IMF Staff papers:Volume 16 No. 3

The countries of the Economic Commission for Asia and the Far East (ECAFE) region at the present time have unified exchange systems involving a fixed rate.

Volume/Issue: Volume 1969 Issue 003

Publication date:

ISBN:

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Taxation - General , SP , CMEA country , balance of payments , country , member country , sc , rate of interest , IBEC arrangement , basic balance , Currencies , Capital flows , Consumption taxes , Sales tax , Central America , Australia and New Zealand , Global , West Africa , Middle East , credit facilities , responsibilities of the International Monetary Fund , publications of the fund , preparation of study , Monetary base

Also of interest

IMF Staff Papers, Volume 57, No. 2

IMF Staff Papers, Volume 57, No. 1

IMF Staff Papers, Volume 56, No. 4

IMF Staff Papers, Volume 56, No. 3

Summary

This paper presents a report on existing international banking and credit facilities in the Economic Commission for Asia and the Far East (ECAFE) region. The report presents a background formation on the importance of intraregional trade and payments, the exchange systems of the countries concerned, and banking relationships within the region. Balance of payments statistics of the ECAFE countries are not available in a form that would permit the calculation of intraregional payments for both trade and nontrade transactions. As far as nontrade transactions are concerned, there is reason to believe that the intraregional proportion is low. Although several countries of the ECAFE region have bilateral payments agreements with countries outside the region, especially with Eastern European countries, little of the trade among countries of the region is conducted under bilateral payments agreements. A mandatory system of clearing may be established by mutual agreement of the participating members. Alternatively, each member could retain the freedom to decide whether it would require all transactions to be settled through the clearing union or would leave it to traders to choose what they regard as the most advantageous method of settlement.