Chapter

Appendix Country Data

Author(s):
Carlo Cottarelli, and Curzio Giannini
Published Date:
December 1997
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Information from Tables

Information was collected for 100 countries (of which 22 were industrial countries according to the classification published in the IMF’s International Financial Statistics). The industrial countries in the sample include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The two remaining industrial countries, which are excluded from the sample, are Luxembourg and San Marino. The information collected concerned four aspects, corresponding to the four rows of the country data tables: (1) announcements involving the existence of domestic anchors for monetary growth; (2) announcements relating to the exchange rate regime; (3) the existence of controls on capital movements; and (4) the existence of IMF-supported programs.

The country tables report annual information on the above aspects for 1970–94. In case of changes during the year, the information refers to the conditions prevailing in most of the year.

Announcements of Domestic Anchors

Included in this group are either institutional arrangements affecting domestic base money creation or the announcement of monetary and inflation targets by the central bank.

More specifically, three institutional arrangements were considered: (1) use of foreign currency as the only legal tender (FC in the tables); (2) participation in a currency union (CU); and (3) currency boards (CB). In none of these arrangements do domestic authorities have discretion on base-money creation. As to monetary targets, for the reasons discussed in the text, only publicly announced targets were considered including domestic credit targets (DCT), broad money targets (BMT), narrow money targets (NMT), and base money targets (HMT). Of course, the definitions of narrow or broad money differ somewhat across countries. Targets referring to some subset of base money (e.g., currency in circulation) were classified as base money targets. However, some information on the existence of targets or projections used internally by central banks are reported in the footnotes of the country tables. Finally, defined as inflation targeting (IT) were the announcements of multiyear targets for inflation, coupled with the introduction of enhanced procedures for monitoring the attainment of those targets.

Exchange Rate Regime

Three exchange rate regimes are distinguished: (1) pegged exchange rate (XXP where XX provides information on the type of peg); (2) crawling peg (XXCP); and (3) flexible exchange rates (FL). More specifically, the tables distinguish between (1) multilateral pegs based on Bretton Woods parities (BWP); (2) multilateral pegs related to the European Common Margin Arrangement (the so-called monetary snake) in operation since March 1972 (ECM); (3) multilateral pegs related to the Exchange Rate Mechanism of the European Monetary System in operation since March 13, 1979 (ERM); (4) trade-weighted pegs (TWP); (5) currency-basket pegs (CBP); and (6) bilateral pegs against Special Drawing Rights (SDP), U.S. dollar (UDP), Indian rupee (IRP), South African rand (SRP), French franc (FFP), ECU (EUP), pounds sterling (LLP), Australian dollar (AUP), and deutsche mark (DMP). In addition, the announcement of a par against gold (arrangement used only in Oman during 1970–72) is indicated with GLP.

The problem of classifying countries across these three categories is notoriously difficult (Quirk (1994)). In group (1) were classified those countries that announced the existence of fixed parities, possibly with a band, with the exception of countries where the parities were regularly and frequently revised, which were classified under (3). All ERM countries, including those participating in the arrangement under a 6 percent band (Portugal, Spain, and the United Kingdom, plus Italy until January 8, 1990) but excluding Germany, were classified in group (1). Germany was classified as floater owing to its role as ERM-leader. On August 3, 1993, the ERM band was raised to 15 percent for all countries. However, ERM countries have continued to be classified in group (1) if in 1994 (that is, after the end of the exchange rate crisis) they maintained, de facto, a “close link” to the central parities, that is, if they maintained the exchange rate within the 2.25 percent band for at least 10 months. The United States was considered among floaters even before the formal closure of the gold window on August 15, 1971, because—as of March 17, 1968—the convertibility of dollar balances had been limited to monetary authorities. Since then, the world monetary system was on a de facto dollar standard (Bordo (1993)). Crawling peggers were characterized by the existence of announced depreciation rates over a certain period of time. All other cases were classified under (3), including cases of pure float in interbank or auction markets, and managed float. Table footnotes provide more detailed information on the specific exchange rate arrangement in place.

Controls on Capital Movements

In the tables, the existence of controls on capital movements is marked by a Y, their absence by an N. The classification follows the information reported under point E.2 (Restrictions on payments for capital transactions) of the table “Summary Features of Exchange and Trade Systems in Member Countries” published in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. For non-IMF members, information from domestic sources was used.

IMF-Supported Programs

In the tables, Y and N indicate, respectively, the existence or the absence of an IMF-supported program based on the information published in the IMF Annual Report. Only programs involving the use of Fund resources and Rights Accumulation Programs (which are programs that countries in arrears with the IMF are requested to undertake before they can borrow again) are considered. However, table footnotes provide information on so-called shadow programs (which are adjustment programs prepared by the IMF under the request of a country, under an enhanced surveillance agreement, but not involving a formal IMF arrangement).

Sources of Information

Most of the information used for the tables was derived from annual reports of central banks. Information was also derived from the reports of the IMF missions, as well as from the following sources:

Argentina:Fasano-Filho (1986), Heymann (1991). Australia:Davis and Lewis (1980), Edey and Macfarlane (1991). Austria:Hochreiter and Tornquist (1990), Hochreiter and Pech (1991). Belgium:Lambert and Jacobs (1991). Bhutan:Collyns (1983). Bolivia:Sachs (1986). Botswana: Bank of Botswana (1985). Brazil:Fendt (1981), Cardoso (1991). Chile: Edwards and Cox Edwards (1991), Helpman, Leiderman, and Bufman (1994). Colombia:Urrutia (1981). Costa Rica:Gayle (1986), Guardia Quirós (1993). Denmark: De Grauwe and Vanhaverbeke (1990). Eastern Caribbean Currency Area:Collyns (1983). Ecuador:Ojeda (1985). Egypt:Hansen (1991). Fiji:Collyns (1983). Finland: Aaltonen, Aurikko, and Kontulainen (1994). France:Goodman (1992), Icard (1994), de Larosière (1994). The Gambia: Hadjimichael, Rumbaugh, and Verreydt (1992). Ghana:Amoako (1980), Kapur et al. (1991). Greece:Paleologos (1993), Zolotas (1978). Guinea:Doré (1986). Iceland: Organization for Economic Cooperation and Development (1990). India:Rangarajan (1987), Rangarajan (1988), Committee to Review the Working of the Monetary System (1985), Joseph (1992). Ireland:Dornbusch (1989), O’Grady Walshe (1991). Israel: Bufman, Leiderman, and Sokoler (1994), Helpman, Leiderman, and Bufman (1994). Italy:Passacantando (1995). Jamaica:Brown (1991). Japan: Sawamoto and Ichikawa (1994). Kenya:Hazlewood (1979). Korea: Aghevli and Márquez-Ruarte (1985). Lesotho:Collyns (1983), Lundahl and Petersson (1991). Malaysia: See Yan (1991), Hock Pang and Goo Phai (1983), Bank Negara Malaysia (1994). Mali:Diarrah (1990). Mexico:Ortiz (1991), Weintraub (1981), Helpman, Leiderman, and Bufman (1994). Morocco:Nsouli et al. (1995). Nepal:Reejal (1986), Sharma (1987). Netherlands:Goedhart (1985), Bosman (1984), De Beaufort Wijnholds and Korteweg (1991). New Zealand:Blundell-Wignall and Gregory (1990), Reserve Bank of New Zealand (1994). Nigeria:Onoh (1980), Okongwu (1986). Norway:Gylfason (1990), Brekk (1987), Norges Bank (1994). Pakistan:Guisinger (1981), Irfan-ul-Haque (1987), Khan (1993). Paraguay:World Bank (1992). Peru:Hamann and Paredes (1991), Larrain and Sachs (1991), Cline (1991). Portugal:Schmitt (1981). Singapore:Bercuson (1995), Wood (1992). South Africa: Commission of Inquiry into the Monetary System and Monetary Policy in South Africa (1978). Spain:Eguidazu (1978), Escriva and Malo de Molina (1991). Sri Lanka: Athukorala and Jayasuriya (1994). Swaziland:Collyns (1983). Switzerland:Schiltknecht (1981), Rich (1991). Thailand: Bank of Thailand (1992). Turkey:Kopits (1987), Celasun and Rodrik (1987), Ersel and Iskenderoglu (1993). Uganda:Sharer et al. (1995). United Kingdom:Llewellyn (1982), Townend (1991), Buiter and Miller (1991), Stiehler (1995). United States: Tschinkel and Hill (1976), Davis (1977), Friedman (1982), Greenspan (1993), Madigan (1994). Uruguay:Ramos (1986), Giorgi (1991), Pascale (1990). Venezuela:Crazut (1980), Perez (1994). West African Monetary Union:Bhatia (1985). Zaïre (Democratic Republic of the Congo): World Bank (1980).

Table A1.Argentina, Australia
197019711972197319741975197619771978197919801981
Argentina
Domestic constraint1DCT2
Exchange rate regimeFL3FLFLFLFLFLFLFLFLUDP4UDPFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNY5YNNN
Australia
Domestic constraint6BMT7BMTBMTBMTBMTBMT
Exchange rate regimeBWPBWPUDP8UDPUDPTWPTWPTWPTWPTWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Argentina
Domestic constraintCB9CBCBCB
Exchange rate regimeFLFLFLUDP10FLFLFL11FL12FLUDP9UDPUDPUDP
Capital controlsYYYYYYYYYYYNN
IMF programNY13NY14NNY15Y16YYYYY
Australia
Domestic constraintBMTBMTBMT17
Exchange rate regimeTWPTWPFL18FLFLFLFLFLFLFLFLFL
Capital controlsYYNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

The April 1975 stabilization is sometimes characterized as “money based” but no money targets were announced.

The central bank announced its commitment to monitor the attainment of the announced targets.

During 1970–78, the exchange rate policy is sometimes characterized as a crawling peg in which the fixed exchange rate was often revised (Fasano-Filho, 1986).

The Tablita stabilization program involving a crawling peg was announced on December 27, 1978 and abandoned at the end of March 1981.

August 6, 1976–August 5, 1977; September 16, 1977–September 15, 1978.

The Bank of Australia started setting unannounced money targets in 1974 (Davis and Lewis, 1980).

First targets announced in March 1976.

The peg was suspended in September 1974. Thereafter, a trade-weighted peg was introduced; a variable link was introduced at end-November 1976.

The “Convertibilidad Law” of March 27, 1991 fixed the exchange rate of the austral and introduced a currency board arrangement for the central bank, severely limiting the scope for domestic base money creation.

The Austral stabilization plan of June 1985 fixed the exchange rate; in April 1986, the government announced that the rate would be periodically adjusted; in August 1986, it announced a policy of adjustment at declined rates.

The primavera program of August 1988 introduced a new foreign exchange system in which a “free” exchange rate used for imports and financial transactions would float, and the pegged official rates would be subject to step-wise adjustments.

The stabilization plan of July 1989 involved a freeze of the official exchange rate. The plan was abandoned in December 1989 when the exchange rate was floated.

January 24, 1983–April 23, 1984.

December 28, 1984–March 27, 1986.

July 23, 1987–September 30, 1990.

May 31, 1989–May 30, 1990; November 10, 1989–March 31, 1991; July 29, 1991–June 30, 1992; and March 31, 1992–March 30, 1995.

Monetary targeting is abandoned in January 1985 (Edey and Mcfarlane, 1991).

The exchange rate was floated as of December 1983.

The April 1975 stabilization is sometimes characterized as “money based” but no money targets were announced.

The central bank announced its commitment to monitor the attainment of the announced targets.

During 1970–78, the exchange rate policy is sometimes characterized as a crawling peg in which the fixed exchange rate was often revised (Fasano-Filho, 1986).

The Tablita stabilization program involving a crawling peg was announced on December 27, 1978 and abandoned at the end of March 1981.

August 6, 1976–August 5, 1977; September 16, 1977–September 15, 1978.

The Bank of Australia started setting unannounced money targets in 1974 (Davis and Lewis, 1980).

First targets announced in March 1976.

The peg was suspended in September 1974. Thereafter, a trade-weighted peg was introduced; a variable link was introduced at end-November 1976.

The “Convertibilidad Law” of March 27, 1991 fixed the exchange rate of the austral and introduced a currency board arrangement for the central bank, severely limiting the scope for domestic base money creation.

The Austral stabilization plan of June 1985 fixed the exchange rate; in April 1986, the government announced that the rate would be periodically adjusted; in August 1986, it announced a policy of adjustment at declined rates.

The primavera program of August 1988 introduced a new foreign exchange system in which a “free” exchange rate used for imports and financial transactions would float, and the pegged official rates would be subject to step-wise adjustments.

The stabilization plan of July 1989 involved a freeze of the official exchange rate. The plan was abandoned in December 1989 when the exchange rate was floated.

January 24, 1983–April 23, 1984.

December 28, 1984–March 27, 1986.

July 23, 1987–September 30, 1990.

May 31, 1989–May 30, 1990; November 10, 1989–March 31, 1991; July 29, 1991–June 30, 1992; and March 31, 1992–March 30, 1995.

Monetary targeting is abandoned in January 1985 (Edey and Mcfarlane, 1991).

