Fund's Concepts of Convertibility
Publication date: January 1971
ISBN: 9781451959154
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Topics covered in this book
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Business and Economics , Banks and Banking , Money and Monetary Policy , PAM , convertibility clause , currency undertaking , currency arrangement , deutsche mark , a number of currency , currency B , currency character , currency convertible , currency liability , currency of a member , exchange transaction , interconvertible currency , member currency , single currency , article VIII , article XIX , Currencies , Currency convertibility , Gold , Exchange rates , Multiple currency practices , Western Europe
Summary
This paper examines the IMF’s concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making of payments and transfers for current international transactions, multiple currency practices, and discriminatory currency arrangements. In addition, a member that has accepted the obligations of Article VIII must convert balances of its currency in certain circumstances when those balances are presented for conversion by the monetary authorities of another member.
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