International Monetary Fund

1961 ◽  
Vol 15 (4) ◽  
pp. 710-712
Keyword(s):  
International Monetary Fund ◽  
Latin American ◽  
Free Market ◽  
Monetary Policies ◽  
United States Dollar ◽  
Capital Movements ◽  
The Government ◽  
One Year ◽  
Latin American Countries ◽  
The International Monetary Fund

On June 7, 1961, it was announced that the International Monetary Fund had entered into a stand-by arrangement authorizing the government of Ecuador to draw up to $10 million in currencies held by the Fund during the following twelve months. Then, on July 19 the Fund announced that it had concurred in the establishment of a new par value for Ecuador's currency, accompanied by a simplification of the country's exchange system. The par value as of that date was changed from 15 to 18 sucres per United States dollar, and Ecuador discontinued most of its multiple rate practices. Under the new system at least 90 percent of all trade and trade-connected transactions, including the export of such major products as bananas, coffee and cacao, was to be conducted within one percent either side of parity, while a small free market with a fluctuating rate, mainly for nonessential invisible transactions and unregistered capital transactions, was to continue to operate, chiefly as a means of controlling capital movements. During the period under review the Fund also entered into stand-by agreements wkh other Latin American countries. On July 14, 1961, the Fund announced a one-year stand-by arrangement with the government of El Salvador authorizing drawings in an amount equivalent to $11.25 million. The Fund's assistance was designed to help to support the country's reserve position and ensure the continued convertibility of its currency while measures were being adopted to improve El Salvador's internal situation through appropriate fiscal and monetary policies.

International Monetary Fund

1953 ◽  
Vol 7 (3) ◽  
pp. 419-420
Keyword(s):  
United States ◽  
Exchange Rate ◽  
International Monetary Fund ◽  
Free Market ◽  
Exchange System ◽  
United States Dollar ◽  
Official Exchange Rate ◽  
Import And Export ◽  
The Government ◽  
The International Monetary Fund

After consulting the International Monetary Fund, on unification of its exchange system, the government of Greece on April 9, 1953, eliminated all multiple currency practices and adjusted the official exchange rate from 15,000 drachmas per United States dollar to 30,000 drachmas per United States dollar. The Fund's announcement of this action by the Greek government added that it welcomed and concurred in these policies. Another proposal to adjust an official exchange rate was approved by the Fund on May 14; the government of Bolivia proposed to establish a new par value for the boliviano of 190 bolivianos per United States dollar. The previous par value was 60 bolivianos per United States dollar. At the same time a Bolivian proposal to simplify its exchange system was approved; effective May 14 the exchange system was to consist of an official and a free market. The official market would be for all trade transactions, government payments, registered capital, and certain specified invisibles. All present exchange taxes, multiple import and export rates, retention quotas, compensation and divisas propias arrangements were eliminated. The Fund welcomed these efforts toward monetary stabilization and emphasized “the importance of firm anti-inflationary measures as a basis for further progress towards the achievement of Bolivia's international equilibrium.”

International Monetary Fund

1949 ◽  
Vol 3 (3) ◽  
pp. 536-538
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
The United States ◽  
Exchange System ◽  
Control Laws ◽  
United States Dollar ◽  
The Government ◽  
One Year ◽  
Exchange Control ◽  
The International Monetary Fund

In its monthly summary of transactions, the International Monetary Fund announced in April 1949, that it had sold U.S. $7,500,000 to India for rupees during March. There were no other currency exchanges that month. In April, Brazil and Egypt made their first currency purchase from the Fund: Brazil exchanged cruzeiros for $15 million and Egypt $3 million for Egyptian pounds. This brought the total of currency transactions made by member countries of the Fund to $725,483,380.91 since the beginning of operations in March 1947. On May 24, the Fund announced the establishment of the initial par value for the Yugoslav dinar at 50 dinars per United States dollar, the rate proposed by the government of Yugoslavia. On May 3, the Articles of Agreement of the International Monetary Fund and the International Bank for Reconstruction and Development were signed by the Siamese ambassador to the United States on behalf of Siam. This brought to a total of 48 the number of countries that were members of the two organizations. The Fund announced on May 27, the conclusion of consultations with the government of Ecuador on Ecuador's exchange system, and on related matters of credit and monetary policies. As a result of previous consultations with the Fund, Ecuador in June 1947 had introduced certain modifications in her then existing exchange control laws and regulations which were contained in the Emergency Law for International Transfers. As a result of discussions concluded in May the Emergency Law was to be continued for one year more on the understanding that in the meantime consultations between Ecuador and the Fund would take place regarding modifications in the present exchange system.