The exchange rate was floated as of December 1983.

Table A2.Austria, Bahamas
197019711972197319741975197619771978197919801981
Austria
Domestic constraint
Exchange rate regimeBWPBWP1CBPCBPCBPCBPCBPCBPCBPCBPCBPDMP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Bahamas
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Austria
Domestic constraint
Exchange rate regimeDMPDMPDMPDMPDMPDMPDMPDMPDMPDMPDMPDMPDMP
Capital controlsYYYYYYYYNNNN
IMF programNNNNNNNNNNNNN
Bahamas
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN

After August 1971, the shilling was pegged to a currency basket including initially six currencies. Over time, the weaker currencies were gradually eliminated from the basket and by 1981, a DM peg had (informally) been established (Hochreiter and Tornquist (1990)).

After August 1971, the shilling was pegged to a currency basket including initially six currencies. Over time, the weaker currencies were gradually eliminated from the basket and by 1981, a DM peg had (informally) been established (Hochreiter and Tornquist (1990)).

Table A3.Bahrain, Barbados
197019711972197319741975197619771978197919801981
Bahrain
Domestic constraint
Exchange rate regimeBWPBWPBWPUDPUDPUDPUDPUDPUDP1UDPUDPUDP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Barbados
Domestic constraintCUCUCUCU2
Exchange rate regimeUDPUDPUDPUDPLLPLLPUDP3UDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Bahrain
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Barbados
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYYY
IMF programNY4NNNNNNNNY5NN

Since 1978, the dinar is officially pegged to the SDR; in practice, however, the dinar/dollar exchange rate has remained fixed since December 1980.

On December 3, 1973, the Central Bank of Barbados, which had been set up in May 1972, started issuing its own currency. At the same time, Barbados withdrew from the Eastern Caribbean Currency Authority.

As of July 5, 1975.

October 1, 1982–May 31, 1984.

February 7, 1992–May 31, 1993.

Since 1978, the dinar is officially pegged to the SDR; in practice, however, the dinar/dollar exchange rate has remained fixed since December 1980.

On December 3, 1973, the Central Bank of Barbados, which had been set up in May 1972, started issuing its own currency. At the same time, Barbados withdrew from the Eastern Caribbean Currency Authority.

As of July 5, 1975.

October 1, 1982–May 31, 1984.

February 7, 1992–May 31, 1993.

Table A4.Belgium, Benin
197019711972197319741975197619771978197919801981
Belgium
Domestic constraint
Exchange rate regimeBWPBWPECMECMECMECMECMECMECMERMERMERM
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Benin
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Belgium
Domestic constraint
Exchange rate regimeERMERMERMERMERMERMERMERMERMERMERMERMERM
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Benin
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNY1YYYYY

June 16, 1989–June 15, 1992; January 25, 1993–January 24, 1996.

June 16, 1989–June 15, 1992; January 25, 1993–January 24, 1996.

Table A5.Bhutan, Bolivia
197019711972197319741975197619771978197919801981
Bhutan
Domestic constraintFCFCFCFC1
Exchange rate regimeIRPIRPIRPIRPIRPIRPIRPIRPIRPIRPIRPIRP1
Capital controlsY2YYYYYYYYYYY
IMF programNNNNNNNNNNNN
Bolivia
Domestic constraint
Exchange rate regimeBWPBWPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP3
Capital controlsNNNNNNNNNNYY
IMF programNNNY4NNNNNNY5N
1982198319841985198619871988198919901991199219931994
Bhutan
Domestic constraint
Exchange rate regimeIRPIRPIRPIRPIRPIRPIRPIRPIRPIRPIRPIRPIRP
Capital controlsYYYYYYYYYYYYY1
IMF programNNNNNNNNNNNNN
Bolivia
Domestic constraint
Exchange rate regimeUDPUDPUDPFL6FLFLFLFLFLFLFLFLFL
Capital controlsYYYYNNNNNNNNN
IMF programNNNNY7YYYYYYYY

Before 1974, the Indian rupee was used as domestic currency. The Bhutanese ngultrum was introduced only in 1974. The Royal Monetary Authority of Bhutan was established only in 1983.

Large capital movements with India must be approved by the Ministry of Finance.

Between 1981 and 1985, the pegged exchange rate that had remained stable in the 1970s was repeatedly devalued.

January 17, 1973–January 16, 1974.

February 1, 1980–January 31, 1981.

With the August 29, 1985 stabilization package, the exchange rate was floated.

June 19, 1986–June 18, 1987; December 15, 1986–December 14, 1989; July 27, 1988–March 31, 1994; December 19, 1994–December 18, 1997.

Before 1974, the Indian rupee was used as domestic currency. The Bhutanese ngultrum was introduced only in 1974. The Royal Monetary Authority of Bhutan was established only in 1983.

Large capital movements with India must be approved by the Ministry of Finance.

Between 1981 and 1985, the pegged exchange rate that had remained stable in the 1970s was repeatedly devalued.

January 17, 1973–January 16, 1974.

February 1, 1980–January 31, 1981.

With the August 29, 1985 stabilization package, the exchange rate was floated.

June 19, 1986–June 18, 1987; December 15, 1986–December 14, 1989; July 27, 1988–March 31, 1994; December 19, 1994–December 18, 1997.

Table A6.Botswana, Brazil
197019711972197319741975197619771978197919801981
Botswana
Domestic constraintFCFCFCFCFCFCFC
Exchange rate regimeSRP1SRPSRPSRPSRPSRPSRPUDP2UDPUDPCBP3CBP
Capital controlsYYYYYYYYYYYY
IMF program
Brazil
Domestic constraintBMT
Exchange rate regimeFL4FLFLFLFLFLFLFLFLFLUDCP5FL
Capital controlsYYYYYYYYYYYY
IMF programY6YYNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Botswana
Domestic constraint
Exchange rate regimeCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBP
Capital controlsYYYYYYYYYYYYY1
IMF program
Brazil
Domestic constraint7
Exchange rate regimeFLFLFLFLUDP8FLFLFL9FL10FLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY11YYNNNY12NNY13YN

Until August 26, 1976, when the pula was introduced, the South African rand was used as legal tender.

The pula was pegged to the U.S. dollar from August 26, 1976 (when it was introduced) to May 27, 1980.

Since June 2, 1980, the pula has been formally pegged to a basket of currencies; the parities are, however, revised from time to time, albeit not frequently, in light of domestic policy considerations.

As of August 1968, the exchange rate followed a crawling peg in which the exchange rate was adjusted at the discretion of the authorities; this system lasted for most of the period here considered (with the exceptions reported in the table). In March 1990, the exchange rate was formally floated. In June 1994, in connection with the real stabilization plan, an exchange rate floor was introduced. On March 6, 1995, the authorities switched to explicit and adjustable exchange rate bands.

The exchange rate depreciation was targeted to be 40 percent in 1980 (actual depreciation was 54 percent).

April 29, 1969–April 28, 1970; February 2, 1970–February 3, 1972; March 3, 1972–March 2, 1973.

The March 1990 stabilization plan involved a drastic reduction in liquidity through a temporary blocking of about two-thirds of M4; however, no target was announced for monetary growth.

Between February 1986 and late 1986, as part of the cruzado stabilization plan, the exchange rate was pegged.

As part of the summer plan of January 1989, the exchange rate was pegged; but the peg lasted only a few months.

The exchange rate was floated as of March 1990, although intervention in the foreign exchange market continued.

March 1, 1983–February 28, 1986.

August 23, 1988–February 28, 1990.

January 29, 1992–August 31, 1993.

Until August 26, 1976, when the pula was introduced, the South African rand was used as legal tender.

The pula was pegged to the U.S. dollar from August 26, 1976 (when it was introduced) to May 27, 1980.

Since June 2, 1980, the pula has been formally pegged to a basket of currencies; the parities are, however, revised from time to time, albeit not frequently, in light of domestic policy considerations.

As of August 1968, the exchange rate followed a crawling peg in which the exchange rate was adjusted at the discretion of the authorities; this system lasted for most of the period here considered (with the exceptions reported in the table). In March 1990, the exchange rate was formally floated. In June 1994, in connection with the real stabilization plan, an exchange rate floor was introduced. On March 6, 1995, the authorities switched to explicit and adjustable exchange rate bands.

The exchange rate depreciation was targeted to be 40 percent in 1980 (actual depreciation was 54 percent).

April 29, 1969–April 28, 1970; February 2, 1970–February 3, 1972; March 3, 1972–March 2, 1973.

The March 1990 stabilization plan involved a drastic reduction in liquidity through a temporary blocking of about two-thirds of M4; however, no target was announced for monetary growth.

Between February 1986 and late 1986, as part of the cruzado stabilization plan, the exchange rate was pegged.

As part of the summer plan of January 1989, the exchange rate was pegged; but the peg lasted only a few months.

The exchange rate was floated as of March 1990, although intervention in the foreign exchange market continued.

March 1, 1983–February 28, 1986.

August 23, 1988–February 28, 1990.

January 29, 1992–August 31, 1993.

Table A7.Burkina Faso, Cameroon
197019711972197319741975197619771978197919801981
Burkina Faso
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Cameroon
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Burkina Faso
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNY1YYY
Cameroon
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNY2NNNNY3

March 13, 1991–March 12, 1994; March 31, 1993–March 30, 1996.

September 19, 1988–March 31, 1990.

March 14, 1994–September 13, 1995.

March 13, 1991–March 12, 1994; March 31, 1993–March 30, 1996.

September 19, 1988–March 31, 1990.

March 14, 1994–September 13, 1995.

Table A8.CAMU (Central African Monetary Union), Canada
197019711972197319741975197619771978197919801981
CAMU1
Domestic constraint
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Canada
Domestic constraintNMT2NMTNMTNMTNMTNMT
Exchange rate regimeFL3FLFLFLFLFLFLFLFL4FLFLFL
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
CAMU1
Domestic constraint5
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN1
Canada
Domestic constraintNMT6IT7ITITIT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon.

Announced in November 1975.

The Canadian dollar was floated in May 1970.

During 1978–83, there was a strong attempt to stabilize the exchange rate vis-à-vis the U.S. dollar (see, for example, Bernanke and Mishkin (1992)).

As of 1992, the BEAC (Bank of Central African States—the Central Bank of the CAMU) began setting annual targets for monetary aggregates; these targets, however, are not publicly announced.

Target dropped in November 1982.

Announced in February 1991 by the government and the Bank of Canada.

Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon.

Announced in November 1975.

The Canadian dollar was floated in May 1970.

During 1978–83, there was a strong attempt to stabilize the exchange rate vis-à-vis the U.S. dollar (see, for example, Bernanke and Mishkin (1992)).

As of 1992, the BEAC (Bank of Central African States—the Central Bank of the CAMU) began setting annual targets for monetary aggregates; these targets, however, are not publicly announced.

Target dropped in November 1982.

Announced in February 1991 by the government and the Bank of Canada.

Table A9.Central African Republic, Chad
197019711972197319741975197619771978197919801981
Central African Republic
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNY1Y
Chad
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFR
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Central African Republic
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNY2YYYYYYNNNNY3
Chad
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFR
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNY4YYNNNY5

February 15, 1980–February 15, 1981; April 10, 1981–December 31, 1981.

April 22, 1983–April 21, 1984; July 6, 1984–July 5, 1985; September 23, 1985–March 27, 1987; June 1, 1987–May 31, 1990.

March 28, 1994–March 27, 1995.

October 30, 1987–October 29, 1990.

March 23, 1994–March 22, 1995.

February 15, 1980–February 15, 1981; April 10, 1981–December 31, 1981.

April 22, 1983–April 21, 1984; July 6, 1984–July 5, 1985; September 23, 1985–March 27, 1987; June 1, 1987–May 31, 1990.

March 28, 1994–March 27, 1995.

October 30, 1987–October 29, 1990.

March 23, 1994–March 22, 1995.

Table A10.Chile, Colombia
197019711972197319741975197619771978197919801981
Chile
Domestic constraint1
Exchange rate regimeBWPBWPBWPFL2FLFLFLFLUDP3UDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programN4NNNY5Y6NNNNNN
Colombia
Domestic constraint
Exchange rate regimeBWPBWPFL7FLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programY8YYYNNNNNNNN
1982198319841985198619871988198919901991199219931994
Chile
Domestic constraint
Exchange rate regimeUDPFLFLFLUDP9UDPUDPUDPUDPUDPUDPCBPCBP
Capital controlsYYYYYYYYYYYYY
IMF programNY10YNY11YYYY12NNNN
Colombia
Domestic constraintNMT13NMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLUDP14
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN

In 1975–77, a stabilization based on tight monetary policy was attempted; money targets, however, were not announced.

In October 1973, a crawling peg was adopted; the exchange rate was periodically revised but the depreciation schedule was not announced; between July 1977 and February 1978, a daily depreciation schedule was announced at the beginning of each month.

Announced in February 1978; the predetermined crawling peg (tablita) was replaced in June 1979 by a fixed exchange rate, which was abandoned in the third quarter of 1982.

April 19, 1969–April 18, 1970.

