Chapter

Appendix II Operations and Financial Transactions of the Fund

Author(s):
International Monetary Fund
Published Date:
January 1992
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The tables in this appendix supplement the information given in the section on the Fund in 11/92 on the activities of the Fund during the financial year ended April 30, 1992.

Table II.1.Arrangements Approved During Financial Years Ended April 30, 1953-92
Number of ArrangementsAmount Committed Under Arrangements(In millions of SDRs)
Financial YearStand-byEFFSAFESAFTotalStand-byEFFSAF1ESAF2Total
19532255.0055.00
19542262.5062.50
19552240.0040.00
19562247.5047.50
1957991,162.281,162.28
195811111,043.781,043.78
195915151,056.631,056.63
19601414363.88363.88
19611515459.88459.88
196224241,633.131,633.13
196319191,531.101,531.10
196419192,159.852,159.85
196524242,159.052,159.05
19662424575.35575.35
19672525591.15591.15
196832322,352.362,352.36
19692626541.15541.15
197023232,381.282,381.28
19711818501.70501.70
19721313313.75313.75
19731313321.85321.85
197415151,394.001,394.00
19751414389.75389.75
1976182201,188.02284.201,472.22
1977191204,679.64518.005,197.64
197818181,285.091,285.09
197914418507.851,092.501,600.35
1980244282,479.36797.353,276.71
19812111325,197.935,220.6010,418.53
1982195243,106.217,907.7511,013.96
1983274315,449.988,671.2614,121.24
1984252274,287.3394.504,381.83
198524243,218.333,218.33
1986181192,123.40825.002,948.40
19872210324,117.51487.694,605.20
198814115301,701.90245.401,008.632,955.93
198912147242,956.03207.30441.42954.974,559.72
1016334263,249.377,627.1045.22415.2311,336.92
1113223202,786.142,338.0052.78425.675,602.59
1221215295,586.812,493.053.15636.628,719.63

Amount committed is based on total access to SDA resources of 70 percent of quota.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Amount committed is based on total access to SDA resources of 70 percent of quota.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

TableII.2Arrangements in Effect in Financial years Ended April 30, 1953-92
Number of Arrangements as of April 30Amount Committed as of April 30

(In millions of SDRs)
Financial YearStand-byEFFSAF1ESAFTotalStand-byEFFSAF1ESAF1Total
19532255.0055.00
195433112.50112.50
195533112.50112.50
19563397.5097.50
1957991,194.781,194.78
195899967.53967.53
195911111,013.131,013.13
19601212351.38351.38
19611212416.13416.13
196221212,128.632,128.63
196317171,520.001,520.00
196419192,159.852,159.85
196523232,154.352,154.35
19662424575.35575.35
19672525591.15591.15
196831312,227.362,227.36
19692525538.15538.15
197023232,381.282,381.28
19711818501.70501.70
19721313313.75313.75
19731212281.85281.85
197415151,394.001,394.00
19751212337.25337.25
1976172191,158.96284.201,443.16
1977173204,672.92802.205,475.12
1978193225,075.09802.205,877.29
1979155201,032.851,610.502,643.35
1980227292,340.341,462.853,803.19
19812215375,331.035,464.1010,795.13
19822312356,296.219,910.1016,206.31
1983309399,464.4815,561.0025,025.48
1984305355,448.1613,121.2518,569.41
1985273303,925.337,750.0011,675.33
1986242264,075.73831.004,906.73
198723110344,313.10750.00327.455,390.55
198818225452,187.235.401,357.384,540.01
1989142237463,054.051,032.301,566.25954.976,607.57
101941711513,597.027,834.401,109.641,370.2013,911.26
111451214452,702.589,596.70539.421,812.9514,651.65
12227816534,832.6312,158.85101.152,110.7319,203.36

Includes arrangements where the three-year commitment period has expired but the third annual arrangement remains in effect (three cases in 1991 and two cases in 1992). The committed amounts exclude these cases.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Includes arrangements where the three-year commitment period has expired but the third annual arrangement remains in effect (three cases in 1991 and two cases in 1992). The committed amounts exclude these cases.

Includes amounts previously committed under SAF arrangements that were replaced by ESAF arrangements.

Table II.3Stand-By and Extended Fund Facility Arrangements in Effect During Financial Year Ended April 30, 12(In millions of SDRs)
Amounts Approved
Arrangement DatesThrough 4/30/911In 11/92Undrawn Balance
MemberNumber2Date of

inception
Date of

expiration
Total

amount
Borrowed

resources
Total

amount
Borrowed

resources
At date of

termination
As at

4/30/92
Stand-by arrangements
Algeria206/03/9103/31/92300.0075.00
Argentina1407/29/9103/31/923780.00341.25
Barbados202/07/9205/31/9323.8915.36
Brazil1201/29/9208/31/931,500.00977.161,372.50
Bulgaria103/15/9103/14/92279.00
Bulgaria204/17/9204/16/93155.00124.00124.00
Cameroon212/20/9109/19/9228.0020.00
Congo408/27/9005/26/9227.9823.98
Costa Rica1204/08/9109/30/92433.648.00
Côte d’lvoire609/20/9109/19/9282.7549.65
Czechoslovakia101/07/9104/03/925619.50339.25
Czechoslovakia204/03/9204/02/93236.00218.00
Dominican Republic408/28/9103/27/9339.2439.24
Ecuador1512/11/9112/10/9275.0056.44
Egypt505/17/9111/30/92278.00130.80
El Salvador1408/27/9008/26/9135.6035.60
El Salvador1501/06/9203/05/9341.5041.50
Gabon409/30/9103/29/9328.0024.00
Guyana1207/13/9012/31/91649.5026.85
Honduras1407/27/9002/17/92730,50
India610/31/9106/30/931,656.001,104.001,386.00
Jamaica803/23/9005/31/91882.0054.67
Jamaica906/28/9109/30/92943.6521.85
Jordan202/26/9208/25/9344.4037.00
Mongolia110/04/9110/03/9222.5011.25
Morocco1401/31/9203/31/9391.9873.58
Nicaragua1209/18/9103/17/9340.8623.83
Nigeria301/09/9104/08/92319.00319.00
Panama1702/24/9212/23/9393.6868.63
Papua New Guinea104/25/9006/24/91826.3626.36
Papua New Guinea207/31/9109/30/9226.3626.36
Philippines1902/20/9112/31/9210264.20150.95
Romania404/11/9104/10/92380.5062.40
Uruguay1512/12/9003/15/9294.8085.80
Yugoslavia1203/16/9009/15/91460.00306.67394.30
2,702.58727.435,586.812,205.161,339.713,922.92
Extended arrangements
Argentina103/31/9203/30/952,149.252.282,134.25
Hungary102/20/9102/19/941,114.00431.07556.77
Mexico305/26/8905/25/92113,263.402,677.17233.10
Poland104/18/9104/17/941,224.00459.501,147.50
Tunisia107/25/8807/24/9212207.3024.7751.83
Venezuela106/23/8903/22/93133,857.101,937.001,851.50
Zimbabwe101/24/9201/23/95343.8076.40272.60
Total9,665.805,529.512,493.051,068.686,247.54

Approved in 1990/91 unless otherwise noted.

