Chapter

Appendix II. Financial Operations and Transactions

Author(s):
International Monetary Fund
Published Date:
September 1999
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The tables in this appendix supplement the information given in Chapter 10 on the IMF’s financial operations and policies.

Table II.1Arrangements Approved During Financial Years Ended April 30, 1953–99
Financial YearNumber of ArrangementsAmounts Committed Under Arrangements

(in millions of SDRs)
Stand-ByEFFSAFESAFTotalStand-ByEFFSAFESAFTotal
1953225555
1954226363
1955224040
1956224848
1957991,1621,162
195811111,0441,044
195915151,0571,057
19601414364364
19611515460460
196224241,6331,633
196319191,5311,531
196419192,1602,160
196524242,1592,159
19662424575575
19672525591591
196832322,3522,352
19692626541541
197023232,3812,381
19711818502502
19721313314314
19731313322322
197415151,3941,394
19751414390390
1976182201,1882841,472
1977191204,6805185,198
197818181,2851,285
1979144185081,0931,600
1980244282,4797973,277
19812111325,1985,22110,419
1982195243,1067,90811,014
1983274315,4508,67114,121
1984252274,287954,382
198524243,2183,218
1986181192,1238252,948
19872210324,1183584,476
198814115301,7022456702,617
198912147242,9562074279554,545
199016334263,2497,6273741511,328
199113223202,7862,338154545,593
199221215295,5872,49327438,826
199311318231,9711,242495273,789
199418217281,381779271,1703,357
1995173113113,0552,3351,19716,587
199619418329,6458,3811821,47619,684
199711512283,1831,1939115,287
19989482127,3363,0781,73832,152
199954101914,32514,09099829,413
Table II.2Arrangements in Effect at End of Financial Years Ended April 30, 1953–99
Financial

Year
Number of Arrangements as of April 30Amounts Committed Under Arrangements

as of April 30

(in millions of SDRs)
Stand-ByEFFSAFESAFTotalStand-ByEFFSAFESAFTotal
1953225555
195433113113
195533113113
1956339898
1957991,1951,195
195899968968
195911111,0131,013
19601212351351
19611212416416
196221212,1292,129
196317171,5201,520
196419192,1602,160
196523232,1542,154
19662424575575
19672525591591
196831312,2272,227
19692525538538
197023232,3812,381
19711818502502
19721313314314
19731212282282
197415151,3941,394
19751212337337
1976172191,1592841,443
1977173204,6738025,475
1978193225,0758025,877
1979155201,0331,6112,643
1980227292,3401,4633,803
19812215375,3315,46410,795
19822312356,2969,91016,206
1983309399,46415,56125,025
1984305355,44813,12118,569
1985273303,9257,75011,675
1986242264,0768314,907
198723110344,3137503275,391
198818225452,1879951,3574,540
1989142237463,0541,0321,5669556,608
19901941711513,5977,8341,1101,37013,911
19911451214452,7039,5975391,81314,652
1992227816534,83312,1591012,11119,203
1993156420454,4908,569832,13715,279
1994166322471,1314,504802,7138,428
19951991275613,1906,840493,30623,385
19962171285714,9639,3901823,38327,918
1997141135603,76410,1844,04817,996
19981413336028,32312,3364,41045,069
1999912355632,74711,4014,18648,334
Table II.3Stand-By Arrangements in Effect During Financial Year Ended April 30, 1999(In millions of SDRs)
Arrangement DatesAmounts ApprovedUndrawn Balance
MemberEffective

date
Expiration

date
Through

April 30, 1998
In 1998/99At date of

termination
As of

April 30, 1999
Bosnia and Herzegovina5/29/985/28/996136
Brazil112/2/9812/1/0113,0255,970
Bulgaria4/11/976/10/98372
Cape Verde2,32/20/985/31/9922
Djibouti44/15/963/31/99721
Egypt10/11/969/30/98271271
El Salvador22/28/975/30/983838
El Salvador29/23/982/22/003838
Estonia212/17/973/16/991616
Indonesia511/5/978/25/987,3381,0004,669
Korea612/4/9712/3/0015,5001,269
Latvia210/10/974/9/993333
Philippines4/1/983/31/001,021633
Romania4/22/975/21/98302181
Thailand8/20/976/19/002,900500
Ukraine8/25/978/24/98399218
Uruguay6/20/973/19/9912511
Uruguay23/29/993/28/007070
Zimbabwe6/1/986/30/9913191
Total28,32314,3255,4388,609

Includes SDR 9 billion available until December 1, 1999 under the Supplemental Reserve Facility (SRF).

The authorities have indicated their intention not to draw under the arrangement.

Extended from April 19, 1999.

Extended from June 30, 1998. Increased by SDR 2 million.

Canceled prior to expiration date of November 4, 2000 and replaced by an Extended Arrangement.

Includes SDR 10 million available until December 17, 1998 under the SRF.

Includes SDR 9 billion available until December 1, 1999 under the Supplemental Reserve Facility (SRF).

The authorities have indicated their intention not to draw under the arrangement.

Extended from April 19, 1999.

Extended from June 30, 1998. Increased by SDR 2 million.

Canceled prior to expiration date of November 4, 2000 and replaced by an Extended Arrangement.

Includes SDR 10 million available until December 17, 1998 under the SRF.

Table II.4Extended Arrangements in Effect During Financial Year Ended April 30, 1999(In millions of SDRs)
Arrangement DatesAmounts ApprovedUndrawn Balance
MemberEffective

date
Expiration

date
Through

April 30, 1998
In 1998/99At date of

termination
As of

April 30, 1999
Algeria5/22/955/21/981,169
Argentina12/4/982/3/012,0802,080
Azerbaijan12/20/9612/19/995916
Bulgaria9/25/989/24/01628471
Croatia13/12/973/11/00353324
Gabon111/8/953/7/9911050
Indonesia28/25/9811/5/005,3832,259
Jordan2/9/962/8/9923836
Jordan4/15/994/14/02128117
Kazakhstan7/17/967/16/99309155
Moldova5/20/965/19/0013573
Pakistan10/20/9710/19/00455379
Panama12/10/9712/9/0012080
Peru17/1/963/31/99300140
Russia33/26/963/26/996,9016,3067,427
Ukraine9/4/989/3/011,6461,289
Yemen10/29/9710/28/0010677
Total12,33614,0907,6527,320

The authorities have indicated their intention not to draw under the arrangement.

Original amount approved was equivalent to the undrawn balance of the canceled Stand-By Arrangement (SDR 4,669 million). The arrangement was later increased by SDR 714 million.

Increased by SDR 6,306 million in 1998/99. Included SDR 4 billion available until July 19,1999 under the Supplemental Reserve Facility (SRF). Canceled prior to expiration date of March 25, 2000.

The authorities have indicated their intention not to draw under the arrangement.

Original amount approved was equivalent to the undrawn balance of the canceled Stand-By Arrangement (SDR 4,669 million). The arrangement was later increased by SDR 714 million.

Increased by SDR 6,306 million in 1998/99. Included SDR 4 billion available until July 19,1999 under the Supplemental Reserve Facility (SRF). Canceled prior to expiration date of March 25, 2000.

Table II.5Arrangements Under the Enhanced Structural Adjustment Facility in Effect During Financial Year Ended April 30, 1999(In millions of SDRs)
Arrangement DatesAmounts ApprovedUndrawn Balance
MemberEffective

date
Expiration

date1
Through

April 30, 1998
In 1998/99At date of

termination
As of

April 30, 1999
Albania5/13/985/12/013524
Armenia22/14/9612/20/99101821
Azerbaijan12/20/961/24/009418
Benin8/28/961/7/002714
Bolivia12/19/949/9/98101
Bolivia9/18/989/17/0110184
Burkina Faso6/14/969/13/99407
Cameroon8/20/978/19/0016254
(Central African Republic7/20/987/19/014941
Chad9/1/954/28/9950
Congo, Rep. of6/28/966/27/996956
Côte d’lvoire3/17/983/16/01286162
Ethiopia10/11/9610/22/9988—-59
Gambia, The6/29/986/28/012117
Georgia2/28/967/26/9916728
Ghana6/30/956/29/9916427
Guinea1/13/971/12/007124
Guinea-Bissau1/18/957/24/9811
Guyana7/15/987/14/015445
Haiti10/18/9610/17/999176
Honduras3/26/993/25/0215797
Kenya4/26/964/25/99150125
Kyrgyz Republic36/26/986/25/017343
Macedonia, FYR4/11/974/10/005527
Madagascar11/27/9611/26/998154
Malawi210/18/9512/16/994658
Mali4/10/968/5/9962
Mauritania1/25/957/13/9843
Mongolia7/30/977/29/003328
Mozambique6/21/968/24/997613
Nicaragua23/18/983/17/011014867
Niger6/12/968/27/995810
Pakistan10/20/9710/19/00682417
Rwanda6/24/986/23/017148
Senegal4/20/984/19/0110771
Sierra Leone3/28/945/4/981025
Tajikistan46/24/986/23/0110060
Tanzania211/8/962/7/001622029
Togo9/16/946/29/986511
Uganda11/10/9711/9/0010044
Yemen10/29/9710/28/00265141
Zambia12/6/9512/5/9870240
Zambia3/25/993/24/02254244
Total4,4109981812,156

Expiration of the commitment period or the current annual arrangement, whichever is later.

