Chapter

Appendix I: Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in Member Countries1

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 1999
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(as of date shown on first country page)2

Total number of countries with this featureAfghanistan, Islamic State ofAlbaniaAlgeriaAngolaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamas, TheBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBhutanBoliviaBosnia and Herzegovina
Status under IMF Articles of Agreement
Article VIII150
Article XIVI35
Exchange rate arrangements
Exchange arrangement with no separate legal tender37
Currency board arrangement8
Conventional pegged arrangement39+++++
Pegged exchange rate within horizontal bands11*
Crawling peg6
Crawling band9
Managed floating with no preannounced path for the exchange rate27
Independently floating48
Exchange rate structure
Dual exchange rates11
Multiple exchange rates9
Arrangements for payments and receipts
Bilateral payment arrangements57
Payment arrears57
Controls on payments for invisible transactions and current transfers100
Proceeds from exports and/or invisible transactions
Repatriation requirements108
Surrender requirements85
Capital transactions
Controls on:
Capital market securities133
Money market instruments115
Collective investment securities103
Derivatives and other instruments87
Commercial credits105
Financial credits112
Guarantees, sureties, and financial backup facilities88
Direct investment149
Liquidation of direct investment52
Real estate transactions134
Personal capital movements82
Provisions specific to:
Commercial banks and other credit institutions155
Institutional investors82
BotswanaBrazilBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCentral African RepublicChadChileChina, People’s Rep. ofHong Kong SARColombiaComorosCongo, Dem. Rep. ofCongo, Rep. ofCosta RicaCôte d’IvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopia
+++++
**
FijiFinlandFranceGabonGambia, TheGeorgiaGermanyGhanaGreeceGrenadaGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHungaryIcelandIndiaIndonesiaIran, Islamic Rep. ofIraqIrelandIsraelItaly
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
Exchange arrangement with no separate legal tender
Currency board arrangement
Conventional pegged arrangement++
Pegged exchange rate within horizontal bands*
Crawling peg
Crawling band
Managed floating with no preannounced path for the exchange rate
Independently floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital movements
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
JamaicaJapanJordanKazakhstanKenyaKiribatiKorea, Republic ofKuwaitKyrgyz RepublicLao People’s Dem. Rep.LatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLithuaniaLuxembourgMacedonia, fmr. Yugoslav Rep.MadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMauritaniaMauritiusMexicoMicronesia, Fed. States ofMoldovaMongoliaMoroccoMozambiqueMyanmarNamibia
++++++
*
NepalNetherlandsNetherlands AntillesNew ZealandNicaraguaNigerNigeriaNorwayOmanPakistanPalauPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussian FederationRwandaSt. Kitts and NevisSt. LuciaSt. Vincent and the Grenadines
Status under IMF Articles of Agreement
Article VIII
Article XIV
Exchange rate arrangements
Exchange arrangement with no separate legal tender
Currency board arrangement
Conventional pegged arrangement+++
Pegged exchange rate within horizontal bands*
Crawling peg
Crawling band
Managed floating with no preannounced path for the exchange rate
Independently floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital movements
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
SamoaSan MarinoSão Tomé and PríncipeSaudi ArabiaSenegalSeychellesSierra LeoneSingaporeSlovak RepublicSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSudanSurinameSwazilandSwedenSwitzerlandSyrian Arab RepublicTajikistanTanzaniaThailandTogoTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States
+++
***
UruguayUzbekistanVanuatuVenezuelaVietnamYemen, Republic ofZambiaZimbabwe
Status rate arrangements
Article VIII
Article XIV
Exchange rate arrangements
Exchange arrangement with no separate legal tender
Currency board arrangement
Conventional pegged arrangement
Pegged exchange rate within horizontal bands
Crawling peg
Crawling band
Managed floating with no preannounced path for the exchange rate
Independently floating
Exchange rate structure
Dual exchange rates
Multiple exchange rates
Arrangements for payments and receipts
Bilateral payment arrangements
Payment arrears
Controls on payments for invisible transactions and current transfers
Proceeds from exports and/or invisible transactions
Repatriation requirements
Surrender requirements
Capital transactions
Controls on:
Capital market securities
Money market instruments
Collective investment securities
Derivatives and other instruments
Commercial credits
Financial credits
Guarantees, sureties, and financial backup facilities
Direct investment
Liquidation of direct investment
Real estate transactions
Personal capital movements
Provisions specific to:
Commercial banks and other credit institutions
Institutional investors
Key and Footnotes

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at time of publication.

Indicates that the specific practice is not regulated.

Indicates that member uses the currency of another member as legal tender.

Indicates that member participates in the ECCM.

Indicates that the arrangement is pegged to the French franc.

Indicates that member participates in the euro area.

Indicates that flexibility is limited to a single currency.

Indicates that the composite is a basket of other currencies.

Indicates that the country participates in the ERMII of the EMS.

Indicates other band arrangements.

The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

Usually December 31, 1998.

Key and Footnotes

Indicates that the specified practice is a feature of the exchange system.

Indicates that data were not available at time of publication.

Indicates that the specific practice is not regulated.

Indicates that member uses the currency of another member as legal tender.

Indicates that member participates in the ECCM.

Indicates that the arrangement is pegged to the French franc.

Indicates that member participates in the euro area.

Indicates that flexibility is limited to a single currency.

Indicates that the composite is a basket of other currencies.

Indicates that the country participates in the ERMII of the EMS.

Indicates other band arrangements.

The listing includes Hong Kong SAR, Aruba, and the Netherlands Antilles.

Usually December 31, 1998.

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