January 30, 1974–January 28, 1975.

March 19, 1975–March 18, 1976.

The exchange rate followed a crawling peg in which the rate of crawl was not announced.

April 21, 1970–April 20, 1972; May 1, 1972–April 30, 1973; June 6, 1973–June 5, 1974.

Between January 1986 and April 1988, a 2 percent band was in place; the band was 3 percent during May 1988–May 1989; the band was 5 percent during June 1989–December 1991; the band was 10 percent during January-June 1992; the basket was introduced in July 1992.

January 10, 1983–January 9, 1985.

August 15, 1985–August 14, 1989.

November 8, 1989–November 7, 1990.

Targets for narrow money were announced for the year 1993 in a letter from the Banco de la Republica to the finance minister on November 12, 1992. The letter was published in the same month in the monthly bulletin of the central bank.

In early 1994, a band around an average depreciation rate vis-à-vis the U.S. dollar was announced.

In 1975–77, a stabilization based on tight monetary policy was attempted; money targets, however, were not announced.

In October 1973, a crawling peg was adopted; the exchange rate was periodically revised but the depreciation schedule was not announced; between July 1977 and February 1978, a daily depreciation schedule was announced at the beginning of each month.

Announced in February 1978; the predetermined crawling peg (tablita) was replaced in June 1979 by a fixed exchange rate, which was abandoned in the third quarter of 1982.

April 19, 1969–April 18, 1970.

January 30, 1974–January 28, 1975.

March 19, 1975–March 18, 1976.

The exchange rate followed a crawling peg in which the rate of crawl was not announced.

April 21, 1970–April 20, 1972; May 1, 1972–April 30, 1973; June 6, 1973–June 5, 1974.

Between January 1986 and April 1988, a 2 percent band was in place; the band was 3 percent during May 1988–May 1989; the band was 5 percent during June 1989–December 1991; the band was 10 percent during January-June 1992; the basket was introduced in July 1992.

January 10, 1983–January 9, 1985.

August 15, 1985–August 14, 1989.

November 8, 1989–November 7, 1990.

Targets for narrow money were announced for the year 1993 in a letter from the Banco de la Republica to the finance minister on November 12, 1992. The letter was published in the same month in the monthly bulletin of the central bank.

In early 1994, a band around an average depreciation rate vis-à-vis the U.S. dollar was announced.

Table A11.Republic of Congo, Costa Rica
197019711972197319741975197619771978197919801981
Congo, Republic of
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFR
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNY1NY2NN
Costa Rica
Domestic constraint3
Exchange rate regimeBWPBWPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNYYYYYYNN
IMF programNNNNNNNY4NNY5Y
1982198319841985198619871988198919901991199219931994
Congo, Republic of
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFRFFR
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNY6YNNY7NNY8
Costa Rica
Domestic constraint
Exchange rate regimeFL9FLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programYYYYNNY10YNY11NY12N

January 1, 1977–December 31, 1977.

April 25, 1979–April 24, 1980.

During the 1980s, and even before, the central bank prepared an annual credit program used to set ceilings on bank credit including “targets” for the main money and credit aggregates. These targets, however, were not announced.

July 23, 1976–July 22, 1977.

March 12, 1980–March 11, 1982; June 17, 1981–June 11, 1984; March 13, 1985–April 12, 1986.

August 29, 1986–August 28, 1988.

August 27, 1990–May 26, 1992.

May 27, 1994–May 26, 1995.

The exchange rate of the colon against that of the U.S. dollar had been legally set; on December 3, 1981, parliament devalued the colon but the devaluation was not considered sufficient by the central bank, which started a free market in parallel with the official one, as allowed by the central bank law. A period of multiple exchange rates and minidevaluations began; the exchange rates were unified on November 11,1983, but the crawling peg continued until March 1991, when the colon was floated.

October 28, 1987–March 31, 1982.

April 8, 1991–April 7, 1992.

April 19, 1993–February 18, 1994.

January 1, 1977–December 31, 1977.

April 25, 1979–April 24, 1980.

During the 1980s, and even before, the central bank prepared an annual credit program used to set ceilings on bank credit including “targets” for the main money and credit aggregates. These targets, however, were not announced.

July 23, 1976–July 22, 1977.

March 12, 1980–March 11, 1982; June 17, 1981–June 11, 1984; March 13, 1985–April 12, 1986.

August 29, 1986–August 28, 1988.

August 27, 1990–May 26, 1992.

May 27, 1994–May 26, 1995.

The exchange rate of the colon against that of the U.S. dollar had been legally set; on December 3, 1981, parliament devalued the colon but the devaluation was not considered sufficient by the central bank, which started a free market in parallel with the official one, as allowed by the central bank law. A period of multiple exchange rates and minidevaluations began; the exchange rates were unified on November 11,1983, but the crawling peg continued until March 1991, when the colon was floated.

October 28, 1987–March 31, 1982.

April 8, 1991–April 7, 1992.

April 19, 1993–February 18, 1994.

Table A12.Cyprus, Denmark
197019711972197319741975197619771978197919801981
Cyprus
Domestic constraint1
Exchange rate regimeLLPLLPLLPLLPLLPLLPTWP2TWPTWPTWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNY3
Denmark
Domestic constraint
Exchange rate regimeBWPBWPECMECMECMECMECMECMECMERMERMERM
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Cyprus
Domestic constraint1
Exchange rate regimeTWPTWPTWPTWPTWPTWPTWPTWPTWPTWPEUP4EUPEUP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN
Denmark
Domestic constraint
Exchange rate regimeERM5ERMERMERMERMERMERMERMERMERMERMERMERM
Capital controlsYYYYYYNNNNNNN
IMF programNNNNNNNNNNNNN

Targets are not announced to the public; however, the Central Bank of Cyprus provides information to banks on the target for bank credit to the private sector.

June 1976.

July 16, 1980–July 15, 1981.

June 1992.

The Danish stabilization program of 1982 did not involve any formal change in the policy framework but, rather, the decision to stop the policy of creeping devaluations and to peg the krone to the DM.

Targets are not announced to the public; however, the Central Bank of Cyprus provides information to banks on the target for bank credit to the private sector.

June 1976.

July 16, 1980–July 15, 1981.

June 1992.

The Danish stabilization program of 1982 did not involve any formal change in the policy framework but, rather, the decision to stop the policy of creeping devaluations and to peg the krone to the DM.

Table A13.Dominican Republic, Eastern Caribbean Currency Area
197019711972197319741975197619771978197919801981
Bahrain
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Eastern Caribbean Currency Area1
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controls111111111111
IMF program
1982198319841985198619871988198919901991199219931994
Dominican Republic
Domestic constraint
Exchange rate regimeUDPUDPUDPFL2FLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY3YYNNNNNNY4YN
Eastern Caribbean Currency Area1
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controls1111111111111
IMF program

The Eastern Caribbean Currency Area includes seven countries: Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent. Barbados withdrew from this arrangement in 1974.

In January 1985, the exchange rate was floated; in the following years (e.g., in 1990), there were attempts to reintroduce a dollar peg, including through multiple fixed exchange rates.

January 27, 1983–January 20, 1986; April 15, 1985–April 14, 1986.

August 28, 1991–March 27, 1993; July 9, 1993–March 28, 1994.

The Eastern Caribbean Currency Area includes seven countries: Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent. Barbados withdrew from this arrangement in 1974.

In January 1985, the exchange rate was floated; in the following years (e.g., in 1990), there were attempts to reintroduce a dollar peg, including through multiple fixed exchange rates.

January 27, 1983–January 20, 1986; April 15, 1985–April 14, 1986.

August 28, 1991–March 27, 1993; July 9, 1993–March 28, 1994.

Table A14.Ecuador, Egypt
197019711972197319741975197619771978197919801981
Ecuador
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYNNNNNNNNNNN
IMF programY1YYYNNNNNNNN
Egypt
Domestic constraint
Exchange rate regimeBWPBWPBWP2UDP3UDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNY4YYYY
1982198319841985198619871988198919901991199219931994
Ecuador
Domestic constraint
Exchange rate regimeUDPFL5FLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNYYNNNNNNN
IMF programNNY6YYYYYYNY7NY8
Egypt
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPFL9FLFL
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNY10YNNY11YYY

April 7, 1969–April 6, 1970; September 14, 1970–September 13, 1971; July 3, 1972–July 2, 1973.

In the realignment of parities under the Smithsonian agreement, the Egyptian pound was kept constant in terms of the SDR.

A multiple exchange system tied to the dollar for a major part of international transactions was introduced; the pound was devalued in early 1979 and in 1989–91. During this period, the free exchange rate depreciated more steadily. The foreign exchange reform of 1987–88 introduced a dual system (as part of this reform, on May 11, 1987, a banker’s free market started operating).

April 29, 1977–April 19, 1978; July 28, 1978–July 27, 1981.

In March 1983, a multiple exchange rate system is introduced; the system was characterized by microdevaluations of official rates and by a free market for certain transactions.

July 25, 1983–July 24, 1984; March 11, 1985–March 10, 1986; August 15, 1986–August 14, 1987; January 4, 1988–February 28, 1989; September 15, 1989–February 28, 1991.

December 11, 1991–December 10, 1992.

May 11, 1994–March 21, 1996.

On November 28, 1991, a unified free market exchange rate was introduced; in practice, the pound has since remained stable vis-à-vis the U.S. dollar.

May 15, 1987–November 30, 1988.

May 17, 1991–March 1, 1993; September 20, 1993–September 19, 1996.

April 7, 1969–April 6, 1970; September 14, 1970–September 13, 1971; July 3, 1972–July 2, 1973.

In the realignment of parities under the Smithsonian agreement, the Egyptian pound was kept constant in terms of the SDR.

A multiple exchange system tied to the dollar for a major part of international transactions was introduced; the pound was devalued in early 1979 and in 1989–91. During this period, the free exchange rate depreciated more steadily. The foreign exchange reform of 1987–88 introduced a dual system (as part of this reform, on May 11, 1987, a banker’s free market started operating).

April 29, 1977–April 19, 1978; July 28, 1978–July 27, 1981.

In March 1983, a multiple exchange rate system is introduced; the system was characterized by microdevaluations of official rates and by a free market for certain transactions.

July 25, 1983–July 24, 1984; March 11, 1985–March 10, 1986; August 15, 1986–August 14, 1987; January 4, 1988–February 28, 1989; September 15, 1989–February 28, 1991.

December 11, 1991–December 10, 1992.

May 11, 1994–March 21, 1996.

On November 28, 1991, a unified free market exchange rate was introduced; in practice, the pound has since remained stable vis-à-vis the U.S. dollar.

May 15, 1987–November 30, 1988.

May 17, 1991–March 1, 1993; September 20, 1993–September 19, 1996.

Table A15.Equatorial Guinea, Fiji
197019711972197319741975197619771978197919801981
Equatorial Guinea
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNY1N
Fiji
Domestic constraint
Exchange rate regimeLLPLLPLLPUDPCBP2CBPCBPCBPCBPCBPCBPCBP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNY3NNNNNN
1982198319841985198619871988198919901991199219931994
Equatorial Guinea
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNNY4NNNY5YYNY6Y
Fiji
Domestic constraint
Exchange rate regimeCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBPCBP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN

July 1, 1980–June 30, 1981.

Since April 1975, the Fiji dollar has been pegged to a basket of currencies.

November 8, 1974–November 7, 1975.

June 28, 1985–June 27, 1986.

December 7, 1988–December 6, 1991.

February 3, 1993–February 2, 1996.

July 1, 1980–June 30, 1981.

Since April 1975, the Fiji dollar has been pegged to a basket of currencies.

November 8, 1974–November 7, 1975.

June 28, 1985–June 27, 1986.

December 7, 1988–December 6, 1991.

February 3, 1993–February 2, 1996.

Table A16.Finland, France
197019711972197319741975197619771978197919801981
Finland
Domestic constraint
Exchange rate regimeBWPBWPUDP1FL2FLFLFLFLTWP3TWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
France
Domestic constraintBMT4BMTBMTBMTBMT
Exchange rate regimeBWPBWPECMECMFL5FLFLFLFLERMERMERM
Capital controlsYYYYYYYYYYYY
IMF programY6NNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Finland
Domestic constraintIT7IT
Exchange rate regimeTWPTWPTWPTWPTWPTWPTWPTWPTWPEUP8EUPFL9FL
Capital controlsYYYYYYYYYNNNN
IMF programNNNNNNNNNNNNN
France
Domestic constraintBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeERMERMERMERMERMERMERMERMERMERMERMERMERM
Capital controlsYYYYYYYYYYYNN
IMF programNNNNNNNNNNNNN

As of December 20, 1971.

As of June 4, 1973.

As of November 1, 1977.

Before 1977, an unpublished M2 target was used by the monetary authorities; the 1977 target was announced in December 1976.

As of January 1974; France rejoined the European Common Margin Arrangement between July 1975 and March 1976.

September 17, 1969–September 18, 1970.

First targets announced in February 1993.

As of June 7, 1991.

As of September 8, 1992.

As of December 20, 1971.

