Annual Report on Exchange Arrangements & Exchange Restrictions 1987. PDF
Preview Annual Report on Exchange Arrangements & Exchange Restrictions 1987.
ANNUAL REPORT ON EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS 1987 ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND ANNUAL REPORT ON EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS 1987 Washington, D.C. ©International Monetary Fund. Not for Redistribution © 1987 International Monetary Fund Price: US$15.00 (US$8.00 to university libraries, faculty members, and students). Address orders to: International Monetary Fund Attention: Publication Services Washington, D.C. 20431 U.S.A. International Monetary Fund. Annual report on exchange arrangements and exchange restrictions. 1979— Continues: International Monetary Fund. Annual report on exchange restrictions, 1950-1978 1. Foreign exchange — Law and legislation — Periodi- cals. 2. Foreign exchange — Control — Periodicals. I. Title. K4440.A13 157 [date] 341.7'51 79-644506 ISSN 0250-7366 ISBN 0-939934-97-3 ©International Monetary Fund. Not for Redistribution Letter of Transmittal to Members and Governors of the Fund June 15, 1987 Dear Sir: I have the honor to transmit to you a copy of the International Monetary Fund's Annual Report on Exchange Arrangements and Exchange Restrictions, 1987, which has been prepared in accordance with the provisions of Article XIV, Section 3 of the Articles of Agreement. On behalf of the Executive Board, I should like to express our appreciation of the cooperation of the countries in the preparation of the second half of the Report. Sincerely yours, /s/ Michel Camdessus Chairman of the Executive Board and Managing Director ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution CONTENTS PART ONE Developments in the International Exchange Rate and Restrictive Systems Page I. Introduction 3 Global Environment 3 Developments in Exchange and Trade Policies 5 Exchange Rate Arrangements 7 II. Main Developments in Restrictive Exchange and Trade Practices 10 Quantitative Restrictions 10 Import Surcharges and Import Taxation 12 Advance Import Deposits 14 Other Measures Affecting Import Payments 15 State Trading 15 Exports and Export Proceeds 15 Current Invisibles and Transfers 16 External Payments Arrears 17 Multiple Currency Practices 18 Bilateral Payments Arrangements and Countertrade Practices 20 Capital Controls 21 Gold 22 III. Developments in Exchange Arrangements and Exchange Rates 23 Developments Affecting the Classification of Exchange Arrangements 25 Developments in the Exchange Rates of Industrial Countries 29 Developments in Exchange Rate Arrangements in Other Countries 29 IV. Main Developments in Regional Arrangements 39 Appendix. Summary of Measures Affecting Members' Exchange and Trade Systems, 1986 44 PART Two Explanatory Note on Coverage of Burkina Faso 127 Part Two 65 Burma 131 Afghanistan 67 Burundi 134 Algeria 70 Cameroon 137 Antigua and Barbuda 74 Canada 140 Argentina 76 Cape Verde 143 Australia 83 Central African Republic 145 Austria 87 Chad 148 Bahamas, The 91 Chile 151 Bahrain 94 China, People's Republic of 154 Bangladesh 96 Colombia 160 Barbados 102 Comoros 166 Belgium and Luxembourg 105 Congo 168 Belize 110 Costa Rica 171 Benin 112 C6te d'lvoire 174 Bhutan 115 Cyprus 177 Bolivia 116 Denmark 179 Botswana 118 Djibouti 183 Brazil 120 Dominica 184 vii ©International Monetary Fund. Not for Redistribution CONTENTS Page Page Dominican Republic 186 Malta 339 Ecuador 189 Mauritania 342 Egypt 193 Mauritius 344 El Salvador 198 Mexico 347 Equatorial Guinea 203 Morocco 351 Ethiopia 205 Mozambique 356 Fiji 208 Nepal 358 Finland 211 Netherlands 361 France 215 Netherlands Antilles 364 Gabon 222 New Zealand 366 Gambia, The 225 Nicaragua 368 Germany, Federal Republic of 227 Niger 372 Ghana 229 Nigeria 376 Greece 233 Norway 379 Grenada 237 Oman 382 Guatemala 239 Pakistan 383 Guinea 242 Panama 390 Guinea-Bissau 244 Papua New Guinea 392 Guyana 246 Paraguay 394 Haiti 249 Peru 397 Honduras 251 Philippines 402 Hong Kong 254 Poland 409 Hungary 255 Portugal 415 Iceland 261 Qatar 419 India 264 Romania 420 Indonesia 274 Rwanda 423 Iran, Islamic Republic of 279 St. Kitts and Nevis 426 Iraq 281 St. Lucia 428 Ireland 283 St. Vincent and the Grenadines 430 Israel 287 Sao Tome and Principe 432 Italy 290 Saudi Arabia 434 Jamaica 295 Senegal 435 Japan 298 Seychelles 438 Jordon 302 Sierra Leone 440 Kampuchea, Democratic* Singapore 442 Kenya 305 Solomon Islands 444 Kiribati 308 Somalia 446 Korea 309 South Africa 448 Kuwait 313 Spain 452 Lao People' s Democratic Republic 315 Sri Lanka 456 Lebanon 317 Sudan 461 Lesotho 319 Suriname 464 Liberia 321 Swaziland 467 Libyan Arab Jamahiriya 323 Sweden 469 Madagascar 326 Switzerland 473 Malawi 329 Syrian Arab Republic 475 Malaysia 332 Tanzania 479 Maldives 335 Thailand 482 Mali 337 Togo 486 Tonga 490 Trinidad and Tobago 491 "The Fund has not received from the authorities of Democratic Kampuchea the information required for a description of the Tunisia 495 exchange and trade system as of December 31, 1986. Turkey 500 Vlll ©International Monetary Fund. Not for Redistribution CONTENTS Page Page Uganda 504 Yemen Arab Republic 531 United Arab Emirates 507 Yemen, People's Democratic Republic 533 United Kingdom 509 Yugoslavia 536 United States 512 Zaire 541 Uruguay 518 Zambia 545 Vanuatu 520 Zimbabwe 548 Venezuela 522 Summary Features of Exchange and Trade Viet Nam 527 Systems in Member Countries 553 Western Samoa 529 List of Abbreviations 560 Note: The term "country," as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis. IX ©International Monetary Fund. Not for Redistribution
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