Augmented amounts are shown in 1998/99.

Includes an augmentation of SDR 9 million.

Includes an augmentation of SDR 4 million.

Expiration of the commitment period or the current annual arrangement, whichever is later.

Augmented amounts are shown in 1998/99.

Includes an augmentation of SDR 9 million.

Includes an augmentation of SDR 4 million.

Table II.6Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948–99(In millions of SDRs)
DisbursementsRepurchases and RepaymentsTotal Fund
Financial

Year
Purchases1Trust Fund loansSAF loansESAF loansTotalRepurchasesTrust Fund repaymentsSAF/ESAF repaymentsTotalCredit Outstanding2
1948606606133
1949119119193
195052522424204
195128281919176
195246463737214
19536666185185178
1954231231145145132
1955494927627655
1956393927227672
19571,1141,1147575611
195866666687871,027
1959264264537537898
1960166166522522330
1961577577659659552
19622,2432,2431,2601,2601,023
19635805808078071,059
1964626626380380952
19651,8971,8975175171,480
19662,8172,8174064063,039
19671,0611,0613403402,945
19681,3481,3481,1161,1162,463
19692,8392,8391,5421,5423,299
19702,9962,9961,6711,6714,020
19711,1671,1671,6571,6572,556
19722,0282,0283,1223,122840
19731,1751,175540540998
19741,0581,0586726721,085
19755,1025,1025185184,869
19766,5916,5919609609,760
19774,910324,94286886813,687
19782,5032682,7714,4854,48512,366
19793,7206704,3904,8594,8599,843
19802,4339623,3953,7763,7769,967
19814,8601,0605,9202,8532,85312,536
19828,0418,0412,0102,01017,793
198311,39211,3921,555181,57426,563
198411,51811,5182,0181112,12934,603
19856,2896,2892,7302122,94337,622
19864,1014,1014,2894134,70236,877
19873,6851393,8246,1695796,74933,443
19884,1534454,5977,9355288,46329,543
19892,5412902643,0956,2584476,70525,520
19904,5034194085,3296,0423566,39824,388
19916,955844917,5305,4401685,60825,603
19925,3081254835,9164,76814,77026,736
19938,465205739,0584,083364,11928,496
19945,325506125,9874,348521124,51329,889
199510,6151457311,1753,98442444,23136,837
199610,8701821,29512,3476,69873957,10042,040
19974,9397055,6446,66855247,19640,488
199820,00097320,9733,78915954,38556,026
199924,07182624,89710,46562711,09267,175

Includes reserve tranche purchases.

Excludes reserve tranche purchases.

Includes reserve tranche purchases.

Excludes reserve tranche purchases.

Table II.7Purchases and Loans from the IMF, Financial Year Ended April 30, 1999(In millions of SDRs)
MemberReserve Tranche1Stand-By/

Credit Tranche
Extended Fund FacilityCCFFTotal PurchasesESAF LoansTotal Purchases and Loan
Albania1212
Algeria848484
Angola202020
Antigua and Barbuda111
Argentina145145145
Armenia2121
Azerbaijan111156782098
Bahrain111
Bangladesh35982133133
Belarus272727
Benin4448
Bolivia11111728
Bosnia and Herzegovina12243636
Brazil2167,05537,2717,271
Bulgaria44124157325325
Burkina Faso441317
Burundi555
Cambodia666
Cameroon13135467
Cape Verde111
Central African Republic44812
Chad441720
Comoros111
Congo, Republic of7741414
Côte d’Ivoire22224062
Croatia262626
Czech Republic575757
Djibouti333
Dominican Republic154025555
Ecuador212121
El Salvador111111
Equatorial Guinea222
Eritrea111
Ethiopia991524
Gabon111111
Gambia, The2235
Georgia10102838
Ghana4141
Guinea771219
Guinea-Bissau111
Guyana66915
Haiti1521515
Honduras4824860107
Indonesia1,4683,1244,5914,591
Iran, Islamic Republic of105105105
Jamaica181818
Jordan1222346969
Kazakhstan30155184184
Kenya181818
Kiribati555
Korea3,03163,0313,031
Kyrgyz Republic663036
Latvia999
Lesotho33
Lithuania101010
Macedonia, FYR55914
Madagascar888
Malawi551317
Mali662127
Mauritania444
Mexico208208208
Moldova8253333
Mongolia444
Mozambique771320
Myanmar181818
Nepal555
Nicaragua886573
Niger441014
Nigeria118118118
Pakistan691935344138478
Palau111
Panama14304444
Papua New Guinea999
Peru434343
Philippines62387449449
Romania696969
Russia4081,94372,1574,5084,508
Rwanda552429
St. Kitts and Nevis12222
St. Lucia111
Samoa111
Sao Tome and Principe555
Senegal11111829
Seychelles222
Sierra Leone71241818
Slovak Republic252525
Solomon Islands111
South Africa126126126
Syrian Arab Republic212121
Tajikistan774047
Tanzania13136578
Thailand127400527527
Togo555
Trinidad and Tobago222222
Uganda12121728
Ukraine94357450450
Uruguay114114114
Uzbekistan1919
Vanuatu111
Vietnam222222
Yemen17203780117
Zambia31311041
Zimbabwe23396262
Total2,65712,8685,9472,60024,07182624,897

Includes reserve tranche purchases made in connection with the use of the same-day SDR borrowing arrangement by members paying the reserve asset portion of their quota increase.

Emergency natural disaster assistance.

Includes purchases of SDR 6.5 billion under the Supplemental Reserve Facility (SRF).

Emergency postconflict assistance.

Less than SDR 500,000.

Includes purchase of SDR 2.85 billion under the SRF.

Includes purchase of SDR 675 million under the SRF.

Includes reserve tranche purchases made in connection with the use of the same-day SDR borrowing arrangement by members paying the reserve asset portion of their quota increase.

Emergency natural disaster assistance.

Includes purchases of SDR 6.5 billion under the Supplemental Reserve Facility (SRF).

Emergency postconflict assistance.

Less than SDR 500,000.

Includes purchase of SDR 2.85 billion under the SRF.

Includes purchase of SDR 675 million under the SRF.

Table II.8Repurchases and Repayments to the IMF, Financial Year Ended April 30, 1999(In millions of SDRs)
MemberStand-By/

Credit Tranche
Extended Fund FacilityCCFF and STFTotal RepurchasesSAF/ESAF and Trust Fund RepaymentsTotal Repurchases and Repayments
Albania11
Algeria193137330330
Argentina519519519
Armenia444
Azerbaijan111
Bangladesh8181
Belarus13122424
Benin55
Bolivia2828
Bosnia and Herzegovina444
Brazil161616
Bulgaria8163144144
Burkina Faso33
Burundi77
Cambodia111
Cameroon131313
Central African Republic5538
Chad5538
Congo, Republic of666
Croatia751212
Dominican Republic541010
Ecuador494949
Equatorial Guinea22
Estonia1321515
Ethiopia55
Gabon191919
Gambia, The44
Georgia666
Ghana46107888
Guinea77
Guyana111517
Haiti888
Honduras22
India286286286
Jamaica2111212
Jordan6388
Kazakhstan70219191
Kenya4343
Korea4,48314,4834,483
Kyrgyz Republic2577
Lao People’s Dem. Rep.55
Latvia861414
Lesotho44
Lithuania6291717
Macedonia, FYR3255-
Madagascar1010
Malawi661118
Mali77
Mauritania66
Mexico1,2791201,3981,398
Moldova37145050
Mongolia11
Mozambique2222
Nepal55
Niger66510
Pakistan39104976125
Panama101010
Papua New Guinea101010
Peru107107107
Philippines424242
Romania81169797
Russia1,0333591,3931,393
Rwanda2224
Senegal15152944
Slovak Republic31164747
South Africa230230230
Sri Lanka6262
Sudan1413113838
Tanzania2828
Togo88
Tunisia373737
Turkey202202202
Uganda4343
Ukraine18321204204
Uzbekistan111
Venezuela329329329
Vietnam3934242
Zimbabwe23231437
Total8,3021,21994510,46562611,0912

SRF repurchase.

Includes Comoros, Democratic Republic of the Congo, Dominica, Guinea-Bissau, Liberia, and Sao Tome and Principe, each of which had small repurchases or repayments.

SRF repurchase.

Includes Comoros, Democratic Republic of the Congo, Dominica, Guinea-Bissau, Liberia, and Sao Tome and Principe, each of which had small repurchases or repayments.

Table II.9Outstanding IMF Credit by Facility and Policy, Financial Years Ended April 30, 1992-99(In millions of SDRs and percent of total)
19921993199419951996199719981999
Millions of SDRs
Stand-By Arrangements19,46910,5789,48515,11720,70018,06425,52625,213
Extended Arrangements8,6419,8499,56610,1559,98211,15512,52116,574
Supplemental Reserve Facility7,10012,655
Compensatory and Contingency
Financing Facility5,3224,2083,7563,0211,6021,3366852,845
Systemic Transformation Facility2,7253,8483,9843,9843,8693,364
Subtotal (GRA)23,43224,63525,53232,14036,26834,53949,70160,651
SAF Arrangements1,5001,4841,4401,2771,208954730565
ESAF Arrangements21,6462,2192,8123,3184,4694,9045,5055,870
Trust Fund15815810510295909089
Total26,73628,49629,88936,83742,04040,48856,02667,175
Percent of total
Stand-By Arrangements13537324149454638
Extended Arrangements3234322824282225
Supplemental Reserve Facility1319
Compensatory and Contingency
Financing Facility20151284314
Systemic Transformation Facility91091075
Subtotal (GRA)8786858786858990
SAF Arrangements65533211
ESAF Arrangements268991112109
Trust Fund11333333
Total100100100100100100100100

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than ½ of 1 percent of total.