As of June 4, 1973.

As of November 1, 1977.

Before 1977, an unpublished M2 target was used by the monetary authorities; the 1977 target was announced in December 1976.

As of January 1974; France rejoined the European Common Margin Arrangement between July 1975 and March 1976.

September 17, 1969–September 18, 1970.

First targets announced in February 1993.

As of June 7, 1991.

As of September 8, 1992.

Table A17.Gabon, The Gambia
197019711972197319741975197619771978197919801981
Gabon
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNY1NY2Y
The Gambia
Domestic constraint
Exchange rate regimeBWPBWPLLG3LLGLLGLLGLLGLLGLLGLLGLLGLLG
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNY4NYNN
1982198319841985198619871988198919901991199219931994
Gabon
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programYNNNNY5YNYY6YNY7
The Gambia
Domestic constraintBMT8BMTBMT
Exchange rate regimeLLGLLGLLGLLGLLGLLGFL9FLFLFLFLFLFL
Capital controlsYYYYYYYYNNNNN
IMF programY10NY11YN12Y13YYYYNNN

May 31, 1978–May 30, 1979.

June 27, 1980–December 31, 1982.

As of May 9, 1972.

May 12, 1977–May 17, 1978.

December 27, 1986–December 31, 1988.

September 15, 1987–March 14, 1991 September 30, 1991–March 28, 1993.

March 30, 1994–March 28, 1995.

In the context of an IMF-monitored program under the arrangement for enhanced consultations; however, money targets were not announced.

The exchange rate was floated as of January 1986.

November 2, 1978–November 1, 1980.

February 22, 1982–February 21,1983.

April 23, 1984–July 22, 1985.

September 17, 1986–October 16, 1987; September 17, 1987–November 10, 1990; November 12, 1988–November 21, 1991.

May 31, 1978–May 30, 1979.

June 27, 1980–December 31, 1982.

As of May 9, 1972.

May 12, 1977–May 17, 1978.

December 27, 1986–December 31, 1988.

September 15, 1987–March 14, 1991 September 30, 1991–March 28, 1993.

March 30, 1994–March 28, 1995.

In the context of an IMF-monitored program under the arrangement for enhanced consultations; however, money targets were not announced.

The exchange rate was floated as of January 1986.

November 2, 1978–November 1, 1980.

February 22, 1982–February 21,1983.

April 23, 1984–July 22, 1985.

September 17, 1986–October 16, 1987; September 17, 1987–November 10, 1990; November 12, 1988–November 21, 1991.

Table A18.Germany, Ghana
197019711972197319741975197619771978197919801981
Germany
Domestic constraintHMT1HMTHMTHMTHMTHMTHMT
Exchange rate regimeFL2FLBWPFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Ghana
Domestic constraint
Exchange rate regimeUDP3UDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNN
IMF programY4NNNNNNNNY5NN
1982198319841985198619871988198919901991199219931994
Germany
Domestic constraintHMTHMTHMTHMTHMTHMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Ghana
Domestic constraintBMTBMTBMT
Exchange rate regimeUDPFL6FLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNY7YNY8YYYYN9NN

Targets were announced for the first time at end-1974; the targeted aggregate was currency in circulation plus required reserves, an aggregate that is close to base money.

The deutsche mark floated between May 1970 and December 1971. The par was introduced on December 18, 1971, but was abandoned on March 19, 1973, when the European currency arrangement was delinked from the U.S. dollar.

Before 1983, the exchange rate was pegged with infrequent step adjustments, but financial discipline was lacking and Ghana faced severe balance of payments problems and increasing black market transactions.

August 1, 1969–July 20, 1970.

January 10, 1979–January 9, 1980.

Between April 1983 and December 1994, the exchange rate was adjusted quarterly in line with the inflation differential between Ghana and its trading partners, with a step devaluation in October 1983; between December 1994 and January 1986, the exchange rate was adjusted to achieve a real depreciation; on September 19, 1986, the exchange rate was floated in an exchange rate auction; the latter was replaced on March 19, 1992 by an interbank market.

August 3, 1983–August 2, 1984; August 27, 1984–December 31, 1985.

October 15, 1986–October 14, 1987; November 11, 1987–November 10, 1990; November 8, 1988–November 8, 1991; November 9, 1988–March 5, 1992.

IMF-monitored program under the arrangement for enhanced consultations.

Targets were announced for the first time at end-1974; the targeted aggregate was currency in circulation plus required reserves, an aggregate that is close to base money.

The deutsche mark floated between May 1970 and December 1971. The par was introduced on December 18, 1971, but was abandoned on March 19, 1973, when the European currency arrangement was delinked from the U.S. dollar.

Before 1983, the exchange rate was pegged with infrequent step adjustments, but financial discipline was lacking and Ghana faced severe balance of payments problems and increasing black market transactions.

August 1, 1969–July 20, 1970.

January 10, 1979–January 9, 1980.

Between April 1983 and December 1994, the exchange rate was adjusted quarterly in line with the inflation differential between Ghana and its trading partners, with a step devaluation in October 1983; between December 1994 and January 1986, the exchange rate was adjusted to achieve a real depreciation; on September 19, 1986, the exchange rate was floated in an exchange rate auction; the latter was replaced on March 19, 1992 by an interbank market.

August 3, 1983–August 2, 1984; August 27, 1984–December 31, 1985.

October 15, 1986–October 14, 1987; November 11, 1987–November 10, 1990; November 8, 1988–November 8, 1991; November 9, 1988–March 5, 1992.

IMF-monitored program under the arrangement for enhanced consultations.

Table A19.Greece, Guatemala
197019711972197319741975197619771978197919801981
Greece
Domestic constraintHMT1HMTHMTHMTHMTHMTHMTHMTHMTHMTHMTHMT
Exchange rate regimeBWPBWPUDPUDPUDPFL2FLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Guatemala
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYNNNNNNNYY
IMF programY3YYNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Greece
Domestic constraintBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYN
IMF programNNNNNNNNNNNNN
Guatemala
Domestic constraintBMTBMT
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPFL4FLFLFLFL
Capital controlsYYYYYYYNNNNNN
IMF programY5NY6NNNNY7NNNY8N

A monetary program was announced in the 1950s by the Currency Committee (Zolotas (1978));the Committee was abolished in early 1982 and its powers were transferred to the Bank of Greece; at the same time, monetary targets for broad money were announced as well as targets for domestic credit expansion.

Throughout this period, the drachma was managed with respect to a basket of currencies reflecting inflation differential. As of 1988, the exchange rate policy hardened with the aim of keeping the depreciation rate in line with targeted inflation differential. However, only at end-1994 was the depreciation rate for the following year announced; at the same time, monetary targets were “deemphasized.”

August 1, 1969–July 31, 1970; December 18, 1970–December 27, 1971; March 29, 1972–March 28, 1973.

As of November 31, 1989.

November 13, 1981–November 12, 1982.

August 31, 1983–December 31, 1984.

October 26, 1988–February 29, 1990.

December 18, 1992–March 17, 1994.

A monetary program was announced in the 1950s by the Currency Committee (Zolotas (1978));the Committee was abolished in early 1982 and its powers were transferred to the Bank of Greece; at the same time, monetary targets for broad money were announced as well as targets for domestic credit expansion.

Throughout this period, the drachma was managed with respect to a basket of currencies reflecting inflation differential. As of 1988, the exchange rate policy hardened with the aim of keeping the depreciation rate in line with targeted inflation differential. However, only at end-1994 was the depreciation rate for the following year announced; at the same time, monetary targets were “deemphasized.”

August 1, 1969–July 31, 1970; December 18, 1970–December 27, 1971; March 29, 1972–March 28, 1973.

As of November 31, 1989.

November 13, 1981–November 12, 1982.

August 31, 1983–December 31, 1984.

October 26, 1988–February 29, 1990.

December 18, 1992–March 17, 1994.

Table A20.Guinea, Honduras
197019711972197319741975197619771978197919801981
Guinea
Domestic constraint
Exchange rate regimeBWP1BWPBWPUDPUDPUDPSDPSDPSDPSDPSDPSDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Honduras
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNYY
IMF programNY2YNNNNNNY3YY
1982198319841985198619871988198919901991199219931994
Guinea
Domestic constraintBMTBMT4
Exchange rate regimeSDPSDPSDPSDPFL5FLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY6NNY7YYYYNY8YY
Honduras
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPFL9FLFL
Capital controlsYYYYYYYYYYYNN
IMF programYYNNNNNNNY10YYY

Throughout the 1970s, parallel exchange rate markets were operating.

June 1, 1971–May 3, 1972; June 2, 1972–June 6, 1973.

June 28, 1979–June 27, 1982; November 5, 1982–December 31, 1983.

In the Annual Report of the Central Bank of Guinea, intermediate targets for broad money began to be published.

As of January 1986.

December 1, 1982–December 30, 1983.

February 3, 1986–March 2, 1987; July 29, 1987–July 28, 1990.

November 6, 1991–November 5, 1996.

The lempira was floated in May 1992.

July 27, 1990–February 17, 1992; July 24, 1992–July 23, 1995.

Throughout the 1970s, parallel exchange rate markets were operating.

June 1, 1971–May 3, 1972; June 2, 1972–June 6, 1973.

June 28, 1979–June 27, 1982; November 5, 1982–December 31, 1983.

In the Annual Report of the Central Bank of Guinea, intermediate targets for broad money began to be published.

As of January 1986.

December 1, 1982–December 30, 1983.

February 3, 1986–March 2, 1987; July 29, 1987–July 28, 1990.

November 6, 1991–November 5, 1996.

The lempira was floated in May 1992.

July 27, 1990–February 17, 1992; July 24, 1992–July 23, 1995.

Table A21.Iceland, India
197019711972197319741975197619771978197919801981
Iceland
Domestic constraint
Exchange rate regimeBWPBWPBWPFL1FLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
India
Domestic constraint
Exchange rate regimeBWPBWPLLP2LLPLLPTWPTWPTWPTWPFL3FLFL
Capital controlsYYYYYYYYYYYY
IMF programNNYNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Iceland
Domestic constraint
Exchange rate regimeFLFL4FLFLFLFLFLFLFLFLCBP5CBPCBP
Capital controlsYYYYYYYYYYYYY6
IMF programNNNNNNNNNNNNN
India
Domestic constraintBMT7BMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL8
Capital controlsYYYYYYYYYYYYY
IMF programY9YYNNNNNNNY10YY

A law issued on June 14, 1973 authorized the central bank to quote exchange rates outside the band around the par value in force until that time.

Between August 22, 1971 and December 19, 1971, the rupee was pegged to the dollar. With the Smithsonian agreements of December 19, 1981, the rupee was pegged to the pound.

The 2.25 percent band set around the trade-weighted peg was widened to 5 percent on January 30, 1979.

Starting with the 1983 stabilization program, the exchange rate policy hardened (OECD (1990)). However, the exchange rate remained officially flexible, and the May 1985 package did not include any commitment on exchange rate policy.

As of early 1992.

As of January 1, 1995, all capital controls have been removed.

Following the Chakravarty Report of April 1985, which recommended announcing broad money targets, the Reserve Bank-of India started announcing targets in 1986; until 1990, the targets were, however, expressed only in terms of a maximum ceiling; in 1990, more specific targets were announced initially as “conditional” to the attainment of fiscal targets.

As of March 1, 1993, the rupee was floated.

November 11, 1981–November 8, 1984 (canceled as of May 1, 1984).

October 31, 1991–June 30, 1993.

A law issued on June 14, 1973 authorized the central bank to quote exchange rates outside the band around the par value in force until that time.

Between August 22, 1971 and December 19, 1971, the rupee was pegged to the dollar. With the Smithsonian agreements of December 19, 1981, the rupee was pegged to the pound.

The 2.25 percent band set around the trade-weighted peg was widened to 5 percent on January 30, 1979.

Starting with the 1983 stabilization program, the exchange rate policy hardened (OECD (1990)). However, the exchange rate remained officially flexible, and the May 1985 package did not include any commitment on exchange rate policy.

As of early 1992.

As of January 1, 1995, all capital controls have been removed.

Following the Chakravarty Report of April 1985, which recommended announcing broad money targets, the Reserve Bank-of India started announcing targets in 1986; until 1990, the targets were, however, expressed only in terms of a maximum ceiling; in 1990, more specific targets were announced initially as “conditional” to the attainment of fiscal targets.

As of March 1, 1993, the rupee was floated.

November 11, 1981–November 8, 1984 (canceled as of May 1, 1984).

October 31, 1991–June 30, 1993.

Table A22.Ireland, Indonesia
197019711972197319741975197619771978197919801981
Ireland
Domestic constraint
Exchange rate regimeBWPBWPLLP1LLPLLPLLPLLPLLPLLPERMERMERM
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Indonesia
Domestic constraint
Exchange rate regimeBWPBWPBWPUDPUDPUDPUDPUDPUDPFL2FLFL
Capital controlsNNNNNNNNNNNN
IMF programY3YYYNNNNNNNN
1982198319841985198619871988198919901991199219931994
Ireland
Domestic constraint
Exchange rate regimeERMERM4ERMERMERMERMERMERMERMERMERMERMERM
Capital controlsYYYYYYYYYYNNN
IMF programNNNNNNNNNNNNN
Indonesia
Domestic constraint
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

As of May 9, 1992.

