Agreement No. 68 / 1946 Coll.
Agreement on the International Monetary Fund
Valid
Effective from 19.12.1945
Contents
Článek I.
Článek II.
Část I.
Část II.
Článek III.
Část I.
Část 2.
Část 3.
Část 4.
Část 5.
Článek IV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Článek V.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Článek VI.
Část 1.
Část 2.
Část 3.
Článek VII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek VIII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Článek IX.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek X.
Článek XI.
Část 1.
Část 2.
Článek XII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Článek XIII.
Část 1.
Část 2.
Část 3.
Článek XIV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek XV.
Část 1.
Část 2.
Část 3.
Článek XVI.
Část 1.
Část 2.
Článek XVII.
Článek XVIII.
Článek XIX.
Článek XX.
Část 1.
Část 2.
Část 3.
Část 4.
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68.
Agreement
on the International Monetary Fund.
_
Dr. Edvard Beneš,
THE PRESIDENT OF THE REPUBLIC OF CZECH REPUBLIC,
EVERYTHING,
WHO THIS LIST OF THE NUMBER OR THE READING OF THE BUILDING,
_
NAME OF THE CZECH REPUBLIC,
BELGIUM, BOLIVIA, BRAZILIA, CANADES, CHINA, COSTA RICA, EQUADORA, EGYPTA, HABESHA, FRANCE, GREECE, GUATEMALIA, HONDURAS, ISLAND, INDIA, IRAKA, LUXEMBOURG, NETHERLANDS, NORWAY, PARAGUAYE, FILIPIN, POLAND, SOUTHERLANDS, UNITED KINGDOM AND NORTHERN ITHIA, UNITED STATES OF AMERICS, URUGUAYE AND JUGOSLAVIIA,
RESTAINED ON MONETARY AND FINANCIAL CONFERENCES OF UNITED COUNTRIES IN BRETTON WOODS, THE FOLLOWING AGREEMENT WITH THE ANNEXES WAS AGREED ON 22 JULY 1944:
(Translation)
ARTICLE OF THE AGREEMENT
O
INTERNATIONAL MONETARY FUND.
Governments on whose behalf this Agreement is signed have agreed as follows:
INTRODUCTORY ARTICLE
The International Monetary Fund shall be established and shall operate under the following provisions:
PURPOSE.
The purpose of the International Monetary Fund shall be:
(I) Promote international monetary synergies through a permanent institution which will take care of the institution for advice and cooperation in international monetary problems.
(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 sources of production of all members, the fundamental objectives of economic policy.
(III) Promote exchange rate stability, maintain proper exchange rate arrangements between members and prevent competitive currency depreciation.
(IV) Aided in setting up a multilateral payment system for ordinary transactions between members and in removing such foreign exchange restrictions that impede the development of international trade.
(V) To give members confidence by making the Fund available to them under adequate safeguards, giving them the opportunity to remedy irregularities in their balance of payments without recourse to measures harmful to national and international welfare.
(VI) It agrees with what has been mentioned to shorten and reduce imbalances in the international balance of payments of members.
The Fund shall be governed by the purpose set out in this Article in all decisions.
MAN.
Original members.
The initial members of the Fund shall be those States which are represented at the Monetary and Financial Conference of the United Nations and whose governments accept membership before the date referred to in Article XX (2) (e).
Other members.
Membership will be accessible to governments of other countries at the time and under the conditions prescribed by the Fund.
QUOTS AND TIMES.
Quotas.
Each member will be assigned a flower. Quotas of members who are represented at the Monetary and Financial Conference of the United Nations and accept membership before the date referred to in Article XX (2) (e) shall be as set out in Annex A. Quotas of other members shall be defined by the Fund.
Modifying quot.
The Fund shall examine every five years the flowering of its members and, if it finds it appropriate, propose their adjustment. It may also, if it considers it appropriate, consider any other modification of any individual flower at the request of the relevant member. A four-fifths majority of all votes shall be required for any change in the flower and no quorum shall be changed without the consent of the relevant member.
Subscriptions: time, place and method of payment.
(a) The subscription of each member shall be equal to the amount of the fund and shall be paid in full at the appropriate deposit point on or before the date on which, pursuant to Article XX (4) (c) or (d), the member becomes entitled to purchase from the Fund of an individual currency.
