Communication by the Management Board, the Federal Ministry of Foreign Affairs, the INTERNATIONAL BANK FOR Reconstruction and Development No. 500 / 1992 Coll.
Communication from the Federal Ministry of Foreign Affairs on access by the Czech and Slovak Federal Republic to the Agreement on the International Monetary Fund, the Agreement on the International Bank for Reconstruction and Development, the Agreement on the International Financial Corporation, the Agreement on the International Development Association and the Agreement on the Multilateral Investment Guarantee Agency
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Effective from 20.09.1990
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500
COMMUNICATION
Federal Ministry of Foreign Affairs
The Federal Ministry of Foreign Affairs states that on 20 September 1990 the following agreements were signed in Washington on behalf of the Czech and Slovak Federal Republic:
Agreement on the International Monetary Fund (Washington, 22 July 1944),
Agreement on the International Bank for Reconstruction and Development (Washington, 22 July 1944),
Agreement on the International Financial Corporation (Washington, 25 May 1955),
Agreement on the International Development Association (Washington, 26 January 1960)
and
Agreement on the Multilateral Investment Guarantee Agency (Washington, 11 October 1985).
The agreements were approved by the Federal Assembly of the Czech and Slovak Federal Republic and the instruments of acceptance of these agreements by the Czech and Slovak Federal Republic were deposited with the depositary (the Government of the United States of America in the case of agreements of 22 July 1944, with the other International Bank for Reconstruction and Development) on 20 September 1990.
The agreements entered into force for the Czech and Slovak Federal Republic on 20 September 1990.
Czech translations of agreements are announced simultaneously.
International Monetary Fund
ARTICLE OF THE AGREEMENT
Governments on whose behalf this Agreement is signed have agreed as follows:
I. The International Monetary Fund is established and will operate under the provisions of this Agreement as originally adopted and later amended.
In order to enable the Fund to manage its operations and transactions, the General Administration and the Special Drawing Rights Administration will be established in the Fund. Membership of the Fund will entitle it to participate in the Special Drawing Rights Board.
III. Operations and transactions admitted under this Agreement shall be managed by the General Administration, which, pursuant to the provisions of this Agreement, shall remain under the General Resources Account, the Special Payout Account and the Storage Account, but operations and transactions involving special drawing rights shall be managed by the Special Drawing Rights Administration.
Objectives
The objectives of the International Monetary Fund shall be:
I. Promote international monetary synergies by a permanent institution to ensure a mechanism for consultation and cooperation on international monetary issues.
II. Facilitate the expansion and balanced growth of international trade, thereby contributing to the promotion and maintenance of a high level of employment and real income, as well as to the development of the production resources of all members as primary economic policy objectives.
III. Promote exchange-rate stability, maintain proper exchange-rate arrangements between members and face competitive currency depreciation.
IV. To assist in the establishment of a multilateral payment system for current transactions between members and in the removal of foreign exchange restrictions which prevent the development of world trade.
V. To give members confidence by making the Fund's general resources temporarily available to them, with reasonable certainty, and thus to give them the opportunity to correct disturbances in balance of payments without recourse to measures harmful to national or international prosperity.
VI. In accordance with what has been stated, shorten the duration and mitigate the degree of imbalance in the international balance of payments of members.
The Fund shall follow the objectives set out in this Article in each of its deliberations and decisions.
Composition
The original members of the Fund will be the states represented at the Monetary and Financial Conference of the United Nations, their governments will accept membership before 31 December 1945.
Membership shall be open to other countries at a time and under conditions which may be determined by the Governing Council. These conditions, including those for subscription, shall be based on principles consistent with those applied to other countries which are already members.
Quotas and registrations
Each member shall be given a quota expressed in special drawing rights. The quotas of the members represented at the Monetary and Financial Conference of the United Nations, who will accept membership before 31 December 1945, shall be set at the level set out in Annex A. The quotas of the other members shall be determined by the Governing Board. The subscription of each member shall be equal to its quota and shall be paid in full to the FUND at the appropriate deposit point.
