended April 1, 1978

F—Gold

F-1. Gold depositories of the Fund shall be established in the United States, the United Kingdom, France, and India. The gold of the Fund shall be held with the depositories designated by the members in whose territories they are located at places agreed with the Fund.

Adopted September 25, 1946, amended November 29, 1956, and April 1, 1978

F-2. The Fund may hold gold under earmark for members.

Adopted April 1, 1978

G—Operations and Transactions

G-1. Each member shall designate a fiscal agency in accordance with Article V, Section 1, and may change the agency after notifying the Fund.

Adopted September 25, 1946, amended September 18, 1969

G-2. Instructions from a member for the transfer of currency, SDRs, or gold between it and the General Department and for transfers of SDRs through the Special Drawing Rights Department shall be given by the fiscal agency of the member. Instructions shall be authenticated in the manner agreed upon by the Fund and the fiscal agency.

Adopted September 25, 1946, amended February 20, 1947, April 1, 1978, and July 26, 1983

G-3. In its operations on behalf of the Fund a depository will act only on instructions authenticated in such manner as may be agreed upon by the Fund and the depository.

Adopted September 25, 1946, amended February 20, 1947, and April 1, 1978

  • G-4.

    • When a duly authenticated request is received for a purchase in accordance with Article V, Section 3, other than a reserve tranche purchase or a purchase under a stand-by or extended arrangement, the Fund shall promptly consider the request. Except when the Executive Board decides otherwise, instructions for a transfer of currency shall be given by the Fund on the day of its decision approving the purchase, unless such decision has been taken after the close of the business day, in which case instructions shall be given not later than the close of the first business day following the decision. When a request is received for a reserve tranche purchase of currency, or subject to (b) below for a purchase of currency in accordance with a standby or extended arrangement, the Fund’s instructions to the appropriate depository to make the transfer shall be given not later than the close of the first business day following receipt of the request.

    • The value date for a purchase that involves resources borrowed by the Fund under the policy on enlarged access, and that is in accordance with the stand-by or extended arrangement, will normally be either the 15th or the last day of the month, or the preceding business day if the day selected is not a business day. If the request for the purchase is not received in the Fund in time for its instructions to be issued for the first of these value dates following the date of receipt, the purchase will be executed at the next such value date.

    • Repurchases in respect of a purchase financed with resources borrowed under the policy on enlarged access should be made normally with a value date of either the 6th day or 22nd day of the month, or the next business day if the day selected is not a business day, provided that repurchase will be completed not later than seven years from the date of the purchase.

    • Members should consult the Fund in a timely manner with respect to the time they expect to make a purchase or a repurchase and in order to ascertain the date by which a request to purchase must be made or instructions given by the member to depositories with respect to a repurchase in order for instructions to be given for a specific date.

    • Instructions for the transfer of currency for any purchase, other than a reserve tranche purchase, shall be rescinded, to the extent that it is feasible, during the period between the issuance of the instructions and the value date for the purchase if, during that period, the member requesting the purchase has any overdue financial obligation to the Fund or is failing to meet a repurchase expectation pursuant to the Guidelines on Corrective Action with respect to a noncomplying purchase.

Adopted September 25, 1946, amended February 7, 1947, April 1, 1978, and April 29, 1981, effective May 1, 1981; paragraph (a) amended April 25, 2003; paragraphs (b) and (c) amended February 24, 1982; paragraph (b) amended May 1, 1984, effective July 3, 1984; paragraph (e) adopted February 20, 1985

G-5. When a member expects to purchase from the Fund, in a single transaction or a series of transactions, an amount of another member’s currency that is unusually large in relation to the quota of that other member, the member shall give the Managing Director as much notice of the proposed transaction or transactions as can reasonably be effected.

Adopted September 25, 1946, amended April 1, 1978

H—Exchange Controls, Currency Practices, Agreements, and Information

H-1. The Fund shall keep all exchange controls under review and shall consult with members with a view to the progressive removal of exchange restrictions in accordance with the Fund Agreement.

Adopted September 25, 1946

H-2. If a member complains to the Executive Board that another member is not complying with its obligations concerning exchange controls, discriminatory currency arrangements, or multiple currency practices, the complaint shall give all facts pertinent to an examination.

Adopted September 25, 1946

H-3. Upon receipt of a complaint from a member, the Executive Board shall make arrangements promptly for consultation with the members directly involved.

Adopted September 25, 1946

H-4. All requests by a member under Article VIII, Sections 2 and 3, that the Fund approve the imposition of restrictions on the making of payments and transfers for current international transactions, or the use of discriminatory currency arrangements or multiple currency practices, shall be submitted to the Executive Board in writing, with a statement of the reasons for making the request.

Adopted September 25, 1946

H-5. The Executive Board shall decide each request for approval expeditiously.

Adopted September 25, 1946

H-6. The Fund shall arrange through the fiscal agencies of members that frequent and regular information as to the market rates of members’ currencies bought and sold in their territories is made available to the Fund.

Adopted September 25, 1946, amended April 1, 1978

H-7. Pursuant to Article VIII, Section 5, the Fund shall arrange with members to report their official holdings of gold and foreign exchange to the Fund within thirty days of the end of each month.

Adopted April 1, 1978

I—Charges in Respect of General Resources Account Transactions and Remuneration

I-1. The service charge payable by a member buying, in exchange for its own currency, the currency of another member or SDRs from the General Resources Account shall be 0.5 percent, except that no service charge shall be payable in respect of any purchase to the extent that it is a reserve tranche purchase. The service charge shall be paid at the time the transaction is consummated.

