Rates for Computations and Maintenance of Value

• 1. The exchange rate for computations by the Fund relating to the currency of a member in the General Resources Account.

  • (a) on the occasion of the use of that currency in an operation or transaction between the Fund and a member (other than the case specified in (b) below) shall be the rate determined as of the date of the Fund’s instructions for the execution of the transaction or operation, and if this rate cannot be used, the rate of the preceding day closest thereto that is practicable. The value date shall be the second business day after the date of the dispatch of the Fund’s instructions, or as early thereto as is practicable.

    (b) Payments received by the Fund after the due date and payments made to the Fund on an unscheduled basis shall be valued at the exchange rate in effect on the day of receipt, provided that, if a late payment is received within ten business days from the date of the instructions and there is a shortfall or overpayment caused by the difference between the exchange rate used for the instructions and the exchange rate in effect on the day of receipt, no adjustment shall be made if the shortfall or overpayment does not exceed SDR 5,000, unless the member that issues the currency being used for the payment requests that the adjustment be made irrespective of costs.

    (c) on all other occasions shall be the rate at which the currency is held by the Fund.

  2. The Fund shall adjust its holdings of the currency of a member in the General Resources Account

  • (a) whenever a computation relating to the currency is made in accordance with paragraph 1(a) above,

    (b) at the end of the Fund’s financial year,

    (c) when the member requests the Fund to adjust the Fund’s holdings of its currency,

    (d) with respect to the euro, on the last business day of each month,

    (e) with respect to the U.S. dollar, on the last business day of each month, and

    (f) on such other occasions as the Fund may decide.

  3. Adjustments under paragraph 2 shall be made on the basis of the exchange rate of the currency under Rule O-2 for the day of the adjustment and shall take effect on that day, provided that if an exchange rate under Rule O-2 is not communicated for the currency with respect to paragraph 2(b) above, the rate of the preceding day closest thereto for which a rate is communicated shall be used.

  4. Whenever the Fund adjusts its holdings of a member’s currency in accordance with paragraph 3 above, the Fund shall establish an account receivable or an account payable, as the case may be, in respect of the amount of the currency payable by or to the member under Article V, Section 11.

  5. For the purpose of adjustments, the Fund’s holdings of a member’s currency in the General Resources Account shall consist of the total of the balances of the member’s currency in the General Resources Account, plus the balance in any account receivable, or minus the balance in any account payable, in the currency, as of the date of the adjustment. The total of the balances of the member’s currency in the General Resources Account shall be as recorded on the Fund’s books if the member agrees with this procedure.

  6. For the purpose of applying the provisions of the Articles as of any date, the Fund’s holdings of a currency shall consist of its actual holdings plus the balance in any account receivable or minus the balance in any account payable on that date.

  7. Settlements of accounts receivable or payable by or to a member shall be made promptly after the end of a financial year of the Fund and at other times when requested by the Fund or the member.

Decision No. 5590-(77/163),

December 5, 1977,

effective April 1, 1978,

as amended by Decision Nos. 11859-(98/130), December 17, 1998,

and 12998-(03/39),

April 25, 2003