(a) During periods of no more than five years, the Board of Governors shall carry out an overall review of the members' quotas and, if deemed appropriate, propose their adjustment. It may also, if it considers it appropriate, consider, in any other form, adjusting the individual quota at the request of the Member concerned.
(b) The Fund may at any time propose an increase in the quotas of those members of the Fund who were members on 31 August 1975, in proportion to their quotas on that date, in total, not exceeding the amounts transferred pursuant to Article V (12) (f), (i) and (j) from the Special Payment Account to the General Resources Account.
(c) Any quota change shall require an 80% majority of all votes.
(d) The quota of a member shall not be changed until the member has given his consent and until he has paid, unless the payment is foreseen under Part 3b of this Article.
(a) Any member who agrees to increase his quota in accordance with Part 2a of this Article shall pay the Fund, within the period set by him, 25% of the increase in special drawing rights. However, the Board of Governors may provide that payments may be made on the same basis for all members in whole or in part in the currencies of other members designated by the Fund with their agreement or in the member's own currency. A non-participant shall pay, in the currencies of other members expressly provided for by the Fund and with their agreement, a part of the increase corresponding to the share to be paid by participants in the special drawing rights. The increase balance shall be paid by the member in his own currency. The holding of a Member's currency by the Fund shall not exceed the level at which it would be subject to fees under Article V, Part 8b (II) as a result of payments by other members under this provision.
(b) Any member who agrees to increase his quota in accordance with Part 2b of this Article shall be presumed to have paid the Fund the amount of the subscription corresponding to such an increase.
(c) If a member agrees to reduce his quota, the Fund shall pay the member within 60 days an amount corresponding to the reduction. The payment of the Fund shall be made in the currency of the member and in the amount of the special drawing rights or of the currencies of other designated members with their agreement, in order to avoid any reduction in the holding of the currency by the Fund under the new quota; In exceptional circumstances, however, the Fund may reduce its holding of currency under the new quota by remuneration to a member in its own currency.
(d) A 70% majority of all votes shall be required for any decision referred to in paragraph (a) above, except for the determination of the period and the determination of the currencies referred to in that provision.
The Fund shall accept to the General Resources Account from any member the location of any part of its currency which, according to the judgement of the Fund, is not necessary for its operations and transactions, vouchers or similar bonds, issued by the member or by his depository designated in accordance with Article XIII, Part 2; such depository securities shall be non-negotiable, interest-free and payable at their nominal value on demand by crediting the Fund account at the designated depository. This part shall apply not only to the currency subscribed by the members but also to any currency otherwise owed to the Fund or otherwise acquired by it and designated for the benefit of the General Resources Account.
Liabilities in relation to exchange rate systems
In recognition of the fact that the central mission of the international monetary system is to create a mechanism that facilitates the exchange of goods, services and capital between countries and promotes sound economic growth, and that the main aim is the continuous development of the proper basic conditions necessary for financial and economic stability, each member undertakes to cooperate with the Fund and with other members to ensure proper exchange systems and to promote a stable system of exchange rates. Each member shall in particular:
I. will, taking due account of its conditions, endeavour to focus its economic and financial policy in such a way as to promote sound economic growth with adequate price stability;
II. Care will be taken to promote stability by strengthening the proper basic economic and financial conditions and the monetary system, which would not lead to accidental disturbances;
III. Avoiding manipulation of foreign exchange rates or international monetary system to prevent effective balance of payments correction or to benefit from unfair competition at the expense of other members; and
IV. implement foreign exchange policy in accordance with the commitments under this Part.
(a) Each member shall notify the Fund within 30 days of the date of the second adaptation of this Agreement of the exchange rate system which it intends to apply in order to meet the obligations under Part 1 of this Article and shall notify without delay any changes in its exchange rate system.
(b) Depending on the nature of the international monetary system as prevailed on 1 January 1976, exchange rate systems may include:
I. the maintenance of the currency of the member and, at his choice, in relation to specific drawing rights or to a different general denominator other than gold; or
II. a common system which members maintain the value of their currencies in relation to the value of the currency or currencies of other members; or
III. Other course arrangement at the choice of the member.
(c) In line with the development of the international monetary system, the Fund may, by a majority of eighty-five per cent of all votes, adopt measures on the general exchange rate arrangement without limiting the right of members to the exchange rate system at their choice, corresponding to the objectives of the Fund and to the commitments referred to in Part 1 of this Article.