Adopted September 25, 1946, amended November 19, 1951, November 14, 1952, June 26, 1953, October 14, 1953, December 23, 1953, December 15, 1954, December 27, 1955, May 23, 1956, December 21, 1956, December 9, 1957, December 12, 1958, March 20, 1959, April 20, 1959, April 19, 1960, April 17, 1961, April 25, 1962, April 24, 1963, April 13, 1964, April 28, 1965, April 22, 1966, September 18, 1969, September 10, 1971, April 1, 1978, April 22, 1981, effective May 1, 1981, July 26, 1983, and January 7, 1994

I-2. The Fund shall notify each member by cable, as soon as possible after July 31, October 31, January 31, and April 30, of the charges it owes to the Fund pursuant to Article V, Section 8(b)or(c) for the three calendar months ending on each such date. The charges shall be payable on the second business day following the dispatch of the notification.

Adopted September 25, 1946, amended July 30, 1948, February 24, 1954, April 1, 1977, April 1, 1978, April 22, 1981, effective May 1, 1981, April 23 1982, January 7, 1994, and April 25, 2003

I-3. Charges levied under Article V, Section 8(b) or (c) shall be computed for each member on the basis of the daily balances of its currency held by the Fund that are subject to charges. The Fund’s holdings of each member’s currency shall consist of all of its currency except amounts, not in excess of 0.1 percent of quota, in a special account to meet administrative expenses and amounts in sundry cash accounts.

Adopted July 30, 1948, amended November 1, 1968, April 1, 1978, April 22, 1981, effective May 1, 1981, and January 7, 1994

  • I-4. Deleted.

  • I-5. Deleted.

  • I-6.

    • Deleted.

    • Deleted.

    • Deleted.

    • The rate of charge on holdings (i) acquired as a result of a purchase under a policy that has been the subject of an exclusion under Article XXX(c), or (ii) that exceed the amount of the member’s quota after excluding any balances referred to in (i), shall be determined in accordance with (a), (b), and (c) below.

      • The rate of charge shall be determined at the beginning of each financial year as the SDR interest rate under Rule T-1 plus a margin expressed in basis points. The margin shall be determined on the basis of the estimated income and expense of the Fund during the year, and the target amount of net income for the year. The latter shall be 5 percent of the Fund’s reserves at the beginning of the year or such other percentage as the Executive Board may determine particularly in the light of the results in the previous financial year. Notwithstanding the second sentence of this paragraph (a), in exceptional circumstances, the margin may be determined on a basis other than the estimated income and expense of the Fund during the year and a target amount of net income for the year.

      • A mid-year review of the Fund’s income position shall be held shortly after October 31 of each year.

        • (i) If the margin has been determined on the basis of the estimated income and expense of the Fund during the year and a target amount of net income for the year and actual net income for the first six months of the financial year, on an annual basis, is below the target amount for the year by an amount equal to, or greater than, two percent of the Fund’s reserves at the beginning of the financial year, the Executive Board will consider how to deal with the situation. If by December 15 no agreement has been reached as a result of this consideration, the margin over the SDR interest rate under Rule T-1 determined under (a) at the beginning of the year shall be increased as of November 1 to the level necessary to reach the target amount of net income for the year.

        • (ii) If the margin has been determined on a basis other than the estimated income and expense of the Fund during the year and a target amount of net income for the year, the Executive Board will review any change in the exceptional circumstances and decide by December 15 whether the margin over the SDR interest rate under Rule T-1 determined under (a) at the beginning of the year shall be changed as of November 1 in light of the actual income position for the first six months of the financial year, on an annual basis.

      • A review of the Fund’s income position shall be held shortly after the end of each financial year. If the net income for the year just ended is in excess of any target amount for the year, the Executive Board will consider whether the whole or a part of the excess should be used to reduce the rate of charge retroactively for the year just ended, or to place all or part of the excess to reserve.

      • If the Fund’s net income for a financial year is in excess of any target amount for that year, the Executive Board may for the purposes of the determinations and estimates referred to in (a) and (b) above in respect of the immediately subsequent financial year, decide to deem any part of the excess over the target amount that has been placed to reserve as income for that subsequent financial year.

    • Deleted.

    • Deleted.

    • Deleted.

    • Deleted.

    • Deleted.

    • Deleted.

    • Deleted.

Adopted as I-7 April 24, 1963, amended April 13, 1964, April 28, 1965, April 22, 1966, June 13, 1974, September 13, 1974, April 4, 1975, April 1, 1977, April 1, 1978, October 25, 1978, effective January 1, 1979, April 22, 1981, effective May 1, 1981, and amended January 7, 1994; paragraphs (1), (2), and (3) deleted January 7, 1994; paragraph (4) amended May 13, 1981, August 23, 1988, September 17, 1990, December 5, 1990, April 23, 1993, and January 7, 1994; paragraph (4)(a) amended June 9, 1982, June 5, 1985, January 7, 1994, April 22, 2005, and April 28, 2006; paragraph (4)(b) amended January 7, 1994, April 22, 2005, and April 28, 2006; paragraph (4)(c) amended January 7, 1994, and April 28, 2006; paragraph (4)(d) adopted June 9, 1982, amended April 28, 2006; paragraphs (5), (6), (7), (8), (9), (10), and (11) deleted January 7, 1994

  • I-7. Deleted.

