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Back Matter

Author: International Monetary Fund

Language:: English

Keywords:: SELD; fund; exchange transaction; transaction; article

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Abstract

This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The usability of gold or dollars for the payment of the gold subscription is not necessary to constitute “holdings.” It has been decided to recommend to the Board of Governors, where a member presents, for reasons which it shall submit to the IMF, that its reserves should not be reduced by an immediate 25 percent gold payment, that such member shall be permitted in accordance with an appropriate resolution to have its quota increased in five annual installments, with the right to accelerate the payment of such installments. In June 1947, the IMF issued a statement recommending to its members that they take effective action to prevent external transactions in gold at premium prices, because such transactions tend to undermine exchange stability and to impair monetary reserves.

Index

			Decision No.	Page
Accounts:
	Administrative		574-2	90
	Payable or receivable, Fund’s holdings of fluctuating currence		321-(54/32)	10
	Special, gold collateral transactions		1543-(63/39)	45
Administrative deficits of Fund			488-(56/5)	105
			708-(57/57)	107
Articles of Agreement:
Article I, bilateralism and convertibility			287-3	20
			433-(55/42)	71
Article III, Section 2, review of quotas			408-2	1
Article III, Section 3, subscriptions payment			298-3	2
Article III, Sections 3 and 4, changes in quotas			595-3	6
Article IV, Section 1, fluctuating currencies			321-(54/32)	8
			1283-(61/56)	12
		borrowing arrangements	1289-(62/1)	62
Article IV, Section 2, price of gold			75-(705)	13
			233-2	14
Article IV, Section 3, margins			269-2	16
			904-(59/32)	16
Article IV, Section 4(a), exchange stability			233-2	15
	multiple currency practices		237-2	85
Article IV, Section 5, changes in par values			71-2	17
			278-3	17
Article IV, Section 8, fluctuating currencies			321-(54/32)	8, 10
	maintenance of gold value of Fund assets invested in U.S. securities.		488-(56/5)	106
Article V, Section 1, borrowing arrangements			1289-(62/1)	63
Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of			287-3	19
	meaning of Section 3(a) (i)		284-4	19
	meaning of Section 3(a) (iii).		451-(55/52)	20
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
use of Fund’s resources			102-(52/11)	21
Article V, Section 4, fluctuating currencies			321-(54/32)	10
			1283-(61/56)	12
	gold collateral transactions		1543-(63/39)	44
	stand-by arrangements		155-(52/57)	25
Article V, Section 5, limitation on use			284-3	32
			286-1	32
	“is using”, meaning of		292-3	33
Article V, Section 6(a), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
Article V, Section 7, repurchase obligations			124-2	49
Article V, Section 7(b), borrowing arrangements			1289-(62/1)	60
	fluctuating currencies		321-(54/32)	9
			1283-(61/56)	12
	repurchase obligations		447-5	50
Article V, Section 7(c), repurchase obligations			419-1	49
Article V, Sections 8(a) and 8(c), borrowing arrangements			1289-(62/1)	59
Article V, Section 8(d)			102-(52/11)	22
Article V, Section 8(f), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	27
Article VI, Section 1, use of Fund’s resources			71-2	53
			1238-(61/43)	53
Article VI, Section 3, controls on capital transfers			541-(56/39)	54
Article VII, Section 2, borrowing arrangements			1289-(62/1)	55
Article VII, Section 3(b), security restrictions			144-(52/51)	70
Article VIII, retention quotas			201-(53/29)	74
	bilateralism		433-(55/42)	71
Article VIII and Article XIV			1034-(60/27)	76
Article VIII, Section 2(a), security restrictions			144-(52/51)	70
Article VIII, Section 2(b), unenforceability of exchange contracts			446-4	68
Article VIII, Section 3, discrimination			955-(59/45)	75
	multiple currency practices		237-2	83
			649-(57/33)	86
Article IX, Section 7, privilege for communications			534-3	88
Article XII, Section 3(b)			574-2	90
Article XII, Section 3(c), “the preceding two years”, meaning of			597-4	90
	additional appointed Executive Directors		574-2	90
Article XII, Section 5, voting power of Executive Directors			180-5	91
Article XIV, Section 1, use of Fund’s resources			196-2	92
Article XIV, Section 2, security restrictions			144-(52/51)	70
Article XIV, Sections 2, 3, 4, retention quotas			201-(53/29)	72
	Articles VIII and XIV		1034-(60/27)	76
	bilateralism		433-(55/42)	71
multiple currency practices			237-2	84
Article XIV, Section 3			1034-(60/27)	77
Article XIV, Section 4			237-2	79
			117-1	93
			1034-(60/27)	76
Article XV, Section 2			343-(54/47)	94
Article XV, Section 3, borrowing arrangements			1289-(62/1)	63
Article XVI, Section 1, stand-by arrangements			155-(52/57)	25
			270-(53/95)	27
	borrowing arrangements		1289-(62/1)	64
Article XVIII(a), list of interpretations under				xi
Article XIX(b), (c), and (h), net official holdings			298-3	95
Article XIX(e)			486-2	99
			493-3	99
Article XX, Section 4(i)			284-2	101
Auction system (see also Multiple currency practices)			237-2	82
Balance of payments position:
		Currency composition of drawings and repurchases	1371-(62/36)	36
Bilateralism			433-(55/42)	71
			955-(59/45)	75
Borrowing by the Fund			1289-(62/1)	55
		Fluctuating currencies	1283-(61/56)	12
Capital transfers:
		Controls by members	541-(56/39)	54
		Restrictions	237-2	79
		Use of Fund’s resources for	1238-(61/43)	53
			71-2	53
Central banks			1371-(62/36)	39
“Central holdings”, meaning			298-3	95
“Changing circumstances”, adaptation of multiple currency practices			237-2	85
Charges:
		Borrowing arrangements, charges and interest payable by the Fund	1289-(62/1)	59
		Reduction of Fund’s holdings pursuant to Article V, Section 8(d)	102-(52/11)	22
		Stand-by arrangements	155-(52/57)	25
			270-(53/95)	27
			876-(59/15)	29
Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)			269-2	16
Commodities, reclassification where subject to multiple currency practices			237-2	84, 85
Communications, privilege for			534-3	88
Compensatory financing of export fluctuations			1477-(63/8)	40
“Consistent with the provisions of this Agreement”, meaning in Article V, Section 3(a) (i)			287-3	19
Consultations with members:
		Bilateral arrangements	433-(55/42)	72
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	33
		Exchange measures needing approval under Article VIII	1034-(60/27)	77
		External transactions in gold	75-(705)	14
		Gold production subsidies	233-2	14
		Multiple currency practices, changes	237-2	80
		Periodic discussions under Article VIII	1034-(60/27)	78
		Reduction in Fund’s holdings	102-(52/11)	23
		Retention quotas	201-(53/29)	73
		Whether measure is exchange restriction	1034-(60/27)	77
Conversion of currency			298-3	97
