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

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

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 (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

1956 ◽  
Vol 10 (3) ◽  
pp. 483-483
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
Supply And Demand ◽  
Complex Structure ◽  
The United States ◽  
Exchange Market ◽  
Exchange System ◽  
United States Treasury ◽  
The Government ◽  
Credit Agreement

The International Monetary Fund approved a proposal by the government of Chile to make certain fundamental changes in that country's exchange system, effective April 16, 1956. According to a press release the new exchange system replaced a complex structure of multiple rates and import licensing regulations, and established an exchange market in which the rate for commercial imports and exports, government transactions and some invisible transactions would be responsive to supply and demand forces. There would continue to be a second exchange market for other invisible transactions. At the same time the Fund entered into a one year stand-by credit agreement which enabled Chile to purchase up to $35 million in currencies held by the Fund. In addition, other Chilean arrangements provided for credits of $30 million from private banks in the United States and an exchange agreement with the United States Treasury in the amount of $10 million. These resources were intended to assist the Chilean authorities in their administration of an exchange reform, accompanied by a comprehensive program of fiscal and monetary measures directed toward economic stability. The Fund stated that it intended to remain in close touch with the Chilean authorities regarding the new exchange system.

International Monetary Fund

1963 ◽  
Vol 17 (4) ◽  
pp. 976-977 ◽  
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
United States Dollar ◽  
The International Monetary Fund

During the period March 22, 1963–June 12, 1963, the International Monetary Fund (IMF) made agreements with the governments of five countries establishing the initial par values of their currencies. The agreements were as follows: 1) one Liberian dollar per United States dollar; 2) 0.347543 Nigerian pounds per United States dollar; 3) one Somali shilling equivalent to 0.14 United States dollars; and 4) 45 Afghanistan afghanis per United States dollar.

THE INTERNATIONAL MONETARY FUND AND EXCHANGE RATE CRISIS MANAGEMENT

2007 ◽  
Vol 52 (03) ◽  
pp. 285-294 ◽  
Author(s):  
CHONG-YAH LIM
Keyword(s):  
United States ◽  
Exchange Rate ◽  
Southeast Asia ◽  
Crisis Management ◽  
International Monetary Fund ◽  
Growth Rates ◽  
The United States ◽  
Balance Of Payments ◽  
Capital Control ◽  
The International Monetary Fund

The article analyzes the limits of the IMF as a global multilateral economic agency to handle serious balance of payments disequilibria. Capital control and growth rates in developing Asia and the twin deficit problem of the United States are also discussed. It also assesses the probability of the reemergence of an exchange rate crisis in Southeast Asia and the wisdom of having an Asian IMF.

International Monetary Fund

1960 ◽  
Vol 14 (2) ◽  
pp. 337-338 ◽  
Keyword(s):  
Dominican Republic ◽  
Foreign Exchange ◽  
International Monetary Fund ◽  
Financial Stability ◽  
Exchange System ◽  
The Government ◽  
One Year ◽  
Economic Stabilization ◽  
The International Monetary Fund

It was announced on November 19, 1959, that France had purchased $200 million from the International Monetary Fund, thereby reducing the Fund's holdings of French francs to 98 percent of the French quota. A one-year$100 million stand-by arrangement between the government of Argentina and the Fund was announced on December 1, 1959; this was to enable the Argentine government to carry forward its program of economic stabilization, which was to be supplemented by additional credits from other quarters. Specifically, the arrangement was to provide for general payment support and help maintain an orderly foreign exchange system; it brought Argentina's outstanding drawings from the Fund to $117.5 million. On December 21, 1959, the Fund announced a stand-by arrangement with the Dominican Republic, which authorized it to draw up to $11,250,000 during the following twelve months, thereby enabling the government to undertake a stabilization program needed to offset the declining export earnings affecting the Dominican Republic. Lasdy, on March 1, 1960, the government of Peru entered into a one-year stand-by arrangement with the Fund for an amount of $27.5 million in support of its efforts to achieve economic and financial stability and to counteract the inflationary pressures the country had been experiencing.

International Monetary Fund

1950 ◽  
Vol 4 (4) ◽  
pp. 678-680
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
Equivalent Amount ◽  
The Government ◽  
The International Monetary Fund

The government of Egypt paid $8,507,929.67 in gold and United States dollars to the International Monetary Fund on July 10,1950 in exchange for the equivalent amount in Egyptian pounds. Of the amount paid by Egypt to the Fund $829,766.03 was in gold and $7,678,163.64 in United States dollars. This payment, which became due in consequence of recent increases in Egypt's monetary reserves, fulfilled that country's obligation to use part of the increase to repurchase the Fund's holdings of Egyptian pounds in excess of 75 percent of Egypt's quota.

The Currency Exchange Rate Provisions of the Proposed Amended Articles of Agreement of the International Monetary Fund

1976 ◽  
Vol 70 (4) ◽  
pp. 722-762 ◽  
Author(s):  
Richard W. Edwards
Keyword(s):  
United States ◽  
Exchange Rate ◽  
International Monetary Fund ◽  
The United States ◽  
Member States ◽  
Currency Exchange ◽  
Second Amendment ◽  
Board Of Governors ◽  
Currency Exchange Rate ◽  
The International Monetary Fund

A comprehensive amendment to the constitutional instrument of the International Monetary Fund has been submitted to the 128 member states of that organization for their acceptance in order that it may enter into force. The “Proposed Second Amendment” to the Articles of Agreement of the International Monetary Fund was approved by the IMF’s Board of Governors on April 30, 1976. In the United States and many other countries the amendment will, in accordance with internal law, be submitted to appropriate legislative bodies for consent to acceptance.

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