  • I-8. The following provisions shall apply to stand-by and extended arrangements:

    • A charge shall be payable at the beginning of each twelve-month period (“the relevant period”) of an arrangement as follows:

      • ¼ of 1 percent per annum on amounts of up to 100 percent of the member’s quota that could be purchased during the relevant period; and

      • 1/10 of 1 percent per annum on amounts in excess of 100 percent of the member’s quota that could be purchased during the relevant period.

    • When a purchase is made under an arrangement, the amount of the charge paid shall be reduced, and a refund equal to the reduction shall be made, as follows:

      • to the extent that purchases during the relevant period do not exceed 100 percent of the member’s quota, the portion of the charge calculated in accordance with subparagraph (a)(i) above shall be reduced by the proportion that the amount of the purchase bears to the amount of the arrangement not exceeding 100 percent of the member’s quota that could be purchased during the relevant period; and

      • to the extent that purchases during the relevant period exceed 100 percent of the member’s quota, the portion of the charge calculated in accordance with subparagraph (a)(ii) above shall be reduced by the proportion that the amount of the purchase bears to the amount of the arrangement exceeding 100 percent of the member’s quota that could be purchased during the relevant period.

    • If a member notifies the Fund that it wishes to cancel an arrangement, the Fund shall repay to the member a portion of the charge. The portion repaid shall represent the charge for the period remaining unexpired at the date of cancellation for the amount that could still be purchased under the arrangement at the date of cancellation for which the member has paid a charge.

    • Refunds for reductions under subparagraph (b) above and repayments under subparagraph (c) above of a charge paid for an arrangement shall be made in the media selected by the Fund.

Adopted April 1, 1978; amended January 7, 1994; and November 28, 2000

  • I-9.

    • Remuneration shall accrue daily. The amount that has accrued during each quarter of the financial year of the Fund shall be paid as of the beginning of the following quarter.

    • A member that wishes to receive in its own currency the whole or a specified portion of the remuneration payable to it shall so notify the Fund.

Adopted September 18, 1969; amended April 1, 1978; and July 26, 1983, effective August 1, 1983

  • I-10.

    • The rate of remuneration shall be equal to 100 percent of the rate of interest on holdings of SDRs under Rule T-1 (hereafter referred to as “SDR interest rate”).

    • The relationship of the rate of remuneration to the SDR interest rate will be referred to as the “remuneration coefficient.”

Adopted June 13, 1974; amended July 7, 1975; June 30, 1976; April 1, 1978; October 25, 1978, effective January 1, 1979; September 17, 1980, effective January 1, 1981; April 22, 1981, effective May 1, 1981; July 26, 1983, effective August 1, 1983; January 6, 1984; and July 25, 1986, effective August 1, 1986 and February 1, 1987

J—Accounting and Reporting

Accounts

  • J-1.

    • The accounts of the General Department shall be summarized, and the financial statements relating to them shall be expressed, in terms of the SDR. Currencies and other assets denominated in currency shall be valued in accordance with exchange rates under Article XIX, Section 7(a) and decisions of the Fund. Gold held by the Fund on the date of the Second Amendment shall be valued on the basis of one SDR per 0.888 671 gram of fine gold, and gold accepted by the Fund after that date shall be valued in terms of the SDR in such manner as the Executive Board shall decide.

    • The accounts of the Special Drawing Rights Department shall be kept in terms of the SDR.

    • An Account administered by the Fund under Article V, Section 2(b) shall be summarized, and the financial statements relating to it shall be expressed, in terms of the SDR or, if the Fund so decides, in terms of a currency held in the Account.

Adopted September 25, 1946; amended September 18, 1969; February 25, 1972, effective March 20, 1972; April 1, 1978; and July 26, 1983

  • J-2.

    • The accounts of the General Department shall be kept in a manner that will show clearly the nature and amount of each operation and transaction and the position of each member. The accounts of the Special Drawing Rights Department shall be kept in a manner that will show clearly the nature and amount of each operation and transaction in SDRs and the position of each participant, the Fund, and each other holder.

    • Accounts administered by the Fund under Article V, Section 2(b) shall be kept in a manner that will show clearly the nature and amount of each operation and transaction, the position of each such Account, the position of each contributor, and the position of each recipient of resources from the Account.

    Adopted September 25, 1946; amended September 18, 1969; April 1, 1978; and July 26, 1983

    • J-3.

      • A summary statement of the operations and transactions conducted through the General Department shall be issued at intervals of three months or less. A monthly statement shall be sent to each member, setting forth the member’s position in the Accounts of the General Department and the details of operations and transactions between the member and the Fund other than operations and transactions of an administrative nature.

      • A summary statement of the operations and transactions conducted through the Special Drawing Rights Department, and of the position of each participant and each other holder, shall be issued at intervals of three months or less. A statement shall be sent periodically to each participant and each other holder, setting forth the position of the participant or the other holder in the Special Drawing Rights Department and the details of operations and transactions involving the participant or the other holder.

      • A summary statement of the operations and transactions conducted through Accounts administered by the Fund under Article V, Section 2(b), except the Staff Retirement Fund, shall be issued at intervals of three months or less. A monthly statement shall be sent to each contributor and to each recipient of benefits through such an Account, setting forth the position of the contributor or the recipient, and the details of operations and transactions between the Account and the contributor or the recipient.