The peg of the Indonesian rupiah was severed on November 15, 1978; since then, the rupiah has followed a managed float in which it was depreciated in line with the inflation differential. A band is maintained around the crawling peg.

April 14, 1969–April 16, 1971; April 22, 1971–April 21, 1972; April 17, 1972–April 16, 1973; May 4, 1973–May 3, 1974.

The early 1982 stabilization did not involve any change in the monetary policy framework.

As of May 9, 1992.

The peg of the Indonesian rupiah was severed on November 15, 1978; since then, the rupiah has followed a managed float in which it was depreciated in line with the inflation differential. A band is maintained around the crawling peg.

April 14, 1969–April 16, 1971; April 22, 1971–April 21, 1972; April 17, 1972–April 16, 1973; May 4, 1973–May 3, 1974.

The early 1982 stabilization did not involve any change in the monetary policy framework.

Table A23.Israel, Italy
197019711972197319741975197619771978197919801981
Israel
Domestic constraint
Exchange rate regimeBWPBWPUDPUDPFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNY1NY2NNNN
Italy
Domestic constraintDCT3DCTDCTDCTDCTDCTDCTDCT
Exchange rate regimeBWPBWPECM4FLFLFLFLFLFLERMERMERM
Capital controlsYYYYYYYYYYYY
IMF programNNNNY5NNY6YNNN
1982198319841985198619871988198919901991199219931994
Israel
Domestic constraint7
Exchange rate regimeFLFLFLFLUDP8CBP9CBPCBPCBPCBPCBCPCBCPCBCP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN
Italy
Domestic constraintDCTDCTDCTBMT10BMTBMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeERMERMERMERMERMERMERMERMERMERMERMFL11FL
Capital controlsYYYYYYYYYYYNN
IMF programNNNNNNNNNNNNN

November 8, 1974–November 7, 1975; February 14, 1975–February 13, 1976.

October 20, 1976–October 19, 1977.

A target on total domestic credit was set initially as part of an IMF-supported program.

Italy abandoned the arrangement in February 1973.

April 10, 1974–April 9, 1975.

April 25, 1977–December 31, 1978.

As of December 1991, annual inflation targets have been announced, initially in connection with the announced depreciation rate; but no formal procedure for medium-term inflation targeting was introduced.

The peg was introduced with the July 1985 stabilization package (Bufman and others (1994)); after some step devaluations, an exchange rate band was introduced on January 3, 1989; the band was widened in March 1990; in December 1991, a crawling peg was introduced (at the same time, Israel shifted from “other composite” to “managed float” in the International Financial Statistics definitions).

As of August 1986.

Targets for M2 and private domestic credit have been announced as of 1985; subsequently, the private domestic credit target was dropped; as of 1986, the target for DCT was dropped.

As of September 16, 1992.

November 8, 1974–November 7, 1975; February 14, 1975–February 13, 1976.

October 20, 1976–October 19, 1977.

A target on total domestic credit was set initially as part of an IMF-supported program.

Italy abandoned the arrangement in February 1973.

April 10, 1974–April 9, 1975.

April 25, 1977–December 31, 1978.

As of December 1991, annual inflation targets have been announced, initially in connection with the announced depreciation rate; but no formal procedure for medium-term inflation targeting was introduced.

The peg was introduced with the July 1985 stabilization package (Bufman and others (1994)); after some step devaluations, an exchange rate band was introduced on January 3, 1989; the band was widened in March 1990; in December 1991, a crawling peg was introduced (at the same time, Israel shifted from “other composite” to “managed float” in the International Financial Statistics definitions).

As of August 1986.

Targets for M2 and private domestic credit have been announced as of 1985; subsequently, the private domestic credit target was dropped; as of 1986, the target for DCT was dropped.

As of September 16, 1992.

Table A24.Côte d’Ivoire (Ivory Coast), Jamaica
197019711972197319741975197619771978197919801981
Côte d’Ivoire
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNY1
Jamaica
Domestic constraint
Exchange rate regimeBWPBWPLLPUDP2UDPUDPUDPUDPUDCP3UDP4UDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNY5NNNNY6YYY
1982198319841985198619871988198919901991199219931994
Côte d’Ivoire
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programYYYYNNNNNNNNY7
Jamaica
Domestic constraint
Exchange rate regimeUDPUDPUDP8UDP9UDPUDPUDPUDPFL10FLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programYYYYYYYYYYYYY

February 27, 1981–February 22, 1984; August 3, 1984–May 2, 1985; June 3, 1985–June 2, 1986.

Unfrequent but relatively large adjustments were undertaken periodically within a dual exchange rate system.

Between June 9, 1978–May 2, 1979.

Within a multiple exchange rate system.

June 1, 1973–May 3, 1974.

August 11, 1977–August 10, 1979;June 9, 1978–June 8, 1981;April 13, 1981–April 12, 1984; June 22, 1984–June 21, 1985;July 17, 1985–May 31, 1987; March 2, 1987–May 31, 1988; September 19, 1988–May 31, 1990; March 23, 1990–May 31, 1991; June 28, 1991–June 30, 1992; December 11, 1992–December 10, 1995.

March 11, 1994–March 10, 1997.

On November 24, 1984, the exchange rate system was unified; a band was established around the parity, which was revised fortnightly.

As of November 29, 1984, the Jamaican dollar was officially floating in an auction, but the exchange rate was practically fixed by intervention at 5.5 Jamaican dollars per U.S. dollar; this regime lasted until mid-1989 when the exchange rate started depreciating.

As of September 17, 1990, the exchange rate was determined in an interbank market.

February 27, 1981–February 22, 1984; August 3, 1984–May 2, 1985; June 3, 1985–June 2, 1986.

Unfrequent but relatively large adjustments were undertaken periodically within a dual exchange rate system.

Between June 9, 1978–May 2, 1979.

Within a multiple exchange rate system.

June 1, 1973–May 3, 1974.

August 11, 1977–August 10, 1979;June 9, 1978–June 8, 1981;April 13, 1981–April 12, 1984; June 22, 1984–June 21, 1985;July 17, 1985–May 31, 1987; March 2, 1987–May 31, 1988; September 19, 1988–May 31, 1990; March 23, 1990–May 31, 1991; June 28, 1991–June 30, 1992; December 11, 1992–December 10, 1995.

March 11, 1994–March 10, 1997.

On November 24, 1984, the exchange rate system was unified; a band was established around the parity, which was revised fortnightly.

As of November 29, 1984, the Jamaican dollar was officially floating in an auction, but the exchange rate was practically fixed by intervention at 5.5 Jamaican dollars per U.S. dollar; this regime lasted until mid-1989 when the exchange rate started depreciating.

As of September 17, 1990, the exchange rate was determined in an interbank market.

Table A25.Japan, Jordan
197019711972197319741975197619771978197919801981
Japan
Domestic constraint1
Exchange rate regimeBWPBWPBWPFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYNNN
IMF programNNNNNNNNNNNN
Jordan
Domestic constraint
Exchange rate regimeBWPBWPBWPSDP2SDPSDPSDPSDPSDPSDPSDPSDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Japan
Domestic constraint3
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Jordan
Domestic constraint
Exchange rate regimeSDPSDPSDPSDPSDPSDPSDP4CBP5CBPCBPCBPCBPCBP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNY6YYYY

Quarterly projections for broad money began to be published.

Officially the peg started only on February 15, 1975, with margins of 2.25 percent.

The emphasis on money declined as of the late 1990s (Sawamoto and Ichikawa (1994)).

The dinar floated during October 1988–February 7, 1989.

The peg was officially introduced in May 1989; a dual pegged exchange rate system was in place during July 31, 1989–February 17, 1990.

July 14, 1989–January 31, 1991; February 26, 1992–February 25, 1994; May 25, 1994–May 24, 1997.

Quarterly projections for broad money began to be published.

Officially the peg started only on February 15, 1975, with margins of 2.25 percent.

The emphasis on money declined as of the late 1990s (Sawamoto and Ichikawa (1994)).

The dinar floated during October 1988–February 7, 1989.

The peg was officially introduced in May 1989; a dual pegged exchange rate system was in place during July 31, 1989–February 17, 1990.

July 14, 1989–January 31, 1991; February 26, 1992–February 25, 1994; May 25, 1994–May 24, 1997.

Table A26.Kenya, Kiribati
197019711972197319741975197619771978197919801981
Kenya
Domestic constraint
Exchange rate regimeBWPBWPUDP1UDPUDPUDPSDP2SDPSDPSDPSDPSDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNY3YYYYY
Kiribati
Domestic constraintFC4FCFCFCFCFCFCFCFCFCFCFC
Exchange rate regimeAUP4AUPAUPAUPAUPAUPAUPAUPAUPAUPAUPAUP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Domestic constraint
Exchange rate regimeSDPFL5FLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programYYYYNNY6YYYYYY
Kiribati
Domestic constraintFCFCFCFCFCFCFCFCFCFCFCFCFC
Exchange rate regimeAUPAUPAUPAUPAUPAUPAUPAUPAUPAUPAUPAUPAUP
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

The exchange rate was briefly pegged to the U.K. sterling after the Smithsonian agreement.

As of October 1975.

July 7, 1975–June 7, 1978; November 13, 1978–November 12, 1979; August 20, 1979–August 19, 1981; October 15, 1980–October 14, 1982; January 8, 1982–January 7, 1983; March 21, 1983–September 20, 1984; February 5, 1985–February 7, 1986.

Except for a small amount of coins, there is no issue of currency in Kiribati. The Australian dollar is used as legal tender.

As of December 1982, the exchange rate was floated.

February 1, 1988–July 31, 1989; May 15, 1989–March 31, 1993; October 1, 1993–September 30, 1994.

The exchange rate was briefly pegged to the U.K. sterling after the Smithsonian agreement.

As of October 1975.

July 7, 1975–June 7, 1978; November 13, 1978–November 12, 1979; August 20, 1979–August 19, 1981; October 15, 1980–October 14, 1982; January 8, 1982–January 7, 1983; March 21, 1983–September 20, 1984; February 5, 1985–February 7, 1986.

Except for a small amount of coins, there is no issue of currency in Kiribati. The Australian dollar is used as legal tender.

As of December 1982, the exchange rate was floated.

February 1, 1988–July 31, 1989; May 15, 1989–March 31, 1993; October 1, 1993–September 30, 1994.

Table A27.Korea, Lebanon
197019711972197319741975197619771978197919801981
Korea
Domestic constraintBMTBMTBMT
Exchange rate regimeFLFLFLFLUDPUDPUDPUDPUDPUDPFLFL
Capital controlsYYYYYYYYYYYY
IMF programY1YYY2Y3NY4Y5NNY6Y
Lebanon
Domestic constraint
Exchange rate regimeFL7FLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Korea
Domestic constraintBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY8YYYNNNNNNNN
Lebanon
Domestic constraint
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

March 13, 1970–December 31, 1970; January 1, 1971–December 31, 1971; January 1, 1972–December 31, 1972.

April 2, 1973–December 31, 1973.

May 17, 1974–December 31, 1974.

October 22, 1975–June 30, 1976.

May 6, 1977–December 31, 1977.

March 3, 1980–March 2, 1982.

A floating exchange rate regime was introduced in 1952.

July 8, 1983–March 1, 1985; July 12, 1985–March 10, 1987.

March 13, 1970–December 31, 1970; January 1, 1971–December 31, 1971; January 1, 1972–December 31, 1972.

April 2, 1973–December 31, 1973.

May 17, 1974–December 31, 1974.

October 22, 1975–June 30, 1976.

May 6, 1977–December 31, 1977.

March 3, 1980–March 2, 1982.

A floating exchange rate regime was introduced in 1952.

July 8, 1983–March 1, 1985; July 12, 1985–March 10, 1987.

Table A28.Lesotho, Malawi
197019711972197319741975197619771978197919801981
Lesotho
Domestic constraintFC1FCFCFCFCFCFCFCFCCB2CBCB
Exchange rate regimeSRP1SRPSRPSRPSRPSRPSRPSRPSRPSRPSRP2SRP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Malawi
Domestic constraint
Exchange rate regimeBWPBWPLLP3LLPLLPSDPSDPSDPSDPSDPSDPSDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNY4Y
1982198319841985198619871988198919901991199219931994
Lesotho
Domestic constraintCBCBCBCBCBCBCBCBCBCBCBCBCB
Exchange rate regimeSRPSRPSRPSRPSRP5SRPSRPSRPSRPSRPSRPSRPSRP
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNY6YYYYY
Malawi
Domestic constraint
Exchange rate regimeSDPSDPFL7FLFLFLFLFLFLFLFLFLFL8
Capital controlsYYYYYYYYYYYYY
IMF programYYYYYNY9YYYYYY

The South African rand was the sole legal tender.