Total number of stand-by or extended arrangements approved for member since 1953.

Cancelled prior to original expiration of June 30, 1992.

Extended from April 7, 1992.

Extended from March 6, 1992.

Extended from July 12, 1991.

Extended from August 15, 1991.

Approved in 1989/90.

Extended from June 30, 1992.

Extended from August 19, 1992.

Amount approved includes augmentation for interest support of SDR 466.20 million.

Amount decreased to SDR 138.20 million, then extended from July 24, 1991 and amount increased to SDR 207.30 million.

Amount approved includes augmentation for interest support of SDR 154.00 million. Extended from June 22 and September 22, 1992.

Approved in 1990/91 unless otherwise noted.

Total number of stand-by or extended arrangements approved for member since 1953.

Cancelled prior to original expiration of June 30, 1992.

Extended from April 7, 1992.

Extended from March 6, 1992.

Extended from July 12, 1991.

Extended from August 15, 1991.

Approved in 1989/90.

Extended from June 30, 1992.

Extended from August 19, 1992.

Amount approved includes augmentation for interest support of SDR 466.20 million.

Amount decreased to SDR 138.20 million, then extended from July 24, 1991 and amount increased to SDR 207.30 million.

Amount approved includes augmentation for interest support of SDR 154.00 million. Extended from June 22 and September 22, 1992.

Table II.4Arrangements Under the Structural Adjustment Facility Through Financial Year Ended April 30, 12(In millions of SDRs)
Arrangement DatesAmount Approved1Amount

Disbursed
Undisbursed
MemberDate of

approval
Date of

expiration
Through

4/30/911
11/92Through

4/30/92
At expiration/

replacement2
As at

4/30/92
Bangladesh02/06/8702/05/90201.25201.25
Benin06/16/8906/15/9221.9115.656.26
Bolivia12/15/8607/27/8863.4918.1445.352
Burkina Faso03/13/9103/12/9422.126.3215.80
Burundi08/08/8608/07/8929.8929.89
Central African Republic06/01/8705/31/9021.2821.28
Chad10/30/8710/29/9021.4221.42
Comoros06/21/9106/20/943.150.902.25
Dominica11/26/8611/25/892.802.80
Equatorial Guinea312/07/8812/06/9112.889.203.68
Gambia, The09/17/8611/23/8811.978.553.422
Ghana11/06/8711/09/88143.1540.90102.252
Guinea07/29/8707/28/9028.9528.9511.58
Guinea-Bissau10/14/8710/13/903.753.751.50
Haiti12/17/8612/16/898.828.8222.05
Kenya02/01/8805/15/89.4028.4071.002
Lao People’s
Democratic Republic09/18/8909/17/9220.5114.655.86
Lesotho06/29/8806/28/9110.5710.57
Madagascar08/31/8705/15/8946.4813.2833.20
Mali08/05/8808/04/9125.4025.4010.16
Mauritania09/22/8605/24/8923.7316.956.782
Mozambique06/08/8706/07/9042.7042.70
Nepal10/14/8710/13/9026.1126.11
Niger11/17/8612/12/8823.5916.856.742
Pakistan312/28/8812/27/91382.41382.41
Rwanda04/24/9104/23/9430.668.7621.90
Sao Tome and Principe06/02/8906/01/922.800.802.00
Senegal11/10/8611/21/8859.5742.5517.022
Sierra Leone11/14/8611/13/8911.5811.5828.95
Somalia06/29/8706/28/908.848.8422.10
Sri Lanka03/09/8803/08/91156.17156.17
Tanzania10/30/8710/29/9074.9074.90
Togo03/16/8805/31/8926.887.6819.202
Uganda06/15/8704/17/8969.7249.8019.922
Zaire05/15/8705/14/90145.50145.5058.20
Total1,881.203.151,501.72483.1054.07

All amounts are at the 70 percent access level except those that have been reduced to account for the expiration of the commitment period: Guinea reduced SDR 11.58 million, Guinea-Bissau SDR 1.50 million, Haiti SDR 22.05 million, Mali SDR 10.16 million, Sierra Leone SDR 28.95 million, Somalia SDR 22.10 million, and Zaïre SDR 58.20 million.

See Table II.5 for undisbursed amounts that were subsequently committed under an ESAF arrangement that replaced the SAF arrangement on date shown as SAF expiration date.

Three-year commitment has expired, but annual arrangements are in effect for Equatorial Guinea (through 12/3/92) and Pakistan (through 12/15/92).

All amounts are at the 70 percent access level except those that have been reduced to account for the expiration of the commitment period: Guinea reduced SDR 11.58 million, Guinea-Bissau SDR 1.50 million, Haiti SDR 22.05 million, Mali SDR 10.16 million, Sierra Leone SDR 28.95 million, Somalia SDR 22.10 million, and Zaïre SDR 58.20 million.

See Table II.5 for undisbursed amounts that were subsequently committed under an ESAF arrangement that replaced the SAF arrangement on date shown as SAF expiration date.

Three-year commitment has expired, but annual arrangements are in effect for Equatorial Guinea (through 12/3/92) and Pakistan (through 12/15/92).

Table II.5Arrangements Under the Enhanced Structural Adjustment Facility Through Financial Year Ended April 30, 12(In millions of SDRs)
Approved Through
Arrangement Dates4/30/91Approved in 11/92Disbursements

Through 4/30/92
Undisbursed

as at
MemberDate of

approval
Date of

expiration1
Total

amount
ESAF Trust

resources
Total

amount
ESAF Trust

resources
TotalESAF Trust24/30/92
Bangladesh08/10/9008/09/933345.00345.00230.00230.00115.00
Bolivia07/27/8807/02/92136.0590.70113.3868.0322.68
Burundi11/13/9111/12/9442.7042.704.274.2738.43
Gambia, The11/23/8811/22/9120.5217.1020.5217.10
Ghana11/09/8803/05/924388.55286.30388.55286.30
Guinea11/06/9111/05/9457.9057.908.698.6949.22
Guyana07/13/9007/12/9381.5247.0854.9637.7426.57
Kenya05/15/8903/31 /935261.40190.40216.17145.1745.23
Lesotho05/22/9105/21/9418.1218.124.534.5313.59
Madagascar05/15/8905/14/9276.9043.7051.2718.0725.63
Malawi07/15/8809/29/92666.9640.9261.3835.345.58
Mauritania05/24/8905/23/9250.8544.0716.9513.5633.90
Mozambique06/01/9005/31/9385.4085.4039.6539.6545.75
Niger12/12/8812/11/91723.5916.8523.5916.85
Senegal11/21/8806/02/92144.67127.65144.67127.65
Sri Lanka09/13/9109/12/94336.00336.0056.0056.00280.00
Tanzania07/29/9107/28/94181.90181.9021.4021.40160.50
Togo05/31/8905/30/9246.0826.8830.7211.5215.36
Uganda04/17/8911/07/92179.28159.36159.36139.4419.92
Total1,906.771,521.41636.62636.621,646.041,281.29897.35

Expiration date of three-year arrangement, or of third annual arrangement, if applicable.

Financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 459.8 million); Caisse Centrale de Cooperation Economique— France (SDR 267.3 million); Bank of Spain (SDR 62.4 million); Canada (SDR 47.7 million); Bank of Norway (SDR 11.2 million); Korea (SDR 12.9 million); Ufficio Italiano dei Cambi (SDR 64.1 million), and Kreditanstalt fur Wiederaufbau—Germany (SDR 197.0 million). Drawings were also made under the associated loan agreement with the Saudi Fund for Development (SDR 17.5 million). The balance of SDR 141.4 million was financed using resources available under the borrowing agreement with the Swiss Confederation.

Three-year commitment amount increased from SDR 258.75 million.

Three-year commitment amount increased from SDR 368.10 million.

Three-year commitment amount increased from SDR 241.40 million.

Expiration date is for fourth annual arrangement. Three-year commitment amount increased from SDR 55.80 million.

Decreased from SDR 50.55 million to SDR 47.18 million. At expiration there was an undrawn balance of SDR 23.59 million.

Expiration date of three-year arrangement, or of third annual arrangement, if applicable.

Financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 459.8 million); Caisse Centrale de Cooperation Economique— France (SDR 267.3 million); Bank of Spain (SDR 62.4 million); Canada (SDR 47.7 million); Bank of Norway (SDR 11.2 million); Korea (SDR 12.9 million); Ufficio Italiano dei Cambi (SDR 64.1 million), and Kreditanstalt fur Wiederaufbau—Germany (SDR 197.0 million). Drawings were also made under the associated loan agreement with the Saudi Fund for Development (SDR 17.5 million). The balance of SDR 141.4 million was financed using resources available under the borrowing agreement with the Swiss Confederation.

Three-year commitment amount increased from SDR 258.75 million.

Three-year commitment amount increased from SDR 368.10 million.

Three-year commitment amount increased from SDR 241.40 million.

Expiration date is for fourth annual arrangement. Three-year commitment amount increased from SDR 55.80 million.

Decreased from SDR 50.55 million to SDR 47.18 million. At expiration there was an undrawn balance of SDR 23.59 million.

Table II.6Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948-92(In millions of SDRs)
DisbursementsRepurchases and RepaymentsTotal

Fund Credit

Outstanding
Financial

Year
Purchases1Trust Fund

loans
SAF

loans
ESAF

loans2
TotalRepurchases3Trust Fund

repayments
SAF

repayments
Total
1948606.04606.04133.90
1949119.44119.44192.70
195051.8051.8024.2124.21204.10
195128.0028.0019.0919.09175.80
195246.2546.2536.5836.58213.50
195366.1266.12184.96184.96178.20
1954231.29231.29145.11145.11132.10
195548.7548.75276.28276.2854.90
195638.7538.75271.66271.6672.00
19571,114.051,114.0575.0475.04610.60
1958665.73665.7386.8186.811,026.50
1959263.52263.52537.32537.32897.60
1960165.53165.53522.41522.41329.60
1961577.00577.00658.60658.60551.50
19622,243.202,243.201,260.001,260.001,022.80
1963579.97579.97807.25807.251,058.90
1964625.90625.90380.41380.41951.80
19651,897.441,897.44516.97516.971,480.10
19662,817.292,817.29406.00406.003,039.00
19671,061.281,061.28340.12340.122,945.30
19681,348.251,348.251,115.511,115.512,462.50
19692,838.852,838.851,542.331,542.333,2.00
19702,5.652,5.651,670.691,670.694,020.20
19711,167.411,167.411,656.861,656.862,556.30
19722,028.492,028.493,122.333,122.33840.20
19731,175.431,175.43540.30540.308.20
19741,057.721,057.72672.49672.491,084.70
19755,102.455,102.45518.08518.084,869.20
19766,591.426,591.42960.10960.109,759.80
19774,910.3331.614,941.94868.19868.1913,686.91
19782,503.01268.242,771.254,485.014,485.0112,366.05
19793,719.58670.054,389.634,859.184,859.189,843.30
19802,433.26961.543,394.803,775.833,775.839,967.44
19814,860.011,059.875,919.882,852.932,852.9312,536.13
19828,040.628,040.622,009.882,009.8817,792.93
198311,391.8911,391.891,555.1218.451,573.5726,562.76
198411,517.7311,517.732,017.65110.972,128.6234,603.47
19856,288.876,288.872,730.39212.342,942.7337,622.18
19864,101.224,101.224,289.01412.714,701.7236,877.03
19873,684.56139.343,823.906,169.32579.326,748.6433,443.29
19884,152.56444.874,597.437,934.57528.158,462.7229,542.
19892,541.18290.14264.003,095.326,257.74447.236,704.9725,520.37
104,502.68418.59407.675,328.946,042.09355.526,397.6124,388.23
116,955.4383.71491.137,530.275,440.22167.805,608.0225,603.03
125,308.11125.07483.245,916.424,768.020.091.874,769.9826,735.92

Includes reserve tranche purchases.

Includes SDR 364.75 million of SAF resources disbursed under ESAF arrangements.

Excludes sales of currency and adjustments that have the effect of repurchases.

Includes reserve tranche purchases.

Includes SDR 364.75 million of SAF resources disbursed under ESAF arrangements.

Excludes sales of currency and adjustments that have the effect of repurchases.

Table II.7Purchases from the Fund, Financial Year Ended April 30, 1992(In millions of SDRs)
Compensatory

Financing
Financed by
Stand-By ArrangementsExtended ArrangementsOrdinary/substitutedBorrowed

resources
ReserveResourcesResourcesOil

import

element
ExportTotalresources
MemberTrancheOrdinarySubstitutedBorrowedOrdinarySubstitutedBorrowedshortfallPurchases1CurrenciesSDRsCurrencies
Albania5.685.685.68
Algeria225.00225.00150.0075.00
Argentina438.7515.00453.75261.75192.00
Barbados2.188.5322.1732.882.1830.70
Brazil65.3462.16127.5069.5058.00
Bulgaria211.8320.6756.902289.4059.00230.40
Cameroon8.008.004.503.50
Costa Rica4.004.002.002.00
Côte d’lvoire33.1033.1033.10
Czechoslovakia150:7566.38199.13186.53602.78216.37187.28199.13
Dominican Republic38.326.5244.8444.84
Ecuador18.5618.566.2012.36
Egypt147.20147.2098.0049.20
Gabon4.004.004.00
Guyana2.182.172.196.543.261.092.19
Honduras9.2544.0753.329.2544.07
Hungary398.0338.80436.83207.11229.72
India90.00123.3356.6741.60593.48905.08451.23397.1856.67
Israel178.64178.64140.4038.24
Jamaica28.6013.605.2010.1057.5028.6015.3013.60
Jordan7.407.407.40
Mexico233.10466.20699.30173.0060.10466.20
Mongolia5.6811.2516.9311.255.68
Morocco18.4018.4015.902.50
Nicaragua17.0317.0317.03
Pakistan122.40122.4021.00101.40
Panama25.0535.101.6061.7561.75
Philippines84.94.—84.9478.316.63
Romania187.20187.2087.4099.80
Tunisia155.48155.48127.3028.18
Venezuela146.0033.7151.79231.50179.7151.79
Zimbabwe71.2071.2071.20
Total13.531,796.36274.70271.58785.70266.81517.99524.85856.585,308.112,642.541,875.99789.57

Includes reserve tranche purchases of SDR 13.53 million. Purchases excluding reserve tranche total SDR 5,294.58 million (see Table 3).