		1371-(62/36)	38
Convertibility:
		Acceptance of obligations of Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Approval of exchange restrictions	1034-(60/27)	77
		Bilateralism	433-(55/42)	71
		Consultation with Fund	1034-(60/27)	77
		Convertible currency margins	904-(59/32)	16
		Credit arrangements (see Borrowing)
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	34
		Discrimination	955-(59/45)	75
		Multiple currency practices (see Multiple currency practices)
		Restrictions for security reasons	144-(52/51)	70
		Retention quotas	201-(53/29)	73
Creditworthiness, factor in determining use of Fund’s resources			102-(52/11)	21
			270-(53/95)	26
Currencies:
		Fluctuating (see Fluctuating currencies)
		To be drawn, composition of drawings	1371-(62/36)	36
		To be used in repurchases, composition of repurchases	1371-(62/36)	38
Currency liabilities, meaning under Article XIX(e)			486-2	99
Currency, meaning in the concept “currency liabilities”			493-3	100
Date for computations relating to fluctuating currency			321-(54/32)	8
			1283-(61/56)	12
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)			955-(59/45)	75
Drawing rights (see Use of Fund’s resources)
Drawings, currency composition			1371-(62/36)	36
Enemy-occupied, former, members, introduction of multiple currency practices			237-2	85
“Exceptional circumstances”, meaning in Article XIV, Section 4			117-1	93
			237-2	85
Exchange contracts, unenforceability			446-4	68
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement			446-4	69
Exchange controls on capital transfers			541-(56/39)	54
Exchange dealings under conditions of increasing convertibility			904-(59/32)	16
Exchange market, conversion in			1371-(62/36)	39
Exchange rates:
		Borrowing arrangements by Fund	1289-(62/1)	62
		Buying and selling rates	237-2	86
		Free markets	237-2	82
		Fluctuating:
Fund transactions and computations			321-(54/32)	8
			1283-(61/56)	12
Multiple currency practices (fixed and fluctuating rates)			237-2	79
			649-(57/33)	86
“Other exchange transactions” (paper money and coins)			269-2	16
Scope of transactions to be agreed with Fund			237-2	82
		Par values (see Par values)
		Spot exchange transactions in convertible currency	904-(59/32)	16
		Unification in multiple rate systems a basic objective of Fund	649-(57/33)	86
Exchange restrictions:
		Approval	1034-(60/27)	76
		Bilateralism	433-(55/42)	71
		Consultations with Fund	1034-(60/27)	77
		Discrimination	955-(59/45)	75
		Guiding principle of whether measure is a restriction on payments and transfers for current international transactions	1034-(60/27)	76
		Introduction	1034-(60/27)	77
		Maintenance	1034-(60/27)	77
		Multiple currency practices	237-2	79
			649-(57/33)	86
		Retention quotas	201-(53/29)	72
		Security reasons (see Payments restrictions)
		Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Withdrawal	117-1	93
Exchange restrictions on capital transactions (see Capital transfers)
Exchange stability:
		External transactions in gold	75-(705)	13
		Gold subsidies	233-2	14
		Multiple currency practices	237-2	81
		Premium gold transactions	75-(705)	13
Exchange systems, avoidance of use for nonbalance of payments reasons			1034-(60/27)	77
Exchange taxes			237-2	82, 86
Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
		Fluctuating currencies	321-(54/32)	8
			1283-(61/56)	12
		Fluctuating rates of exchange	237-2	82
		Margins (see Margins)
		“Other”, dealings in paper money and coins	269-2	16
Executive Directors:
		Consultations	1371-(62/36)	36
		Determination of members entitled to appoint under Article XII, Section 3(c)	574-2	90
		Meaning of “the preceding two years” in Article XII, Section 3(c)	597-4	90
		Voting power, effect of quota changes	180-5	91
		Export shortfalls, financing (see Compensatory financing (see Compensatory financing of export fluctuations)
Financial year, application to repurchase obligations			419-1	49
			447-5	50
			7-(648)	51
Fluctuating currencies:
		Application of provisions of Fund Agreement	321-(54/32)	8
			1283-(61/56)	12
		Date for computations	321-(54/32)	9
			1283-(61/56)	12
		Revaluation of Fund’s holdings	321-(54/32)	10
		Transactions and computations involving	321-(54/32)	8
			1283-(61/56)	12
Fluctuating rates of exchange:
		Type of multiple currency practice	237-2	82
Free markets (see Exchange rates)
Full employment, maintenance of (see Fundamental disequilibrium)
Fundamental disequilibrium:
		Change in par value	71-2	17
		Correction by change in par value	278-3	17
		Full employment	71-2	17
		Measures necessary to correct, interpretation of Articles of Agreement	71-2	17
Fund’s holdings of currencies:
		Currency composition of drawings and repurchases	1371-(62/36)	33
General Agreement on Tariffs and Trade, Contracting Parties, mutual members to continue to send information on import restrictions imposed for balance of payments reasons			1034-(60/27)	78
Gold (see also Subscriptions):
		Consultations re external transactions in	75-(705)	14
		Fund’s holdings (see Investment of the Fund’s assets)
		Looted, claim by members not a “holding”	298-3	3
		Net official holdings of members	298-3	2, 95
		Payment of stand-by charges	155-(52/57)	25
			270-(53/95)	27
		Pledge agreement for gold collateral transactions	1543-(63/39)	44
		Premium transactions	75-(705)	13
		Price	75-(705)	13
			233-2	14
		Purchase or sale by Fund with fluctuating currencies	321-(54/32)	9
			1283-(61/56)	12
		Subsidies, members’ obligation to consult Fund	233-2	14
		Value of Fund’s assets, fluctuating currencies	321-(54/32)	10
“Gold tranche” transactions (see also Use of Fund’s resources):
		Charges under stand-by arrangements	155-(52/57)	25
			270-(53/95)	28
			876-(59/15)	30
		Repurchase	102-(52/11)	22
“Holdings” of gold or United States dollars, meaning			298-3	2
Holdings of the Fund (see Fluctuating currencies; Investment of the Fund’s assets; Repurchases)
Import restrictions imposed for balance of payments reasons, GATT members			1034-(60/27)	78
Income, Fund’s (see Investment of the Fund’s assets)
Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership)
Investment of the Fund’s assets			488-(56/5)	105
			708-(57/57)	107
			905-(59/32)	108
			1107-(60/50)	108
			1272-(61/53)	109
“Is using”, meaning in Article V, Section 5			292-3	33
Managing Director, consultations with			1371-(62/36)	34
Margins (see also Exchange rates):
		Exchange rates for spot exchange transactions in a convertible currency	904-(59/32)	16
		Other exchange transactions (paper money and coins)	269-2	16
		Price of gold	75-(705)	13
			233-2	14
		Rates differing from parity by more than 1% constitute multiple currency practices	237-2	86
Monetary reserves data			102-(52/11)	21
		Prompt reporting	1510-(63/23)	51
Monetary reserves of members:
		Calculation	486-2	99
		Effect of payment of gold subcriptions	124-2	49