(a) The Fund shall supervise the international monetary system to ensure its effectiveness as well as how each member deals with its obligations under Part 1 of this Article.
(b) In order to fulfil its functions under paragraph (a) above, the Fund shall exercise sound supervision of the foreign exchange rate policy of the members and shall adopt the necessary principles in this respect as a directive for all members. Each member shall provide the Fund with the necessary information for such supervision and, at the request of the Fund, shall discuss course policy issues with it. The principles adopted by the Fund will correspond to a common arrangement whereby members maintain the value of their currencies in relation to the values of the currency or currencies of other members, as well as any other exchange rate arrangement at the choice of the member, corresponding to the objectives of the Fund and Part 1 of this Article. The principles will respect the internal social and overall policies of the members and the Fund will take due account of the conditions of the members when applying them.
The Fund may decide by an 80% majority of all votes that international economic conditions allow the introduction of a widely applied system of exchange rate arrangements consisting of permanent but adjustable parities. The Fund shall take such a decision on the basis of the proper stability of the world economy, taking into account the price movements and pace of the development of member economies. The decision shall be taken taking into account developments in the international monetary system - with particular regard to liquidity sources and in order to ensure the efficient functioning of the parity system, as well as the arrangements under which members, both with excess capacity and balance of payments deficits, will take a decisive, efficient and proportionate measure to achieve a balance, as well as on the basis of the intervention arrangements and the imbalance procedure. Upon adoption of such a decision, the Fund shall notify the members that the provisions of Annex C apply.
(a) In the case of a member's action in respect of the currency referred to in this Article, it shall be deemed to apply to the individual currencies of all territories against which a member has adopted this Agreement pursuant to Article XXXI, Part 2g, unless the member declares that such action applies either to the currency of the parent territory or to only one or more of the specified special currencies or to the currency of the parent territory or to one or more of those specific currencies.
(b) When negotiating the Fund under this Article, it shall be deemed to cover all the currencies of a member under the previous paragraph (a), unless the Fund declares otherwise.
Operations and transactions of the Fund
Each member shall deal with the Fund only through its Ministry of Finance, the Central Bank, the Stability Fund or other similar financial institutions and the Fund shall only deal with or through these institutions.
(a) Unless otherwise provided for in this Agreement, transactions on behalf of the Fund shall be limited to those to be provided to the member at his initiative by the general resources of the Special Drawing Rights Fund or the currency of other members held at the General Resources Account by exchange for the currency of the member requesting redemption.
(b) The Fund may decide, on request, to provide financial and technical services, including the management of resources contributed by members, provided that this is in line with the objectives of the Fund. Operations included in such financial services shall not be included in the account of the Fund.
The services referred to in this paragraph shall not give a member any obligation unless he has given his consent.
(a) The Fund shall adopt directives on the use of its general resources, including directives for quick-source arrangements or similar agreements, and may adopt specific directives to help members to address their balance of payments problems in a manner consistent with the provisions of this Agreement and to provide adequate guarantees for the temporary use of the Fund's general resources.
(b) A member shall be entitled to purchase the currencies of other members from the Fund for the corresponding amount of its own currency under the following conditions:
I. the use of the Fund's general resources by a member shall be in accordance with the provisions of this Agreement and with the directives issued on their basis;
II. the member shall demonstrate that he or she needs to make a buy-in to address the balance of payments or reserves or their development;
The III. proposed redemption will either be the buy-in of the reserve tranche or will be to such an extent that the currency holding of the member making the buy-in does not exceed two hundred per cent of its quota;
IV. The Fund has not previously obtained a declaration under Part 5 of this Article, under Article VI, Part 1 or Article XXVI, Part 2a) that the member requesting redemption is unable to use the Fund's general resources.
(c) The Fund shall examine the request for redemption in order to determine whether the proposed redemption would be in accordance with the provisions of this Agreement and with the directives adopted to implement it, with no reservations being raised on requests for redemption of the reserve tranche.
