Annual Report on Exchange Arrangements and Exchange Restrictions 1971

Abstract

This paper describes that with regard to import surcharges, advance import deposits, and measures to stimulate exports, there appears to have been a small net increase in restrictions. Also, in several member countries the role of state trading increased. Although it is difficult to quantify the effect of this, it is possible that on balance there was an increase in restrictions insofar as nontariff barriers are concerned. In its consultations and through the provision of financial resources, especially in support of stand-by arrangements, the IMF has continued to work for a multilateral trade and payments system based on effective par values and free from restrictions on current payments. In addition, in the past year the IMF reviewed its policy with respect to the granting of temporary approvals of multiple currency practices and of restrictions on payments and transfers for current international transactions that are subject to approval under the IMF’s Articles of Agreement.

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