On January 19, 1990, the Lesotho Monetary Authority (as of 1982, the Central Bank of Lesotho) was opened, and a domestic currency (the loti) was introduced. The rand remained legal tender. The central bank started issuing currency backed by gold or foreign reserves (until March 31, 1986, only reserves in rand could be held; later, 35 percent of reserves could be held in convertible currency).

As of May 9, 1972.

October 31, 1979–December 31, 1981; May 9, 1980–March 31, 1982; August 6, 1982–August 5, 1983; September 19, 1983–September 18, 1986.

As of 1986, the parity with the rand can be altered.

July 5, 1988–June 28, 1991; May 22, 1991–August 1, 1994; September 23, 1994–September 22, 1995.

In January 1984, the kwacha was pegged to an undisclosed basket of currencies; the parities were, however, revised frequently.

In February 1994, the exchange rate was floated.

March 2, 1988–May 30, 1989; July 15, 1988–March 31, 1994; November 16, 1994–June 30, 1995.

The South African rand was the sole legal tender.

On January 19, 1990, the Lesotho Monetary Authority (as of 1982, the Central Bank of Lesotho) was opened, and a domestic currency (the loti) was introduced. The rand remained legal tender. The central bank started issuing currency backed by gold or foreign reserves (until March 31, 1986, only reserves in rand could be held; later, 35 percent of reserves could be held in convertible currency).

As of May 9, 1972.

October 31, 1979–December 31, 1981; May 9, 1980–March 31, 1982; August 6, 1982–August 5, 1983; September 19, 1983–September 18, 1986.

As of 1986, the parity with the rand can be altered.

July 5, 1988–June 28, 1991; May 22, 1991–August 1, 1994; September 23, 1994–September 22, 1995.

In January 1984, the kwacha was pegged to an undisclosed basket of currencies; the parities were, however, revised frequently.

In February 1994, the exchange rate was floated.

March 2, 1988–May 30, 1989; July 15, 1988–March 31, 1994; November 16, 1994–June 30, 1995.

Table A29.Malaysia, Maldives
197019711972197319741975197619771978197919801981
Malaysia
Domestic constraint1
Exchange rate regimeLLPLLPUDP2FL3FLFL4FLFL5FLFLFLFL
Capital controlsYYYNNNNNNNNN
IMF programNNNNNNNNNNNN
Maldives
Domestic constraint6
Exchange rate regimeFL7FLFLFLFLFLFLFLFLUDP8UDPUDP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Malaysia
Domestic constraint
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFL9FL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Maldives
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPTWP10FL11FLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

A currency board was in place until 1967.

As of June 24, 1972.

The Malaysian dollar (ringgit as of August 28, 1975) was allowed to float on June 21, 1973.

As of September 27, 1975, a managed float around an undisclosed basket of currencies was followed; in some cases, this policy is described as a “peg,” but it is clear that the authorities never relied on a fixed formula to decide their intervention (Aghevli (1982)); however, in the early and mid-1980s, the exchange rate became more relevant (seeYan (1971)).

In 1977, Malaysia advised the IMF that the exchange rate regime would shift to a trade-weighted peg.

On July 1, 1991, the Maldives Monetary Authority was established and took over the functions of currency issues of the Department of Finance.

Before 1979, the exchange rate was floating.

In April 1979, a dual fixed exchange rate system was introduced. Starting in 1982, the exchange rate system was progressively unified.

In 1993, the Malaysian authorities advised the IMF that the exchange rate regime was managed floating.

As of July 1985.

On March 1, 1987, the rufiyaa was devalued and since then, the exchange rate has been allowed to move broadly in line with market forces, albeit with varying degrees of periodic official intervention. For internal purposes, the Maldives Monetary Authority has sometimes used exchange rate target bands.

A currency board was in place until 1967.

As of June 24, 1972.

The Malaysian dollar (ringgit as of August 28, 1975) was allowed to float on June 21, 1973.

As of September 27, 1975, a managed float around an undisclosed basket of currencies was followed; in some cases, this policy is described as a “peg,” but it is clear that the authorities never relied on a fixed formula to decide their intervention (Aghevli (1982)); however, in the early and mid-1980s, the exchange rate became more relevant (seeYan (1971)).

In 1977, Malaysia advised the IMF that the exchange rate regime would shift to a trade-weighted peg.

On July 1, 1991, the Maldives Monetary Authority was established and took over the functions of currency issues of the Department of Finance.

Before 1979, the exchange rate was floating.

In April 1979, a dual fixed exchange rate system was introduced. Starting in 1982, the exchange rate system was progressively unified.

In 1993, the Malaysian authorities advised the IMF that the exchange rate regime was managed floating.

As of July 1985.

On March 1, 1987, the rufiyaa was devalued and since then, the exchange rate has been allowed to move broadly in line with market forces, albeit with varying degrees of periodic official intervention. For internal purposes, the Maldives Monetary Authority has sometimes used exchange rate target bands.

Table A30.Mali, Malta
197019711972197319741975197619771978197919801981
Mali
Domestic constraint
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programY1YYNNNNNNNNN
Malta
Domestic constraint
Exchange rate regimeBWPBWPFL2TWPTWPTWPTWPTWPTWPTWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Mali
Domestic constraintCU3CUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programY4YYYYNNY5YYNY6Y
Malta
Domestic constraint
Exchange rate regimeTWPTWPTWPTWPTWPTWPTWPTWPTWPTWPTWPTWPTWP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN

October 23, 1969–October 22, 1970; July 20, 1971–July 28, 1972.

The lira was floated between May 9, 1972 and March 1973, when a trade-weighted peg was announced. Malta is considered to have been the first country to introduce such an exchange rate peg (Joseph (1992)).

As of June 1, 1984, Mali rejoined the West African Monetary Union.

May 21, 1982–May 20, 1983; December 9, 1983–May 31, 1985; November 8, 1985–March 31, 1987.

August 5, 1988–August 4, 1991.

August 28, 1991–August 27, 1995.

October 23, 1969–October 22, 1970; July 20, 1971–July 28, 1972.

The lira was floated between May 9, 1972 and March 1973, when a trade-weighted peg was announced. Malta is considered to have been the first country to introduce such an exchange rate peg (Joseph (1992)).

As of June 1, 1984, Mali rejoined the West African Monetary Union.

May 21, 1982–May 20, 1983; December 9, 1983–May 31, 1985; November 8, 1985–March 31, 1987.

August 5, 1988–August 4, 1991.

August 28, 1991–August 27, 1995.

Table A31.Mauritius, Mexico
197019711972197319741975197619771978197919801981
Mauritius
Domestic constraint
Exchange rate regimeBWPBWPLLP1LLPLLPLLPLLPSDPSDPSDPSDPSDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNY2YYY
Mexico
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPFLFLFLFLFL
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNY3YYNN
1982198319841985198619871988198919901991199219931994
Mauritius
Domestic constraint
Exchange rate regimeSDPFL4FLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programYYYYYNNNNNNNN
Mexico
Domestic constraint
Exchange rate regimeUDPFLFLFLFLFLUDCP5UDCPUDPUDPUDPUDPUDP
Capital controlsNYYYYYYYYYYYY
IMF programNY6YYNY7NY8YYNNN

As of May 9, 1972, the rupee was floated together with the sterling.

February 24, 1987–February 23, 1979; October 31, 1979–October 30, 1981; September 5, 1980–September 4, 1981; December 21, 1981–December 20, 1982; May 18, 1983–August 17, 1984; March 1, 1985–August 31, 1986.

January 1, 1977–December 31, 1979.

On February 24, 1983, the rupee was pegged to an undisclosed currency basket, with realignments to adjust for inflation differentials.

The economic solidarity pact of December 1987 introduced an exchange rate peg; in January 1989, the peg was replaced by a crawling peg; on November 11, 1991, an exchange rate band was introduced (Helpman and others (1994)).

January 1, 1983–December 31, 1985.

November 1986–April 1988.

May 26, 1989–May 25, 1992.

As of May 9, 1972, the rupee was floated together with the sterling.

February 24, 1987–February 23, 1979; October 31, 1979–October 30, 1981; September 5, 1980–September 4, 1981; December 21, 1981–December 20, 1982; May 18, 1983–August 17, 1984; March 1, 1985–August 31, 1986.

January 1, 1977–December 31, 1979.

On February 24, 1983, the rupee was pegged to an undisclosed currency basket, with realignments to adjust for inflation differentials.

The economic solidarity pact of December 1987 introduced an exchange rate peg; in January 1989, the peg was replaced by a crawling peg; on November 11, 1991, an exchange rate band was introduced (Helpman and others (1994)).

January 1, 1983–December 31, 1985.

November 1986–April 1988.

May 26, 1989–May 25, 1992.

Table A32.Morocco, Nepal
197019711972197319741975197619771978197919801981
Morocco
Domestic constraintBMTBMT
Exchange rate regimeBWPBWPBWPTWP1TWPTWPTWPTWPTWPTWPFL2FL
Capital controlsYYYYYYYYYYYY
IMF programY3YNNNNNNNNNY4
Nepal
Domestic constraint
Exchange rate regimeBWPBWPUDP5UDPSDP6UDP7UDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNY8NNNNN
1982198319841985198619871988198919901991199219931994
Morocco
Domestic constraintBMTBMTBMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLTWP9TWPTWPTWPTWP
Capital controlsYYYYYYYYYYYYY
IMF programYYYYYYYYYNY10NN
Nepal
Domestic constraint
Exchange rate regimeUDPCBP11CBPCBPCBPCBPCBPCBPCBPCBPIRP12IRPIRP
Capital controlsYYYYYYYYYYYYY
IMF programNNNNY13YYYYYNY14Y

In May 1973, Morocco adopted a trade-weighted peg.

Starting in 1980, the dinar was rapidly depreciated against the trade-weighted basket; up to 1986, the depreciation more than offset inflation differentials; between 1987 and early 1990, the depreciation was in line with inflation differentials.

December 15, 1969–December 14, 1970; March 18, 1971–March 17, 1972.

October 8, 1980–October 7, 1983; September 16, 1983–March 15, 1985; September 12, 1985–February 28, 1987; December 16, 1986–March 31, 1988; August 30, 1988–December 31, 1989; July 20, 1990–March 31, 1991.

Following the Smithsonian realignment, in December 1991, the rupee was pegged to the U.S. dollar.

As of July 16, 1973.

As of June 30, 1975.

February 18, 1976–February 17, 1977.

After the May 1990 devaluation, the dirham remained pegged to the trade-weighted basket.

January 31, 1992–March 31, 1993.

The currency basket was introduced on June 1, 1983.

The peg was introduced on July 2, 1991; a dual exchange rate with a market-determined rate for most current account transactions was in place between March 2, 1992 and February 1993.

December 23, 1985–April 22, 1987; October 14, 1987–October 13, 1990.

October 5, 1992–October 4, 1995.

In May 1973, Morocco adopted a trade-weighted peg.

Starting in 1980, the dinar was rapidly depreciated against the trade-weighted basket; up to 1986, the depreciation more than offset inflation differentials; between 1987 and early 1990, the depreciation was in line with inflation differentials.

December 15, 1969–December 14, 1970; March 18, 1971–March 17, 1972.

October 8, 1980–October 7, 1983; September 16, 1983–March 15, 1985; September 12, 1985–February 28, 1987; December 16, 1986–March 31, 1988; August 30, 1988–December 31, 1989; July 20, 1990–March 31, 1991.

Following the Smithsonian realignment, in December 1991, the rupee was pegged to the U.S. dollar.

As of July 16, 1973.

As of June 30, 1975.

February 18, 1976–February 17, 1977.

After the May 1990 devaluation, the dirham remained pegged to the trade-weighted basket.

January 31, 1992–March 31, 1993.

The currency basket was introduced on June 1, 1983.

The peg was introduced on July 2, 1991; a dual exchange rate with a market-determined rate for most current account transactions was in place between March 2, 1992 and February 1993.

December 23, 1985–April 22, 1987; October 14, 1987–October 13, 1990.

October 5, 1992–October 4, 1995.

Table A33.Netherlands, New Zealand
197019711972197319741975197619771978197919801981
Netherlands
Domestic constraint
Exchange rate regimeFL1FLECMECMECMECMECMECMECMERMERMERM
Capital controlsYYYYYYYNNNNN
IMF programNNNNNNNNNNNN
New Zealand
Domestic constraint2
Exchange rate regimeBWBWBWUDPTWP3TWPTWPTWPTWPFL4FLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Domestic constraint
Exchange rate regimeERMERMERMERMERMERMERMERMERMERMERMERMERM
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
New Zealand
Domestic constraintITITITITIT
Exchange rate regimeTWPTWPTWPFL5FLFLFLFLFLFLFLFLFL
Capital controlsYYNNNNNNNNNNN
IMF programNNNNNNNNNNNNN

The exchange rate was floated in May 1970; the parity was reintroduced on December 19, 1971.

In the second half of the 1970s, the Central Bank of New Zealand started preparing projections for domestic credit expansion and broad money. These projections were deemed too unreliable to be published (Reserve Bank of New Zealand (1979)), page I I). Only in August 1978 did the Ministry of Finance publish guidelines for private bank credit with the aim of influencing expectations.

