Front Matter

Front Matter

Author(s):
R. Johnston, and Mark Swinburne
Published Date:
September 1999
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© 1999 International Monetary Fund

Production: IMF Graphics Section

Figures: Theodore F. Peters, Jr.

Typesetting: Joseph Ashok Kumar

ISBN 9781557757951

ISSN 0258-7440

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Contents

The following symbols have been used throughout this volume:

… to indicate that data are not available;

— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

– between years or months (for example, 1995–96 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 1995/96) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

“n.a.” means not applicable.

Minor discrepancies between constituent figures and totals are due to rounding.

As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Preface

This study is the latest in a series reviewing developments and issues in the exchange arrangements and currency convertibility of IMF members. The last report on this topic was published in April 1995 as Issues in International Exchange and Payments Systems. The present report was completed in July 1997, and outlines developments on the basis of information available at that time. The principal information source is the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) prepared in consultation with national authorities. Beginning in 1996, the coverage of the AREAER was significantly expanded to cover the regulations that affect cross-border capital transactions in a more comprehensive manner. The format of the AREAER report was also changed to present the information in a standardized tabular format. These modifications are reflected in the coverage and content of this study.

The study was prepared in the Exchange Regime and Market Operations Division, Monetary and Exchange Affairs Department, under the direction of R. Barry Johnston, Division Chief. The division is also responsible for the preparation of the AREAER. Coauthors of the study are Mark Swinburne, Deputy Division Chief; Alexander Kyei, Bernard Laurens, and Susana Sosa, Senior Economists; Inci Otker and Natalia Tamirisa, Economists; and David Mitchem, Consultant. Virgilio Sandoval and Melissa Weiss provided the research assistance. Francine Koch provided excellent secretarial assistance. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated production of the publication.

The study has benefited from comments and suggestions from staff of other IMF departments, as well as from Executive Directors; however, the analysis and policy considerations are those of the contributing staffs and should not be attributed to Executive Directors, or their national authorities.

List of Abbreviations

AFR

African Department (Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Eritrea, Ethopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Uganda, Zambia, and Zimbabwe)

APD

Asia and Pacific Department (Australia, Bangladesh, Bhutan, Brunei, Cambodia, China, Fiji, Hong Kong SAR, India, Indonesia, Japan, Kiribati, Korea, Lao People’s Democratic Republic, New Zealand, Macao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nepal, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taiwan Province of China, Thailand, Tonga, Vanuatu, and Vietnam)

AREAER

Annual Report on Exchange Arrangements and Exchange Restrictions

BIBF

Bangkok International Banking Facility

BIS

Bank for International Settlements

BPA

Bilateral payment arrangement

BSRD

Bangko Sentral Registration Document

CBA

Currency board arrangement

CCI

Controls on current payments and transfers indices

CFETS

China’s Foreign Exchange Trading System

CLS

Continuous linked settlement

CLSS

Continuous Linked Settlement Services

CMEA

Council for Mutual Economic Assistance

CPSS

Committee on Payment and Settlement Systems

EBS

Electronic Brokering System

ECB

European Central Bank

ECHO

Exchange Clearing House

ECI

Exchange and capital controls indices

ECU

European currency unit

EMS

European Monetary System

EMU

European Economic and Monetary Union

ERM

Exchange rate mechanism

ESAF

Enhanced Structural Adjustment Facility

EUI

European I Department (Albania, Aruba, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Malta, the Netherlands, the Netherlands Antilles, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and former Yugoslav Republic of Macedonia

EUII

European II Department (Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)

FCDU

Foreign currency deposit unit

FEAC

Foreign exchange adjustment center

FFE

Foreign-funded enterprises

FTC

Foreign trading company

GDP

Gross domestic product

GNP

Gross national product

IOSCO

International Organization of Securities Commissions

KCI

Capital controls indices

LAIA-RPCA

Latin American Integration Association Reciprocal Payments and Credit Agreement

LIFFE

London International Financial Futures Exchange

MAI

Multilateral Agreement on Investment

MCP

Multiple currency practices

MED

Middle Eastern Department (Islamic State of Afghanistan, Algeria, Bahrain, Djibouti, Egypt, Islamic Republic of Iran, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Syrian Arab Republic, Sudan, Tunisia, United Arab Emirates, and Republic of Yemen)

MICEX

Moscow Interbank Foreign Currency Exchange

MIGA

Multilateral Investment Guarantee Agency

NDF

Nondeliverable forward

NDFC

Nondeliverable forward contract

OECD

Organization for Economic Cooperation and Development

SAEC

State Administration of Exchange Control

SEC

Security and Exchange Commission

SIL

Special import license

WHD

Western Hemisphere Department (Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia, Suriname, St. Vincent and the Grenadines, Trinidad and Tobago, the United States, Uruguay, and Venezuela)

WTO

World Trade Organization

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