International Monetary Fund

1956 ◽  
Vol 10 (2) ◽  
pp. 318-319
Keyword(s):  
New York ◽  
International Monetary Fund ◽  
The United States ◽  
United States Treasury ◽  
Monetary Policies ◽  
National Bank ◽  
The Government ◽  
One Year ◽  
Credit Agreement ◽  
The International Monetary Fund

At the request of the government of Peru, the International Monetary Fund extended for one year a stand-by credit agreement which enabled Peru to draw up to $12.5 million from the Fund. At the same time, Peru renewed a stabilization agreement with the United States Treasury which permitted drawings up to $12.5 million, and a stabilization credit of $5 million granted by the Chase National Bank of New York. In announcing the agreements, the government of Peru emphasized its firm intention to follow sound fiscal and monetary policies in maintaining freedom of exchange.

International Monetary Fund

1961 ◽  
Vol 15 (3) ◽  
pp. 520-522 ◽  
Keyword(s):  
International Monetary Fund ◽  
Balance Of Payments ◽  
Australian Government ◽  
Medium Term ◽  
Exchange System ◽  
Foreign Indebtedness ◽  
The Government ◽  
Trade And Exchange ◽  
One Year ◽  
The International Monetary Fund

It was announced on May 1, 1961, that the government of Honduras had entered into a stand-by agreement with the International Monetary Fund designed to support the Honduran government in its effort to strengthen its foreign payments position, while maintaining the freedom and flexibility of its foreign exchange system. The agreement authorized drawings equivalent to $7.5 million from the Fund over the following twelve months. On May 17, 1961, the Fund arranged a one-year standby agreement for the government of Brazil for $160 million and rescheduled the payments to be made by that country to the Fund against previous drawings totaling $140 million. The Fund's financial assistance to Brazil was to support a broad financial program of fiscal, credit, trade, and exchange measures designed to combat inflation and to achieve balance of payments equilibrium within the framework of a free and simplified exchange system. The arrangement with the Fund was to be supplemented by additional credits from other sources and by renegotiation of maturities on Brazil's medium-term foreign indebtedness. The Fund also announced that on April 27, 1961, it had agreed to a drawing by the government of Australia of $175 million in currencies held by the Fund. At the same time it entered into a stand-by arrangement with the Australian government authorizing additional drawings up to $100 million over the following twelve months to support the government's efforts to improve its foreign payments position by means of fiscal, monetary, and other measures.

International Monetary Fund

1950 ◽  
Vol 4 (2) ◽  
pp. 322-323
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
The United States ◽  
United States Dollar ◽  
The United Kingdom ◽  
British Honduras ◽  
The Government ◽  
United Kingdom Government ◽  
The International Monetary Fund ◽  
Fine Gold

During the month of November 1949 the International Monetary Fund sold $22.5 million to Brazil, and the government of Costa Rica repurchased $1.25 million. The Fund concurred in a change proposed by the United Kingdom government in the par value of the British Honduras dollar effective December 31, 1949. In terms of gold and in terms of the United States dollar of the weight and fineness in effect on July 1, 1944, the parities for the British Honduras dollar were: 0.622 grams of fine gold per British Honduras dollar and 1.429 British Honduras dollars per United States dollar.

International Monetary Fund

1961 ◽  
Vol 15 (1) ◽  
pp. 194-195 ◽  
Keyword(s):  
El Salvador ◽  
International Monetary Fund ◽  
International Reserve ◽  
The Other ◽  
Marketing Season ◽  
The Government ◽  
One Year ◽  
The International Monetary Fund

Two stand-by arrangements were announced by the International Monetary Fund on September 23, 1960, one with the government of El Salvador, authorizing drawings up to the equivalent of $11.25 million for a period of six months in order to strengthen El Salvador's international reserve position prior to the marketing season for the country's cotton and coffee crops, and the other to Haiti, making available the equivalent of $6 million for a one-year period, in support of Haitian currency convertibility. El Salvador had made similar arrangements with the Fund in previous years and had repurchased in full any drawings made under these arrangements. The arrangement with Haiti was to become effective on October 1, 1960, at the expiration of Haiti's current $4-million agreement with the Fund established a year previously in connection with a stabilization program.