(b) Each member shall pay in gold as the minimum of the following two amounts:
(I) either twenty-five percent of its flower, or
(II) Ten per cent of its net official holdings of gold and US dollars on the date on which the Fund notifies a member pursuant to Article XX (4) (a) that it will soon be able to take account of monetary transactions.
Each member shall: The fund needed data to determine its net official possession of gold and US dollars.
(c) Each member shall pay the remainder of its flower in its own currency.
(d) If any member is unable to identify his or her net official possession of gold and US dollars on the date mentioned under (b) (II), since his or her territory was occupied by the enemy, the Fund shall determine another appropriate date for determining such possession. If this date is later than the one in which the country becomes eligible to purchase the currency from the Fund pursuant to Article XX, Part 4 (c) or (d), the Fund and the member shall agree on the interim payment in gold in accordance with the higher (b) and the remainder of the member's subscription shall be paid in its currency, provided that the appropriate arrangements between the member and the Fund are made after the determination of net official holdings.
Salaries when you change your mind.
(a) Any member who gives his consent to increase his flowering shall pay the Fund within 30 days of the date on which he expressed his consent, 25% of the increase in gold and the rest in his own currency. However, if, on the day on which a member agrees to an increase, its monetary reserves were lower than its new exchange rate, the Fund may reduce the amount of the increase to be paid in gold.
(b) If a member agrees to reduce his or her flowering, the Fund shall pay the member within 30 days of the date on which the member has given his or her consent an amount equal to the reduction. Payment will be made in the currency of the member and of the amount of gold so that the Fund does not remain less than 75% of the member's currency's holding of the new flower.
Replacement of currency securities.
Any part of the member's currency which, in the opinion of the Fund, is not required for its operations, the Fund shall accept from any member its own notes or similar bonds, issued by a member or by a deposit office designated by the member in accordance with Article XIII, Part 2. Such securities shall be non-transferable, free of interest and shall be paid in parity upon request by crediting the Fund of the amount in question to good at the designated storage place. This part applies not only to the currency subscribed by the members, but also to any currency otherwise due to the Fund or acquired by it.
_
A parity statement.
(a) The parity of each member's currency will be expressed in gold as a common denominator or in US dollars of the weight and purity that they had on 1 July 1944.
(b) All calculations relating to the currencies of members for the application of the provisions of this Agreement shall be made on the basis of these parities.
Gold purchases on the basis of parities.
For member gold transactions, the Fund shall prescribe the margin over and below the parity, and no member shall purchase gold at a price higher than that given by the parity after adding the prescribed margin or selling gold at a price lower than that given by the parity after deduction of the prescribed margin.
Devis transactions based on parity.
Maximum and minimum rates for exchange transactions in the currencies of members that are carried out within their territory may not deviate from parity
(I) for spot foreign exchange transactions by more than one percent; and
(II) For other foreign exchange transactions relating to margin that exceeds the margin for immediate foreign exchange transactions by more than the Fund considers appropriate.
The commitments of the parties to exchange rate stability.
(a) Each member undertakes to work together with the Fund to promote exchange-rate stability, to maintain proper exchange-rate arrangements with other members and to prevent competitive foreign-exchange changes.
(b) Each member undertakes to allow, by appropriate measures in agreement with this Agreement, foreign exchange transactions between its currency and the currencies of the other members within the limits laid down in Part 3 of this Article. A member whose monetary authorities actually buy and sell gold freely within the limits of the Fund prescribed under Part 2 of this Article to cover international transactions shall be deemed to fulfil this obligation.
Parity changes.
(a) A member shall not propose to change the parity of his currency except to correct the fundamental imbalance.
b) A change in the parity of a member's currency can only happen on the proposal of a member and only after consultation with the Fund.
(c) Where an amendment is proposed, the Fund shall first consider any changes already made to the initial parity of the member's currency as provided for in Article XX, Part 4. If the proposed amendment, together with earlier amendments, is an increase or a reduction,
(I) does not exceed 10 per cent of the initial parity; the Fund shall not raise objections;
(II) does not exceed a further ten per cent of the initial parity, the Fund may either agree or raise objections, but must express itself within 72 hours if a member so requires;
(III) is not within the limits of the higher (I) and (II), the Fund may either agree or object, but shall be entitled to make its observations within a longer period.
(d) Uniform changes to parities made in accordance with Part 7 of this Article shall not be taken into account when deciding whether the proposed amendment falls within the higher (I), (II) or (III) (c).
(e) A member may change the parity of its currency without the approval of the Fund if the change does not affect the international transactions of the members of the Fund.