      • Accounting and reporting with respect to the Staff Retirement Fund shall be carried out in accordance with the terms of the Staff Retirement Plan.

Adopted September 25, 1946; amended September 18, 1969; and April 1, 1978

Annual Administrative Budget

J-4. Not later than April 1 of each year, the Managing Director shall present for the approval of the Executive Board the annual administrative budget of the Fund. The budget shall include a projection of the income of the Fund and of the expense of conducting the business of the Fund and of reimbursement of the General Resources Account in respect of the expenses of administration of the Special Disbursement Account, the Special Drawing Rights Department, and Accounts administered by the Fund under Article V, Section 2(b).

Adopted September 25, 1946; amended February 20, 1948; September 18, 1969; and April 1, 1978

Annual Report

J-5. Not later than May 31 of each year, the Managing Director shall present to the Executive Board for its consideration a summary of the matters which in his opinion should be included in the annual report to the Board of Governors. At least two months before a regular meeting of the Board of Governors, the Managing Director shall submit to the Executive Board for its consideration a draft of the annual report. If a regular meeting of the Board of Governors is not scheduled to be held during a year, the draft shall be submitted as soon as possible after May 31 of the same year.

Adopted September 25, 1946; amended April 1, 1978

Audit

J-6. At least two months before a regular meeting of the Board of Governors, the audited financial statements of the Fund shall be submitted to the Executive Board for its consideration. If a regular meeting of the Board of Governors is not scheduled to be held in any year, the audited financial statements shall be submitted as soon as possible after the end of the financial year of the Fund.

Adopted September 25, 1946; amended April 1, 1978

J-7. When the external audit committee communicates views and suggestions pursuant to Section 20(f) of the By-Laws, those views and suggestions shall be communicated at the same time to the Managing Director and the Executive Board.

Adopted May 22, 1998

J-8. Any review of the external audit process initiated by the Fund shall be conducted under the direction of the Executive Board and the Managing Director and any report shall be communicated upon completion, at the same time, to the Executive Board and the Managing Director.

Adopted May 22, 1998

Financial Year

J-9. For purposes of the Fund’s accounts and reports, its financial year shall begin on May 1 and end on the succeeding April 30.

Adopted February 7, 1947; amended May 28, 1947, effective September 17, 1947; April 1, 1978; and May 22, 1998

K—Limitation, Ineligibility, and Suspension of Voting Rights

K-1. The Managing Director shall report to the Executive Board any case in which it appears to him that a member is not fulfilling obligations under the Articles other than obligations referred to in Rule S-1.

Adopted September 25, 1946; amended September 18, 1969; and April 1, 1978

K-2. Whenever the Executive Board is authorized by the Articles to declare a member ineligible to use the general resources of the Fund it may refrain from making the declaration and indicate the circumstances under which, and the extent to which, the member may make use of the general resources.

Adopted September 25, 1946; amended April 1, 1978

K-3. Before any member is declared ineligible to use the general resources of the Fund pursuant to Article XXVI, Section 2(a), the matter shall be considered by the Executive Board, which shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing.

Adopted September 25, 1946; amended April 1, 1978

K-4. When any member that is ineligible to use the general resources of the Fund, or whose use of the general resources has been limited according to Rule K-2 above, requests the Executive Board to permit the resumption of the use of the general resources with or without special limitations and the Executive Board decides not to permit such resumption, a written report shall be presented to the member stating what further action is required before such resumption will be permitted.

Adopted September 25, 1946; corrected October 18, 1950; amended April 1, 1978

K-5. When it is decided to use assets held in the Special Disbursement Account to make a distribution to developing members in accordance with Article V, Section 12(f)(iii), the Executive Board shall consider whether to permit a member that has been declared ineligible to use the general resources of the Fund under Article V, Section 5 to participate in the distribution before the ineligibility of the member has ceased.

Adopted April 1, 1978

K-6. Before any member’s voting rights are suspended pursuant to Article XXVI, Section 2(b), the matter shall be considered by the Executive Board, which shall inform the member in reasonable time of the complaint against it and allow the member an adequate opportunity for stating its case both orally and in writing.

Adopted March 10, 1993

K-7. When a member, whose voting rights have been suspended, requests the Executive Board to terminate the suspension and the Executive Board decides not to terminate such suspension, a written report shall be presented to the member stating what further action is required before such suspension will be terminated.

Adopted March 10, 1993

L—Capital Transfers

  • L-1. If a large or sustained outflow of capital from a member country is taking place:

    • that member or any other member may notify the Fund, presenting such information as it deems necessary, and may request the Fund’s views with respect to such capital movement; and

    • the Fund may present to the member or members concerned a report setting forth its views, and may request the member or members to report on the situation within a suitable time.

Adopted September 25, 1946

L-2. Whenever the Fund has requested a member to exercise controls to prevent use of the general resources of the Fund to meet a large or sustained outflow of capital, the Fund shall request the member to notify it promptly and in detail of the measures taken.

Adopted September 25, 1946, amended April 1, 1978

L-3. Each member shall inform the Fund in detail of any measures it is taking to regulate international capital movements and of changes made in such measures.

Adopted September 25, 1946, amended April 1, 1978

L-4. If the Fund is of the opinion that the controls exercised by a member to regulate international capital movements are restrictive of payments for current international transactions, or unduly delay transfers of funds in settlement of commitments, the Fund shall, subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, consult with the member on the manner in which the controls are exercised. If, after consultation, the Fund is not satisfied that the controls are exercised in a manner consistent with the Articles, it shall so inform the member in a written report and request it to modify the controls.

