Chapter

Appendix C. Rules and Regulations: Original Rule O-3

Author(s):
International Monetary Fund
Published Date:
January 1976
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Exchange Rates

The exchange rate in terms of special drawing rights for a currency provided in a transaction between participants or involved in a conversion associated with such a transaction, shall be

  • (i) for the United States dollar: its par value;

  • (ii) for the currency of a participant having an exchange market in which the Fund finds that a representative rate for spot delivery for the United States dollar can be readily ascertained: that representative rate;

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

  • (iv) for any other currency: a rate determined by the Fund.

Adopted September 18, 1969

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