(d) the Fund shall adopt directives setting out the procedure for the selection of currencies for sale, taking into account, after consultation with the members, the balance of payments and the reserve position of the members, as well as developments in foreign exchange markets, as well as the desired strengthening of forward-looking positions in the Fund; if a member demonstrates that he proposes to buy the currency of another member because the buyer member wishes to obtain the corresponding amount offered by that additional member for his currency, he shall be entitled to purchase the currency of that additional member, unless the Fund declares under Article VII, Part 3 that the holding of such currency has become deficient.
(e) I. Each member shall ensure that the balances of its currency repurchased from the Fund are those of a freely usable currency, or that they may be exchanged at the time of the redemption for the freely usable currency at its choice and at the exchange rate between those two currencies corresponding to the rate between them on the basis of Article XIX, Part 7a).
II. Any member whose currency is bought or acquired from the Fund by exchange for the currency repurchased from the Fund shall cooperate with the Fund and other members to allow such balances to be exchanged at the time of the redemption for the freely available currencies of the other members.
III. The exchange of a currency that is not freely applicable shall be carried out by a member whose currency is bought unless that member and the purchasing member agree on another procedure.
IV. A buyer from the Fund of a freely usable currency of another member and requesting to exchange it for another freely usable currency shall exchange with another member if that member so wishes. The exchange shall be made for the freely usable currency selected by the other member at the rate specified in point I. at the front.
(f) The Fund may agree, in accordance with approved directives and procedures, to grant special drawing rights instead of the currencies of the other members to the participant making the buy-in under this Part.
The Fund may, at its discretion and under conditions which safeguard its interests, waive any of the conditions laid down in Part 3b (III) and (IV) of this Article, in particular those members known to have avoided the extensive or permanent use of the Fund's general resources. The Fund shall consider the periodic or exceptional requests of the requesting Member when the conditions are waived. The Fund shall also take into account the member's willingness to give, as collateral, acceptable assets which, in the opinion of the Fund, are of sufficient value to protect its interests and may require the pledge of such collateral as a condition for remission.
Whenever the Fund considers that a member uses the Fund's general resources in a manner contrary to its objectives, it shall submit a report of its views to the member and shall set a reasonable time limit for reply. Upon submission of this report, the Fund may limit the use of general resources by that Member. If there is no reply from a member within the prescribed time limit or if the response is unsatisfactory, the Fund may continue to restrict the use of the Fund's general resources or, if it has been adequately notified, declare that it is unfit to use the Fund's general resources.
(a) The Fund may accept special drawing rights offered by the participant for the corresponding amount of currencies of other members.
(b) The Fund may grant the participant special drawing rights at his request for the corresponding amount of the currencies of other members. The holding of a member's currency by the Fund shall not exceed, as a result of such transactions, the level at which holdings would be subject to the fees referred to in Part 8b (II) of this Article.
(c) The currencies provided or accepted by the Fund under this Part shall be selected in accordance with Directives which take into account the principles of Part 3d or 7i of this Article. The Fund may accede to transactions under this Part only if the member whose currency the Fund provides or accepts agrees to such use of its currency.
(a) A member shall be entitled at any time to buy back his or her currency from the holding of the Fund subject to the fees referred to in Part 8b of this Article.
(b) A member who has made a redemption pursuant to Part 3 of this Article shall, as a general rule, be expected to proceed with the repurchase of his currency from the holding of the Fund resulting from the redemption and subject to the fees referred to in Part 8b of this Article as soon as his balance of payments and the reserve situation improve. A member shall proceed with the repurchase of such holdings if, under the repurchase directives adopted by the Fund, he or she declares, after consulting the Fund, that he or she is to proceed with the repurchase of such holdings, as the balance of payments and the reserve situation have improved.
(c) A member who has made a redemption pursuant to Part 3 of this Article shall make the repurchase of his currency on the holding of the Fund resulting from the redemption and subject to the fees referred to in Part 8b of this Article, but not later than five years after the date on which the redemption took place. The Fund may prescribe that the redemption of the member be made in instalments within three to five years of the redemption date. The Fund may amend the buy-back period referred to in this paragraph by an 80% majority of all votes and any period thus adopted shall be applied to all members.