As of July 1973.

A crawling peg with respect to a trade-weighted basket was introduced between June 1979 and June 1982; the rate of crawl was not announced but was adjusted to inflation differentials.

A floating exchange rate was introduced in March 1985, following the removal of exchange rate controls.

The exchange rate was floated in May 1970; the parity was reintroduced on December 19, 1971.

In the second half of the 1970s, the Central Bank of New Zealand started preparing projections for domestic credit expansion and broad money. These projections were deemed too unreliable to be published (Reserve Bank of New Zealand (1979)), page I I). Only in August 1978 did the Ministry of Finance publish guidelines for private bank credit with the aim of influencing expectations.

As of July 1973.

A crawling peg with respect to a trade-weighted basket was introduced between June 1979 and June 1982; the rate of crawl was not announced but was adjusted to inflation differentials.

A floating exchange rate was introduced in March 1985, following the removal of exchange rate controls.

Table A34.Niger, Nigeria
19701971197219731974197519761977197819791980
Niger
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Nigeria
Domestic constraint
Exchange rate regimeBWTBWTBWTBWTFL1FLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Niger
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programNNY2YYYYYYYNNY3
Nigeria
Domestic constraintNMTNMTNMTNMTNMTNMTNMTNMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLUDP4
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNY5NY6NY7NNN

As of April 1974, the naira rate was administratively determined by the authorities with reference to the changes in value of a preselected group of currencies. At the same date, the IMF was notified that the fluctuations of the naira would not be held anymore within predetermined margins. In the second half of 1986, a more flexible regime based on exchange rate auctions was introduced.

October 5, 1983–December 4, 1984; December 5, 1984–December 4, 1985; December 5, 1985–December 4, 1986; December 5, 1986–December 4, 1987; November 17, 1986–November 16, 1989; December 12, 1988–December 11, 1991.

March 4, 1994–March 3, 1995.

Introduced in early 1994.

January 30, 1987–January 31, 1988.

February 3, 1989–April 30, 1990.

January 9, 1991–April 8, 1992.

As of April 1974, the naira rate was administratively determined by the authorities with reference to the changes in value of a preselected group of currencies. At the same date, the IMF was notified that the fluctuations of the naira would not be held anymore within predetermined margins. In the second half of 1986, a more flexible regime based on exchange rate auctions was introduced.

October 5, 1983–December 4, 1984; December 5, 1984–December 4, 1985; December 5, 1985–December 4, 1986; December 5, 1986–December 4, 1987; November 17, 1986–November 16, 1989; December 12, 1988–December 11, 1991.

March 4, 1994–March 3, 1995.

Introduced in early 1994.

January 30, 1987–January 31, 1988.

February 3, 1989–April 30, 1990.

January 9, 1991–April 8, 1992.

Table A35.Norway, Oman
197019711972197319741975197619771978197919801981
Norway
Domestic constraint
Exchange rate regimeBWPBWPECMECMECMECMECMECMECMTWB1TWBTWB
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Oman
Domestic constraintCBCBCBCB2
Exchange rate regimeGLP3GLPGLPUDP4UDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Norway
Domestic constraint
Exchange rate regimeTWBTWBTWBTWBTWBTWBTWBTWBTWBEUP5EUPFL6FL7
Capital controlsYYYYYYYYNNNNN
IMF programNNNNNNNNNNNNN
Oman
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNNN
IMF programNNY4NNNNNNNNNN

As of December 12, 1978.

In 1974, the Central Bank of Oman replaced the existing currency board.

The rial saidi (rial Omani as of 1972) was introduced on May 7, 1970; the par value was expressed in terms of grams of fine gold.

As of February 1973.

As of October 22, 1990.

As of December 10, 1992.

In May 1994, the government issued new monetary policy guidelines according to which monetary and exchange policies would be aimed at maintaining the krone exchange rate broadly stable against the ECU; however, there would not be any commitment to defend a specific parity (see Norges Bank (1994)).

As of December 12, 1978.

In 1974, the Central Bank of Oman replaced the existing currency board.

The rial saidi (rial Omani as of 1972) was introduced on May 7, 1970; the par value was expressed in terms of grams of fine gold.

As of February 1973.

As of October 22, 1990.

As of December 10, 1992.

In May 1994, the government issued new monetary policy guidelines according to which monetary and exchange policies would be aimed at maintaining the krone exchange rate broadly stable against the ECU; however, there would not be any commitment to defend a specific parity (see Norges Bank (1994)).

Table A36.Pakistan, Panama
197019711972197319741975197619771978197919801981
Pakistan
Domestic constraint1
Exchange rate regimeBWPBWPBWPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNN
IMF programNNY2YYYNY3NNNY4
Panama
Domestic constraintFC5FCFCFCFCFCFCFCFCFCFCFC
Exchange rate regimeUDP5UDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNN
IMF programY6YYYYYYYYYYY
1982198319841985198619871988198919901991199219931994
Pakistan
Domestic constraint
Exchange rate regimeFL7FLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programYYYNNNNNY8YYNY9
Panama
Domestic constraintFCFCFCFCFCFCFCFCFCFCFCFCFC
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsNNNNNNNNNNNNN
IMF programYYYYYNNNNNY10YN

As of 1992, the State Credit Consultative Committee under the chairmanship of the Governor of the State Bank of Pakistan prepares annual credit plans based on a broad money target. The targets, however, are not announced ex ante (and are published ex post only occasionally).

May 18, 1972–May 17, 1973; August 11, 1973–August 10, 1974; November 11, 1974–November 10, 1975.

March 9, 1977–March 8, 1978.

November 24, 1980–November 23, 1983.

Except for fractional coins, there is no issue of currency in Panama. The U.S. dollar is used as a legal tender. The balboa is used as a unit of account at a rate of B1 per U.S. dollar.

January 16, 1969–January 15, 1970; February 3, 1970–February 2, 1971; March 23, 1971–March 22, 1972; June 22, 1972–June 21, 1973; August 3, 1973–August 2, 1974; October 16, 1974–October 15, 1975; November 8, 1975–November 7, 1976; April 6, 1977–April 5, 1978; June 9, 1978–June 8, 1979; March 23, 1978–March 22, 1980; April 18, 1980–December 31, 1981; April 28, 1982–April 27, 1983; June 24, 1983–December 31, 1984; July 15, 1985–March 31, 1987.

As of January 8, 1982, the exchange rate has been managed based on a currency basket.

December 28, 1988–December 27, 1991.

September 16, 1993–September 15, 1994.

February 24, 1992–December 23, 1993.

As of 1992, the State Credit Consultative Committee under the chairmanship of the Governor of the State Bank of Pakistan prepares annual credit plans based on a broad money target. The targets, however, are not announced ex ante (and are published ex post only occasionally).

May 18, 1972–May 17, 1973; August 11, 1973–August 10, 1974; November 11, 1974–November 10, 1975.

March 9, 1977–March 8, 1978.

November 24, 1980–November 23, 1983.

Except for fractional coins, there is no issue of currency in Panama. The U.S. dollar is used as a legal tender. The balboa is used as a unit of account at a rate of B1 per U.S. dollar.

January 16, 1969–January 15, 1970; February 3, 1970–February 2, 1971; March 23, 1971–March 22, 1972; June 22, 1972–June 21, 1973; August 3, 1973–August 2, 1974; October 16, 1974–October 15, 1975; November 8, 1975–November 7, 1976; April 6, 1977–April 5, 1978; June 9, 1978–June 8, 1979; March 23, 1978–March 22, 1980; April 18, 1980–December 31, 1981; April 28, 1982–April 27, 1983; June 24, 1983–December 31, 1984; July 15, 1985–March 31, 1987.

As of January 8, 1982, the exchange rate has been managed based on a currency basket.

December 28, 1988–December 27, 1991.

September 16, 1993–September 15, 1994.

February 24, 1992–December 23, 1993.

Table A37.Paraguay, Peru
197019711972197319741975197619771978197919801981
Paraguay
Domestic constraint1
Exchange rate regimeBWBWUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
Peru
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPUDPUDPFLFLFLFLFLFL
Capital controlsYYYYYYYYNNNN
IMF programNNNNNNNN2NY3YY
1982198319841985198619871988198919901991199219931994
Paraguay
Domestic constraint1
Exchange rate regimeUDPUDPUDPUDPUDPUDPUDPFL4FLFLFLFLFL
Capital controlsNNYYYYYYYYYYY
IMF programNNNNNNNNNNNNN
Peru
Domestic constraint
Exchange rate regimeFLFLFLUDP5UDPUDPUDPUDPFLFLFLFLFL
Capital controlsNNYYYYYYYYYNN
IMF programY6YYNNNNNNNYY7Y

Since the 1957 stabilization, the Central Bank of Paraguay prepares an annual monetary program to set the domestic credit expansion of the bank. The targets, however, are not published.

November 1977–suspended in February 1978.

September 1978–September 1979.

In February 1989, the exchange rate was unified and the guarani floated. During the 1980s, a complex system of multiple exchange rates was in place.

Although formally pegged, the exchange rate was often devalued in 1985–86, and multiple currencies practices were in place.

June 1982–April 1984; May 1984–April 1985.

March 1993–March 1996; this arrangement was preceded (as of September 1991) by a rights accumulation program not involving use of IMF resources.

Since the 1957 stabilization, the Central Bank of Paraguay prepares an annual monetary program to set the domestic credit expansion of the bank. The targets, however, are not published.

November 1977–suspended in February 1978.

September 1978–September 1979.

In February 1989, the exchange rate was unified and the guarani floated. During the 1980s, a complex system of multiple exchange rates was in place.

Although formally pegged, the exchange rate was often devalued in 1985–86, and multiple currencies practices were in place.

June 1982–April 1984; May 1984–April 1985.

March 1993–March 1996; this arrangement was preceded (as of September 1991) by a rights accumulation program not involving use of IMF resources.

Table A38.Philippines, Portugal
197019711972197319741975197619771978197919801981
Philippines
Domestic constraint
Exchange rate regimeFL1FLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programY2YYYYYYYYYYY
Portugal
Domestic constraint
Exchange rate regimeBWPBWPBWPTWPTWPTWPFL3FLTWCP4TWCPTWCPTWCP
Capital controlsYYYYYYYYNNNN
IMF programNNNNNNNY5YNNN
1982198319841985198619871988198919901991199219931994
Philippines
Domestic constraint
Exchange rate regimeFLFLFLFL6FLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY7NY8YYNY9YYYNY10
Portugal
Domestic constraint11
Exchange rate regimeTWCPTWCPTWCPTWCPTWCPTWCPTWCPTWCPTWCPFL12ERM13ERMERM
Capital controlsNNYYYYYYYYYNN
IMF programNNY14NNNNNNNNNN

Between 1970 and 1984, the exchange rate was subject to managed float; during this period, it was subject to long periods of stability (e.g., in the second half of the 1970s).

February 20, 1970–February 19, 1971; March 16, 1971–March 15, 1972; March 11, 1972–May 10, 1973; May 16, 1973–May 15, 1974; July 16, 1974–July 15, 1975; May 31, 1975–May 30, 1976; April 2, 1976–April 1, 1979; June 11, 1979–December 31, 1979; February 27, 1980–December 31, 1981.

The exchange rate was often revised (in early 1976 and 1977) through step depreciations; between these step depreciations, the exchange rate was subject to a gradual depreciation, particularly in 1976.

As of August 1977.

April 25, 1977–April 24, 1978; June 5, 1978–June 4, 1979.

Since October 15, 1984, the exchange rate has been determined in the interbank market.

February 25, 1983–February 28, 1984.

December 14, 1984–June 13, 1986; October 24, 1986–April 23, 1988.

May 23, 1989–May 22, 1992; February 20, 1991–August 19, 1992; February 20, 1991–March 31, 1993.

June 24, 1994–June 23, 1997.

During the 1980s, annual targets for broad money aggregate (L-), including treasury bills, were set by the Bank of Portugal but were not announced.

Between October 1990 and April 1991, the exchange rate was floating around a medium-term traded-weighted crawling peg reflecting the inflation differential vis-à-vis five countries.

As of April 1992, with a 6 percent band on each side.

October 7, 1983–February 28, 1985.

Between 1970 and 1984, the exchange rate was subject to managed float; during this period, it was subject to long periods of stability (e.g., in the second half of the 1970s).

February 20, 1970–February 19, 1971; March 16, 1971–March 15, 1972; March 11, 1972–May 10, 1973; May 16, 1973–May 15, 1974; July 16, 1974–July 15, 1975; May 31, 1975–May 30, 1976; April 2, 1976–April 1, 1979; June 11, 1979–December 31, 1979; February 27, 1980–December 31, 1981.

The exchange rate was often revised (in early 1976 and 1977) through step depreciations; between these step depreciations, the exchange rate was subject to a gradual depreciation, particularly in 1976.

As of August 1977.

April 25, 1977–April 24, 1978; June 5, 1978–June 4, 1979.

Since October 15, 1984, the exchange rate has been determined in the interbank market.

February 25, 1983–February 28, 1984.