		Importance of gold holdings	75-(705)	13
		Use in repurchases under Article V, Section 7(b) (i) or (ii)	447-5	50
Monetary stabilization operations, use of Fund’s resources			71-2	53
Money (see Paper money)
Multiple currency practices (see also Exchange rates; Exchange restrictions):
		Auction system	237-2	79
		Fixed rates	649-(57/33)	86
		Fluctuating rates
Net official holdings of members, principles of interpretation			298-3	2, 95
“Official holdings of a member”, meaning			298-3	95
“Other official institutions” and “other banks”, meaning			298-3	96
Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3			269-2	16
Par value, change to correct a fundamental disequilibrium			71-2	17
			278-3	17
		Extent of change	278-3	17
		Fund’s authority	278-3	17
		Margins (see Margins)
Payments restrictions (see also Exchange restrictions):
		For security reasons, Fund jurisdiction	144-(52/51)	70
“Presently needed”, meaning in Article V, Section 3(a)(i)			284-4	19
Prior agreement of the Fund (see Repurchases)
“Prior notice”, provision in stand-by arrangements			1151-(61/6)	32
Prior notice to Fund, imposition of payments restrictions for security reasons			144-(52/51)	70
Quotas:
		Change	595-3	6
		Effect on voting power of elected Executive Director	180-5	91
		Increases granted in accordance with Fund decision on “Compensatory Financing of Export Fluctuations”	1477-(63/81)	40
			1529-(63/51)	6
		Review	408-2	1
Rates for official communications of Fund			534-3	88
Rates of exchange (see Exchange rates; Multiple currency practices)
Refund (see Stand-by arrangements)
Repayment by Fund of borrowed currency			1289-(62/1)	60
“Represents”, meaning in Article V, Section 3(a) (i)			284-4	19
Repurchase obligations:
		Allocation of part to currency Fund cannot accept	521-3	104
		Application at end of financial year in which calculated	419-1	49
		Calculation	486-2	102
		Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year	510-2	103
		Effect of payment of subscriptions	124-2	49
		Minimal, procedure	705-(57/55)	51
		Provisional calculation	1510-(63/23)	51
		Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii)	447-5	50
		Repurchases:
		Article V, Section 7	102-(52/11)	24
		Augmentation of stand-by arrangement by equivalent amount	876-(59/15)	29
		Currency composition	1371-(62/36)	38
		Gold collateral transactions	1543-(63/39)	44
		Involving fluctuating currencies	321-(54/32)	9
		Of Fund’s holdings	102-(52/11)	21
			270-(53/95)	26
		Prior agreement of Fund needed	1371-(62/36)	35
		Stand-by arrangements	270-(53/95)	26
		Voluntary	7-(648)	50
		Voluntary, computation of rate for fluctuating currency	321-(54/32)	9
			1283-(61/56)	12
Reserve position of members:
		Currency composition of drawings and repurchases	1371-(62/36)	36
Reserve, Special, of the Fund			708-(57/57)	108
Restrictions (see Exchange restrictions; Payments restrictions)
Retention quotas			201-(53/29)	72
		Schedule B of Articles of Agreement	486-2	102
			510-2	104
			521-3	104
Security, payments restrictions imposed for			144-(52/51)	70
“Similar fiscal agency”, meaning			298-3	95
Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility			904-(50/32)	16
Stand-by arrangements:
		Amounts	155-(52/57)	24
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
		Augmentation by amounts of repurchases	876-(59/15)	29
		Cancellation, repayment of portion of charge	270-(53/95)	28
			876-(59/15)	30
		Charges	155-(52/57)	25
			270-(53/95)	27
			876-(59/15)	29
			1345-(62/23)	31
		Currency borrowed by the Fund	1289-(62/1)	58
		Currency composition of drawings	1371-(62/36)	36
		Gold tranche drawings	155-(52/57)	25
			270-(53/95)	28
			876-(59/15)	30
		Ineligibility	155-(52/57)	24, 25
			270-(53/95)	27
			1151-(61/6)	31
	Period	155-(52/57)	24
			270-(53/95)	26
		Policies and procedures	155-(52/57)	24
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
		Prior notice	1151-(61/6)	32
		Refund of charges	1345-(62/23)	31
		Renewal	155-(52/57)	24
			270-(53/95)	27
			876-(59/15)	29
		Suspension of rights to engage in drawings	155-(52/57)	25
			270-(53/95)	27
			1151-(61/6)	31
Subscriptions (see also Net official holdings of members):
Gold, calculation			298-3	2
		effect of payment on repurchase obligations	124-2	49
		quota increases	595-3	6
			1529-(63/33)	6
Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification			649-(57/33)	87
Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
Transitional provisions of Article XIV			1034-(60/27)	76
			237-2	81
			117-1	93
Unenforceability (see Exchange contracts)
“United States dollars”, holdings of, interpretation (see also Net official holdings of members)			298-3	2
Use of Fund’s resources:
		Application of same policy to stand-by arrangements as to requests for immediate drawing	155-(52/57)	24
		Authority to use resources of Fund	71-2	53
		Balance of payments deficit on current account	71-2	53
		Capital transfers	1238-(61/43)	53
		Conditions in Article V, Section 3(a)(i)	284-4	19
		“Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of	287-3	19
		Countries undergoing reconstruction	196-2	92
		Currency borrowed by the Fund	1289-(62/1)	60
		Currency composition of drawings	1371-(62/36)	36
		Drawing policies in connection with compensatory financing of export fluctuations	1477-(63/8)	41
		Drawing rights, extent of under Article V, Section 3(a) (iii)	451-(55/52)	20
		Drawings within the “gold tranche”	102-(52/11)	23
			155-(52/57)	25
			270-(53/95)	28
		Gold collateral transactions	1543-(63/39)	44
		In accordance with purposes of Fund	102-(52/11)	21
		Ineligibility, effect on purchases under stand-by arrangement	155-(52/57)	25
			270-(53/95)	27
			1151-(61/6)	31
		under Article V, Section 5	284-3	32
		under Article XV, Section 2(a)	343-(54/47)	94
		“Is using” in Article V, Section 5, meaning of	292-3	33
		Limitation and ineligibility under Article V, Section 5	284-3	32
		Monetary stabilization	71-2	53
		Period of use	102-(52/11)	22
			155-(52/57)	24
			270-(53/95)	26
		Policy	102-(52/11)	21
			155-(52/57)	24
			270-(53/95)	26
			649-(57/33)	87
		Postponement:
		Limitation under Article V, Section 5	286-1	32
		Under Article XX, Section 4(i)	284-2	Ml
		“Presently needed” in Article V, Section 3(a)(i), meaning of	284-4	19
		Reconstruction, use by countries undergoing	196-2	92
		“Represents” in Article V, Section 3(a) (i), meaning of	284-4	19
		Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration	649-(57/33)	87
		Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal	1151-(61/6)	31
		Stand-by charges	876-(59/15)	29
		Suspension of transactions under stand-by arrangements	270-(53/95)	27
			1151-(61/6)	31
		Temporary assistance in financing balance of payments deficits	71-2	53
Withdrawal from membership			343-(54/47)	94
		Effect on participant in borrowing arrangement	1289-(62/1)	63
“Working balances”, meaning			298-3	96