(d) The Fund may adopt, by an 80% majority of all votes, periods different from those referred to in paragraph (c) above, which shall apply equally to all members for the repurchase of holdings of the currency acquired by the Fund under the separate directive on the use of its general resources.
(e) A member shall proceed, in accordance with the directives adopted by the Fund by a 70% majority of all its votes, to the repurchase of his currency from the holding of the Fund, the acquisition of which does not result from redemption and the holding shall be subject to the fees referred to in Part 8b (II) of this Article.
(f) a decision providing that, under the Fund's General Resources Directive, the repurchase period referred to in the previous paragraphs (c) or (d) will be shorter than that provided for in that Directive, shall apply only to holdings acquired by the Fund after the date of application of such a decision.
(g) At the request of a member, the Fund may defer the maturity date of the repurchase obligation, but not beyond the limit of the time limits referred to in paragraphs (c) or (d) above or under the directives adopted by the Fund pursuant to paragraph (e) above, unless the Fund decides by a 70% majority of all votes that a longer redemption period corresponding to the temporary use of the Fund's general resources is justified because the settlement of the commitment on the due date would give the member particular difficulties.
(h) The Directives of the Fund referred to in Part 3d of this Article may be supplemented by a provision whereby the Fund may, after consulting a member, decide to sell its holdings of the currency of that Member which has not been repurchase in accordance with this Part 7, without prejudice to any other measures to which the Fund may accede under any other provision of this Agreement.
(i) All redemptions under this Part shall be reimbursed by special drawing rights or by currencies of other members designated by the Fund. As regards the currencies to be used by members in the repurchase process, the Fund shall adopt directives and rules on the procedure to take account of the principles in Part 3d of this Article. The holding of the currency of a member of the Fund used for repurchase shall not exceed the level at which it would be subject to the fees referred to in Part 8b (II) of this Article.
(j) I. If the currency of a member expressly designated in accordance with paragraph (i) is not a freely usable currency, that member shall ensure that it can be acquired at the time of such redemption by a member's freely usable currency, at the choice of the member whose currency has been included in the designated currency. The currency exchange under this measure shall take place at the exchange rate between the two currencies corresponding to the exchange rate between them on the basis of Article XIX (7a).
(k) II. Any member whose currency has been designated by the Redemption Fund will cooperate with the Fund and other members to enable those members who make the buy-back purchase to obtain the designated currency for the freely available currencies of other members at the time of the buy-back.
III. The exchange referred to in paragraph (j) (I) above shall be carried out with the member whose currency is intended to do so, unless that member and the member carrying out the repurchase transaction agree to a different procedure.
IV. If, at the time of the buy-back, a redemption member wishes to obtain the freely usable currency of the next member designated by the Fund in accordance with paragraph (i) above, it shall receive from that other member, if requested by another member, as a freely usable currency at the rate covered by paragraph (j) (I) at the front. The Fund may lay down provisions on the free currency to be exchanged.
(a) I. The Fund shall impose a handling fee on a member when buying special drawing rights or the currency of another member from the General Resources Account for his own currency, whereby the Fund may provide for a lower handling fee for buyout under the reserve tranche than for other purchases. The administrative fee to buy up the reserve tranche does not exceed half a percent.
II. The Fund may impose a fee on quick-source arrangements or similar agreements. The Fund may decide to offset the arrangement fee by an administrative charge imposed under the preceding paragraph (I) in respect of purchases under the arrangement.
(b) The Fund shall impose charges on its average daily balances of a member's currency at the General Resources Account in the following cases:
I. have been obtained under the Directives applicable to the cases of exclusion referred to in Article XXX (c); or
II. They exceed the amount of the member's quota after the exclusion of any balances covered by the previous paragraph (I).
The fee rates will normally be increased in time zones for the duration of the holding of balances.
(c) If a member does not make the redemption required under Part 7 of this Article, the Fund may, after negotiating with him to reduce its holding of its currency, impose such fees on its holding of the member's currency for which the repurchase was to take place as it considers appropriate.
(d) A decision on the rates of fees referred to in paragraphs (a) and (b) above, which shall be uniform for all members and in accordance with paragraph (c) above, shall require a 70% majority of all votes.