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than ½ of 1 percent of total.

Table II.10Enhanced Structural Adjustment Facility, Estimated Value of Contributions (Commitments as of April 30, 1999)(In millions of SDRs)
ContributorSubsidies (Grant or Grant Equivalent)1Loans2
Prior to

enlargement
For

enlargement3
TotalPrior to

enlargement
For

enlargement
Argentina3333
Australia1515
Austria411960
Bangladesh11
Belgium8136116
Botswana22
Canada12870198300200
Chile33
China1414100
Colombia66
Czech Republic1212
Denmark492372
Egypt1212100
Finland4141
France240250490800750
Germany191191700700
Greece241236
Iceland314
India1212
Indonesia44
Iran, Islamic Republic of22
Ireland88
Italy12046166370210
Japan4482506982,2002,150
Korea508586528
Luxembourg5813
Malaysia321245
Malta112
Mexico3434
Morocco99
Netherlands8156136
Norway2915449060
Pakistan33
Portugal55
Singapore181330
Spain272721667
Sweden12851179
Switzerland5650106200152
Thailand12517
Tunisia22
Turkey1111
United Kingdom29077366
United States14578223
Uruguay22
Other1111
Saudi Arabia174174504
Subtotal (bilateral)2,21051,3083,5184,9914,517
OPEC Fund376
SDA7584584
Total2,21051,8924,1024,9914,554

The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1999 and an assumed rate of 5.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1999 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

A few of the contributions listed are subject to parliamentary approval or have yet to be confirmed.

Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

The sum of individual contributions has been adjusted downward to take into account additional loan costs.

The SDR equivalent of $50 million valued at the exchange rate of April 30, 1999.

Special Disbursement Account.

The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1999 and an assumed rate of 5.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1999 exchange rates.

Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

A few of the contributions listed are subject to parliamentary approval or have yet to be confirmed.

Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

The sum of individual contributions has been adjusted downward to take into account additional loan costs.

The SDR equivalent of $50 million valued at the exchange rate of April 30, 1999.

Special Disbursement Account.

Table II.11Special One-Time Allocation of SDRs Pursuant to Schedule M of the Proposed Fourth Amendment of the Articles of Agreement(In SDRs)
CountryNinth General

Review Quota
Existing Cumulative

Allocations
Special Allocation1
Afghanistan, Islamic State of120,400,00026,703,0008,593,210
Albania35,300,00010,348,473
Algeria914,400,000128,640,000139,423,573
Angola207,300,00060,771,630
Antigua and Barbuda8,500,0002,491,842
Argentina1,537,100,000318,370,000132,242,990
Armenia67,500,00019,788,157
Australia2,333,200,000470,545,000213,450,985
Austria1,188,300,000179,045,000169,314,518
Azerbaijan117,000,00034,299,473
Bahamas, The94,900,00010,230,00017,590,684
Bahrain82,800,0006,200,00018,073,473
Bangladesh392,500,00047,120,00067,944,471
Barbados48,900,0008,039,0006,296,421
Belarus280,400,00082,201,472
Belgium3,102,300,000485,246,000424,217,716
Belize13,500,0003,957,631
Benin45,300,0009,409,0003,871,052
Bhutan4,5000,001,319,210
Bolivia126,200,00026,703,00010,293,525
Bosnia and Herzegovina121,200,00020,481,25215,049,484
Botswana36,600,0004,359,0006,370,579
Brazil2,170,800,000358,670,000277,717,144
Brunei Darussalam150,000,00043,973,683
Bulgaria464,900,000136,289,102
Burkina Faso44,200,0009,409,0003,548,579
Burundi57,200,00013,697,0003,071,631
Cambodia65,000,00015,417,0003,638,263
Cameroon135,100,00024,462,60015,143,031
Canada4,320,300,000779,290,000487,240,024
Cape Verde7,000,000620,0001,432,105
Central African Republic41,200,0009,325,0002,753,105
Chad41,300,0009,409,0002,698,421
Chile621,700,000121,924,00060,332,259
China3,385,200,000236,800,000755,598,083
Colombia561,300,000114,271,00050,278,523
Comoros6,500,000716,4001,189,126
Congo, Democratic Republic of the 2394,800,00086,309,00029,429,734
Congo, Republic of57,900,0009,719,0007,254,842
Costa Rica119,000,00023,726,00011,159,789
Côte d’lvoire238,200,00037,828,00032,002,209
Croatia261,600,00044,205,36932,484,735
Cyprus100,000,00019,438,0009,877,789
Czech Republic589,600,000172,845,891
Denmark1,069,900,000178,864,000134,785,625
Djibouti11,500,0001,178,0002,193,316
Dominica6,000,000592,4001,166,547
Dominican Republic158,800,00031,585,00014,968,473
Ecuador219,200,00032,929,00031,331,209
Egypt678,400,000135,924,00062,954,311
El Salvador125,600,00024,985,00011,835,631
Equatorial Guinea24,300,0005,812,0001,311,737
Eritrea11,500,0003,371,316
Estonia46,500,00013,631,842
Ethiopia98,300,00011,160,00017,657,420
Fiji51,100,0006,958,0008,022,368
Finland861,800,000142,690,000109,953,468
France7,414,600,0001,079,870,0001,093,778,477
Gabon110,300,00014,091,00018,244,315
Gambia, The22,900,0005,121,0001,592,316
Georgia111,000,00032,540,526
Germany8,241,500,0001,210,760,0001,205,300,735
Ghana274,000,00062,983,00017,342,261
Greece587,600,000103,544,00068,715,575
Grenada8,500,000930,0001,561,842
Guatemala153,800,00027,678,00017,409,683
Guinea78,700,00017,604,0005,467,526
Guinea-Bissau10,500,0001,212,4001,865,758
Guyana67,200,00014,530,0005,170,210
Haiti60,700,00013,697,0004,097,684
Honduras95,000,00019,057,0008,792,999
Hungary754,800,000221,275,574
Iceland85,300,00016,409,0008,597,368
India3,055,500,000681,170,000214,573,927
Indonesia1,497,600,000238,956,000200,077,253
Iran, Islamic Republic of1,078,500,000244,056,00072,114,782
Iraq2864,800,00068,463,800185,059,142
Ireland525,000,00087,263,00066,644,891
Israel666,200,000106,360,00088,941,785
Italy4,590,700,000702,400,000643,399,917
Jamaica200,900,00040,613,00018,282,420
Japan8,241,500,000891,690,0001,524,370,735
Jordan121,700,00016,887,00018,790,315
Kazakhstan247,500,00072,556,577
Kenya199,400,00036,990,00021,465,683
Kiribati4,000,0001,172,632
Korea799,600,00072,911,200161,497,847
Kuwait995,200,00026,744,400265,006,330
Kyrgyz Republic64,500,00018,908,684
Lao People’s Democratic Republic39,100,0009,409,0002,053,473
Latvia91,500,00026,823,947
Lebanon146,000,0004,393,20038,407,852
Lesotho23,900,0003,739,0003,267,474
Liberia296,200,00021,007,0007,194,789
Libya817,600,00058,771,200180,914,689
Lithuania103,500,00030,341,841
Luxembourg135,500,00016,955,00022,767,894
Macedonia, former Yugoslav Republic of49,600,0008,378,6946,161,937
Madagascar90,400,00019,270,0007,231,473
Malawi50,900,00010,975,0003,946,737
Malaysia832,700,000139,048,000105,064,573
Maldives5,500,000282,4001,329,968
Mali68,900,00015,912,0004,286,578
Malta67,500,00011,288,0008,500,157
Marshall Islands2,500,000732,895
Mauritania47,500,0009,719,0004,206,000
Mauritius73,300,00015,744,0005,744,473
Mexico1,753,300,000290,020,000223,973,725
Micronesia, Federated States of3,500,0001,026,053
Moldova90,000,00026,384,210
Mongolia37,100,00010,876,158
Morocco427,700,00085,689,00039,694,629
Mozambique84,000,00024,625,263
Myanmar184,900,00043,474,00010,730,894
Namibia99,600,00029,198,526
Nepal52,000,0008,104,8007,139,410
Netherlands3,444,200,000530,340,000479,354,398
New Zealand650,100,000141,322,00049,259,943
Nicaragua96,100,00019,483,0008,689,473
Niger48,300,0009,409,0004,750,526
Nigeria1,281,600,000157,155,000218,556,149
Norway1,104,600,000167,770,000156,052,203
Oman119,400,0006,262,00028,741,052
Pakistan758,200,000169,989,00052,283,311
Panama149,600,00026,322,00017,534,420
Papua New Guinea95,300,0009,300,00018,637,947
Paraguay72,100,00013,697,0007,439,684
Peru466,100,00091,319,00045,321,892
Philippines633,400,000116,595,00069,091,206
Poland988,500,000289,786,572
Portugal557,600,00053,320,000110,144,838
Qatar190,500,00012,821,60043,024,978
Romania754,100,00075,950,000145,120,363
Russia4,313,100,0001,264,419,287
Rwanda59,500,00013,697,0003,745,894
St. Kitts and Nevis6,500,0001,905,526
St. Lucia11,000,000741,6002,483,137
St. Vincent and the Grenadines6,000,000353,6001,405,347
Samoa8,500,0001,142,0001,349,842
San Marino10,000,0002,931,579
São Tomé and Princípe5,500,000620,000992,368
Saudi Arabia5,130,600,000195,526,8001,308,549,061
Senegal118,900,00024,462,00010,394,473
Seychelles6,000,000406,4001,352,547
Sierra Leone77,200,00017,455,0005,176,789
Singapore357,600,00016,475,20088,358,061
Slovak Republic257,400,00075,458,840
Slovenia150,500,00025,430,88818,689,374
Solomon Islands7,500,000654,4001,544,284
Somalia260,900,00013,697,0004,156,315
South Africa1,365,400,000220,360,000179,917,780
Spain1,935,400,000298,805,000268,572,777
Sri Lanka303,600,00070,868,00018,134,735
Sudan2233,100,00052,192,00016,143,104
Suriname67,600,0007,750,00012,067,473
Swaziland36,500,0006,432,0004,268,263
Sweden1,614,000,000246,525,000226,631,831
Switzerland2,470,400,000724,217,247
Syrian Arab Republic209,900,00036,564,00024,969,841
Tajikistan60,000,00017,589,473
Tanzania146,900,00031,372,00011,692,894
Thailand573,900,00084,652,00083,591,312
Togo54,300,00010,975,0004,943,473
Tonga5,000,0001,465,789
Trinidad and Tobago246,800,00046,231,00026,120,367
Tunisia206,000,00034,243,00026,147,525
Turkey642,000,000112,307,00075,900,364
Turkmenistan48,000,00014,071,579
Uganda133,900,00029,396,0009,857,841
Ukraine997,300,000292,366,362
United Arab Emirates392,100,00038,736,80076,210,408
United Kingdom7,414,600,0001,913,070,000260,578,477
United States26,526,800,0004,899,530,0002,877,010,667
Uruguay225,300,00049,977,00016,071,472
Uzbekistan199,500,00058,484,999
Vanuatu12,500,0003,664,474
Venezuela1,951,300,000316,890,000255,148,987
Vietnam241,600,00047,658,00023,168,946
Yemen176,500,00028,743,00022,999,367
Yugoslavia, Federal Republic of (Serbia/Montenegro)2335,400,00056,664,79741,660,359
Zambia363,500,00068,298,00038,264,892
Zimbabwe261,300,00010,200,00066,402,156
Total3146,223,800,00021,433,330,20021,433,330,200