Contingency financing.

Includes reserve tranche purchases of SDR 13.53 million. Purchases excluding reserve tranche total SDR 5,294.58 million (see Table 3).

Contingency financing.

Table II.8Repurchases from the Fund, Financial Year Ended April 30, 1992(In millions of SDRs)
Ordinary ResourcesBorrowed Resources
MemberStand-by/

credit

tranche
Extended

Fund

facility
Compensatory

financing
Supplementary

financing

facility
Enlarged

access

resources
Total
Argentina117.53375.96250.56744.05
Bangladesh50.982.2144.4597.64
Barbados0.240.24
Belize0.150.15
Bolivia7.3328.2335.56
Brazil91.33228.5993.53413.45
Bulgaria60.60160.60
Cameroon5.7911.5917.38
Central African Republic1.090.942.03
Chile37.85109.58147.43
China224.15224.15
Congo2.382.38
Costa Rica0.944.885.81
Côte d’lvoire4.9919.2441.3812.4478.05
Czechoslovakia35.00135.00
Dominica0.560.56
Dominican Republic11.5311.53
Ecuador23.2531.2820.0574.57
Egypt58.0058.00
Gabon13.407.7721.17
Gambia, The2.311.183.49
Ghana51.5351.53
Guatemala5.795.4011.19
Guinea4.504.50
Guyana0.670.67
Haiti0.880.88
Honduras0.660.66
Hungary24.5190.10124.79139.40
India325.00325.00
Indonesia231.45231.45
Jamaica14.685.8220.4519.2660.22
Kenya19.5610.0016.4245.98
Madagascar5.372.0112.5119.90
Malawi4.633.097.8915.60
Mali1.085.506.58
Mauritania8.718.71
Mauritius4.3124.31
Mexico163.28187.25398.47749.00
Morocco43.332.8470.42116.59
Nepal3.683.68
Niger1.375.977.34
Pakistan17.7666.4584.20
Panama39.3021.368.8191.66161.13
Peru35.181.8237.00
Philippines27.6756.0377.33161.03
Senegal14.9319.4534.38
Sierra Leone2.002.051.205.25
Solomon Islands0.310.31
Sri Lanka18.8054.4073.20
Tanzania15.2715.27
Togo1.784.376.15
Trinidad and Tobago5.3110.6315.94
Tunisia41.1343.0284.14
Uganda24.9024.90
Uruguay10.2416.8227.05
Venezuela77.15377.15
Western Samoa0.370.37
Yugoslavia42.4771.88114.34
Zaire1.230.086.277.58
Zambia2.192.19
Total1,122.571,025.881,201.308.811,409.474,768.02

Early repurchase in respect of overcompensation of CCFF purchase.

Early repurchase.

Early repurchase in respect of advance purchase of set-aside.

Early repurchase in respect of overcompensation of CCFF purchase.

Early repurchase.

Early repurchase in respect of advance purchase of set-aside.

Table II.9Outstanding Fund Credit by Facility and Policy, April 30, 1986-92(In millions of SDRs)
Financial Year Ended April 30
1986198719881989199019911992
As

percent

of total
As

percent

of total
As

percent

of total
As

percent

of total
As

percent

of total
As

percent

of total
As

percent

of total
AmountAmountAmountAmountAmountAmountAmount
Stand-by arrangements1
Ordinary resources6,31517.16,57519.75,73219.45,96423.45,11921.05,19620.35,87022.0
Substituted resources2751.0
Supplementary financing3,0308.22,0616.21,0643.65272.12260.91510.61420.5
Enlarged access policy6,02116.36,38019.16,50022.05,45821.44,64819.13,97615.53,18311.9
Extended Fund facility
arrangements
Ordinary resources6,49817.66,24218.75,76219.55,05519.85,47222.45,82322.75,58320.9
Substituted resources2671.0
Supplementary financing2,2466.11,7085.11,0973.75992.32491.01170.51170.4
Enlarged access policy4,02610.93,86711.63,32911.32,4099.42,56110.52,5009.82,67410.0
Compensatory and contingency
financing6,43017.44,77914.34,34214.73,68914.53,82315.75,14220.15,32219.9
Buffer stock financing730.2340.13
Subtotal (General
Resources Account)34,64093.931,64694.627,82994.223,70092.922,09890.622,90689.523,43287.6
SAF arrangements1390.45842.08743.41,2935.31,3775.41,5005.6
ESAF arrangements2641.06722.81,1634.51,6466.2
Trust Fund2,2376.11,6585.01,1293.86822.73261.31580.61580.6
Total36,877100.033,443100.029,543100.025,520100.024,388too.o25,603100.026,736100.0

Includes outstanding first credit tranche and emergency purchases.

Includes outstanding first credit tranche and emergency purchases.

Table II.10Borrowed Resources and Repayments to Lenders (Excluding the GAB and ESAF), May 29, 1980–April 30, 1992(In millions of SDRs)
Total

Amount of

Agreement

(1)

Amount

Borrowed

(2)
As Percent

of Total

(3)
Repayments

(4)
Outstanding

Balance

(2)-(4)

(5)
Balance

Available

(6)
Enlarged access resources
Medium-term
Saudi Arabian Monetary Agency (SAMA)8,0008,0001007,275725
Short-term
Concluded in 198111,2751,2751001,275
Concluded in 19846,0004,200704,200
Of which
BIS, Japan, and BNB3,0003,0001003,000
SAMA3,0001,200401,200
Subtotal15,27513,4758812,750725
Borrowing agreement with Japan3,0003,000100152,985
Supplementary financing facility7,7847,232937,232
Total26,05923,7079119,9973,710

Composed of agreements with the Bank for International Settlements (BIS) (SDR 675 million), National Bank of Belgium (SDR 50 million), Swiss National Bank, Bank of England, and Japan (SDR 150 million each), Reserve Bank of Australia (SDR 50 million), Bank of Finland (SDR 30 million), and Central Bank of Ireland (SDR 20 million). Another agreement for SDR 30 million was not drawn upon before it expired in view of lender’s weak balance of payments and reserve position.