December 14, 1984–June 13, 1986; October 24, 1986–April 23, 1988.

May 23, 1989–May 22, 1992; February 20, 1991–August 19, 1992; February 20, 1991–March 31, 1993.

June 24, 1994–June 23, 1997.

During the 1980s, annual targets for broad money aggregate (L-), including treasury bills, were set by the Bank of Portugal but were not announced.

Between October 1990 and April 1991, the exchange rate was floating around a medium-term traded-weighted crawling peg reflecting the inflation differential vis-à-vis five countries.

As of April 1992, with a 6 percent band on each side.

October 7, 1983–February 28, 1985.

Table A39.Saudi Arabia, Senegal
197019711972197319741975197619771978197919801981
Saudi Arabia
Domestic constraint
Exchange rate regimeBWBWUDPUDPUDPSDP1SDPSDPSDPSDPSDPSDP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Senegal
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNY2YY
1982198319841985198619871988198919901991199219931994
Saudi Arabia
Domestic constraint
Exchange rate regimeSDPSDPSDPSDPSDPSDPSDPSDPSDPSDPSDPSDPSDP
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Senegal
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUCU
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYYY
IMF programYYYYYYYYYYNNN3

Formally the riyal is pegged to the SDR with margins of 7.25 percent on each side; since mid-1991, observance of these margins has been suspended. In practice, the riyal has shown limited flexibility vis-à-vis the U.S. dollar.

March 30, 1978–March 29, 1980; August 8, 1980–August 7,1983; September 11, 1981–September 10, 1982; November 24, 1982–November 23, 1983; September 19, 1983–September 18, 1984; January 16, 1985–July 15, 1986; November 1, 1986–November 10, 1987; October 26, 1987–October 25, 1988; November 21, 1988–June 2, 1992.

August 29, 1994–August28, 1997.

Formally the riyal is pegged to the SDR with margins of 7.25 percent on each side; since mid-1991, observance of these margins has been suspended. In practice, the riyal has shown limited flexibility vis-à-vis the U.S. dollar.

March 30, 1978–March 29, 1980; August 8, 1980–August 7,1983; September 11, 1981–September 10, 1982; November 24, 1982–November 23, 1983; September 19, 1983–September 18, 1984; January 16, 1985–July 15, 1986; November 1, 1986–November 10, 1987; October 26, 1987–October 25, 1988; November 21, 1988–June 2, 1992.

August 29, 1994–August28, 1997.

Table A40.Singapore, South Africa
197019711972197319741975197619771978197919801981
Singapore
Domestic constraintCB1
Exchange rate regimeLLP2LLP2UDP2FL3FLFLFLFLFLFLFL4FL
Capital controlsYYYYYYYYYN5NN
IMF programNNNNNNNNNNNN
South Africa
Domestic constraint
Exchange rate regimeBWPBWPLLP6UDPFL7UDPUDPUDPUDPUDPFL8FL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNY9YNNNN
1982198319841985198619871988198919901991199219931994
Singapore
Domestic constraint
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
South Africa
Domestic constraintBMT10BMTBMTBMTBMTBMTBMTBMTBMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNY11NNNNNNNNNNN

In 1971, the Monetary Authority of Singapore was set up (Wood (1992)).

Until May 8, 1975, the Singapore dollar was exchanged at par with the Malaysian dollar; the pegging arrangements with other countries were therefore the same (see Table A29).

As of June 20, 1973.

As of 1980, the Monetary Authority of Singapore (MAS) monitors the exchange rate against an undisclosed trade-weighted basket of currencies within a target band. The target depends on the currency and projected inflationary pressure. Wood (1992) finds that the MAS follows a monetary rule.

As of June 1978.

May-September 1972.

In June 1974, a managed float was introduced; the Reserve Bank came close to applying a fixed-basket pegging with changes in the rand-dollar rate effected every few weeks (see Commission of Inquiry into the Monetary System and Monetary Policy in South Africa (1978)); this policy lasted until June 27, 1975.

On January 24, 1979, a flexible exchange rate was introduced. At the same time, a financial rand exchange rate was introduced for certain financial transactions. The dual exchange rate system was temporarily abolished in February 1983–August 1985.

January 21, 1976–January 20, 1977; August 6, 1976–August 5, 1977.

The first targets were announced in the second half of 1985 for the period starting in the last quarter of 1985; the change followed the recommendations of the Commission of Inquiry into the Monetary System and Monetary Policy in South Africa, which recommended to implement monetary targeting with a fair measure of flexibility and with a low profile (see South African Reserve Bank (1986)). In recent years, the term “guidelines” has replaced the term “target.”

November 3, 1982–December 31, 1983.

In 1971, the Monetary Authority of Singapore was set up (Wood (1992)).

Until May 8, 1975, the Singapore dollar was exchanged at par with the Malaysian dollar; the pegging arrangements with other countries were therefore the same (see Table A29).

As of June 20, 1973.

As of 1980, the Monetary Authority of Singapore (MAS) monitors the exchange rate against an undisclosed trade-weighted basket of currencies within a target band. The target depends on the currency and projected inflationary pressure. Wood (1992) finds that the MAS follows a monetary rule.

As of June 1978.

May-September 1972.

In June 1974, a managed float was introduced; the Reserve Bank came close to applying a fixed-basket pegging with changes in the rand-dollar rate effected every few weeks (see Commission of Inquiry into the Monetary System and Monetary Policy in South Africa (1978)); this policy lasted until June 27, 1975.

On January 24, 1979, a flexible exchange rate was introduced. At the same time, a financial rand exchange rate was introduced for certain financial transactions. The dual exchange rate system was temporarily abolished in February 1983–August 1985.

January 21, 1976–January 20, 1977; August 6, 1976–August 5, 1977.

The first targets were announced in the second half of 1985 for the period starting in the last quarter of 1985; the change followed the recommendations of the Commission of Inquiry into the Monetary System and Monetary Policy in South Africa, which recommended to implement monetary targeting with a fair measure of flexibility and with a low profile (see South African Reserve Bank (1986)). In recent years, the term “guidelines” has replaced the term “target.”

November 3, 1982–December 31, 1983.

Table A41.Spain, Sri Lanka
197019711972197319741975197619771978197919801981
Spain
Domestic constraint1BMTBMTBMTBMT
Exchange rate regimeBWPBWPBWPBWPTWP2TWPTWPTWPFLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNY3NNN
Sri Lanka
Domestic constraint4
Exchange rate regimeBWPBWPLLP5LLPLLPLLPLLPFL6FLFLFLFL
Capital controlsYYYYYYYYYYYY
IMF programY7YNNY8NNNY9YYY
1982198319841985198619871988198919901991199219931994
Spain
Domestic constraintBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMTBMT10
Exchange rate regimeFLFLFLFLFLFLFLERM11ERMERMERMEMRERM
Capital controlsYYYYYYYYYYYNN
IMF programNNNNNNNNNNNNN
Sri Lanka
Domestic constraint
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNNY12NNNY13YYYYYY

The Bank of Spain started setting targets for broad money in 1973; targets started to be announced in 1978.

As of January 22, 1974.

February 6, 1978–February 5, 1979.

Starting in 1981, the central bank prepared “credit plans” that were used as a basis for setting bank-by-bank credit ceilings; the credit plans were based on “monetary surveys” involving projections for broad money growth. These projections, however, were not made public.

As of May 9, 1972.

A more flexible exchange rate policy, based on a managed float, was introduced. In practice, since 1980, the rupee real effective exchange rate closely followed the movements of the U.S. dollar real effective exchange rate.

August 12, 1969–August 11, 1970; March 18, 1971–March 17, 1972.

April 30, 1974–April 29, 1975.

December 2, 1977–December 1, 1978; January 1, 1979–December 31, 1981.

A new monetary framework based on inflation targeting was announced in early 1995.

As of June 1989, with a 6 percent band on both sides.

September 14, 1983–July 31, 1984.

March 14, 1988–March 13, 1991; September 13, 1991–March 29, 1995.

The Bank of Spain started setting targets for broad money in 1973; targets started to be announced in 1978.

As of January 22, 1974.

February 6, 1978–February 5, 1979.

Starting in 1981, the central bank prepared “credit plans” that were used as a basis for setting bank-by-bank credit ceilings; the credit plans were based on “monetary surveys” involving projections for broad money growth. These projections, however, were not made public.

As of May 9, 1972.

A more flexible exchange rate policy, based on a managed float, was introduced. In practice, since 1980, the rupee real effective exchange rate closely followed the movements of the U.S. dollar real effective exchange rate.

August 12, 1969–August 11, 1970; March 18, 1971–March 17, 1972.

April 30, 1974–April 29, 1975.

December 2, 1977–December 1, 1978; January 1, 1979–December 31, 1981.

A new monetary framework based on inflation targeting was announced in early 1995.

As of June 1989, with a 6 percent band on both sides.

September 14, 1983–July 31, 1984.

March 14, 1988–March 13, 1991; September 13, 1991–March 29, 1995.

Table A42.Swaziland, Sweden
197019711972197319741975197619771978197919801981
Swaziland
Domestic constraintFC1FCFCFCCB2CBCBCBCBCBCBCB
Exchange rate regimeSRP1SRPSRPSRPSRPSRPSRPSRPSRPSRPSRPSRP
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Sweden
Domestic constraint
Exchange rate regimeBWPBWPECMECMECMECMECMECMTWP3TWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF program
1982198319841985198619871988198919901991199219931994
Swaziland
Domestic constraintCBCBCBCBCBCBCBCBCBCBCBCBCB
Exchange rate regimeSRPSRPSRPSRPSRP4SRPSRPSRPSRPSRPSRPSRPSRP
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Sweden
Domestic constraintITIT5
Exchange rate regimeTWPTWPTWPTWPTWPTWPTWPTWPTWPEUP6EUPFL7FL
Capital controlsYYYYYYYYYYYNN
IMF program

The South African rand was the sole legal tender until 1974. On April 1, 1974, the Monetary Authority of Swaziland (Central Bank of Swaziland as of 1979) was established and a domestic currency (lilangeni) was introduced. The rand remained legal tender until mid-1986.

All currency issues must be backed by reserves in rand; as of 1986, part of the reserves can be held in convertible currencies.

As of August 1977.

As of April 1, 1986, the parity with the rand can be altered.

Inflation targets first announced on January 15, 1993.

As of May 1991.

As of November 1992.

The South African rand was the sole legal tender until 1974. On April 1, 1974, the Monetary Authority of Swaziland (Central Bank of Swaziland as of 1979) was established and a domestic currency (lilangeni) was introduced. The rand remained legal tender until mid-1986.

All currency issues must be backed by reserves in rand; as of 1986, part of the reserves can be held in convertible currencies.

As of August 1977.

As of April 1, 1986, the parity with the rand can be altered.

Inflation targets first announced on January 15, 1993.

As of May 1991.

As of November 1992.

Table A43.Switzerland, Taiwan Province of China
197019711972197319741975197619771978197919801981
Switzerland
Domestic constraintNMTNMTNMTNMT1HMTHMT
Exchange rate regimeUDPUDPUDPFLFLFLFLFLFLDMPFLFL
Capital controlsNNNNNNNNNNNN
IMF programNNNNNNNNNNNN
Taiwan Province of China
Domestic constraint
Exchange rate regimeUDP2UDPUDPUDPUDPUDPUDPUDPUDPUDPUDPUDP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNNNN
1982198319841985198619871988198919901991199219931994
Switzerland
Domestic constraintHMTHMTHMTHMTHMTHMTHMTHMTHMT3HMTHMTHMTHMT
Exchange rate regimeFLFLFLFLFLFLFLFLFLFLFLFLFL
Capital controlsNNNNNNNNNNNNN
IMF programNNNNNNNNNNNNN
Taiwan Province of China
Domestic constraint
Exchange rate regimeUDPUDPUDPUDPFLFLFLFLFLFLFLFLFL
Capital controlsYYYYYYYYYYYYY
IMF programNNNNNNNNNNNNN

Abandoned in the fall of 1978 (Rich (1991)).

Between 1961 and 1985, the exchange rate was de facto pegged to the U.S. dollar.

A medium-term framework for monetary targeting was introduced at the end of 1990, with less reliance on short-term volatility of money.

Abandoned in the fall of 1978 (Rich (1991)).

Between 1961 and 1985, the exchange rate was de facto pegged to the U.S. dollar.

A medium-term framework for monetary targeting was introduced at the end of 1990, with less reliance on short-term volatility of money.

Table A44.Thailand, Togo
197019711972197319741975197619771978197919801981
Thailand
Domestic constraint
Exchange rate regimeUDPUDPUDPUDP1UDPUDPUDPUDPTWP2TWPTWPTWP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNY3NNY4
Togo
Domestic constraintCUCUCUCUCUCUCUCUCUCUCUCUA
Exchange rate regimeFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFPFFP
Capital controlsYYYYYYYYYYYY
IMF programNNNNNNNNNY5NN
1982198319841985198619871988198919901991199219931994
Thailand
Domestic constraint
Exchange rate regimeUDP6UDPUDPTWP7TWPTWPTWPTWPTWPTWP