			Decision No.	Page
Accounts:
	Administrative		574-2	90
	Payable or receivable, Fund’s holdings of fluctuating currence		321-(54/32)	10
	Special, gold collateral transactions		1543-(63/39)	45
Administrative deficits of Fund			488-(56/5)	105
			708-(57/57)	107
Articles of Agreement:
Article I, bilateralism and convertibility			287-3	20
			433-(55/42)	71
Article III, Section 2, review of quotas			408-2	1
Article III, Section 3, subscriptions payment			298-3	2
Article III, Sections 3 and 4, changes in quotas			595-3	6
Article IV, Section 1, fluctuating currencies			321-(54/32)	8
			1283-(61/56)	12
		borrowing arrangements	1289-(62/1)	62
Article IV, Section 2, price of gold			75-(705)	13
			233-2	14
Article IV, Section 3, margins			269-2	16
			904-(59/32)	16
Article IV, Section 4(a), exchange stability			233-2	15
	multiple currency practices		237-2	85
Article IV, Section 5, changes in par values			71-2	17
			278-3	17
Article IV, Section 8, fluctuating currencies			321-(54/32)	8, 10
	maintenance of gold value of Fund assets invested in U.S. securities.		488-(56/5)	106
Article V, Section 1, borrowing arrangements			1289-(62/1)	63
Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of			287-3	19
	meaning of Section 3(a) (i)		284-4	19
	meaning of Section 3(a) (iii).		451-(55/52)	20
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
use of Fund’s resources			102-(52/11)	21
Article V, Section 4, fluctuating currencies			321-(54/32)	10
			1283-(61/56)	12
	gold collateral transactions		1543-(63/39)	44
	stand-by arrangements		155-(52/57)	25
Article V, Section 5, limitation on use			284-3	32
			286-1	32
	“is using”, meaning of		292-3	33
Article V, Section 6(a), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
Article V, Section 7, repurchase obligations			124-2	49
Article V, Section 7(b), borrowing arrangements			1289-(62/1)	60
	fluctuating currencies		321-(54/32)	9
			1283-(61/56)	12
	repurchase obligations		447-5	50
Article V, Section 7(c), repurchase obligations			419-1	49
Article V, Sections 8(a) and 8(c), borrowing arrangements			1289-(62/1)	59
Article V, Section 8(d)			102-(52/11)	22
Article V, Section 8(f), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	27
Article VI, Section 1, use of Fund’s resources			71-2	53
			1238-(61/43)	53
Article VI, Section 3, controls on capital transfers			541-(56/39)	54
Article VII, Section 2, borrowing arrangements			1289-(62/1)	55
Article VII, Section 3(b), security restrictions			144-(52/51)	70
Article VIII, retention quotas			201-(53/29)	74
	bilateralism		433-(55/42)	71
Article VIII and Article XIV			1034-(60/27)	76
Article VIII, Section 2(a), security restrictions			144-(52/51)	70
Article VIII, Section 2(b), unenforceability of exchange contracts			446-4	68
Article VIII, Section 3, discrimination			955-(59/45)	75
	multiple currency practices		237-2	83
			649-(57/33)	86
Article IX, Section 7, privilege for communications			534-3	88
Article XII, Section 3(b)			574-2	90
Article XII, Section 3(c), “the preceding two years”, meaning of			597-4	90
	additional appointed Executive Directors		574-2	90
Article XII, Section 5, voting power of Executive Directors			180-5	91
Article XIV, Section 1, use of Fund’s resources			196-2	92
Article XIV, Section 2, security restrictions			144-(52/51)	70
Article XIV, Sections 2, 3, 4, retention quotas			201-(53/29)	72
	Articles VIII and XIV		1034-(60/27)	76
	bilateralism		433-(55/42)	71
multiple currency practices			237-2	84
Article XIV, Section 3			1034-(60/27)	77
Article XIV, Section 4			237-2	79
			117-1	93
			1034-(60/27)	76
Article XV, Section 2			343-(54/47)	94
Article XV, Section 3, borrowing arrangements			1289-(62/1)	63
Article XVI, Section 1, stand-by arrangements			155-(52/57)	25
			270-(53/95)	27
	borrowing arrangements		1289-(62/1)	64
Article XVIII(a), list of interpretations under				xi
Article XIX(b), (c), and (h), net official holdings			298-3	95
Article XIX(e)			486-2	99
			493-3	99
Article XX, Section 4(i)			284-2	101
Auction system (see also Multiple currency practices)			237-2	82
Balance of payments position:
		Currency composition of drawings and repurchases	1371-(62/36)	36
Bilateralism			433-(55/42)	71
			955-(59/45)	75
Borrowing by the Fund			1289-(62/1)	55
		Fluctuating currencies	1283-(61/56)	12
Capital transfers:
		Controls by members	541-(56/39)	54
		Restrictions	237-2	79
		Use of Fund’s resources for	1238-(61/43)	53
			71-2	53
Central banks			1371-(62/36)	39
“Central holdings”, meaning			298-3	95
“Changing circumstances”, adaptation of multiple currency practices			237-2	85
Charges:
		Borrowing arrangements, charges and interest payable by the Fund	1289-(62/1)	59
		Reduction of Fund’s holdings pursuant to Article V, Section 8(d)	102-(52/11)	22
		Stand-by arrangements	155-(52/57)	25
			270-(53/95)	27
			876-(59/15)	29
Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)			269-2	16
Commodities, reclassification where subject to multiple currency practices			237-2	84, 85
Communications, privilege for			534-3	88
Compensatory financing of export fluctuations			1477-(63/8)	40
“Consistent with the provisions of this Agreement”, meaning in Article V, Section 3(a) (i)			287-3	19
Consultations with members:
		Bilateral arrangements	433-(55/42)	72
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	33
		Exchange measures needing approval under Article VIII	1034-(60/27)	77
		External transactions in gold	75-(705)	14
		Gold production subsidies	233-2	14
		Multiple currency practices, changes	237-2	80
		Periodic discussions under Article VIII	1034-(60/27)	78
		Reduction in Fund’s holdings	102-(52/11)	23
		Retention quotas	201-(53/29)	73
		Whether measure is exchange restriction	1034-(60/27)	77
Conversion of currency			298-3	97
		1371-(62/36)	38
Convertibility:
		Acceptance of obligations of Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Approval of exchange restrictions	1034-(60/27)	77
		Bilateralism	433-(55/42)	71
		Consultation with Fund	1034-(60/27)	77
		Convertible currency margins	904-(59/32)	16
		Credit arrangements (see Borrowing)
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	34
		Discrimination	955-(59/45)	75
		Multiple currency practices (see Multiple currency practices)
		Restrictions for security reasons	144-(52/51)	70
		Retention quotas	201-(53/29)	73
Creditworthiness, factor in determining use of Fund’s resources			102-(52/11)	21
			270-(53/95)	26
Currencies:
		Fluctuating (see Fluctuating currencies)
		To be drawn, composition of drawings	1371-(62/36)	36
		To be used in repurchases, composition of repurchases	1371-(62/36)	38
Currency liabilities, meaning under Article XIX(e)			486-2	99