(f) The Fund shall agree to the proposed amendment, which shall be within the limits of the conditions laid down above under (c) (II) or (III) if it is satisfied that such change is necessary to correct the fundamental imbalances. If this is the case, it will not object to the proposed change in particular if it is done in accordance with the domestic social or political directives of the member proposing the change.
The result of unapproved changes.
If a member changes the parity of his currency through the objection of the Fund, if that member is entitled to it, he shall become unfit to use the Fund's funds, unless the Fund decides otherwise; if, after a reasonable period of time, the conflict between the Member and the Fund persists, the whole case shall be subject to the provisions of Article XV. Part 2 (b).
Uniform changes to parities.
Notwithstanding the provisions of Part 5 (b) of this Article, the Fund may, by a majority of all votes, make a single proportional change in the rates of the currencies of all members, provided that each such change is approved by each member, having a total of 10% or more of the total quot. However, the member's currency parity will not be changed within the meaning of this provision if, within 72 hours of the Fund's taking this step, the member informs the Fund that he does not wish that his currency's parity should be changed by such action.
Maintaining the gold value of the Fund's assets.
(a) The gold value of the assets of the Fund shall be maintained without account being taken of changes in the parity value or exchange rate of any member.
(b) Whenever (I) the parity of a member's currency is reduced, or (II) whenever, according to the Fund's view, the foreign value of the member's currency falls significantly in its territory, a member of the Fund shall, within a reasonable period of time, pay an amount in its own currency corresponding to a reduction in the gold value of its currency held by the Fund.
(c) Whenever the parity of a member's currency rises, the Fund shall, within a reasonable period of time, return to that member an amount equivalent to the increased gold value of his currency held by the Fund.
(d) The provisions of this Part shall apply to a uniform change in the rates of the members' parity, unless, at the time such a change is proposed, the Fund decides otherwise.
Special currencies in the territory of a member.
A member proposing a change in the parity of his or her currency will be deemed - but he or she would say otherwise - to propose an appropriate change in the parity of the special currencies of all the territories in respect of which he / she has accepted this arrangement under Article XX, Part 2 (g). However, a member may declare that his or her proposal concerns either the currency of the parent territory or only one or more of the currencies specifically mentioned.
TRANSACTIONS WITH FUND.
Institutions dealing with the Fund.
Each member will only deal with the Fund through its Ministry of Finance, the Central Bank, the Stability Fund, or other similar fiscal institutions, and the Fund will only deal with or through the same institutions.
Restrictions on Fund operations.
Except in cases where there are other provisions in this Agreement, operations carried out on behalf of the Fund shall be limited to transactions whereby the member is to be provided with the currency of another member in exchange for gold or for the currency of the member who wishes to make the purchase.
Conditions of use of the Fund.
(a) A member shall be entitled to purchase the currency of another member from the Fund for his own currency under the following conditions:
(I) A member wishing to buy a currency shall state that he now needs it to perform in that currency the salaries which are in agreement with the provisions of this Agreement;
(II) The Fund has not notified pursuant to Article VII, Part 3, that its stock of the requested currency has become scarce;
(III) The intended purchase would not cause the Fund to increase the holding of the buyer member's currency by more than twenty-five percent of its flowering during the 12 months preceding the purchase date or exceeding two hundred percent of its flowering. Twenty-five% of the limit would apply to the extent that the amount of member's currency held by the Fund would exceed 75% of its quality, if below that level.
(IV) The Fund has not previously declared under Part 5 of this Article; Article IV, Part 6; Article VI, Part 1 or Article XV, Part 2 (a), that a member wishing to purchase is not eligible for the Fund.
(b) A member shall not be authorised to use its funds to acquire currency for forward transactions without the authorisation of the Fund.
Permit the terms.
The Fund may, at its discretion and under conditions which safeguard its interests, waive any of the conditions laid down in Part 3 (a) of this Article, in particular as regards members who have avoided significant or permanent use of the Fund funds. When the Fund passes, it shall consider the periodic or exceptional requests of the requesting Member. The Fund shall also consider the willingness of a member to give collateral as collateral for gold, silver, securities or other acceptable assets, with sufficient value in the Fund's view to protect his interests, and may require, as a condition of remission, that such collateral be pledged.
Inability to use Fund funds.