International Monetary Fund

1958 ◽  
Vol 12 (3) ◽  
pp. 387-387
Keyword(s):  
The Netherlands ◽  
International Monetary Fund ◽  
The Government ◽  
One Year ◽  
The International Monetary Fund

It was reported on March 16, 1958, that the government of the Netherlands had informed the International Monetary Fund that it no longer required its $68,750,000 stand-by arrangement, in view of the improved reserve position of the Netherlands Bank. Accordingly, the arrangement, which was to have continued for one year from September 12, 1957, was cancelled as of the close of business on March 11.

International Monetary Fund

1962 ◽  
Vol 16 (4) ◽  
pp. 876-878 ◽  
Keyword(s):  
International Monetary Fund ◽  
International Reserve ◽  
Secondary Line ◽  
The Government ◽  
One Year ◽  
The International Monetary Fund ◽  
Made In ◽  
Considerable Strain

The International Monetary Fund entered into a stand-by agreement with the government of Honduras authorizing drawings equivalent to $7.5 million for a one-year period. The arrangement was to serve as an assured secondary line of reserves to strengthen the country's international reserve position. The Fund entered into a stand-by arrangement authorizing the government of India to draw up to $100 million over the following year; this arrangement was made in support of India's reserve position, which had been under considerable strain in previous months.

International Monetary Fund

1960 ◽  
Vol 14 (4) ◽  
pp. 668-669 ◽  
Keyword(s):  
Central Bank ◽  
International Monetary Fund ◽  
Government Expenditures ◽  
Second Line ◽  
Reserve Requirements ◽  
Bank Deposits ◽  
The Government ◽  
One Year ◽  
The International Monetary Fund

On June 7, 1960, it was announced that the government of Guatemala had entered into a one-year stand-by arrangement with the International Monetary Fund authorizing drawings up to $15 million in support of the country's currency. The purpose of the arrangement was to help Guatemala maintain the traditional stability of the quetzal by providing a second line of reserves to supplement other stabilization measures, such as an increase of reserve requirements against bank deposits, limitations on central bank rediscounts, and a further reduction of government expenditures. Guatemala, with a quota of $15 million, had not previously drawn upon the Fund's resources.

International Monetary Fund

1957 ◽  
Vol 11 (3) ◽  
pp. 537-538
Keyword(s):  
El Salvador ◽  
International Monetary Fund ◽  
The Government ◽  
One Year ◽  
The International Monetary Fund

During February 1957 the government of Egypt purchased from the International Monetary Fund $15 million with Egyptian pounds. The government of India, during the same period, entered into an exchange transaction and stand-by arrangement with the Fund in a total amount of $200 million. The transaction provided for the purchase of $127.5 million from the Fund with Indian rupees. The Fund was to transfer $60 million of that amount immediately, and $67.5 million after 30 days. A stand-by arrangement to become effective on the date of the second transfer was to permit India to purchase from the Fund during the following twelve months currencies equivalent to an additional $72.5 million. Under the stand-by arrangement concluded in October 1956, France had by the middle of March made two purchases from the Fund with French francs. The first purchase, of $40 million, was made on February 14, and the second, of $60 million, was made on March 14. In April 1957, the government of Argentina purchased from the Fund $75 million with Argentine pesos. Other purchases from the Fund during the period under review included $10 million by Cuba (under a stand-by arrangement), $2.5 million by Honduras, and $0.5 million by Paraguay. In February El Salvador repurchased colones equivalent to $2.5 million; other repurchases were $3.3 million by Finland and $1.8 million by Denmark. At the request of the government of Peru, the Fund on February 15 extended for one year a stand-by arrangement enabling Peru to draw currencies up to the equivalent of $12.5 million.

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