Composed of agreements with the Bank for International Settlements (BIS) (SDR 675 million), National Bank of Belgium (SDR 50 million), Swiss National Bank, Bank of England, and Japan (SDR 150 million each), Reserve Bank of Australia (SDR 50 million), Bank of Finland (SDR 30 million), and Central Bank of Ireland (SDR 20 million). Another agreement for SDR 30 million was not drawn upon before it expired in view of lender’s weak balance of payments and reserve position.

Table II.11Enhanced Structural Adjustment Facility—Contributions as of April 30, 19921(In millions of SDRs)
ContributorSubsidies

(Grant or grant

equivalent)2
Loans3
Austria(46)
Belgium(91)
Canada(170)300
Denmark47
Finland39
France(396)800
Germany137700
Greece(27)
Iceland2
Italy(209)370
Japan3662,2004
Korea(49)65
Luxembourg5
Malaysia(37)
Malta1
Netherlands68
Norway2790
Saudi Arabia(116)200
Singapore(26)
Spain(23)260
Sweden123
Switzerland(124)200
United Kingdom420
United States109
Other5(40)129
Total62,6665,3144

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures.

The subsidy contributions listed take a variety of forms, including grants and the grant element of resources provided for the benefit of the ESAF at concessional rates of interest. Figures indicated are partly staff estimates taking into account information on the likely timing of subsidy contributions in relation to projected operational needs and estimated investment earnings on balances held by or for the benefit of the Subsidy Account. Amounts in parentheses represent estimates of the subsidy value of contributions at concessional interest rates or in the form of grants sufficient to reduce the effective interest rate on accompanying loans to 0.5 percent or less; in general, the calculated subsidy value of these contributions will rise or fall with increases or decreases in interest rates over time. The other amounts listed are based on specific grant amounts indicated by contributors. -Contributions expressed in local currency are valued at April 30, 1992 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. The interest rate basis for one market-related loan is somewhat higher than for other loans.

Additional loan amounts of up to SDR 0.3 billion could be provided by Japan, subject to the availability of further contributions to the Subsidy Account to subsidize those amounts down to 0.5 percent, and to the extent that total loan contributions do not thereby exceed SDR 6 billion. With the possibility of this additional loan amount, the total of loan contributions could rise up to SDR 5.6 billion.

Includes contributions that have not been announced publicly or have been advised but on which discussions are continuing.

Totals may not add up due to rounding. In addition, the sum of individual contributions has been adjusted downward to take into account estimated additional costs.

Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures.

The subsidy contributions listed take a variety of forms, including grants and the grant element of resources provided for the benefit of the ESAF at concessional rates of interest. Figures indicated are partly staff estimates taking into account information on the likely timing of subsidy contributions in relation to projected operational needs and estimated investment earnings on balances held by or for the benefit of the Subsidy Account. Amounts in parentheses represent estimates of the subsidy value of contributions at concessional interest rates or in the form of grants sufficient to reduce the effective interest rate on accompanying loans to 0.5 percent or less; in general, the calculated subsidy value of these contributions will rise or fall with increases or decreases in interest rates over time. The other amounts listed are based on specific grant amounts indicated by contributors. -Contributions expressed in local currency are valued at April 30, 1992 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. The interest rate basis for one market-related loan is somewhat higher than for other loans.

Additional loan amounts of up to SDR 0.3 billion could be provided by Japan, subject to the availability of further contributions to the Subsidy Account to subsidize those amounts down to 0.5 percent, and to the extent that total loan contributions do not thereby exceed SDR 6 billion. With the possibility of this additional loan amount, the total of loan contributions could rise up to SDR 5.6 billion.

Includes contributions that have not been announced publicly or have been advised but on which discussions are continuing.

Totals may not add up due to rounding. In addition, the sum of individual contributions has been adjusted downward to take into account estimated additional costs.

Table II.12Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1992(In thousands of SDRs)
Receipts 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