Participants as of September 19, 1997 will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29.315788813 percent of their Ninth General Review quota.

These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department.

A country that becomes a participant in the SDR Department after September 19, 1997 and within three months of its membership in the IMF will receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. The Republic of Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605.

Participants as of September 19, 1997 will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29.315788813 percent of their Ninth General Review quota.

These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department.

A country that becomes a participant in the SDR Department after September 19, 1997 and within three months of its membership in the IMF will receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. The Republic of Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605.

Table II.12Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1999(In thousands of SDRs)
MemberTotal Holdings April 30, 1998Receipts from

Participants and

Prescribed Holders
Transfers to

Participants and

Prescribed Holders
Receipts

from the

General

Resources

Account
Transfers

to the

General

Resources

Account
Interest,

Charges,

and

Assessment

(Net)
Positions as at April 30, 1999
DesignatedOtherDesignatedOtherHoldingsNet cumulative allocationsHoldings percent of cumulative allocations
Participants
Afghanistan, Islamic State of26,703
Albania17348,8701,02143,7471,11145,390
Algeria2,387431,20025,9541,127399,095–4,9544,711128,6403.7
Angola12019,75019,75019,75019,7505125
Antigua and Barbuda51,2501,2501,2501,2505
Argentina88,559765,000147,267147,635782,765–9,68561,477318,37019.3
Armenia27,3896,3252912,0201,05310,125
Australia11,634226,32952946,301225,800–18,62639,310470,5458.4
Austria118,986267,595108,09045,306100,000–2,190221,607179,045123.8
Azerbaijan2,54424,32573,13769,15219,336583,606
Bahamas, The11534048–4148910,2300.9
Bahrain11,9651,00113,0502361526,2002.4
Bangladesh7,167100,20078,78535,20036,680–1,27225,83047,12054.8
Barbados111290–325768,0390.9
Belarus2,53357,80026,50026,61558,757361,728
Belgium368,29840,90084,123–3,629489,692485,246100.9
Belize7407932851
Benin1388,2247,7744,1504,150–3802089,4092.2
Bhutan513144502199
Bolivia26,80211,32511,32511,32511,32526,80226,703100.4
Bosnia and Herzegovina157212,77511,97518,09218,088–71766020,4813.2
Botswana30,8169886,6001,10026,3044,359603.4
Brazil4,597257,0252,706,3252,771,697309,378–14,5323,084358,6700.9
Brunei Darussalam1,8731,047933,013
Bulgaria9,634154,42543,825129,676223,28440927,035
Burkina Faso6884,0004,0004,1544,000–3514929,4095.2
Burundi1785,3954,9504,9934,950–55411313,6970.8
Cambodia8,1042105,6296,920–3116,29115,41740.8
Cameroon30342,21439,67012,67714,280–99125324,4631.0
Canada778,91652,92593,925109,855512,225441335,987779,29043.1
Cape Verde9700650650651–24346205.4
Central African Republic11112,21011,6663,6413,824–377959,3251.0
Chad11120,74120,1953,6803,857–381999,4091.0
Chile1,17411,806–4,8228,158121,9246.7
China438,836464,803489,91081,7188,982504,429236,800213.0
Colombia129,49712,51053,17578389,614114,27178.4
Comoros7816790603600–2987161.1
Congo, Democratic
Republic of the95095086,309
Congo, Republic of1197,2826,6756,9227,147–3931079,7191.1
Costa Rica26612,0952811,275–96115323,7260.6
Côte d’Ivoire44023,20021,75021,75221,750–1,52936437,8281.0
Croatia1103,81466,79325,98046,1953,680154,07244,205348.5
Cyprus231736–78018819,4381.0
Czech Republic57,42557,42557,42557,425
Denmark242,116321,284255,17739,279143,2252,067206,346178,864115.4
Djibouti4981,3821,366253–321991,17816.9
Dominica712210711–2495921.6
Dominican Republic78017,06015,02515,24315,919–1,27087031,5852.8
Ecuador63874,33520,77521,18073,469–1,28762232,9291.9
Egypt113,3002,14018,59526266,325–98329,799135,92421.9
El Salvador24,98011,51911,42511,42511,514–424,98124,985100.0
Equatorial Guinea632,3052,0752,0752,075–236575,8121.0
Eritrea1,1001,1001,1001,100
Estonia5516,2882616,1557221
Ethiopia1969,1878,8508,8648,850–4509711,1600.9
Fiji8,3692664,800613,8966,95856.0
Finland212,179465,586406,39028,354100,5002,616201,844142,690141.5
France732,494215,289785,000–13,222149,5611,079,87013.8
Gabon23915,47811,00011,05915,017–56919014,0911.3
Gambia, The6995,3505,7022,0502,05O–1841635,1213.2
Georgia97419,90510,4339,87219,52024822
Germany1,356,2411,250,000321,539371,3431,191,6756,9971,471,3681,210,760121.5
Ghana860125,68078,8941834,083–2,10811,47462,98318.2
Greece41959,6003,63958,850–4,193614103,5440.6
Grenada54–36189301.9
Guatemala9,232–7628,47027,67830.6
Guinea7,05010,10014,4477,1007,100–5772,12717,60412.1
Guinea-Bissau31975925925925–48331,2122.7
Guyana2,09231,58530,8625,9277,047–5461,14814,5307.9
Haiti3717,050762,5108,862–54245113,6973.3
Honduras26510,1622009,134–77172119,0573.8
Hungary37847725017621
Iceland141460184–66512016,4090.7
India22,652313,000407303,580–26,6525,827681,1700.9
Indonesia347,1762,086,3002,099,367348,7582,33113,816238,9565.8
Iran, Islamic Republic of244,575110,200346,675104,675104,675–5,7592,341244,0561.0
Iraq68,464
Ireland125,6028,82548,82513,56978,3501,75522,57687,26325.9
Israel1,30969,30065,500–4,308501106,3600.8
Italy67,60132,63373,860178,49292,800–25,42686,640702,40012.3
Jamaica1,69722,95018,15018,20621,770–1,6281,30640,6133.2
Japan1,935,194800,000381,500433,8041,000,00042,3171,829,816891,690205.2
Jordan4,31136,80024,93212,43727,285–62470716,8874.2
Kazakhstan310,16071,550184,250185,232138,26512,295256,721
Kenya55876,10062,06818,01618,000–1,42013,18636,99035.6
Kiribati84004004004008
Korea5,043351,000615,0001,079,223809,100–1,4909,67772,91113.3
Kuwait75,98746,47517,20496,4752,11245,30326,744169.4
Kyrgyz Republic51623,0256,5416,09714,430208,687
Lao People’s
Democratic Republic7,8394,924–1012,8149,40929.9
Latvia89524,9658,8258,86725,18836749
Lebanon14,61264442915,6854,393357.0
Lesotho8852,7502,7502,8382,750–1168573,73922.9
Liberia21,007
Libya405,37912,16276,52514,405355,42158,771604.8
Lithuania3,16435,34810,17510,29735,1532353,716
Luxembourg8,11311,590–34919,35416,955114.2
Macedonia, former
Yugoslav Republic of175212,3484,9394,85411,763–3069458,37911.3
Madagascar2158,6937,9507,9507,950–78117719,2700.9
Malawi2,45721,32516,2644,63311,397–35140310,9753.7
Malaysia133,86715,473100,000149,341139,04835.5
Maldives8727–810628237.6
Mali15727,32026,7706,2276,100–64319115,9121.2
Malta42,5291415,0001,0748,6251,29721,28911,288188.6
Marshall Islands
Mauritania1624,2254,2254,5384,225–392839,7190.9
Mauritius22,568737,07527915,84515,744100.6
Mexico433,785780,000212,2971,043,1893,133386,026290,020133.1
Micronesia,
Federated States of993411,034
Moldova2,09335,1008,30010,56938,434481,076
Mongolia5294,4004,6043,5003,50020345
Morocco1,32460,0006,55280–3,27951,57385,68960.2
Mozambique407,4007,4007,4007,400242
Myanmar57720,02518,37518,37518,375–1,75747043,4741.1
Namibia13114
Nepal1215,0154,8254,9274,825–328858,1051.1
Netherlands600,586616,707784,912129,0652,636564,082530,340106.4
New Zealand85361,1256,50161,125–5,7021,652141,3221.2
Nicaragua2399,3008,5478,4758,475–78720419,4831.0
Niger58320,28518,9794,5864,559–3541,5629,40916.6
Nigeria2,006123,800117,900117,900117,900–6,3601,546157,1551.0
Norway239,895356,000348,19042,2673,323293,294167,770174.8
Oman10,4497,1781,14218,6501883086,2624.9
Pakistan8,91298,89268,87570,94393,452–6,8109,609169,9895.7
Palau741741741741
Panama1,68230,75014,25014,49829,386–1,0242,27126,3228.6
Papua New Guinea5509,0759,07510,46710,613–374309,3000.3
Paraguay76,8583806,9502,59672,88413,697532.1
Peru1,910189,72543,07543,540181,012–3,5537,53591,3198.3