Adopted September 25, 1946, amended April 1, 1978

M—Relations with Non-Members

M-1. The Fund may request the cooperation of any member with a view to the application of appropriate measures to prevent transactions with non-members or with persons in their territories, contrary to the provisions of the Articles or the purposes of the Fund.

Adopted September 25, 1946, amended April 1, 1978

M-2. When the Fund finds that a member or any of its fiscal agencies referred to in Article V, Section 1, engages in any transaction with or cooperates in practices with a non-member or with persons in a non-member’s territory contrary to the provisions of the Articles or the purposes of the Fund, it shall present to the member a report setting forth its views and may request the cessation or modification of the transactions or practices.

Adopted September 25, 1946, amended April 1, 1978

M-3. A member shall inform the Fund promptly and in detail of any restrictions which it imposes on exchange transactions with non-members or with persons in their territories.

Adopted September 25, 1946

M-4. Any member may notify the Fund of restrictions imposed by a member on exchange transactions with non-members or with persons in their territories which are deemed to prejudice the interests of members and to be contrary to the purposes of the Fund.

Adopted September 25, 1946

M-5. When the Fund finds that the restrictions imposed by a member on exchange transactions with non-members or with persons in their territories are prejudicial to the interests of members and contrary to the purposes of the Fund, it shall present to the member a report setting forth its views and may request the abolition or modification of the restrictions.

Adopted September 25, 1946

M-6. The Fund deems that it would be prejudicial to the interests of members and contrary to the purposes of the Fund for a member to impose restrictions on exchange transactions with those non-members having entered into special exchange agreements under the General Agreement on Tariffs and Trade, or with persons in their territories, which the member would not in similar circumstances be authorized to impose on exchange transactions with other members or persons in their territories. Therefore, pursuant to Article XI, Section 2, members should not institute restrictions on exchange transactions with such non-members, or persons in their territories, unless the restrictions (a) if instituted on transactions with other members, or persons in their territories, would be authorized under the Articles, or (b) have been approved in advance by the Fund. Requests for prior approval shall be submitted in writing with a statement of reasons.

Adopted June 7, 1950, amended April 1, 1978

N—Staff Regulations

N-1. Persons on the staff of the Fund shall be nationals of members of the Fund unless the Executive Board authorizes exceptions in particular cases. In appointing the staff the Managing Director shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.

Adopted as N-2 September 25, 1946, amended June 22, 1979

N-2. Subject to Rule N-1 above, the employment, classification, promotion and assignment of persons on the staff of the Fund shall be made without discriminating against any person because of sex, race, creed, or nationality.

Adopted as N-1 September 25, 1946, amended June 22, 1979

N-3. Persons on the staff of the Fund, in the discharge of their functions, shall owe their duty entirely to the Fund and to no other authority, and shall neither seek nor accept instructions from any government or any authority external to the Fund.

Adopted September 25, 1946, amended June 22, 1979

N-4. Persons on the staff of the Fund shall maintain standards of conduct compatible with their position as international civil servants and shall avoid any action or pronouncement, either in their own country or elsewhere, that would not be in keeping with their position as international civil servants. They shall always bear in mind the reserve and tact incumbent upon them by reason of their international functions, and they shall exercise the utmost discretion in matters of official business.

Adopted September 25, 1946, amended June 22, 1979

N-5. Except with the express authorization of the Managing Director, persons on the staff of the Fund may not, during their term of service: (i) publish, cause to be published, or assist in the publication of any book, pamphlet, article, letter, or other document relating to the policies or activities of the Fund or to any national political questions; or (ii) deliver any speech, lecture, or broadcast, or grant any press interview on such policies, activities, or questions.

Adopted September 25, 1946, amended June 22, 1979

N-6. Persons on the staff of the Fund, and persons formerly on the staff of the Fund, shall not, at any time, without the express authorization of the Managing Director: (i) reveal any unpublished information known to them by reason of their service with the Fund to a person not authorized by the Fund to receive the information; or (ii) use, or allow the use of, unpublished information known to them by reason of their service with the Fund for private advantage, directly or indirectly, or for any interest contrary to that of the Fund as determined by the Managing Director.

Adopted as part of N-5 September 25, 1946, amended June 22, 1979

N-7. Persons on the staff of the Fund, during their terms of service, including periods of leave with or without pay, shall not hold other public or private employment, engage in any occupation, business activity, or profession, that, in the opinion of the Managing Director, is incompatible with these Rules or the proper performance of their official duties or inconsistent with their position as international civil servants.

Adopted as N-6 September 25, 1946, amended June 22, 1979

N-8. Persons on the staff of the Fund shall not engage in such political activity as, in the opinion of the Managing Director, is inconsistent with, or reflects adversely upon, the independence and impartiality required by their position as international civil servants. Any person on the staff of the Fund who accepts an office of a political character shall immediately offer to resign from the staff of the Fund.

Adopted September 25, 1946, amended June 22, 1979

N-9. Persons on the staff of the Fund may retain re-employment rights or pension rights acquired in the service of another public or a private organization.

Adopted as N-7 September 25, 1946, amended June 22, 1979

N-10. No person on the staff may accept any honor, decoration, favor, gift, or bonus from any government, or from any other authority or person external to the Fund, for services rendered during the period of his appointment or service with the Fund.