(e) The member shall pay all fees in special drawing rights, in which case the Fund may authorise the member to adjust the fees in the currencies of other members, as determined by the Fund after consulting them or in its own currency, in exceptional cases. In so doing, the holding of a Member's currency by the Fund does not exceed, for reasons of pay under this measure, the level at which it would already be subject to the fees referred to in (b) (II) above.
(a) The Fund shall pay the remuneration for the amount by which the percentage of the quota prescribed under the following paragraphs (b) and (c) exceeds the average daily balances of the member's currency held by the Fund at the General Resources Account, not including balances obtained under the Directives which result in their exclusion under Article XXX (c). The remuneration rate fixed by the Fund by a majority of 70% of all votes shall be the same for all members and shall not be higher than the interest rate referred to in Article XX, Part 3, but not less than four fifths of that interest rate. In determining the remuneration rate, the Fund shall take into account the fees referred to in Part 8b of this Article V.
(b) The percentage of the quota applied for the purposes of paragraph (a) shall be as follows:
I. for each member who has become a member before the second amendment of this Agreement, the percentage of the quota corresponding to seventy-five percent of its quota at the date of the second amendment of the Agreement, and for each member who has become a member after the second amendment of the Agreement, the percentage of the quota calculated as a percentage of the sum of the amounts applying to the other members on the date on which the membership of that member began and the sum of the quotas of the other members on the same date; plus
II. the amounts paid to the Fund in the currency or in the special drawing rights referred to in Article III (3a) at the front from the date determined in accordance with paragraph (b) (I); minus
III. Amounts received from the Fund in the currency or in the special drawing rights referred to in Article III, Part 3c) from the date specified in (b) (I) above.
(c) The Fund may, on the basis of a decision of 70% of the total vote, increase each member's current percentage of the quota applied for the purposes referred to in paragraph (a).
I. up to a percentage not exceeding 100% to be fixed for each member on the basis of the same criteria for all members; or
II. Up to 100 percent for all members.
(d) The remuneration shall be paid in the special drawing rights unless the Fund or a member decides to pay a member in its own currency.
(a) The value of the assets of the Fund in the General Administration accounts shall be expressed in special drawing rights.
(b) All calculations relating to the currencies of members in the application of the provisions of this Agreement, with the exception of Article IV and Annex C, shall be carried out on the courses under which the Fund shall settle those currencies in accordance with Part 11 of this Article.
(c) The calculation of the amounts of the currency relating to the quota for the application of this Agreement shall not include the currency that is in the Special Pay Account or the Storage Account.
(a) The value of members' currencies at the General Resources Account shall be maintained in accordance with the foreign exchange rates referred to in Article XIX (7a).
(b) The adjustment of the currency of the member held by the Fund shall be made in accordance with this Part in cases where that currency is used in an operation or transaction between the Fund and another member and where the Fund can decide or request a member. Reimbursements by the Fund or the Fund under such arrangements shall be made within a reasonable period of time following the adjustment date as decided by the Fund and at any other time at the request of a member.
(a) In all its directives and decisions under this Part, the Fund shall be guided by the objectives set out in Article VIII, Part 7, and shall aim to prevent the management of the price of gold on the market or to determine its fixed price.
(b) Decisions of the Fund on participation in operations or transactions referred to in paragraphs (c), (d) and (e) shall be taken on the basis of a majority of 80% of the total vote.
(c) The Fund may sell gold for the currency of any member after consultation with the member whose currency the gold is sold, provided that the holding of the member's currency by the Fund at the General Resources Account does not exceed the level at which the members would be subject to fees under Part 8, b / II of this Article without the consent of the member, and provided that the Fund, at the request of the member of the exchange at the time of sale, does not exceed that level of the acquired currency for the currency of another member in order to prevent such an increase. The exchange of a currency for another member's currency shall be effected after consultation of that member and shall not lead to an increase in the holding of that member with the Fund above the level at which members would be subject to the fees referred to in Part 8, b / II of this Article. From the point of view of exchanges, the Fund shall establish directives and procedures in which it shall take account of the principles applied in Part 7, (I) of this Article. Sales to a member under this measure will be made at the price agreed for each transaction on the basis of market prices.