Assess-

ment (Net)
Positions as at April 30, 1992
Total

Holdings

April 30, 1991
HoldingsNet

cumulative

allocations
Holdings as

percent of

cumulative

allocations
HoldersDesignatedOtherDesignatedOther
PARTICIPANTS
Afghanistan5,876–1,6064,27026,70316.0
Albania5,6755,6755,6755,675
Algeria3,458116,761155,69791,55646,184–9,407487128,6400.4
Angola83+689
Antigua and Barbuda33
Argentina133,215199,747159,161–15,939157,862318,37049.6
Australia213,5215,012–19,698198,835470,54542.3
Austria185,41620,00025,08012,929+1,897195,162179,045109.0
Bahamas, The199716146–75430710,2303.0
Bahrain17,12094+84218,0566,200291.2
Bangladesh21,334110,0001,6111,317108,463–48122,09647,12046.9
Barbados17363030,70031,564223–5848608,03910.7
Belgium418,36042,50066,81313,053–5,628401,472485,24682.7
Belize23705+492
Benin260650–6982129,4092.3
Bhutan26723+21311
Bolivia96827,62022,6752,3664,618–1,9551,70626,7036.4
Botswana22,367844+1,40924,6204,359564.8
Brazil15,01193,60058,00072,66593,803–26,2573,216358,6700.9
Bulgaria1945,218151,800231,24676,869+2118,200
Burkina Faso5,634251–2855,6009,40959.5
Burundi3084,6702,560166–9871,59713,69711.7
Cambodia15,417
Cameroon42122,1404,01624,450–1,75737024,4631.5
Canada1,080,5889,325+23,2891,113,202779,290142.8
Cape Verde2250–44286204.5
Central African Republic2,0691,02054142,283–5961709,3251.8
Chad458803–7002289,4092.4
Chile1,86755,96014,56761,754–8,9531,687121,9241.4
China394,529149,43112,468159,789+12,145408,784236,800172.6
Colombia114,208–26114,182114,27199.9
Comoros61502–51587168.1
Congo242,570401,662–7102629,7192.7
Costa Rica5636,9652,0002,2464,172–1,7321,87023,7267.9
Côte d’lvoire5,19424,5101,13722,882–2,6775,28237,82814.0
Cyprus316650703–1,45021919,4381.1
Czechoslovakia46,26465,750189,30595,864+6,04680,001
Denmark200,50357,23611,790+971156,028178,86487.2
Djibouti21633–731761,17814.9
Dominica17262077624–4012859221.6
Dominican Republic1,6705,2633,974–2,37058931,5851.9
Ecuador76581,60013,10786,550–1,9676,95532,92921.1
Egypt4,61073,03658,83650,7249,544–9,98950,001135,92436.8
El Salvador2,394104–1,87741324,9851.7
Equatorial Guinea215,8704–3705,5255,81295.1
Ethiopia3187004719–82522111,1602.0
Fiji16,7698,000232+3519,3526,958134.4
Finland173,50475,18064,8979,011+1,526194,324142,690136.2
France938,95215,00061,70047,240–10,796928,6961,079,87086.0
Gabon19229,56523928,841–96618914,0911.3
Gambia, The5774,200477373,745–3202725,1215.3
Germany1,328,015116,844129,420+9,7471,350,3381,210,760111.5
Ghana59,73019,9671,85840867,264–2,6208,36362,98313.3
Greece1,3225,1002,563–7,7491,236103,5441.2
Grenada69–70–1930–0.1
Guatemala5555,6803,713–2,07444827,6781.6
Guinea99712,551151544,007–9178,52717,60448.4
Guinea-Bissau262463–91221,2121.8
Guyana6914,8341,3161,9314,298–1,06477814,5305.4
Haiti221,250662–56613,697
Honduras37584043,85047,2812,179–1,4251,04219,0575.5
Hungary11,52748,145229,720232,45761,740+171840
Iceland691,520–1,22236716,4092.2
India134,122205,18276,180405,711507,487–44,951116,397681,17017.1
Indonesia11,42626,5002,63317,019–17,6815,859238,9562.5
Iran, Islamic Republic of311,854275,000+3,69840,552244,05616.6
Iraq68,464
Ireland161,2485,661+5,833172,74287,263198.0
Israel2,3809,00037,64038,240893–7,9523,135106,3602.9
Italy713,1157,800159,39376,912–368638,066702,40090.8
Jamaica8753,15016,70043,23723,535–3,0313,99640,6139.8
Japan1,833,780378,810614,225134,965+72,1091,805,439891,690202.5
Jordan80914,5005,3324135,597–1,1963,59716,88721.3
Kenya70558,20859366555,526–2,61784236,9902.3
Kiribati55
Korea12,52815,081–4,22223,38772,91132.1
Kuwait117,7836,466+7,184131,43326,744491.4
Lao People’s Democratic Republic91161–6711799,4091.9
Lebanon7,2791,052+2518,5824,393195.3
Lesotho3895003–2586343,73917.0
Liberia21,007
Libya296,78415,068+18,725330,57758,771562.5
Luxembourg20,053460+24820,76116,955122.4
Madagascar6593,7303152,894–1,42238819,2702.0
Malawi7825,9001184,276–7631,76110,97516.0
Malaysia138,3398,555+167147,061139,048105.8
Maldives1425–20192826.7
Mali9072,2502851,679–1,15261115,9123.8
Malta60,46971,048+3,81065,33411,288578.8
Mauritania7661,7941,063160800–6981599,7191.6
Mauritius19,9926,763224,614+8422,24715,744141.3
Mexico520,0541,004,99473,7331,135,018+6,837470,600290,020162.3
Mongolia5,6935,6756,0746,064+129
Morocco25,836129,17112,8743,66438,967–2,872103,95885,689121.3
Mozambique25+227
Myanmar1,5902,500–3,22186943,4742.0
Namibia9+110
Nepal344400209228–5931328,1051.6
Netherlands537,922115,000114,62224,895–58563,137530,340106.2
New Zealand3,2268,000261–10,557930141,3220.7
Nicaragua4083452,119667–1,45375219,4833.9
Niger4741,7502023581,264–6684489,4094.8
Nigeria3,4775,7305,718198–11,7642,963157,1551.9
Norway321,36475,33073,51821,770+12,113357,059167,770212.8
Oman13,9501,427+63216,0096,262255.7
Pakistan10,16635,001101,400103,35024,079–12,41310,625169,9896.3
Panama7,50447,17645,74497,087–1,4671,87026,3227.1
Papua New Guinea1803,8301,2933,556–6871,0609,30011.4
Paraguay55,967398+3,25959,62413,697435.3
Peru7,73246,42845,733–6,8451,58291,3191.7
Philippines15,19348,10724,14675,315–8,4733,658116,5953.1
Poland20948,6622,05646,526+2144,615
Portugal61,6358,606+48770,72853,320132.6
Qatar31,973848+1,49434,31512,822267.6
Romania4,01412,05079,094100,83333,157–4,5499775,9500.1
Rwanda7,032108–5126,62813,69748.4
St. Lucia1,245+391,284742173.1
St. Vincent1620–26103542.8
Sao Tome and Principe2430414–46186202.9
Saudi Arabia104,567628,010597,715–5,15269,120195,52735.4
Senegal1,6907,0007871925,083–1,7721,24024,4625.1
Seychelles2140–29324067.9
Sierra Leone4,240152–4,08817,455
Singapore84,04060010,0003,493+5,01283,14516,475504.7
Solomon Islands7135012328–41646549.8
Somalia13,697
South Africa5,77915,200–16,4144,565220,3602.1
Spain478,869200,54041,990+8,280328,599298,805110.0
Sri Lanka40712,0963882,0908,529–5,24842870,8680.6
Sudan532–53252,192
Suriname2586–58537,750
Swaziland8,525+1608,6856,432135.0
Sweden273,079153,931181,20712,317+2,254260,374246,525105.6
Syrian Arab Republic6,1834,7861,446–2,7558836,5640.2
Tanzania621283,220940–2,35157831,3721.8
Thailand6,86040214,521–5,8815,90184,6527.0
Togo8702,250391,693–78068610,9756.3
Tonga68530+45760
Trinidad and Tobago1,94038,5001,16737,351–3,27598146,2312.1
Tunisia2,849132,78550,00029,60198,485–71816,03234,24346.8
Turkey2,7984,4021,398–8,381217112,3070.2
Uganda16,02513,90089887427,655–1,79445229,3961.5
United Arab Emirates92,006459+4,10696,57138,737249.3
United Kingdom976,704458,083447,16334,722–71,704950,6421,913,07049.7
United States7,700,479483,500733,494311,604+217,5667,979,6554,899,530162.9
Uruguay13,93726,00018131,766–3,1555,19749,97710.4
Vanuatu52449+42615
Venezuela57,516275,00010,512180,376–16,753145,899316,89046.0
Viet Nam8,487–8,48747,658
Western Samoa2,784397+1162,5031,142219,2
Yemen, Republic of2,37832,39419,514–1,79213,46628,74346.8
Yugoslavia6,48323,2205,71123,442–11,530442155,1610.3
Zaire1,7058,4773,676–6,50686,309
Zambia11,2677,26411727,03634,857–5,1995,39468,2987.9
Zimbabwe2692,190533730–7521,51010,20014.8
Total Participants20,757,4155,043,6495,083,8103,808,2213,732,759–55,84520,736,86921,433,33096.8
PRESCRIBED HOLDERS
Arab Monetary Fund2,809206,432200,656+1,0879,672
Bank of Central African States14659,65056,525+533,324
Bank for International Settlements55497,83066,019+23932,604
East African Development Bank466357+25134
Eastern Caribbean Central Bank1,570+1211,691
International Bank for
Reconstruction and Development2,761194+2052,772
Islamic Development Bank1,793+1381,931
Nordic Investment Bank333+26359
Swiss National Bank1,499+1151,614
Total Prescribed Holders11,931363,911323,750+2,00954,101
GENERAL RESOURCES ACCOUNT694,2803,732,7593,808,221+61,520680,338
Total21,463,6269,140,3209,215,7813,808,2213,732,759+7,68321,471,30821,433,330
Table II.13Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs and of Their Non-Gold Reserves, Financial Years Ended April 30, 1970-92
All