Adopted as N-9 September 25, 1946

N-11. Upon appointment, each person on the staff will subscribe in writing to the following affirmation:

—I solemnly affirm:

—That, to the best of my ability, I will carry out my responsibilities in a manner that will further the purposes of the International Monetary Fund;

—That, I will refrain from communicating confidential information to persons outside the Fund;

—That, I will not use to private advantage information known to me by reason of my official position; and

—That I will accept no instruction in regard to the performance of my duties from any government or authority external to the Fund.

Adopted as N-10 September 25, 1946

N-12. The Managing Director shall inform the Executive Board at least two weeks in advance of any action to appoint or dismiss any person to or from a position graded equal to or above that of a division chief. Such information shall not be necessary for other appointments or dismissals by the Managing Director.

Adopted as N-13 September 25, 1946, amended July 1, 1959, June 22, 1979, and December 27, 1989

N-13. The Managing Director is authorized to issue General Administrative Orders concerning general personnel policies that have been approved by the Executive Board.

Adopted as N-14 September 25, 1946, amended June 22, 1979

N-14. Persons on the staff of the Fund shall have the right to associate in order to present their views to the Managing Director and the Executive Board, through representatives, on matters pertaining to personnel policies and their conditions of service.

Adopted June 22, 1979

N-15. Appropriate procedures shall be established for the consideration of complaints and grievances of individual persons on the staff of the Fund on matters involving the consistency of actions taken in their individual cases with the regulations governing personnel and their conditions of service.

Adopted June 22, 1979

  • N-16.

    • Official travel shall be undertaken by persons on the staff of the Fund only with the approval of the Managing Director.

    • The Managing Director shall inform the Executive Board of all such travel at least once a month and in such manner as indicates the purpose of the travel.

      • Official travel by persons on the staff of the Fund to a member’s territory shall be undertaken only after consultation with the Executive Director appointed, elected, or designated by the member.

      • In addition, normally, meetings of persons on the staff of the Fund with officials of a member to discuss official business shall be held only after consultation with the Executive Director appointed, elected, or designated by the member.

    • The advance approval of the Executive Board shall be necessary for technical services by persons on the staff of the Fund in response to requests by non-members or international agencies. In addition, such approval shall be necessary for participation by persons on the staff of the Fund in the deliberations of national or international agencies, or in conferences, in which the views of the Executive Board on the subject matter of the deliberations or conferences are to be presented.

    • For the purpose of this Rule N-16, official travel shall be deemed not to include travel solely in accordance with the provisions of staff benefit policies.

Paragraph (a) adopted as N-15(a) September 25, 1946, amended February 11, 1948, and June 22, 1979; paragraphs (b), (c), and (d) adopted as N-15(b), (c), and (d) February 11, 1948, amended June 22, 1979; paragraph (d) amended September 4, 1991; paragraph (e) adopted June 22, 1979

O—Valuation of the SDR, Valuation of Currencies in Terms of the SDR, Freely Usable Currency, Procedures for Exchange of Currency, and Operational Budget

Valuation of the SDR

O-1. The value of the SDR shall be the sum of the values of the following amounts of the following currencies:

U.S. dollar0.632
Euro0.410
Japanese yen18.4
Pound sterling0.0903

Adopted September 18, 1969; amended June 13, 1974, effective July 1, 1974; July 1, 1974; April 1, 1978; June 30, 1978, effective July 1, 1978; September 17, 1980, effective January 1, 1981; July 26, 1983; December 31, 1985, effective January 1, 1986; December 31, 1990, effective January 1, 1991; December 29, 1995, effective January 1, 1996; September 21, 1998; effective January 1, 1999; December 29, 2000, effective January 1, 2001; and December 30, 2005, effective January 1, 2006

Valuation of Currencies in Terms of the SDR

  • O-2.

    • The value of the United States dollar in terms of the SDR shall be equal to the reciprocal of the sum of the equivalents in United States dollars of the amounts of the currencies specified in Rule O-1, calculated on the basis of exchange rates established in accordance with procedures decided from time to time by the Fund.

    • The value of a currency other than the United States dollar in terms of the SDR shall be determined on the basis of the value of the United States dollar in terms of the SDR in accordance with (a) above and an exchange rate for that other currency determined as follows:

      • for the currency of a member having an exchange market in which the Fund finds that a representative spot rate for the United States dollar can be readily ascertained, that representative rate;

      • for the currency of a member having an exchange market in which the Fund finds that a representative spot rate for the United States dollar cannot be readily ascertained but in which a representative spot rate can be readily ascertained for a currency as described in (i), the rate calculated by reference to the representative spot rate for that currency and the rate ascertained pursuant to (i) above for the United States dollar in terms of that currency;

      • for the currency of any other member, a rate determined by the Fund.

    • Procedures to establish exchange rates under (b) above shall be determined by the Fund in consultation with members.

Adopted September 18, 1969; amended June 13, 1974, effective July 1, 1974; July 1, 1974; April 1, 1978; and July 26, 1983

Freely Usable Currency

  • O-3.

    • The Fund shall determine the currencies that are freely usable in accordance with Article XXX(f).

    • The Fund shall consult a member before placing its currency on, or removing it from, the list of freely usable currencies.

Adopted April 1, 1978

Procedures for Exchange of Currency

  • O-4.