Currency, meaning in the concept “currency liabilities”			493-3	100
Date for computations relating to fluctuating currency			321-(54/32)	8
			1283-(61/56)	12
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)			955-(59/45)	75
Drawing rights (see Use of Fund’s resources)
Drawings, currency composition			1371-(62/36)	36
Enemy-occupied, former, members, introduction of multiple currency practices			237-2	85
“Exceptional circumstances”, meaning in Article XIV, Section 4			117-1	93
			237-2	85
Exchange contracts, unenforceability			446-4	68
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement			446-4	69
Exchange controls on capital transfers			541-(56/39)	54
Exchange dealings under conditions of increasing convertibility			904-(59/32)	16
Exchange market, conversion in			1371-(62/36)	39
Exchange rates:
		Borrowing arrangements by Fund	1289-(62/1)	62
		Buying and selling rates	237-2	86
		Free markets	237-2	82
		Fluctuating:
Fund transactions and computations			321-(54/32)	8
			1283-(61/56)	12
Multiple currency practices (fixed and fluctuating rates)			237-2	79
			649-(57/33)	86
“Other exchange transactions” (paper money and coins)			269-2	16
Scope of transactions to be agreed with Fund			237-2	82
		Par values (see Par values)
		Spot exchange transactions in convertible currency	904-(59/32)	16
		Unification in multiple rate systems a basic objective of Fund	649-(57/33)	86
Exchange restrictions:
		Approval	1034-(60/27)	76
		Bilateralism	433-(55/42)	71
		Consultations with Fund	1034-(60/27)	77
		Discrimination	955-(59/45)	75
		Guiding principle of whether measure is a restriction on payments and transfers for current international transactions	1034-(60/27)	76
		Introduction	1034-(60/27)	77
		Maintenance	1034-(60/27)	77
		Multiple currency practices	237-2	79
			649-(57/33)	86
		Retention quotas	201-(53/29)	72
		Security reasons (see Payments restrictions)
		Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Withdrawal	117-1	93
Exchange restrictions on capital transactions (see Capital transfers)
Exchange stability:
		External transactions in gold	75-(705)	13
		Gold subsidies	233-2	14
		Multiple currency practices	237-2	81
		Premium gold transactions	75-(705)	13
Exchange systems, avoidance of use for nonbalance of payments reasons			1034-(60/27)	77
Exchange taxes			237-2	82, 86
Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
		Fluctuating currencies	321-(54/32)	8
			1283-(61/56)	12
		Fluctuating rates of exchange	237-2	82
		Margins (see Margins)
		“Other”, dealings in paper money and coins	269-2	16
Executive Directors:
		Consultations	1371-(62/36)	36
		Determination of members entitled to appoint under Article XII, Section 3(c)	574-2	90
		Meaning of “the preceding two years” in Article XII, Section 3(c)	597-4	90
		Voting power, effect of quota changes	180-5	91
		Export shortfalls, financing (see Compensatory financing (see Compensatory financing of export fluctuations)
Financial year, application to repurchase obligations			419-1	49
			447-5	50
			7-(648)	51
Fluctuating currencies:
		Application of provisions of Fund Agreement	321-(54/32)	8
			1283-(61/56)	12
		Date for computations	321-(54/32)	9
			1283-(61/56)	12
		Revaluation of Fund’s holdings	321-(54/32)	10
		Transactions and computations involving	321-(54/32)	8
			1283-(61/56)	12
Fluctuating rates of exchange:
		Type of multiple currency practice	237-2	82
Free markets (see Exchange rates)
Full employment, maintenance of (see Fundamental disequilibrium)
Fundamental disequilibrium:
		Change in par value	71-2	17
		Correction by change in par value	278-3	17
		Full employment	71-2	17
		Measures necessary to correct, interpretation of Articles of Agreement	71-2	17
Fund’s holdings of currencies:
		Currency composition of drawings and repurchases	1371-(62/36)	33
General Agreement on Tariffs and Trade, Contracting Parties, mutual members to continue to send information on import restrictions imposed for balance of payments reasons			1034-(60/27)	78
Gold (see also Subscriptions):
		Consultations re external transactions in	75-(705)	14
		Fund’s holdings (see Investment of the Fund’s assets)
		Looted, claim by members not a “holding”	298-3	3
		Net official holdings of members	298-3	2, 95
		Payment of stand-by charges	155-(52/57)	25
			270-(53/95)	27
		Pledge agreement for gold collateral transactions	1543-(63/39)	44
		Premium transactions	75-(705)	13
		Price	75-(705)	13
			233-2	14
		Purchase or sale by Fund with fluctuating currencies	321-(54/32)	9
			1283-(61/56)	12
		Subsidies, members’ obligation to consult Fund	233-2	14
		Value of Fund’s assets, fluctuating currencies	321-(54/32)	10
“Gold tranche” transactions (see also Use of Fund’s resources):
		Charges under stand-by arrangements	155-(52/57)	25
			270-(53/95)	28
			876-(59/15)	30
		Repurchase	102-(52/11)	22
“Holdings” of gold or United States dollars, meaning			298-3	2
Holdings of the Fund (see Fluctuating currencies; Investment of the Fund’s assets; Repurchases)
Import restrictions imposed for balance of payments reasons, GATT members			1034-(60/27)	78
Income, Fund’s (see Investment of the Fund’s assets)
Ineligibility (see Stand-by arrangements; Use of Fund’s resources; Withdrawal from membership)
Investment of the Fund’s assets			488-(56/5)	105
			708-(57/57)	107
			905-(59/32)	108
			1107-(60/50)	108
			1272-(61/53)	109
“Is using”, meaning in Article V, Section 5			292-3	33
Managing Director, consultations with			1371-(62/36)	34
Margins (see also Exchange rates):
		Exchange rates for spot exchange transactions in a convertible currency	904-(59/32)	16
		Other exchange transactions (paper money and coins)	269-2	16
		Price of gold	75-(705)	13
			233-2	14
		Rates differing from parity by more than 1% constitute multiple currency practices	237-2	86
Monetary reserves data			102-(52/11)	21
		Prompt reporting	1510-(63/23)	51
Monetary reserves of members:
		Calculation	486-2	99
		Effect of payment of gold subcriptions	124-2	49
		Importance of gold holdings	75-(705)	13
		Use in repurchases under Article V, Section 7(b) (i) or (ii)	447-5	50
Monetary stabilization operations, use of Fund’s resources			71-2	53
Money (see Paper money)
Multiple currency practices (see also Exchange rates; Exchange restrictions):
		Auction system	237-2	79
		Fixed rates	649-(57/33)	86
		Fluctuating rates
Net official holdings of members, principles of interpretation			298-3	2, 95
“Official holdings of a member”, meaning			298-3	95
“Other official institutions” and “other banks”, meaning			298-3	96
Paper money, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3			269-2	16
