Front Matter

Front Matter

International Monetary Fund
Published Date:
March 2003
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    ©2003 International Monetary Fund

    Production: IMF Multimedia Services Division

    Cover and Figures: Joseph Ashok Kumar

    Typesetting: Alicia Etchebarne-Bourdin

    ISBN 9781589061774

    ISSN 0258-7440

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    The following symbols have been used throughout this volume:

    • … to indicate that data are not available:

    • — to indicate that the figure is zero, or that the item does not exist;

    • - between years or months (for example, 2000–01 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (for example, 2002/03) to indicate a fiscal or financial year;

    • 0 amount greater than zero but decimal points not shown.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    “n.a.” means not applicable.

    Minor discrepancies between constituent figures and totals are due to rounding.

    As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.


    This study is the latest in a series reviewing developments and issues in the exchange arrangements and currency convertibility of IMF members. The last report on this topic was published in 1999 as Exchange Rate Arrangements and Currency Convertibility: Developments and Issues. The present report covers not only developments and issues relating to exchange arrangements and currency convertibility but also foreign exchange market organization and foreign exchange volatility. The principal information source is the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), prepared in consultation with national authorities, and the 2001 Survey on Foreign Exchange Market Organization.

    The study was prepared in the Exchange Regime and Market Operations Division of the Monetary and Exchange Affairs Department (MAE), under the direction of Shogo Ishii, division chief. The division is also responsible for the preparation of the AREAER. Coauthors of the study are Karl Habermeier, deputy division chief at the time when this study was completed; John Leimone and İnci Ötker-Robe, senior economists; Jorge Iván Canales-Kriljenko and Rupa Duttagupta, economists. Andrea Bubula (former summer intern) and senior economist Susana Sosa also provided input. Virgilio Sandoval, Matthew Fleming, and Harald Anderson provided research assistance. Nadia Malikyar and Joanna Meza-Cuadra provided secretarial assistance. Gail Berre of the External Relations Department edited the manuscript and coordinated production of the publication.

    The study has benefited from comments and suggestions from the staff of MAE and other IMF departments, as well as from executive directors; however, the analysis and policy considerations are those of the contributing staffs and should not be attributed to executive directors, or their national authorities.

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