    • The Fund shall consult all members with respect to procedures for the prompt exchange of currency, or to facilitate such exchange, in connection with

      • the operations and transactions of the Fund conducted through the General Resources Account, and

      • transactions with designation conducted through the Special Drawing Rights Department.

    • On the request of any member, an Executive Director, or the Managing Director, the Executive Board shall decide whether procedures under (a) above for the exchange of currency are in accordance with the obligations of members.

    • The Fund shall inform all members of the procedures for the exchange of each freely usable currency.

Adopted April 1, 1978

O-5. A member requesting an exchange of currency in accordance with the procedures under Rule O-4(a) shall make its request to the Fund not later than the date on which the Fund issues instructions for the execution of the operation or transaction that gives rise to the request.

Adopted April 1, 1978

  • O-6.

    • An exchange of currency in accordance with the procedures under Rule O-4(a) shall be made at an exchange rate between the two currencies corresponding to their exchange rates in terms of the SDR as determined under Rule O-2, if

      • the exchange is requested under Article V, Section 3(e)(i) or (iv) or under Article V, Section 7(j)(i) or (iv), or

      • the procedures for the exchange of currency under Rule O-4(a) so provide.

    • The exchange rate for each currency for the purposes of (a) above shall be determined as of the date of dispatch of the Fund’s instruction for the execution of the transaction or operation under (a) above, and if this rate cannot be used, the rate of the preceding day closest thereto that is practicable.

    • The value date for an exchange of currency under (a) above shall be the second business day after the date of dispatch of the Fund’s instruction under (b) above, or as early thereto as is practicable.

Adopted April 1, 1978, amended July 26, 1983, and April 25, 2003.

O-7. No member shall levy any charge or commission in respect of an exchange of currency to which Rule O-6 applies.

Adopted April 1, 1978

  • O-8.

    • An exchange of currency to which Rule O-6 applies shall be made by an official agency of the member issuing the currency, unless the members exchanging currency agree otherwise.

    • Instruction for an exchange by an official agency under (a) above shall be given by the Fund.

Adopted April 1, 1978

  • O-9.

    • In an exchange pursuant to Article V, Section 7(j)(iv), the freely usable currency to be provided by the repurchasing member in the exchange shall be the freely usable currency agreed between the members exchanging currency.

    • In the absence of agreement under (a) above, the Fund shall specify the freely usable currency to be provided by the repurchasing member. In making any such specification, the Fund shall take into account the circumstances of the members exchanging currency.

Adopted April 1, 1978

Operational Budget

  • O-10.

    • At quarterly intervals the Executive Board shall decide on the transactions plan, including amounts, for the use of currencies and SDRs in the operations and transactions of the Fund conducted through the General Resources Account until the next decision takes effect.

    • The Executive Board may decide at any time to adopt a special transactions plan.

    • On the request of any member, an Executive Director, or the Managing Director, the Executive Board shall review, and if necessary amend, any transactions plan adopted pursuant to (a) or (b) above.

Adopted April 1, 1978, amended July 26, 1983, and February 25, 2000

P—Procedures for Operations and Transactions Involving SDRs

Transactions with Designation

  • P-1.

    • A participant shall inform the Fund of its intention to use SDRs in a transaction with designation. If it desires a particular freely usable currency the participant shall indicate this not later than the date on which the Fund issues instructions for the execution of the transaction.

    • Instructions for a transaction pursuant to (a) above shall be given by the Fund in accordance with Rule P-2 and the procedures under Rule O-4(a), and shall be carried out promptly.

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

P-2. In a transaction with designation the freely usable currency shall be provided at an exchange rate determined under Rule O-2, and at an official agency of the participant issuing the currency.

Adopted April 1, 1978

P-3. No participant shall levy any charge or commission in respect of the provision of currency in a transaction with designation.

Adopted September 18, 1969, amended April 1, 1978

P-4. A participant using SDRs in a transaction with designation shall declare that the use is in accordance with Article XIX, Section 3(a), or a waiver under Article XIX, Section 3(c).

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

Designation of Participants to Provide Currency

P-5. At quarterly intervals the Executive Board shall decide, in accordance with Article XIX, Section 5, and Decision No. 11976-(99/59)S, on the plan, including amounts, by which designations will be made until the next decision takes effect.

On the request of any participant, an Executive Director, or the Managing Director, the Executive Board shall review, and if necessary amend, any plan adopted pursuant to this Rule.

Adopted September 18, 1969, amended April 1, 1978

Transactions by Agreement Between Participants

  • P-6.

    • The exchange rate in a transaction by agreement between participants shall be determined under Rule O-2 as of the date of the agreement, unless the transaction is carried out at another exchange rate pursuant to authorization by the Fund under Article XIX, Section 7(b). Settlement shall take place on the date of the agreement or any business day within two business days from that date, as agreed between the participants.

    • No participant shall levy any charge or commission in respect of a transaction under Article XIX, Section 2(b).

Adopted April 1, 1978, amended June 1, 1988 and April 25, 2003.

Prescribed Operations

P-7. The parties to an operation pursuant to a prescription under Article XIX, Section 2(c) shall declare that the operation is in accordance with the prescription.

Adopted September 18, 1969, amended April 1, 1978

Recording

P-8. A participant using SDRs in a transaction shall inform the Fund immediately of the receipt of currency in accordance with the Articles of Agreement and these Rules and Regulations.