Whenever the Fund considers that a member uses the Fund in a way contrary to its purpose, it shall submit a report on the Fund's 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 its resources by a member. If there is no reply from a member or if the answer is not satisfactory, the Fund may continue to restrict the member's use of the Fund's funds or, as appropriate, notify the member accordingly, declare him unfit to use the Fund's funds.
Buying currency for gold from the Fund.
(a) Any member wishing to acquire directly or indirectly the currency of another member for gold shall acquire it by selling gold to the Fund, provided that it is equally advantageous to him.
(b) The provisions of this Part shall not prevent any member from selling in any market gold newly extracted in mines in its territories.
Member's redemption of currencies held by the Fund.
(a) A member may buy back from the Fund and the Fund shall sell to him for gold any part of his currency held by the Fund over his quorum.
(b) By the end of each financial year of the Fund, a member shall purchase from him, either for gold or for an convertible currency as set out in Annex B, part of his currency held by the Fund under the following conditions:
(I) Each member shall apply to the purchase of its own currency by the Fund of such part of its currency reserves, which is equal to half of any increase made during the year in the amount of the member's currency held by the Fund, plus half of any increase or minus half of any reduction made during the year in the currency reserves of the member. This rule does not apply if, during the year, the member's currency reserves have fallen more than the stock of the member's currency held by the Fund has increased.
(II) If, after the redemption described in the preceding (I), (if required), the amount of another member's currency held (or gold acquired from that member) is found to increase by transactions in that currency with other members or persons in their territories, the member whose holding of such currency (or gold) has increased in such a way, he shall use that increase to purchase his own currency from the Fund.
(c) None of the modifications described in (b) above shall be made so far as:
(I) the member's currency reserves have fallen below his or her flower; or
(II) the quantity of its currency held by the Fund has fallen below seventy-five percent of its flower, or
(III) the quantity of any currency held by the Fund, necessary for use, has increased above seventy-five per cent of the member's quorum.
Charges.
(a) Each member buying another member's currency from the Fund in exchange for its own currency shall, in addition to the parity price, pay a handling fee of three quarters of a percentage, uniform for all members. The Fund may, at its discretion, increase this handling fee but not above one percent or reduce it but not below half a percent.
(b) The Fund may levy an appropriate handling fee on each member of the Buyer of Gold from the Fund or the Seller of Gold.
(c) The Fund shall levy a uniform fee for all members paid by any member of the average daily balance of its currency held by the Fund, if it exceeds the rate. These fees will be paid at the following rates:
(I) Of the amounts not exceeding 25% of the flowering rate: no charge for the first three months, half a percentage per year for the following nine months; and then increase the fee by half a percent for each following year.
(II) Of the amounts of more than 25% and not more than 50% of flowering: another half percent for the first year and another half percent for each following year.
(III) For every further 25% above the flower: another half percent for the first year and another half percent for every following year.
(d) If the Fund holds so much of its member's currency that the fee applicable to any scale during any period of time reaches a rate of 4% per year, the Fund and the Member shall consider means such as to reduce the amount of currency held by the Fund. Thereafter, the fees will increase in agreement with the higher provisions (c) when they reach five percent, or - if no agreement has been reached - the Fund may then impose charges which it considers appropriate.
(e) The rates listed above under (c) and (d) may be changed by a three-quarter majority of all votes.
f) All fees will be paid in gold. However, if a member's currency reserves are less than half of his or her May, the member of the gold shall only pay the amount of the fees due as a result of the ratio of those reserves to half of his or her May, the remainder shall then pay in his or her own currency.
CAPITAL TRANSFER.
Use of the Fund for capital transfers.
(a) A member may not use Fund funds to cover significant or permanent capital losses and the Fund may invite a member to supervise that use of Fund funds is prevented. If, after receiving such a call, a member has taken appropriate control measures, the Fund may declare him unfit to use the Fund's funds.
(b) Nothing in this part should be deemed to have:
(I) prevent the use of the Fund's funds for capital transactions of a reasonable scale, needed to expand exports, or for the normal course of trade, banking or other disciplines; or
(II) the effect on capital movements which are borne by members' own funds of gold and foreign currency. However, the members undertake that such movements of capital will take place in agreement with the Fund's purpose.
Specific provisions for capital transfers.
If the amount of the member's currency held by the Fund remains below seventy-five percent of the member's flowering after the immediate preceding period of at least six months, the member shall be declared unfit to use the Fund under Part 1 of this Article; Article IV, Part 6; Article V, Part 5 or Article XV, Part 2 (a), may, notwithstanding the provisions of Part 1 of this Article, purchase the currency of another member from the Fund as his own currency for any purpose, including capital transfers. However, purchases for capital transfers under this Part may not be allowed if the Fund has the currencies of the member wishing to purchase more than 75% of its May or the currencies required by less than 75% of the member whose currency is requested.
