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ARTICLE VIII AND ARTICLE XIV |
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Multiple Currency Practices | ||||
Statement to Members Transmitting Fund’s Decisions on Multiple Currency Practices The letter to members concerning multiple currency practices and the accompanying statement of the Fund’s decisions with respect to such practices are agreed as revised (Executive Board Document No. 235, Revision 2) and shall be sent without delay to all members. The texts of earlier decisions on the same subject are modified as necessary to correspond with the agreed statement. Decision No. 237-2, December 18, 1947 Letter to Members December 19, 1947 To All Members: During the past several months the Fund has been giving special consideration to multiple currency practices. I am writing to all of the members today in order to acquaint them with the results of our considerations. Enclosed is a memorandum containing the pertinent decisions taken by the Executive Board. These set forth the general lines of the Fund’s policies toward multiple currency practices which the Fund has adopted to date, together with the obligations of the members and the jurisdiction of the Fund upon which the development of Fund policy will necessarily be based. We intend, as rapidly as may be possible under the circumstances, to discuss with each member now engaging in a multiple currency practice how this general policy will be applied to its individual problems. In the meantime, all of the members are requested to be guided by the enclosed memorandum and to initiate with the Fund discussions of any pressing problems which may arise. Sincerely yours, GUTT Managing Director Multiple Currency Practices This memorandum contains the decisions the Fund has so far taken concerning its policies toward multiple currency practices, and clarification of its jurisdiction with respect to such practices. The exchange systems of the members who engage in multiple currency practices are frequently complex. For this reason various difficulties will be involved in the modification and removal of the practices, and the policy of the Fund in this regard must develop progressively as its consultations with the members concerned reveal problems which might otherwise be overlooked. The policies set forth below have been agreed as a basis for the initiation of discussions with the members affected:
Decision No. 649-(57/33), June 26, 1957 1 Ed. Note: Refers to the Articles of Agreement in effect before the Second Amendment. 2 Ed. Note: Corresponds to Article XIV, Section 3 of the Articles of Agreement after the Second Amendment. 3 Ed. Note: Refers to the Articles of Agreement in effect before the Second Amendment. 4 Ed. Note: Refers to the Articles of Agreement in effect before the Second Amendment. 5 Ed. Note: Corresponds to Article XIV, Section 3 of the Articles of Agreement after the Second Amendment. |
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Prepared by the Legal Department of the IMF
Note
- Page number references in the text are to the Forty-Second issue hard copy volume.