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

P-9. The Fund shall record a transaction or an operation in the Special Drawing Rights Department when it is satisfied that the transaction or the operation is in conformity with the obligations of participants under the Articles of Agreement and with the Rules and Regulations and any applicable decisions of the Fund. A transaction shall be recorded as of the date on which currency is provided, and an operation shall be recorded as of the date on which it is carried out.

Adopted September 18, 1969, amended April 1, 1978

Q—Other Holders

Q-1. An application for prescription by the Fund as a holder of SDRs, and of the terms and conditions for holding, accepting, and using SDRs in operations and transactions, shall be filed with the Fund with all relevant facts. Terms and conditions shall be prescribed by the Executive Board after consultation with the applicant.

Adopted April 1, 1978, amended July 26, 1983

R—Abrogated

On April 22, 1981, with effect from April 30, 1981, the Executive Board decided to abrogate the rules for reconstitution under Schedule G, paragraph 1(a), and Rules R-1 through 6, which implemented those rules.

S—Suspension of Use of SDRs

S-1. The Managing Director shall report to the Executive Board any facts on the basis of which it appears to him that a participant is not fulfilling obligations under the Articles that could lead to suspension under Article XXIII, Section 2, and may include a complaint in his report.

Adopted September 18, 1969, amended April 1, 1978

S-2. A participant may complain that another participant is not fulfilling obligations under the Articles that could lead to suspension under Article XXIII, Section 2, and the Managing Director shall transmit the complaint to the Executive Board with his comments. Any complaint shall be made in writing or by any rapid means of communication, and it shall be accompanied by a statement of the facts on which the participant bases its complaint.

Adopted September 18, 1969, amended April 1, 1978

S-3. The Managing Director shall immediately inform a participant of any complaint against it and the statement of the facts on which the complaint is based.

Adopted September 18, 1969

S-4. If the complaint is that the participant has failed to fulfill its obligations under Article XIX, Section 4, the participant shall not use SDRs and this limitation shall continue pending the disposition of the complaint.

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

S-5. A participant against which a complaint has been made under Rule S-1 or Rule S-2, the Managing Director, or an Executive Director may request the Executive Board to dismiss the complaint. The Executive Board shall consider the request forthwith.

Adopted September 18, 1969, amended April 1, 1978

S-6. If the right of a participant to use SDRs has been limited under Rule S-4, and a request under Rule S-5 has been made by a participant, the complaint shall be deemed to have been dismissed at the end of ten business days after the request, or at the end of such longer period as the participant states in the request, unless within this time the Executive Board has taken a decision disposing of the complaint.

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

S-7. If the right of a participant to use its SDRs has been suspended under Article XXIII, Section 2, the participant may request the Executive Board to terminate the suspension. If the Executive Board decides not to terminate the suspension, a written report shall be made to the participant stating the circumstances under which the suspension would be terminated.

Adopted September 18, 1969, amended April 1, 1978, and July 26, 1983

S-8. All procedures under Rules S-1 through S-7 shall be conducted as expeditiously as possible, and shall allow the participant an adequate opportunity to state its case both orally and in writing.

Adopted September 18, 1969, amended April 1, 1978

T—Interest, Charges, and Assessments in Respect of SDRs

  • T-1.

    • Interest and charges in respect of SDRs shall accrue daily at the rate referred to in (b) below. The amount that has accrued during each quarter of the financial year of the Fund shall be paid promptly as of the beginning of the following quarter. The accounts of participants shall be credited with the excess of interest due over charges or debited with the excess of charges over the interest due. The accounts of holders that are not participants shall be credited with the interest due.

    • The rate of interest on holdings of SDRs for each weekly period commencing each Monday shall be equal to the combined market interest rate as determined by the Fund at the beginning of the period in the manner described in (c) below.

    • The combined market interest rate shall be the sum, rounded to the two nearest decimal places, of the products that result from multiplying each yield or rate listed below, expressed as an equivalent annual bond yield, for the preceding Friday by the value in terms of the SDR on that Friday of the amount of the corresponding currency specified in Rule O-1, as determined pursuant to Rule O-2(b). If a yield or rate is not available for a particular Friday, the calculation shall be made on the basis of the latest available yield or rate.

U.S. dollarMarket yield for three-month U.S. Treasury bills
EuroThree-month Eurepo Rate
Japanese yenThirteen-week Japanese Government financing bills
Pound sterlingMarket yield for three-month U.K. Treasury bills
(d) Deleted.

Adopted September 18, 1969, amended June 13, 1974, June 30, 1976, April 1, 1978, June 15, 1978, effective July 1, 1978, September 17, 1980, effective January 1, 1981, and July 26, 1983, effective August 1, 1983; paragraph (b) amended October 25, 1978, effective January 1, 1979, and April 22, 1981, effective May 1, 1981; paragraph (c) amended April 22, 1981, effective May 1, 1981; October 5, 1990, effective January 1, 1991; September 21, 1998, effective January 1, 1999; October 11, 2000, effective January 1, 2001; and November 23, 2005, effective January 1, 2006; paragraph (d) deleted January 7, 1994

T-2. Assessments shall be levied promptly, as of the end of each financial year of the Fund, on the basis of a reasonable estimate of the expenses of conducting the business of the Special Drawing Rights Department for the financial year, and the accounts of participants shall be debited with the amounts of the assessments.

Adopted September 18, 1969, amended April 1, 1978

International Monetary Fund, Washington, D.C. 20431, U.S.A.

Telephone number: 202-623-7000

Facsimile number: 202-623-4661

Internet: http://www.imf.org

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