(d) The Fund may accept from a gold salary member instead of special drawing rights or currency in any operation or transaction under this Agreement. The remuneration of the Fund under this measure shall be at the price agreed for each operation or transaction on the basis of market prices.
(e) The Fund may sell back the gold held by it on the date of the second adaptation of this Agreement to those members who were members at 31 August 1975 and who agree to buy it up, in proportion to their quotas at that date. If the Fund intends to sell back the gold referred to in (c) above for the purpose referred to in (f) (II) below, it may sell to any member of the developing countries wishing to buy it, a part of the gold which, in the case of purchase under (c), would constitute a surplus which could otherwise be allocated to it under (f) (III). The gold which could be sold under this measure to a member who has been declared unfit to use the Fund's general resources under Part 5 of this Article shall not be sold to him until such incapacity has been withdrawn unless the Fund decides to make such a sale earlier. The sale of gold to a member under this paragraph (e) shall be made for its currency and at a price corresponding to 0,888671 grams of pure gold per unit of special drawing rights at the time of sale.
(f) Whenever the Fund sells, pursuant to paragraph (c), gold held by it on the date of the second adaptation of this Agreement, the amount of the proceeds corresponding to the sale date shall be 0,888671 grams of pure gold per unit of the special drawing right to the General Resources Account and, except where the Fund decides otherwise in accordance with paragraph (g) below, any difference shall be made to the Special Payment Account. These assets in the Special Pay Account shall be kept separately from the other General Administration accounts and may be used at any time:
I. transfers to the General Resources Account for immediate use for operations and transactions for which authorisation is given under measures other than those referred to in this Agreement;
II. Operations and transactions for which no authorisation under other measures of this Agreement is given but are in line with the objectives of the Fund. Under this paragraph (f) (II), assistance for balance of payments needs may be granted under specific conditions to members from developing countries who are in a difficult position; for this purpose, the Fund shall take into account the level of per capita income;
The III. Members from developing countries who were members of 31.8.1975 to the allocation in proportion to their quotas of the part of the assets which the Fund decides to use for the purposes referred to in the previous paragraph (II), in accordance with the ratio of the quotas of those members to the total of the quotas of all members at the same date, provided that the allocation under this measure to a member who has been declared unfit to use the Fund's general resources under Part 5 of this Article is made when the incapacity ceases unless the Fund decides to proceed to the allocation earlier.
A decision on the use of assets under paragraph (I) above requires a 70% majority of all votes and decisions under (II) and (III) an 80% majority of all votes.
(g) The Fund may decide by an 80% majority of all votes that part of the difference covered by paragraph (f) above shall be transferred to the Storage Account in accordance with Article XII (6) (f).
(h) Pending the application referred to in paragraph (f), the Fund may deposit the currency of a member which it holds in the Special Expense Account in the marketable bonds of that member or in marketable bonds of international financial organisations. The revenue from such an investment and the interest received under (f) (II) above shall be entered in the Special Payment Account. No deposit of such funds shall take place without the consent of the member whose currency is used for the intended investment. The Fund will only invest in bonds in special drawing rights or in the currency used to do so.
(i) For the administrative expenses of the Special Account paid by the General Resources Account, the General Resources Account shall be covered from time to time by a transfer from the Special Account based on a reasonable estimate of such expenditure.
(j) A special payment account shall be closed in the event of the liquidation of the Fund and may be closed before the liquidation of the Fund by decision of a majority of 70% of all votes. When an account is closed due to the liquidation of the Fund, any assets in that account shall be distributed in accordance with the provisions of Annex K. When it is closed before the Fund is liquidated, it will be used immediately for operations and transactions. The Fund may adopt rules and regulations for the management of the Special Pay Account by a 70% majority of all votes.
Capital transfers
(a) A member may not use the Fund's general resources to cover a large or permanent capital spill, with the exception of the provisions of Part 2 of this Article, and the Fund may invite a member to prevent such use of the Fund's general resources by exercising supervision. If a member fails to apply appropriate control measures after receiving such a call, the Fund may declare him unfit to use the Fund's general resources.