Participants1
Industrial

Countries
All

developing

countries
Developing Countries
Net

creditor

countries
Net debtor countries
All net

debtor

countries
With

recent

debt-servicing

problems2
Without

recent

debt-servicing

problems
Holdings of SDRs as percent of cumulative allocations
197093.8101.473.5100.072.983.055.2
197192.3103.363.22.864.771.952.2
197290.2100.064.434.565.262.070.6
197393.4105.760.855.460.956.967.7
197494.6106.264.359.564.461.369.7
197594.5106.563.172.562.864.260.5
197695.1108.459.899.158.859.857.2
197791.7105.754.9106.353.655.949.6
197885.395.658.1117.656.659.950.9
197990.397.074.5112.371.571.272.0
198091.996.881.0148.375.671.382.1
198174.581.060.8139.653.554.152.6
198274.681.959.1140.551.546.359.1
198379.895.147.4207.932.422.047.5
198469.880.447.3183.934.622.751.8
198578.495.242.8182.229.821.042.4
198687.3105.349.0192.535.626.449.0
198790.8110.049.9195.436.423.355.2
198896.2115.954.4202.840.632.452.5
198993.1116.343.5181.630.719.147.3
199097.2121.944.4205.329.415.449.6
199196.8120.745.9166.234.627.145.5
199296.0121.142.3159.831.422.144.7
Holdings of SDRs as percent of non-gold reserves
19707.59.04.30.75.05.83.7
19719.29.96.10.07.78.76.0
19729.29.37.20.49.69.69.6
19738.08.75.00.56.46.26.6
19747.49.23.60.44.64.54.7
19756.18.92.40.23.93.74.4
19765.58.32.00.23.33.43.3
19774.57.41.40.22.32.52.0
19783.65.31.40.22.12.41.7
19794.85.82.91.13.63.93.2
19805.87.13.51.54.44.64.3
19815.06.22.91.83.53.93.0
19825.56.93.01.63.74.33.2
19835.57.22.32.22.32.42.3
19844.35.62.01.92.12.02.1
19854.66.31.61,71.61.61.7
19865.26.72.01.82.22.22.1
19874.95.72.01.42.42.32.5
19884.65.12.01.42.53.22.1
19894.14.71.51.21.72.11.6
19904.04.61.51.51.41.41.4
19913.64.31.31.21.31.61.1
19923.44.41.01.11.01.20.9

Consists of member countries that are participants in the SDR Department. At the end of financial year 1992, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.7 billion was not held by participants but instead by the Fund and prescribed holders.

Countries with recent debt-servicing problems are those that incurred external payments arrears or rescheduled their debts during the period 1986-90.

Consists of member countries that are participants in the SDR Department. At the end of financial year 1992, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 0.7 billion was not held by participants but instead by the Fund and prescribed holders.

Countries with recent debt-servicing problems are those that incurred external payments arrears or rescheduled their debts during the period 1986-90.

Table II.14Purchases and Subsidy Payments Under Supplementary Financing Facility, May 29, 1980-April 30, 1992(In millions of SDRs)
Cumulative

Purchases
Cumulative

Subsidy

Payments
Recipients of subsidy at the full rate1
Bangladesh110.016.35
Bolivia25.53.89
Dominica4.50.61
Gambia, The4.80.65
Guyana30.94.66
India1,200.0157.48
Kenya94.813.84
Liberia42.96.26
Madagascar22.23.30
Malawi28.14.18
Mauritania16.02.33
Pakistan537.175.90
Philippines333.049.26
Senegal54.27.79
Sierra Leone17.22.54
Sri Lanka0.592
Sudan171.425.36
Tanzania16.32.45
Togo7.31.07
Zambia3.523
Subtotal2,716.2382.03
Recipients of subsidy at half the full rate4
Côte d’lvoire286.419.39
Jamaica227.116.80
Mauritius69.25.07
Morocco137.510.23
Peru195.115.06
Subtotal915.366.55
Total3,631.5448.575,6

Members with per capita incomes equal to or below the level of per capita income used to determine eligibility for assistance from the International Development Association (IDA) are eligible for the full rate subsidy (not to exceed 3 percent a year).

Subsidy paid in respect of Fund holdings in excess of 140 percent of quota under the Fund’s policy on exceptional use.

Subsidy paid in respect of Fund holdings in excess of 200 percent of quota under the Fund’s policy on exceptional use.

Members with per capita incomes in excess of the IDA level but not more than the per capita income of the member with the highest per capita income in 1979 that was eligible to receive assistance from the Trust Fund.

Including SDR 2.5 million of subsidies approved but not paid to four members on account of nonpayment of SFF charges by these members.

Total may not add up due to rounding.

Members with per capita incomes equal to or below the level of per capita income used to determine eligibility for assistance from the International Development Association (IDA) are eligible for the full rate subsidy (not to exceed 3 percent a year).

Subsidy paid in respect of Fund holdings in excess of 140 percent of quota under the Fund’s policy on exceptional use.

Subsidy paid in respect of Fund holdings in excess of 200 percent of quota under the Fund’s policy on exceptional use.

Members with per capita incomes in excess of the IDA level but not more than the per capita income of the member with the highest per capita income in 1979 that was eligible to receive assistance from the Trust Fund.

Including SDR 2.5 million of subsidies approved but not paid to four members on account of nonpayment of SFF charges by these members.

Total may not add up due to rounding.

Table II.15Key IMF Rates, Financial Year Ended April 30, 1992(In percent)
Week

Beginning
SDR Interest Rate

and Unadjusted Rate

of Remuneration1
Basic Rate of

Charge on Ordinary

Resources1
Week

Beginning
SDR Interest Rate

and Unadjusted Rate

of Remuneration1
Basic Rate of

Charge on Ordinary

Resources1
1991November 47,036.79
April 297.797.53November 116.976.73
May 67.697.43November 186.986.74
May 137.697.43November 256.996.75
May 207.627.36December 26.976.73
May 277.607.34
December 96.956.71
June 37.657.39December 166.886.65
June 107.687.42December 236.836.60
June 177.687.42December 306.926.68
June 247.687.42
July 17.697.431992
July 87.637.37January 66.826.59
July 157.627.36January 136.636.40
July 227.627.36January 206.566.34
July 297.637.37January 276.556.33
August 57.557.29February 36.576.35
August 127.557.29February 106.616.39
August 197.497.24February 176.596.37
August 267.507.25February 246.606.38
September 27.457.20March 26.616.39
September 97.337.08March 96.606.38
September 167.226.97March 166.696.46
September 237.236.98March 236.706.47
September 307.206.96March 306.706.47
October 77.196.95April 66.726.49
October 147.176.93April 136.466.24
October 217.166.92April 206.466.24
October 287.106.86April 276.496.27

The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are paid and when overdue obligations cease to be a problem.

The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are paid and when overdue obligations cease to be a problem.

