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ARTICLE V, SECTION 7
Repurchases

Attribution of Reductions in Fund’s Holdings of Currencies

  • 1. (a) Subject to paragraphs (b), (c) and (e) below a member shall be free to attribute a reduction in the Fund’s holdings of its currency (i) to any obligation to repurchase, and (ii) to enlarge its reserve tranche.

    • (b) For a member with overdue repurchase obligations, the reduction shall be attributed to any obligation to repurchase.

    • (c) Repurchases of credit outstanding under the Short-Term Liquidity Line (SLL) shall be attributed to the first maturing repurchase obligation under the SLL.

    • (d) [Repealed]

    • (e) A reduction resulting from a repurchase made pursuant to a repurchase expectation under paragraph 10(a) of Decision No. 4377 (74/114) shall be attributed to the member’s repurchase obligation arising from the same purchase three years after the original date on which that repurchase expectation was to be met.

  • 2. A reduction attributed to a reserve tranche position will not discharge an expectation of repurchase under the Guidelines for Early Repurchase.

  • 3. If the member when asked does not make an attribution in accordance with 1 above, it will be deemed to be discharging the first maturing repurchase obligation.

Decision No. 6831-(81/65),

April 22, 1981, effective May 1, 1981,

as amended by Decision Nos. 7059-(82/23), February 22, 1982,

12345-(00/117), November 28, 2000,

14287-(09/29), March 24, 2009, effective April 1, 2009, and

15092-(12/19),

February 24, 2012, and

Decision E in 16747-(20/43),

April 14, 2020

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