Par value, change to correct a fundamental disequilibrium			71-2	17
			278-3	17
		Extent of change	278-3	17
		Fund’s authority	278-3	17
		Margins (see Margins)
Payments restrictions (see also Exchange restrictions):
		For security reasons, Fund jurisdiction	144-(52/51)	70
“Presently needed”, meaning in Article V, Section 3(a)(i)			284-4	19
Prior agreement of the Fund (see Repurchases)
“Prior notice”, provision in stand-by arrangements			1151-(61/6)	32
Prior notice to Fund, imposition of payments restrictions for security reasons			144-(52/51)	70
Quotas:
		Change	595-3	6
		Effect on voting power of elected Executive Director	180-5	91
		Increases granted in accordance with Fund decision on “Compensatory Financing of Export Fluctuations”	1477-(63/81)	40
			1529-(63/51)	6
		Review	408-2	1
Rates for official communications of Fund			534-3	88
Rates of exchange (see Exchange rates; Multiple currency practices)
Refund (see Stand-by arrangements)
Repayment by Fund of borrowed currency			1289-(62/1)	60
“Represents”, meaning in Article V, Section 3(a) (i)			284-4	19
Repurchase obligations:
		Allocation of part to currency Fund cannot accept	521-3	104
		Application at end of financial year in which calculated	419-1	49
		Calculation	486-2	102
		Calculation, exclusion of proceeds of loans set aside for repayment of loan in a subsequent year	510-2	103
		Effect of payment of subscriptions	124-2	49
		Minimal, procedure	705-(57/55)	51
		Provisional calculation	1510-(63/23)	51
		Use of monetary reserves for repurchases under Article V, Section 7(b) (i) or (ii)	447-5	50
		Repurchases:
		Article V, Section 7	102-(52/11)	24
		Augmentation of stand-by arrangement by equivalent amount	876-(59/15)	29
		Currency composition	1371-(62/36)	38
		Gold collateral transactions	1543-(63/39)	44
		Involving fluctuating currencies	321-(54/32)	9
		Of Fund’s holdings	102-(52/11)	21
			270-(53/95)	26
		Prior agreement of Fund needed	1371-(62/36)	35
		Stand-by arrangements	270-(53/95)	26
		Voluntary	7-(648)	50
		Voluntary, computation of rate for fluctuating currency	321-(54/32)	9
			1283-(61/56)	12
Reserve position of members:
		Currency composition of drawings and repurchases	1371-(62/36)	36
Reserve, Special, of the Fund			708-(57/57)	108
Restrictions (see Exchange restrictions; Payments restrictions)
Retention quotas			201-(53/29)	72
		Schedule B of Articles of Agreement	486-2	102
			510-2	104
			521-3	104
Security, payments restrictions imposed for			144-(52/51)	70
“Similar fiscal agency”, meaning			298-3	95
Spot exchange transactions, exchange dealings and margins under conditions of increasing convertibility			904-(50/32)	16
Stand-by arrangements:
		Amounts	155-(52/57)	24
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
		Augmentation by amounts of repurchases	876-(59/15)	29
		Cancellation, repayment of portion of charge	270-(53/95)	28
			876-(59/15)	30
		Charges	155-(52/57)	25
			270-(53/95)	27
			876-(59/15)	29
			1345-(62/23)	31
		Currency borrowed by the Fund	1289-(62/1)	58
		Currency composition of drawings	1371-(62/36)	36
		Gold tranche drawings	155-(52/57)	25
			270-(53/95)	28
			876-(59/15)	30
		Ineligibility	155-(52/57)	24, 25
			270-(53/95)	27
			1151-(61/6)	31
	Period	155-(52/57)	24
			270-(53/95)	26
		Policies and procedures	155-(52/57)	24
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
		Prior notice	1151-(61/6)	32
		Refund of charges	1345-(62/23)	31
		Renewal	155-(52/57)	24
			270-(53/95)	27
			876-(59/15)	29
		Suspension of rights to engage in drawings	155-(52/57)	25
			270-(53/95)	27
			1151-(61/6)	31
Subscriptions (see also Net official holdings of members):
Gold, calculation			298-3	2
		effect of payment on repurchase obligations	124-2	49
		quota increases	595-3	6
			1529-(63/33)	6
Technical assistance, Fund ready to meet requests in preparation of economic programs and measures for exchange simplification			649-(57/33)	87
Transfers, restrictions on (see Exchange restrictions; Payments restrictions)
Transitional provisions of Article XIV			1034-(60/27)	76
			237-2	81
			117-1	93
Unenforceability (see Exchange contracts)
“United States dollars”, holdings of, interpretation (see also Net official holdings of members)			298-3	2
Use of Fund’s resources:
		Application of same policy to stand-by arrangements as to requests for immediate drawing	155-(52/57)	24
		Authority to use resources of Fund	71-2	53
		Balance of payments deficit on current account	71-2	53
		Capital transfers	1238-(61/43)	53
		Conditions in Article V, Section 3(a)(i)	284-4	19
		“Consistent with the provisions of this Agreement” in Article V, Section 3, meaning of	287-3	19
		Countries undergoing reconstruction	196-2	92
		Currency borrowed by the Fund	1289-(62/1)	60
		Currency composition of drawings	1371-(62/36)	36
		Drawing policies in connection with compensatory financing of export fluctuations	1477-(63/8)	41
		Drawing rights, extent of under Article V, Section 3(a) (iii)	451-(55/52)	20
		Drawings within the “gold tranche”	102-(52/11)	23
			155-(52/57)	25
			270-(53/95)	28
		Gold collateral transactions	1543-(63/39)	44
		In accordance with purposes of Fund	102-(52/11)	21
		Ineligibility, effect on purchases under stand-by arrangement	155-(52/57)	25
			270-(53/95)	27
			1151-(61/6)	31
		under Article V, Section 5	284-3	32
		under Article XV, Section 2(a)	343-(54/47)	94
		“Is using” in Article V, Section 5, meaning of	292-3	33
		Limitation and ineligibility under Article V, Section 5	284-3	32
		Monetary stabilization	71-2	53
		Period of use	102-(52/11)	22
			155-(52/57)	24
			270-(53/95)	26
		Policy	102-(52/11)	21
			155-(52/57)	24
			270-(53/95)	26
			649-(57/33)	87
		Postponement:
		Limitation under Article V, Section 5	286-1	32
		Under Article XX, Section 4(i)	284-2	Ml
		“Presently needed” in Article V, Section 3(a)(i), meaning of	284-4	19
		Reconstruction, use by countries undergoing	196-2	92
		“Represents” in Article V, Section 3(a) (i), meaning of	284-4	19
		Requests from members proposing appropriate and adequate exchange simplification and related economic programs to be given sympathetic consideration	649-(57/33)	87
		Resumption of purchases under a stand-by arrangement after decision of formal ineligibility or to consider such a proposal	1151-(61/6)	31
		Stand-by charges	876-(59/15)	29
		Suspension of transactions under stand-by arrangements	270-(53/95)	27
			1151-(61/6)	31
		Temporary assistance in financing balance of payments deficits	71-2	53
Withdrawal from membership			343-(54/47)	94
		Effect on participant in borrowing arrangement	1289-(62/1)	63
“Working balances”, meaning			298-3	96