Capital transfer control.
Members may exercise such control as is necessary to adjust international capital transfers, but no member may exercise such control in such a way as to limit salaries for ordinary transactions or to unduly delay transfers of funds to offset liabilities, except for the provisions of Articles VII, 3 (b) and XIV, Part 2.
_
General currency shortages.
If the Fund finds that there is a general lack of a particular currency, it may notify members and issue a report indicating the causes of the shortfall and containing recommendations on how to remove it. A representative of the member whose currency is concerned shall participate in the preparation of this report.
Measures to supplement the rare currencies held by the Fund.
If the Fund considers it appropriate to supplement the currency of any member in its possession, it may take one or both of the following measures:
(I) To propose to a member that, under the assumptions and conditions agreed between the Fund and a member, he or she borrow his or her currency or that the Fund borrow such currency from another source, either within or outside the territory of a member, but no member is obliged to grant such a loan to the Fund or approve the Fund in order to borrow its currency from another source.
(II) Requests for a member to sell its currency for gold.
Insufficient currency stocks of the Fund.
(a) If it becomes clear to the Fund that the demand for a member's currency seriously threatens the Fund's ability to deliver this currency, the Fund shall officially declare - whether it has issued or has not issued a report under Part 1 of this Article - such a currency as rare and shall, from this point on, allocate its rapid and increasing stock of rare currency with due regard to the relative needs of its members to the general international economic situation and to all other important circumstances. The Fund shall also report on its action.
(b) The formal declaration referred to in paragraph (a) shall act as an authorisation of any member to temporarily limit the freedom of foreign exchange operations in a rare currency after consulting the Fund. Without prejudice to the provisions of Article IV, Part 3 and Part 4, a member shall have the full power to determine the type of such restrictions, but shall not go further than when it is necessary for the demand for a rare currency to be limited to the stock held by or increasing by the relevant member; the restrictions are to be released and removed as quickly as circumstances permit.
(c) The empowerment referred to in paragraph (b) shall expire whenever the Fund officially declares that the currency in question is no longer rare.
Implementation of restrictions.
Any member imposing restrictions relating to the currency of any other member under the provisions of Part 3 (b) of this Article shall have a friendly consideration of any objection of another member concerning the implementation of such restrictions.
Effect of other international agreements on restrictions.
Members agree not to invoke obligations under conventions concluded before this Agreement with another member in such a way as to prevent the implementation of the provisions of this Article.
GENERAL OBLIGATIONS OF THE MEMBER STATES
Introduction.
In addition to the obligations assumed under the other Articles of this Agreement, each member shall be subject to the obligations referred to in this Article.
Cut-off of normal payments.
(a) Without prejudice to Article VII (3) (b), Article XIV (2), no member may impose restrictions on payments and transfers for normal international transactions without the consent of the Fund.
(b) Foreign exchange contracts relating to the currency of any member which are opposed by the foreign exchange control regulation of that member maintained or imposed in accordance with this Agreement shall not be enforceable in the territory of any member. In addition, members may work together in a mutual agreement on measures by which any member's control foreign exchange measures would become more effective, subject to compliance with this Agreement.
Contents
Článek I.
Článek II.
Část I.
Část II.
Článek III.
Část I.
Část 2.
Část 3.
Část 4.
Část 5.
Článek IV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Článek V.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Článek VI.
Část 1.
Část 2.
Část 3.
Článek VII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek VIII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Článek IX.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Část 9.
Část 10.
Článek X.
Článek XI.
Část 1.
Část 2.
Článek XII.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Část 6.
Část 7.
Část 8.
Článek XIII.
Část 1.
Část 2.
Část 3.
Článek XIV.
Část 1.
Část 2.
Část 3.
Část 4.
Část 5.
Článek XV.
Část 1.
Část 2.
Část 3.
Článek XVI.
Část 1.
Část 2.
Článek XVII.
Článek XVIII.
Článek XIX.
Článek XX.
Část 1.
Část 2.
Část 3.
Část 4.
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Regulation Information
| Citation | Agreement No. 68 / 1946 Coll., on the International Monetary Fund |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 20.04.1946 |
|---|---|
| Effective from | 19.12.1945 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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