Table II.16Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
Effective DateEffective Date
Memberof AcceptanceMemberof Acceptance
Antigua and BarbudaNovember 22, 1983KuwaitApril 5, 1963
ArgentinaMay 14, 1968LuxembourgFebruary 15, 1961
AustraliaJuly 1, 1965MalaysiaNovember 11, 1968
AustriaAugust 1, 1962Marshall IslandsJune 22, 1992
Bahamas, TheDecember 5, 1973MexicoNovember 12, 1946
BahrainMarch 20, 1973NetherlandsFebruary 15, 1961
BelgiumFebruary 15, 1961New ZealandAugust 5, 1982
BelizeJune 14, 1983NicaraguaJuly 20, 1964
BoliviaJune 5, 1967NorwayMay 11, 1967
CanadaMarch 25, 1952OmanJune 19, 1974
ChileJulv 27, 1977PanamaNovember 26, 1946
Costa RicaFebruary 1, 1965Papua New GuineaDecember 4, 1975
CyprusJanuary 9, 1991PeruFebruary 15, 1961
DenmarkMay 1, 1967PortugalSeptember 12,1988
DjiboutiSeptember 19, 1980QatarJune 4,1973
St. Kitts and NevisDecember 3, 1984
DominicaDecember 13, 1979St. LuciaMay 30, 1980
Dominican RepublicAugust 1, 1953St. VincentAugust 24, 1981
EcuadorAugust 31, 1970Saudi ArabiaMarch 22, 1961
El SalvadorNovember 6, 1946SeychellesJanuary 3, 1978
FijiAugust 4, 1972
SingaporeNovember 9, 1968
FinlandSeptember 25, 1979Solomon IslandsJuly 24, 1979
FranceFebruary 15, 1961South AfricaSeptember 15, 1973
GermanyFebruary 15, 1961SpainJuly 15, 1986
GuatemalaJanuary 27, 1947SurinameJune 29, 1978
GuyanaDecember 27, 1966SwazilandDecember 11, 1989
HaitiDecember 22, 1953SwedenFebruary 15, 1961
HondurasJuly 1, 1950ThailandMay 4, 1990
IcelandSeptember 19, 1983TongaMarch 22, 1991
IndonesiaMay 7, 1988TurkeyMarch 22, 1990
IrelandFebruary 15, 1961United Arab EmiratesFebruary 13, 1974
ItalyFebruary 15, 1961United KingdomFebruary 15, 1961
JamaicaFebruary 22, 1963United StatesDecember 10, 1946
JapanApril 1, 1964UruguayMay 2, 1980
KiribatiAugust 22, 1986VanuatuDecember 1, 1982
KoreaNovember 1, 1988VenezuelaJuly 1, 1976
Table II.17Exchange Arrangements as of March 31, 19921
Flexibility Limited Against

a Single Currency or

Group of Currencies
More Flexible
PeggedAdjusted

according

to a set of

indicators
Other

managed

floating
Independently

floating
Single currencyCurrency compositeSingle

currency2
Cooperative

arrangements3
U.S. dollarFrench francOtherSDROther
Angola4BeninBhutanBurundiAlbania4,5Bahrain6BelgiumChile4,7China4Afghanistan4
Antigua andBurkina Faso(Indian

rupee)
Iran, IslamicAlgeriaQatar6DenmarkColombia4Ecuador4Australia
BarbudaCameroonRepublic of4AustriaSaudi Arabia6FranceMadagascarEgyptCosta Rica
ArgentinaCentral AfricanLesotho4Libyan ArabBangladeshUnited ArabGermanyMozambique4GreeceBolivia
Bahamas, The4Republic(South

African

rand)
Jamahiriya8BotswanaEmirates6IrelandZambia4GuineaBrazil4
BarbadosChadMyanmarCape VerdeItalyGuinea-Bissau4Bulgaria
BelizeComorosRwandaCyprusLuxembourgIndia4,9Canada
DjiboutiCongoSwazilandSeychellesCzechoslovakiaNetherlandsIndonesiaDominican
DominicaCôte d’lvoire(South

African
FijiSpainIsrael11Republic
EthiopiaEquatorial GuineaFinland10United KingdomKoreaEl Salvador4
GrenadaGabonrand) YugoslaviaHungaryLao People’sGambia, The
Iraq4Mali(deutsche

mark)
Iceland12DemocraticGhana
LiberiaNigerJordanRepublicGuatemala
Mongolia4SenegalKenya4MaldivesGuyana
Nicaragua4TogoKuwaitMauritaniaHaiti
OmanMalawiMexicoHonduras4
PanamaMalaysia11PakistanJamaica
St. Kitts and NevisMaltaPolandJapan
St. LuciaMauritiusPortugalKiribati13
St. Vincent and theMorocco14RomaniaLebanon
GrenadinesSao Tome andNamibia4,16
SurinameNepal4PrincipeNew Zealand
Norway15
Syrian ArabPapua New GuineaSingaporeNigeria4
Republic4Solomon IslandsSomalia4Paraguay
Trinidad andSweden4Sri LankaPeru
TobagoTanzaniaTunisiaPhilippines
YemenThailandTurkeySierra Leone
TongaUruguaySouth Africa4
VanuatuViet NamSudan
Western SamoaUganda4
ZimbabweUnited States
Venezuela
Zaire

Current information relating to Cambodia is unavailable.

In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism of the European Monetary System. In each case, the exchange rate is maintained within a margin of 2.25 percent around the bilateral central rates against other participating currencies, with the exception of Spain and the United Kingdom, in which case the exchange rate is maintained within a margin of 6 percent.

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

The basic exchange rate of the lek is pegged to the European currency unit (ECU).

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.

The exchange rate is maintained within margins of ± 10 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ± 11 percent.

The exchange rate is maintained within margins of ± 5 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 3.0 percent.

The exchange rate is maintained within margins of ± 5.0 percent.

The exchange rate is maintained within margins of ± 2.25 percent.

The currency of Kiribati is the Australian dollar.

The exchange rate is maintained within margins of ± 3.0 percent.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 2.25 percent.

The currency of Namibia is the South African rand, pending issuance of Namibia’s own national currency.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 1.5 percent.

Current information relating to Cambodia is unavailable.

In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

This category consists of countries participating in the exchange rate mechanism of the European Monetary System. In each case, the exchange rate is maintained within a margin of 2.25 percent around the bilateral central rates against other participating currencies, with the exception of Spain and the United Kingdom, in which case the exchange rate is maintained within a margin of 6 percent.

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

The basic exchange rate of the lek is pegged to the European currency unit (ECU).

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.

The exchange rate is maintained within margins of ± 10 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate is maintained within margins of ± 11 percent.

The exchange rate is maintained within margins of ± 5 percent on either side of a weighted composite of the currencies of the main trading partners.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 3.0 percent.

The exchange rate is maintained within margins of ± 5.0 percent.

The exchange rate is maintained within margins of ± 2.25 percent.

The currency of Kiribati is the Australian dollar.

The exchange rate is maintained within margins of ± 3.0 percent.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 2.25 percent.

The currency of Namibia is the South African rand, pending issuance of Namibia’s own national currency.

The exchange rate, which is pegged to the ECU, is maintained within margins of ± 1.5 percent.

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