(b) Nothing in this section shall lead to the interpretation that:
I. prevent the use of the Fund's general resources for capital transactions of an appropriate scale needed for export development or for the normal course of business, banking or other such activity, or
II. to operate on capital movements which are paid from the member's own resources, but the members undertake to comply with the Fund's objectives.
The member shall be entitled to proceed with the repurchase of the reserve tranche to cover capital transfers.
Members may exercise such control as is necessary to adjust international capital movements, but no member may exercise such control in such a way as to limit salaries for ordinary transactions or to unduly delay transfers to offset liabilities with the exception of Articles VII, 3b and XIV, Part 2.
Addition of currencies and shortages
If the Fund considers it appropriate to supplement its holding of the currency of any member at the General Resources Account, it may take some or both of the following measures:
I. to propose to a member to lend his or her currency to the Fund on the assumptions and conditions agreed between the Fund and a member, or to borrow such currency from another source, either within or outside the territory of the member, but no member is obliged to grant such loans to the Fund or to agree to the Fund to borrow its currency from any other source;
II. Request that a member, if a participant, sell his currency to the Fund for special drawing rights from the General Resources Account in accordance with Article XIX, Part 4. When supplementing resources in special drawing rights, the Fund shall pay due attention to the principles on the designation of designs under Article XIX, Part 5.
If the Fund finds that a general lack of a particular currency is being created, it may notify the members and issue a report indicating the causes of the shortfall and containing recommendations on how to remove it. The representative of the member whose currency is concerned shall participate in the preparation of the report.
(a) If the Fund becomes clear that the demand for the currency of a member seriously endangers the Fund's ability to procure that currency, the Fund shall officially, whether or not it has issued a report under Part 2 of this Article, declare such a currency to be deficient and shall, in future, allocate its rapid and complementary stock of the shortfall currency with due regard to the relative needs of the members, the general international economic situation and any other important circumstances. The Fund shall also report on its progress.
(b) The formal declaration referred to in paragraph (a) above shall act as authorising any member to temporarily limit the freedom of foreign exchange operations in insufficient currency after consulting the Fund. Without prejudice to the provisions of Article IV and Annex C, the member shall have full freedom in determining the type of such restrictions; However, such restrictions shall not exceed the necessary level to limit the supply demand for the shortfall currency held by or associated with the relevant member; the restriction shall be released and cancelled as soon as the conditions permit.
(c) The mandate referred to in paragraph (b) above shall cease whenever the Fund officially declares that the currency in question is no longer considered to be insufficient.
Any member which imposes restrictions on the currency of any other member under the provisions of Part 3b of this Article shall take into account the objections of another member concerning the implementation of such restrictions.
Members agree not to invoke obligations under conventions concluded before this Agreement with another member in such a way as to prevent the application of the provisions of this Article.
General commitments of members
In addition to the commitments entered into under the other Articles of this Agreement, each member shall be subject to the obligations laid down in this Article.
(a) Without prejudice to the provisions of Articles VII, Part 3b and XIV, Part 2, no member shall impose restrictions on salaries and transfers in ordinary international transactions without the consent of the Fund.
(b) The conclusion of foreign exchange contracts relating to the currency of any member and contrary to the provisions of the foreign exchange management of that member, maintained in force or introduced in accordance with this Agreement, may not be enforced in the territory of any of the members. In addition, members may cooperate in mutual agreement on measures to improve the effectiveness of the foreign exchange management rules of any member, provided that such measures and arrangements comply with this Agreement.
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Regulation Information
| Citation | Communication by the Management Board, the Federal Ministry of Foreign Affairs, the INTERNATIONAL BANK FOR REVENUE AND DEVELOPMENT No 500 / 1992 Coll., on access by the Czech and Slovak Federal Republic to the Agreement on the International Monetary Fund, the Agreement on the International Bank for Reconstruction and Development, the Agreement on the International Financial Corporation, the Agreement on the International Development Association and the Agreement on the Multilateral Investment Guarantee Agency |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 06.11.1992 |
|---|---|
| Effective from | 20.09.1990 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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