Philippines17,987114,625338,005357,207129,171–4,52918,114116,59515.5
Poland4,2538121875,252
Portugal82,92215,56977,4501,44222,48353,32042.2
Qatar24,10183247425,40612,822198.2
Romania59,821128,02569,02569,313185,449–1,82486175,9501.1
Russia2,3552,107,950602,774919,3862,381,61679046,091
Rwanda18,6805,4916,9645,1628,44419214,11813,697103.1
St. Kitts and Nevis600600616615
St. Lucia1,4531,0751,0751,0751,075291,482742199.9
St. Vincent and the Grenadines697–126435418.1
Samoa2,157775775782775422,2061,142193.2
San Marino3547016440
São Tomé and Princípe7556556499475–2566200.9
Saudi Arabia520,69719,194463,72513,61289,777195,52745.9
Senegal3,29056,80040,65510,73926,690–8902,59424,46210.6
Seychelles30700700710700–15254066.1
Sierra Leone8,18712,62513,0446,6256,786–4567,15017,45541.0
Singapore54,8411,60019,9501,74778,13816,475474.3
Slovak Republic6,90175,52525,02525,13879,0922103,658
Slovenia130120,71052320,300–1,02820625,4310.8
Solomon Islands7750725731725–26126541.8
Somalia13,697
South Africa44,282332,264126,014286,808–5,403210,349220,36095.5
Spain364,32131,40031,40074,769278,3753,451164,166298,80554.9
Sri Lanka1,72392,25062,98127,450–2,75778570,8681.1
Sudan2,116–2,11652,192
Suriname8,2396,125192,1327,75027.5
Swaziland5,947393,550–202,4166,43237.6
Sweden294,881549,030679,42262,619233227,341246,52592.2
Switzerland174,2651,328,7641,345,936142,015247,0256,08858,171
Syrian Arab Republic38622,07320,92520,92520,925–1,4835136,5640.1
Tajikistan3,85847,31548,2966,7618,0271441,754
Tanzania53320,22019,00013,00013,000–1,24550931,3721.6
Thailand341,695127,000427,000428,667223,1219,251256,49384,652303.0
Togo1925,2254,7754,7754,775–44220010,9751.8
Tonga118371605
Trinidad and Tobago54924,00022,20022,20322,229–1,87245046,2311.0
Tunisia20,90752,0187,9868241,430–1,09622,49434,24365.7
Turkey2,35130,00026825,145–4,4253,050112,3072.7
Turkmenistan
Uganda4,77445,95246,14111,65011,650–1,0203,56629,39612.1
Ukraine32,921140,67593,675396,708384,8312,77394,570
United Arab Emirates58,562480859,37538,737153.3
United Kingdom334,448700,319902,318198,591–65,555265,4851,913,07013.9
United States7,565,5521,681,5383,065,538842,828105,1757,129,5554,899,530145.5
Uruguay5743,5391,3591,659–2,0211,79249,9773.6
Uzbekistan29019,67519,02526,28427,1751260
Vanuatu4641,1251,1251,1901,12520549
Venezuela91,180326,0003,220375,843–10,52334,033316,89010.7
Vietnam2,75268,87523,08321,93566,898–1,6831,89947,6584.0
Yemen, Republic of123,38334,45114,21716,89323,4273,750140,83328,743490.0
Yugoslavia, Federal Republic of (Serbia/Montenegro)1
56,665
Zambia3,13835,15035,61732,05831,400–2,74258668,2980.9
Zimbabwe5,84763,30337,73323,20553,183–2971,14210,20011.2
Total participants20,361,80718,500,22418,659,66413,441,55116,210,650–42,07717,391,19121,433,33081.1
Prescribed holders
Arab Monetary Fund36,382105,47396,3501,60847,113
Bank of Central
African States1,77515,4008,750198,444
Bank for International
Settlements340,348529,151385,24415,163499,419
East African
Development Bank1767183
Eastern Caribbean
Central Bank2,163892,252
International Bank for
Reconstruction and
Development2,381239982,239
Islamic Development Bank2,5411042,645
Total prescribed holders385,766650,024490,58417,088562,294
General Resources
Account764,42416,210,65013,441,55138,4453,571,967
Total21,511,99735,360,89832,591,79913,441,55116,210,65013,45621,525,45221,433,330

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30,1999, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the IMF.

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30,1999, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the IMF.

Table II.13Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs and of Their Nongold Reserves, Financial Years Ended April 30, 1975–99
Nonindustrial Countries
Financial

Year
All

Participants1
Industrial

Countries2
All

nonindustrial

countries
Net creditor

countries
Net debtor countries
All net

debtor

countries
Heavily

indebted

poor countries
Holdings of SDRs as percent of cumulative allocations
197594.5106.563.1100.063.147.2
197695.1108.459.8100.059.848.0
197791.7105.754.9100.054.940.1
197885.395.658.1100.058.036.6
197990.397.074.5100.073.843.9
198091.996.881.0176.577.340.9
198174.581.060.8154.855.913.7
198274.681.859.1154.054.28.4
198379.895.047.4267.635.97.2
198469.880.347.4224.638.112.3
198578.495.142.8218.333.67.9
198687.3105.249.0233.639.46.6
198790.8110.049.9236.740.26.1
198896.2115.854.4262.143.66.6
198993.1116.343.5240.233.37.6
199097.2121.944.4262.933.07.2
199196.8120.745.9193.938.114.0
199296.8121.244.6200.136.58.2
199363.073.141.6166.635.14.6
199471.077.956.3222.547.712.5
199590.9105.160.4263.949.814.1
199691.4102.467.9285.556.617.4
199787.299.860.5303.647.817.3
199895.0107.069.4323.756.224.1
199981.294.652.5170.746.426.3
Holdings of SDRs as percent of nongold reserves
19756.08.92.43.47.1
19765.48.32.03.06.6
19774.47.41.42.14.3
19783.55.31.41.93.9
19794.65.82.90.53.47.7
19805.67.13.51.44.18.0
19814.86.22.91.33.64.1
19825.36.93.01.33.72.4
19835.37.22.32.32.32.3
19844.25.62.02.12.03.1
19854.46.31.61.91.62.0
19865.06.72.02.41.91.5
19874.75.72.02.81.81.5
19884.45.12.03.41.82.0
19893.94.71.53.31.22.1
19903.84.61.55.01.11.8
19913.34.31.23.31.03.4
19923.14.41.03.40.81.8
19932.12.80.93.20.71.0
19942.02.71.04.80.82.6
19952.53.51.05.20.82.2
19962.02.90.94.60.72.0
19971.72.60.74.80.51.6
19981.72.70.75.30.52.1
19991.52.80.52.80.42.4

Consists of member countries that are participants in the SDR Department. At the end of 1998/99, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 4.1 billion was not held by participants but instead by the IMF and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

Consists of member countries that are participants in the SDR Department. At the end of 1998/99, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 4.1 billion was not held by participants but instead by the IMF and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

Table II.14Key IMF Rates, Financial Year Ended April 30, 1999(In percent)
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate

of Remuneration1
Basic Rate

of Charge1
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate

of Remuneration1
Basic Rate

of Charge1
1998
April 274.244.53November 23.754.01
November 93.854.12
May 44.224.51November 163.814.07
May 114.254.54November 233.804.06
May 184.284.58November 303.854.12
May 254.304.60
December 73.693.94
June 14.224.51December 143.653.90
June 84.314.61December 213.613.86
June 154.334.63December 283.643.89
June 224.324.62
June 294.284.581999
January 43.583.83
July 64.294.59January 113.543.78
July 134.274.56January 183.483.72
July 204.294.59January 253.443.68
July 274.284.58
February 13.503.74
August 34.304.60February 83.473.71
August 104.244.53February 153.493.73
August 174.264.55February 223.493.73
August 244.254.54
August 314.184.47March 13.543.78
March 83.503.74
September 74.134.41March 153.463.70
September 144.054.33March 223.393.62
September 213.954.22March 293.393.62
September 283.904.17
April 53.343.57
October 53.784.04April 123.293.52
October 123.573.82April 193.203.42
October 193.443.68April 263.243.46
October 263.603.85

Under the decision on burden sharing, the rate of remuneration is adjusted downward and the rate of charge is adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the effective rate following the retroactive reduction that was implemented after the end of the financial year. The basic rate of charge, which was set at 107.0 percent of the SDR interest rate, was reduced to 106.9 percent of the SDR interest rate as a result of the retroactive reduction.

