1. The exchange rate for computations by the Fund relating to the currency of a member in the General Resources Account
(a) on the occasion of the use of that currency in an operation or transaction between the Fund and another member shall be the rate as of three business days before the value date of the operation or transaction, and, if this rate cannot be used, the rate of the preceding day closest thereto that is practicable;
(b) on all other occasions shall be the rate at which the currency is held by the Fund.
2. The Fund shall adjust its holdings of the currency of a member in the General Resources Account
(a) whenever a computation relating to the currency is made in accordance with paragraph 1(a) above,
(b) at the end of the Fund’s financial year,
(c) when the member requests the Fund to adjust the Fund’s holdings of its currency,
(d) with respect to the U.S. dollar, on the last business day of each month, and
(e) on such other occasions as the Fund may decide.
3. Adjustments under paragraph 2 shall be made on the basis of the exchange rate of the currency under Rule O-2 for the day of the adjustment and shall take effect on that day, provided that if an exchange rate under Rule O-2 is not communicated for the currency with respect to paragraph 2(b) above, the rate of the preceding day closest thereto for which a rate is communicated shall be used.
4. Whenever the Fund adjusts its holdings of a member’s currency in accordance with paragraph 3 above, the Fund shall establish an account receivable or an account payable, as the case may be, in respect of the amount of the currency payable by or to the member under Article V, Section 11.
5. For the purpose of adjustments, the Fund’s holdings of a member’s currency in the General Resources Account shall consist of the total of the balances of the member’s currency in the General Resources Account, plus the balance in any account receivable, or minus the balance in any account payable, in the currency, as of the date of the adjustment. The total of the balances of the member’s currency in the General Resources Account shall be as recorded on the Fund’s books if the member agrees with this procedure.
6. For the purpose of applying the provisions of the Articles as of any date, the Fund’s holdings of a currency shall consist of its actual holdings plus the balance in any account receivable or minus the balance in any account payable on that date.
7. Settlements of accounts receivable or payable by or to a member shall be made promptly after the end of a financial year of the Fund and at other times when requested by the Fund or the member.
Decision No. 5590-(77/163)
December 5, 1977, effective April 1, 1978