Reproduced on pages 95-98.

See page 66.

As amended, effective August 1, 1962, pursuant to Decision No. 1362-(62/32), July 9, 1962 and, effective October 12, 1962, pursuant to Decision No. 1415-(62/47), September 19, 1962.

These conclusions concerning the Fund’s jurisdiction and the obligation of members apply to all members including those for whose currencies par values have not been established.

Reproduced on pages 2-5.

Reproduced on pages 102-103.

Reproduced on page 99.

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Selected Decisions (2nd Ed)

Author: International Monetary Fund

ISBN:: 9781484357316

ISSN:: 1087-4275

Publication Date:: 02 Sep 1963

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781484357316.014

Pages:: 134

Index

Foresee

			Decision No.	Page
Accounts:
	Administrative		574-2	90
	Payable or receivable, Fund’s holdings of fluctuating currence		321-(54/32)	10
	Special, gold collateral transactions		1543-(63/39)	45
Administrative deficits of Fund			488-(56/5)	105
			708-(57/57)	107
Articles of Agreement:
Article I, bilateralism and convertibility			287-3	20
			433-(55/42)	71
Article III, Section 2, review of quotas			408-2	1
Article III, Section 3, subscriptions payment			298-3	2
Article III, Sections 3 and 4, changes in quotas			595-3	6
Article IV, Section 1, fluctuating currencies			321-(54/32)	8
			1283-(61/56)	12
		borrowing arrangements	1289-(62/1)	62
Article IV, Section 2, price of gold			75-(705)	13
			233-2	14
Article IV, Section 3, margins			269-2	16
			904-(59/32)	16
Article IV, Section 4(a), exchange stability			233-2	15
	multiple currency practices		237-2	85
Article IV, Section 5, changes in par values			71-2	17
			278-3	17
Article IV, Section 8, fluctuating currencies			321-(54/32)	8, 10
	maintenance of gold value of Fund assets invested in U.S. securities.		488-(56/5)	106
Article V, Section 1, borrowing arrangements			1289-(62/1)	63
Article V, Section 3(a), “consistent with the provisions of this Agreement”, meaning of			287-3	19
	meaning of Section 3(a) (i)		284-4	19
	meaning of Section 3(a) (iii).		451-(55/52)	20
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	26
			876-(59/15)	29
			1151-(61/6)	31
use of Fund’s resources			102-(52/11)	21
Article V, Section 4, fluctuating currencies			321-(54/32)	10
			1283-(61/56)	12
	gold collateral transactions		1543-(63/39)	44
	stand-by arrangements		155-(52/57)	25
Article V, Section 5, limitation on use			284-3	32
			286-1	32
	“is using”, meaning of		292-3	33
Article V, Section 6(a), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
Article V, Section 7, repurchase obligations			124-2	49
Article V, Section 7(b), borrowing arrangements			1289-(62/1)	60
	fluctuating currencies		321-(54/32)	9
			1283-(61/56)	12
	repurchase obligations		447-5	50
Article V, Section 7(c), repurchase obligations			419-1	49
Article V, Sections 8(a) and 8(c), borrowing arrangements			1289-(62/1)	59
Article V, Section 8(d)			102-(52/11)	22
Article V, Section 8(f), fluctuating currencies			321-(54/32)	9
			1283-(61/56)	12
	stand-by arrangements		155-(52/57)	25
			270-(53/95)	27
Article VI, Section 1, use of Fund’s resources			71-2	53
			1238-(61/43)	53
Article VI, Section 3, controls on capital transfers			541-(56/39)	54
Article VII, Section 2, borrowing arrangements			1289-(62/1)	55
Article VII, Section 3(b), security restrictions			144-(52/51)	70
Article VIII, retention quotas			201-(53/29)	74
	bilateralism		433-(55/42)	71
Article VIII and Article XIV			1034-(60/27)	76
Article VIII, Section 2(a), security restrictions			144-(52/51)	70
Article VIII, Section 2(b), unenforceability of exchange contracts			446-4	68
Article VIII, Section 3, discrimination			955-(59/45)	75
	multiple currency practices		237-2	83
			649-(57/33)	86
Article IX, Section 7, privilege for communications			534-3	88
Article XII, Section 3(b)			574-2	90
Article XII, Section 3(c), “the preceding two years”, meaning of			597-4	90
	additional appointed Executive Directors		574-2	90
Article XII, Section 5, voting power of Executive Directors			180-5	91
Article XIV, Section 1, use of Fund’s resources			196-2	92
Article XIV, Section 2, security restrictions			144-(52/51)	70
Article XIV, Sections 2, 3, 4, retention quotas			201-(53/29)	72
	Articles VIII and XIV		1034-(60/27)	76
	bilateralism		433-(55/42)	71
multiple currency practices			237-2	84
Article XIV, Section 3			1034-(60/27)	77
Article XIV, Section 4			237-2	79
			117-1	93
			1034-(60/27)	76
Article XV, Section 2			343-(54/47)	94
Article XV, Section 3, borrowing arrangements			1289-(62/1)	63
Article XVI, Section 1, stand-by arrangements			155-(52/57)	25
			270-(53/95)	27
	borrowing arrangements		1289-(62/1)	64
Article XVIII(a), list of interpretations under				xi
Article XIX(b), (c), and (h), net official holdings			298-3	95
Article XIX(e)			486-2	99
			493-3	99
Article XX, Section 4(i)			284-2	101
Auction system (see also Multiple currency practices)			237-2	82
Balance of payments position:
		Currency composition of drawings and repurchases	1371-(62/36)	36
Bilateralism			433-(55/42)	71
			955-(59/45)	75
Borrowing by the Fund			1289-(62/1)	55
		Fluctuating currencies	1283-(61/56)	12
Capital transfers:
		Controls by members	541-(56/39)	54
		Restrictions	237-2	79
		Use of Fund’s resources for	1238-(61/43)	53
			71-2	53
Central banks			1371-(62/36)	39
“Central holdings”, meaning			298-3	95
“Changing circumstances”, adaptation of multiple currency practices			237-2	85
Charges:
		Borrowing arrangements, charges and interest payable by the Fund	1289-(62/1)	59
		Reduction of Fund’s holdings pursuant to Article V, Section 8(d)	102-(52/11)	22
		Stand-by arrangements	155-(52/57)	25
			270-(53/95)	27
			876-(59/15)	29
Coins, dealings deemed “other exchange transactions” within meaning of Article IV, Section 3 (see also Margins)			269-2	16
Commodities, reclassification where subject to multiple currency practices			237-2	84, 85
Communications, privilege for			534-3	88
Compensatory financing of export fluctuations			1477-(63/8)	40
“Consistent with the provisions of this Agreement”, meaning in Article V, Section 3(a) (i)			287-3	19
Consultations with members:
		Bilateral arrangements	433-(55/42)	72
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	33
		Exchange measures needing approval under Article VIII	1034-(60/27)	77
		External transactions in gold	75-(705)	14
		Gold production subsidies	233-2	14
		Multiple currency practices, changes	237-2	80
		Periodic discussions under Article VIII	1034-(60/27)	78
		Reduction in Fund’s holdings	102-(52/11)	23
		Retention quotas	201-(53/29)	73
		Whether measure is exchange restriction	1034-(60/27)	77
Conversion of currency			298-3	97
		1371-(62/36)	38
Convertibility:
		Acceptance of obligations of Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Approval of exchange restrictions	1034-(60/27)	77
		Bilateralism	433-(55/42)	71
		Consultation with Fund	1034-(60/27)	77
		Convertible currency margins	904-(59/32)	16
		Credit arrangements (see Borrowing)
		Currencies to be drawn and to be used in repurchases	1371-(62/36)	34
		Discrimination	955-(59/45)	75
		Multiple currency practices (see Multiple currency practices)
		Restrictions for security reasons	144-(52/51)	70
		Retention quotas	201-(53/29)	73
Creditworthiness, factor in determining use of Fund’s resources			102-(52/11)	21
			270-(53/95)	26
Currencies:
		Fluctuating (see Fluctuating currencies)
		To be drawn, composition of drawings	1371-(62/36)	36
		To be used in repurchases, composition of repurchases	1371-(62/36)	38
Currency liabilities, meaning under Article XIX(e)			486-2	99
Currency, meaning in the concept “currency liabilities”			493-3	100
Date for computations relating to fluctuating currency			321-(54/32)	8
			1283-(61/56)	12
Discriminatory practices imposed for balance of payments reasons (see also Exchange restrictions)			955-(59/45)	75
Drawing rights (see Use of Fund’s resources)
Drawings, currency composition			1371-(62/36)	36
Enemy-occupied, former, members, introduction of multiple currency practices			237-2	85
“Exceptional circumstances”, meaning in Article XIV, Section 4			117-1	93
			237-2	85
Exchange contracts, unenforceability			446-4	68
Exchange control regulations, Fund prepared to advise whether maintained or imposed consistently with Fund Agreement			446-4	69
Exchange controls on capital transfers			541-(56/39)	54
Exchange dealings under conditions of increasing convertibility			904-(59/32)	16
Exchange market, conversion in			1371-(62/36)	39
Exchange rates:
		Borrowing arrangements by Fund	1289-(62/1)	62
		Buying and selling rates	237-2	86
		Free markets	237-2	82
		Fluctuating:
Fund transactions and computations			321-(54/32)	8
			1283-(61/56)	12
Multiple currency practices (fixed and fluctuating rates)			237-2	79
			649-(57/33)	86
“Other exchange transactions” (paper money and coins)			269-2	16
Scope of transactions to be agreed with Fund			237-2	82
		Par values (see Par values)
		Spot exchange transactions in convertible currency	904-(59/32)	16
		Unification in multiple rate systems a basic objective of Fund	649-(57/33)	86
Exchange restrictions:
		Approval	1034-(60/27)	76
		Bilateralism	433-(55/42)	71
		Consultations with Fund	1034-(60/27)	77
		Discrimination	955-(59/45)	75
		Guiding principle of whether measure is a restriction on payments and transfers for current international transactions	1034-(60/27)	76
		Introduction	1034-(60/27)	77
		Maintenance	1034-(60/27)	77
		Multiple currency practices	237-2	79
			649-(57/33)	86
		Retention quotas	201-(53/29)	72
		Security reasons (see Payments restrictions)
		Transitional arrangements under Article XIV, obligations under Article VIII, Sections 2, 3, and 4	1034-(60/27)	76
		Withdrawal	117-1	93
Exchange restrictions on capital transactions (see Capital transfers)
Exchange stability:
		External transactions in gold	75-(705)	13
		Gold subsidies	233-2	14
		Multiple currency practices	237-2	81
		Premium gold transactions	75-(705)	13
Exchange systems, avoidance of use for nonbalance of payments reasons			1034-(60/27)	77
Exchange taxes			237-2	82, 86
Exchange transactions (for purchases of exchange from the Fund, see Use of Fund’s resources):
		Fluctuating currencies	321-(54/32)	8
			1283-(61/56)	12
		Fluctuating rates of exchange	237-2	82
		Margins (see Margins)
		“Other”, dealings in paper money and coins	269-2	16
Executive Directors:
		Consultations	1371-(62/36)	36
		Determination of members entitled to appoint under Article XII, Section 3(c)	574-2	90
		Meaning of “the preceding two years” in Article XII, Section 3(c)	597-4	90
		Voting power, effect of quota changes	180-5	91
		Export shortfalls, financing (see Compensatory financing (see Compensatory financing of export fluctuations)
Financial year, application to repurchase obligations			419-1	49
			447-5	50
			7-(648)	51
Fluctuating currencies:
		Application of provisions of Fund Agreement	321-(54/32)	8
			1283-(61/56)	12
		Date for computations	321-(54/32)	9
			1283-(61/56)	12
		Revaluation of Fund’s holdings	321-(54/32)	10
		Transactions and computations involving	321-(54/32)	8
			1283-(61/56)	12
Fluctuating rates of exchange:
		Type of multiple currency practice	237-2	82
Free markets (see Exchange rates)
Full employment, maintenance of (see Fundamental disequilibrium)
Fundamental disequilibrium:
		Change in par value	71-2	17
		Correction by change in par value	278-3	17
		Full employment	71-2	17
		Measures necessary to correct, interpretation of Articles of Agreement	71-2	17
Fund’s holdings of currencies:
		Currency composition of drawings and repurchases	1371-(62/36)	33
General Agreement on Tariffs and Trade, Contracting Parties, mutual members to continue to send information on import restrictions imposed for balance of payments reasons			1034-(60/27)	78
Gold (see also Subscriptions):
		Consultations re external transactions in	75-(705)	14
		Fund’s holdings (see Investment of the Fund’s assets)
		Looted, claim by members not a “holding”	298-3	3
		Net official holdings of members	298-3	2, 95
		Payment of stand-by charges	155-(52/57)	25
			270-(53/95)	27
		Pledge agreement for gold collateral transactions	1543-(63/39)	44
		Premium transactions	75-(705)	13
		Price	75-(705)	13
			233-2	14
		Purchase or sale by Fund with fluctuating currencies

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