Under the decision on burden sharing, the rate of remuneration is adjusted downward and the rate of charge is adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the effective rate following the retroactive reduction that was implemented after the end of the financial year. The basic rate of charge, which was set at 107.0 percent of the SDR interest rate, was reduced to 106.9 percent of the SDR interest rate as a result of the retroactive reduction.

Table II.15Members’ Quotas, April 30, 1998 and April 30, 19991
MemberQuota on

April 30,

1998
Quota on

April 30,

1999
Effective

Date of

Payment
MemberQuota on

April 30,

1998
Quota on

April 30,

1999
Effective

Date of

Payment
Afghanistan, IslamicFiji51.170.32/10/99
State of2120.4120.4Finland861.81,263.82/19/99
Albania35.348.71/29/99France7,414.610,738.52/04/99
Algeria914.41,254.72/16/99Gabon110.3154.32/11/99
Angola207.3286.32/12/99Gambia, The22.931.12/08/99
Antigua and Barbuda8.513.53/22/99
Georgia111.0150.32/08/99
Argentina1,537.12,117.12/03/99Germany8,241.513,008.22/12/99
Armenia67.592.02/09/99Ghana274.0369.02/05/99
Australia2,333.23,236.42/02/99Greece587.6823.02/08/99
Austria1,188.31,872.32/05/99Grenada28.58.5
Azerbaijan117.0160.91/25/99Guatemala2153.8153.8
Bahamas, The294.994.9Guinea78.7107.12/09/99
Bahrain82.8135.02/28/99Guinea-Bissau10.514.22/11/99
Bangladesh392.5533.32/10/99Guyana67.290.92/09/99
Barbados48.967.52/08/99Haiti260.760.7
Belarus280.4386.43/11/99Honduras95.0129.52/17/99
Belgium23,102.33,102.3Hungary754.81,038.42/08/99
Belize13.518.82/10/99Iceland85.3117.62/08/99
Benin45.361.92/08/99India3,055.54,158.22/05/99
Bhutan4.56.32/10/99Indonesia1,497.62,079.32/16/99
Bolivia126.2171.52/16/99
Bosnia and Herzegovina121.2169.12/25/99Iran, Islamic Republic of1,078.51,497.22/09/99
Iraq3504.0504.0
Botswana36.663.02/09/99
Ireland525.0838.42/04/99
Brazil2,170.83,036.12/10/99
Brunei Darussalam2150.0150.02/10/99
Israel666.2928.22/19/99
Bulgaria464.9640.22/19/99Italy4,590.77,055.53/01/99
Burkina Faso44.260.22/08/99Jamaica200.9273.53/01/99
Burundi57.277.03/05/99Japan8,241.513,312.82/16/99
Cambodia65.087.52/10/99Jordan121.7170.52/22/99
Cameroon135.1185.72/10/99Kazakhstan247.5365.72/11/99
Canada4,320.36,369.22/19/99Kenya199.4271.42/19/99
Cape Verde7.09.62/08/99Kiribati4.05.63/18/99
Central African Republic41.255.72/08/99Korea799.61,633.62/12/99
Chad41.356.02/08/99Kuwait995.21,381.12/08/99
Chile621.7856.12/10/99Kyrgyz Republic64.588.82/17/99
China3,385.24,687.22/12/99Lao People’s Dem. Rep.239.139.1
Colombia561.3774.02/08/99Latvia91.5126.82/19/99
Comoros6.58.94/07/99Lebanon2146.0146.0
Congo, DemocraticLesotho23.934.92/19/99
Republic of the3291.0291.0Liberia371.371.3
Congo, Republic of57.984.62/09/99Libya817.61,123.72/23/99
Costa Rica119.0164.12/08/99Lithuania103.5144.22/11/99
Côte d’lvoire238.2325.22/09/99Luxembourg2135.5135.5
Croatia261.6365.12/10/99Macedonia, FYR49.668.92/09/99
Cyprus100.0139.62/05/99Madagascar90.4122.22/09/99
Czech Republic589.6819.32/10/99Malawi50.969.42/09/99
Denmark1,069.91,642.82/04/99Malaysia832.71,486.62/04/99
Djibouti11.515.92/17/99Maldives5.58.22/08/99
Dominica26.06.0Mali68.993.32/11/99
Dominican Republic158.8218.92/08/99Malta67.5102.02/10/99
Ecuador219.2302.32/08/99Marshall Islands22.52.5
Egypt678.4943.72/11/99Mauritania47.564.44/01/99
El Salvador125.6171.32/17/99Mauritius73.3101.62/22/99
Equatorial Guinea24.332.62/11/99Mexico1,753.32,585.82/04/99
Eritrea11.515.92/19/99Micronesia, Federated
Estonia246.546.5States of23.53.5
Ethiopia98.3133.72/09/99Moldova90.0123.22/09/99
Mongolia37.151.12/11/99Somalia344.244.2
Morocco427.7588.22/08/99South Africa1,365.41,868.52/09/99
Mozambique84.0113.62/16/99Spain1,935.43,048.92/04/99
Myanmar184.9258.43/15/99Sri Lanka303.6413.42/08/99
Namibia299.699.6St. Kitts and Nevis6.58.94/30/99
Nepal52.071.32/09/99St. Lucia11.015.32/10/99
Netherlands3,444.25,162.42/04/99St. Vincent and the
New Zealand650.1894.62/02/99Grenadines26.06.0
Nicaragua96.1130.02/09/99Sudan3169.7169.7
Niger48.365.82/09/99Suriname67.692.12/12/99
Nigeria1,281.61,753.22/22/99Swaziland36.550.72/19/99
Norway1,104.61,671.72/05/99Sweden1,614.02,395.52/05/99
Oman119.4194.02/08/99Switzerland2,470.43,458.52/05/99
Pakistan758.21,033.72/09/99Syrian Arab Republic209.9293.64/26/99
Palau2.33.102/12/99Tajikistan60.087.02/10/99
Panama149.6206.62/10/99Tanzania146.9198.92/11/99
Papua New Guinea95.3131.63/26/99Thailand573.91,081.92/10/99
Paraguay72.199.92/17/99Togo54.373.42/10/99
Peru466.1638.42/19/99Tonga5.06.93/15/99
Philippines633.4879.92/26/99Trinidad and Tobago246.8335.62/10/99
Poland988.51,369.02/12/99Tunisia206.0286.52/17/99
Portugal557.6867.42/04/99Turkey642.0964.02/18/99
Qatar2190.5190.5Turkmenistan248.048.0
Romania754.11,030.22/10/99Uganda133.9180.52/16/99
Russia4,313.15,945.42/11/99Ukraine997.31,372.02/10/99
Rwanda59.580.13/04/99United Arab Emirates2392.1392.1
Samoa8.511.62/22/99United Kingdom7,414.610,738.52/12/99
San Marino210.010.0United States26,526.837,149.32/03/99
São Tomé and Princípe5.57.42/26/99Uruguay2225.3225.3
Saudi Arabia5,130.66,985.52/20/99Uzbekistan199.5275.62/17/99
Senegal118.9161.82/11/99Vanuatu12.517.02/10/99
Seychelles6.08.82/10/99Venezuela1,951.32,659.12/05/99
Sierra Leone77.2103.72/19/99Vietnam241.6329.12/25/99
Singapore357.6862.52/05/99Yemen, Republic of176.5243.52/03/99
Slovak Republic257.4357.53/01/99Zambia363.5489.12/10/99
Slovenia150.5231.72/08/99Zimbabwe261.3353.42/19/99
Solomon Islands7.510.42/10/99Total145,321.1207,982.9

Board of Governors Resolution No. 53-2, adopted January 30, 1998.

Member has not completed payment of its quota increase.

Member has overdue financial obligations to the General Resources Account and consequently cannot consent to its quota increase under Board of Governors Resolution No. 53-2.

Board of Governors Resolution No. 53-2, adopted January 30, 1998.

Member has not completed payment of its quota increase.

Member has overdue financial obligations to the General Resources Account and consequently cannot consent to its quota increase under Board of Governors Resolution No. 53-2.

