Appendix E. Decision on Method of Determining and Collecting Exchange Rates for the Purposes of Rule O-3

International Monetary Fund
Published Date:
January 1976
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  • 1 The determination under Rule O-3(b) of the equivalents in United States dollars of the amounts of currencies listed in Rule O-3(a) shall be based on the following spot exchange rates for the United States dollar: against the yen, the representative rate under Rule O-3(c); against other currencies, the middle rates between buying and selling rates quoted at noon in the London exchange market.

  • 2 If, for any reason, the rate for any currency cannot be obtained in accordance with 1. above, the rate shall be the rate quoted at noon in the New York exchange market or, if not available there, the rates at the fixing in the Frankfurt exchange market. If rates against the United States dollar cannot be obtained directly in any market, the rates shall be calculated by use of appropriate cross rates.

  • 3 If on any day the rate for a currency cannot be obtained in accordance with 1. or 2. above, calculations shall be made on the basis of the rate for the previous business day unless the Fund decides otherwise.

Decision No. 4234-(74/67) S

June 13, 1974

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