Table II.16Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
MemberEffective Date

of Acceptance
MemberEffective Date

of Acceptance
AlgeriaSeptember 15, 1997IsraelSeptember 21, 1993
Antigua and BarbudaNovember 22, 1983ItalyFebruary 15, 1961
ArgentinaMay 14, 1968JamaicaFebruary 22, 1963
ArmeniaMay 29, 1997JapanApril 1, 1964
AustraliaJuly 1, 1965JordanFebruary 20, 1995
AustriaAugust 1, 1962KazakhstanJuly 16, 1996
Bahamas, TheDecember 5, 1973KenyaJuly 30, 1994
BahrainMarch 20, 1973KiribatiAugust 22, 1986
BangladeshApril 11, 1994KoreaNovember 1, 1988
BarbadosNovember 3, 1993KuwaitApril 5, 1963
BelgiumFebruary 15, 1961Kyrgyz RepublicMarch 29, 1995
BelizeJune 14, 1983LatviaJune 10, 1994
BeninJune 1, 1996LebanonJuly 1, 1993
BoliviaJune 5, 1967LesothoMarch 5, 1997
BotswanaNovember 17, 1995LithuaniaMay 3, 1994
Brunei DarussalamOctober 10, 1995LuxembourgFebruary 15, 1961
BulgariaSeptember 24, 1998Macedonia, FYRJune 19, 1998
Burkina FasoJune 1, 1996MadagascarSeptember 18, 1996
CameroonJune 1, 1996MalawiDecember 7, 1995
CanadaMarch 25, 1952MalaysiaNovember 11, 1968
Central African RepublicJune 1, 1996MaliJune 1, 1996
ChadJune 1, 1996MaltaNovember 30, 1994
ChileJuly 27, 1977Marshall IslandsMay 21, 1992
ChinaDecember 1, 1996MauritiusSeptember 29, 1993
ComorosJune 1, 1996MexicoNovember 12, 1946
Congo, Republic, ofJune 1, 1996Micronesia, Federated States ofJune 24, 1993
Costa RicaFebruary 1, 1965MoldovaJune 30, 1995
Côte d’lvoireJune 1, 1996MongoliaFebruary 1, 1996
CroatiaMay 29, 1995MoroccoJanuary 21, 1993
CyprusJanuary 9, 1991NamibiaSeptember 20, 1996
Czech RepublicOctober 1, 1995NepalMay 30, 1994
DenmarkMay 1, 1967NetherlandsFebruary 15, 1961
DjiboutiSeptember 19, 1980New ZealandAugust 5, 1982
DominicaDecember 13, 1979NicaraguaJuly 20, 1964
Dominican RepublicAugust 1, 1953NigerJune 1, 1996
EcuadorAugust 31, 1970NorwayMay 11, 1967
El SalvadorNovember 6, 1946OmanJune 19, 1974
Equatorial GuineaJune 1, 1996PakistanJuly 1, 1994
EstoniaAugust 15, 1994PalauDecember 16, 1997
FijiAugust 4, 1972PanamaNovember 26, 1946
FinlandSeptember 25, 1979Papua New GuineaDecember 4, 1975
FranceFebruary 15, 1961ParaguayAugust 22, 1994
GabonJune 1, 1996PeruFebruary 15, 1961
Gambia, TheJanuary 21, 1993PhilippinesSeptember 8, 1995
GeorgiaDecember 20, 1996PolandJune 1, 1995
GermanyFebruary 15, 1961PortugalSeptember 12, 1988
GhanaFebruary 21, 1994QatarJune 4, 1973
GreeceJuly 7, 1992RomaniaMarch 25, 1998
GrenadaJanuary 24, 1994RussiaJune 1, 1996
GuatemalaJanuary 27, 1947RwandaDecember 10, 1998
GuineaNovember 17, 1995St. Kitts and NevisDecember 3, 1984
Guinea-BissauJanuary 1, 1997St. LuciaMay 30, 1980
GuyanaDecember 27, 1966St. Vincent and the GrenadinesAugust 24, 1981
HaitiDecember 22, 1953SamoaOctober 6, 1994
HondurasJuly 1, 1950San MarinoSeptember 23, 1992
HungaryJanuary 1, 1996Saudi ArabiaMarch 22, 1961
IcelandSeptember 19, 1983SenegalJune 1, 1996
IndiaAugust 20, 1994SeychellesJanuary 3, 1978
IndonesiaMay 7, 1988Sierra LeoneDecember 14, 1995
IrelandFebruary 15, 1961SingaporeNovember 9, 1968
Slovak RepublicOctober 1, 1995Trinidad and TobagoDecember 13, 1993
SloveniaSeptember 1, 1995TunisiaJanuary 6, 1993
Solomon IslandsJuly 24, 1979TurkeyMarch 22, 1990
South AfricaSeptember 15, 1973UgandaApril 5, 1994
SpainJuly 15, 1986UkraineSeptember 24, 1996
Sri LankaMarch 15, 1994United Arab EmiratesFebruary 13, 1974
SurinameJune 29, 1978United KingdomFebruary 15, 1961
SwazilandDecember 11, 1989United StatesDecember 10, 1946
SwedenFebruary 15, 1961UruguayMay 2, 1980
SwitzerlandMay 29, 1992VanuatuDecember 1, 1982
TanzaniaJuly 15, 1996VenezuelaJuly 1, 1976
ThailandMay 4, 1990Yemen, Republic ofDecember 10, 1996
TogoJune 1, 1996ZimbabweFebruary 3, 1995
TongaMarch 22, 1991
Table II. 17.Exchange Rate Arrangements and Anchors of Monetary Policy as of April 30, 1999
The IMF has adopted a new classification system based on the members’ actual, de facto, regimes that may differ from their officially announced arrangements. The system ranks exchange rate regimes on the basis of the degree of flexibility of the arrangement. It distinguishes between the more rigid forms of pegged regimes (such as currency board arrangements); other conventional fixed peg regimes against a single currency or a basket of currencies; exchange rate bands around a fixed peg; crawling peg arrangements; and exchange rate bands around crawling pegs, in order to help assess the implications of the choice of exchange rate regime for the degree of independence of monetary policy. This includes a category to distinguish the exchange arrangements of those countries that have no separate legal tender. The new system presents members’ exchange rate regimes against alternative monetary policy frameworks with the intention of using both criteria (i.e., policy frameworks and current regime) as a way of providing greater transparency in the classification scheme and to illustrate that different forms of exchange rate regimes could be consistent with similar monetary frameworks. The following explains the categories.



Exchange Rate Regime



Exchange Arrangements with me Separate Legal Tender



The currency of another country circulates as the sole legal tender or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union. Adopting such regimes is a form of ultimate sacrifice for surrendering monetary control where no scope is left for national monetary authorities to conduct independent monetary policy.



Currency Board Arrangements



A monetary regime based on an implicit legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuing authority to ensure the fulfillment of its legal obligation. This implies that domestic currency be issued only against foreign exchange and that new issues are fully backed by foreign assets, eliminating traditional central bank functions such as monetary control and the lender of last resort and leaving little scope for discretionary monetary policy; some flexibility may still be afforded depending on how strict the rules of the boards are established.



Other Conventional Fixed Peg Arrangements



The country pegs its currency (formally or de facto) at a fixed rate to a major currency or a basket of currencies, where a weighted composite is formed from the currencies of major trading or financial partners and currency weights reflect the geographical distribution of trade, services, or capital flows. In a conventional fixed pegged arrangement the exchange rate fluctuates within a narrow- margin of at most ±1 percent around a central rate. The currency composites can also be standardized, such as those of the SDR (special drawing right). The monetary authority stands ready to maintain the fixed parity through intervention, limiting the degree of monetary policy discretion; the degree of flexibility of monetary policy, however, is greater relative to currency board arrangements (CBAs) or currency unions, in that traditional central banking functions are, although limited, still possible, and the monetary authority can adjust the level of the exchange rate, although infrequently.



Pegged Exchange Rates Within Horizontal Bands



The value of the currency is maintained within margins of fluctuation around a formal or de facto fixed peg that are wider than ±1 percent around a central rate. It also includes the arrangements of the countries in the exchange rate mechanism (ERM) of the European Monetary System (EMS) (replaced with ERM II on January 1, 1999). There is some limited degree of monetary policy discretion, with the degree of discretion depending on the band width.



Crawling Pegs



The currency is adjusted periodically in small amounts at a fixed, Preannounced rate or in response to changes in selective quantitative



(implicitly or explicitly) as the intermediate target of monetary policy.



IMF-Supported or Other Monetary Program An IMF-supported at other monetary program involves implementation of monetary and exchange rate policy within the confines of a framework that establishes floors for international reserves and ceilings for net domestic assets of the central bank. As the ceiling on net
indicators (past inflation differentials vis-a-vis major trading partners, differentials between the target inflation and expected inflation in major trading partners, and so forth). The rate of crawl can be set to generate inflation adjusted changes in the currency’s value (“background looking”), or at a preannounccd fixed rate below the projected inflation differentials (“forward looking”). Maintaining a credible crawling peg imposes constraints on monetary’ policy in a similar manner as a fixed peg system.



Exchange Rates Within Crawling Bands



The currency is maintained within certain fluctuation margins around a central rate that is adjusted periodically at a fixed preannounced rate or in response to changes in selective quantitative indicators. The degree of flexibility of the exchange rate is a function of the width of the band, with bands chosen to be either symmetric around a crawling central parity or to widen gradually with an asymmetric choice of the crawl of upper and lower bands (in the latter case, there is no prean nouncement of a central rate). The commitment to maintain the exchange rate within the band continues to impose constraints on monetary policy, with the degree of policy independence being a function of the band width.



Managed Floating with No Preannounced Path for the Exchange Rate



The monetary authority influences the movements of the exchange rate through active intervention in the foreign exchange market without specifying, or precommitting to, a preannounced path for the exchange rate. Indicators for managing the rate are broadly judgmental, including, for example, the balance of payments position, international reserves, and parallel market developments, and the adjustments may not be automatic.



Independent Floating



The exchange rate is market determined, with any foreign exchange intervention aimed at moderating the rate of change and preventing undue fluctuations in the exchange rate, rather than at establishing a level for it. In these regimes, monetary policy is in principle independent of exchange rate policy.



Monetary Policy Framework



Members’ exchange rate regimes are presented against alternative monetary policy frameworks in order to present the role of the exchange rate in broad economic policy and help identify potential sources of inconsistency in the monetary-exchange rate policy mix.



Exchange Rate Anchor



The monetary authority stands ready to buy and sell foreign exchange at given quoted rates to maintain the exchange rate at its preannounced level or range (the exchange rate serves as the nominal anchor or intermediate target of monetary policy). These regimes cover exchange rate regimes with no separate legal tender, CBAs, fixed pegs with and without bands, and crawling pegs with and without bands, where the rate of crawl is forward looking.



Monetary Aggregate Anchor



The monetary authority uses its instruments to achieve a target growth rate for a monetary aggregate (reserve money, Ml, M2, and so forth) and the targeted aggregate becomes the nominal anchor or intermediate target of monetary policy.



Inflation-Targeting Framework



A framework that targets inflation involves the public announcement of medium-term numerical targets for inflation with an institutional commitment by the monetary authority to achieve these targets. Additional key features include increased communication with the public and the markets about the plans and objectives of monetary policymakers and increased accountability of the central bank for obtaining its inflation objectives. Monetary policy decisions are guided by the deviation of forecasts of future inflation from the announced inflation target, with the inflation forecast acting



domestic assets limits increases in reserve money through central bank operations, indicative targets for reserve money may be appended to this system.



Other



The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy, or there is no relevant information available for the country.
Monetary Policy Framework1
Exchange Rate Regime (number of countries)Exchange rate anchorMonetary aggregate targetInflation targeting frameworkIMF-supported or other monetary programOther
ExchangeAnotherCFA frane zoneBenin*Euro Area3,4
arrangementscurrency asBurkina Faso*Austria
with no separatelegal underECCM2WAEMUCAEMCCameroon*Belgium
legal tender (37)KiribatiAntigua andBenin*Cameroon*Central AfricanFinland
MarshallBarbudaBurkina Faso*Central AfricanRepublic*France
IslandsDominicaCote d’Ivoire*Rep.*Chad*Germany
MicronesiaGrenadaGuinea-BissauChad*Congo, Rep. of*Ireland
PalauSt. Kitts andMali*Congo, Rep. of*Cote d’Ivoire*Italy
PanamaNevisNiger*EquatorialMali*Luxembourg
San MarinoSt. LuciaSenegal*GuineaNiger*Netherlands
St. VincentTogoGabonSenegal*Portugal
and the

Grenadines
Spain
Currency boardArgentina*
arrangements (8)Bosnia and Herzegovina*Argentina*
Brunei DarussalamBosnia and
Bulgaria*Herzegovina*
Hong Kong SARBulgaria*
Djibouti
Estonia
Lithuania
Other conventionalAgainst a single currency (30)Against a composite (13)China*6Bangladesh
fixed pegArubaBotswana5Cape Verde*
arrangementsBahamas5BurundiEl Salvador*6
(including de factoBarbadosFijiJordan*6
peg arrangementsBelizeKuwaitMacedonia,
under managedBahrain6,7LatviaFYR*6
floating) (44)BhutanMaltaMaldives*6
Cape Verde*Morocco
China*6Myanmar5
Comoros8Samoa
Egypt**Seychelles
El Salvador*Solomon Islands
Iran, Islamic Rep. of5,6Tonga
IraqVanuatu
Jonian*6
Lebanon6
Lesotho
Macedonia, FYR*6
Malaysia
Maldives*6
Namibia
Nepal
Netherlands Antilles
Oman
Qatar*
Saudi Arabia6,7
Syrian Arab Republic5
Swaziland
Trinidad and Tobago
Turkmenistan6
United Arab Emirates6,7
Exchange rates within horizontalWithin a cooperative arrangement ERM II (2)Other band arrangements (6)Croatia*6

Ukraine*6
bands (8)6,10DenmarkCroatia*6Libya
GreeceCyprusUkraine*6
IcelandVietnam6
Crawling pegs (6)6AngolaBolivia
Costa RicaNicaragua*
Nicaragua*Tunisia
Turkey
Exchange ratesColombiaHondurasHungarySri Lanka*Chile*Uruguay*
within crawlingIsrael*Poland*Sri Lanka*Israel*
bands (9)6,10UruguayVenezuelaPoland*
Managed floatingLao P.D.R.5Czech Rep.AzerbaijanAlgeria3
with no pre-Jamaica6EthiopiaBelarus3,5
announced pathSloveniaKenyaCambodia3,5
for exchangeKyrgyz RepublicDominican Rep.3,5
rate (25)MalawiMauritania
Pakistan5Nigeria3
TajikistanNorway3
Paraguay3
Romania3
Russia3
Singapore6
Slovak Rep.3
Suriname3
Uzbekistan3,5
IndependentlyGambia, The*AustraliaAlbaniaAfghanistan,
floating (48)Ghana*CanadaArmeniaIslamic
Guinea*New ZealandBrazilState of5,11
Guyana*SwedenGambia, The*Congo, Dem.
IndiaUnitedGeorgiaRep. of the3
Korea*KingdomGhana*Ecuador3
Mauritius6Guinea*Eritrea3
Mongolia*Guyana*Guatemala3
PeruHaitiJapan3
Philippines*IndonesiaLiberia3
São Tomé andKazakhstanPapua New
Principe*5Korea*Guinea3
Sierra LeoneMadagascarSomalia5,11
South AfricaMexicoUnited States3
SwitzerlandMoldova
Zimbabwe*Mongolia*
Mozambique
Philippines*
Rwanda
São Tomé and
Principe*5
Sudan
Tanzania
Thailand
Uganda
Yemen
Zambia5
Zimbabwe*
Sources: IMF staff reports.

A country with an asterisk, *, indicates that the country adopts more than one nominal anchor in conducting monetary policy.

These countries also have a currency board arrangement within the common market.

The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first half of 2002, national currencies will retain their status as legal tender within their home territories.

Member maintained exchange arrangements involving more than one market. The arrangement shown is that maintained in the major market.

The indicated country has a de facto arrangement under a formally announced policy of managed or independent floating. In the case of Jordan, it indicates that the country has a de jure peg to the SDR but a de facto peg to the U.S. dollar. In the case of Mauritius, the authorities have a de facto policy of independent floating, with only infrequent intervention by the central bank.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

Comoros has the same arrangement with the French treasury as do the CFA franc zone countries.

The band width for these countries is Croatia (unspecified), Cyprus (±2.25 percent), Denmark (±2.25 percent), Greece (±15 percent), Iceland (±6 percent), Libya (±77.5 percent), Ukraine (Hrv 3.4—4.6 per U.S. dollar), and Vietnam (7 percent one-sided).

The band for these countries is Colombia (±9 percent), Chile (±16 percent), Honduras (±7 percent), Hungary (±2.25 percent), Israel (symmetric band of 30 percent), Poland (±15 percent), Sri Lanka (±2 percent), Uruguay (±3 percent), and Venezuela (±7.5 percent).

There is no relevant information available for the country.

Sources: IMF staff reports.

A country with an asterisk, *, indicates that the country adopts more than one nominal anchor in conducting monetary policy.

These countries also have a currency board arrangement within the common market.

The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first half of 2002, national currencies will retain their status as legal tender within their home territories.

Member maintained exchange arrangements involving more than one market. The arrangement shown is that maintained in the major market.

The indicated country has a de facto arrangement under a formally announced policy of managed or independent floating. In the case of Jordan, it indicates that the country has a de jure peg to the SDR but a de facto peg to the U.S. dollar. In the case of Mauritius, the authorities have a de facto policy of independent floating, with only infrequent intervention by the central bank.

Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

Comoros has the same arrangement with the French treasury as do the CFA franc zone countries.

The band width for these countries is Croatia (unspecified), Cyprus (±2.25 percent), Denmark (±2.25 percent), Greece (±15 percent), Iceland (±6 percent), Libya (±77.5 percent), Ukraine (Hrv 3.4—4.6 per U.S. dollar), and Vietnam (7 percent one-sided).

The band for these countries is Colombia (±9 percent), Chile (±16 percent), Honduras (±7 percent), Hungary (±2.25 percent), Israel (symmetric band of 30 percent), Poland (±15 percent), Sri Lanka (±2 percent), Uruguay (±3 percent), and Venezuela (±7.5 percent).

There is no relevant information available for the country.

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