Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform
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Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-15
Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-15 with Business & Economics categories.
In February 2019, the Executive Board considered staff’s preliminary proposals for reforming the IMF’s policy on multiple currency practices (MCPs) and supported the majority of the proposals. The Board expressed strong support for re-focusing the policy on official action that segments foreign exchange markets, eliminating the concept of potentiality, and replacing the current fixed two-percent rule for identifying MCPs for spot transactions with a country-specific market-based norm and tolerance margin that would apply uniformly across the membership for both spot and non-spot transactions. The Board also supported staff’s proposals regarding the other elements of the new methodology to identify MCPs, the treatment of illegal parallel markets, excluding broken cross-rates from the scope of the policy, and the linkages with the Institutional View on the Liberalization and Management of Capital Flows. The paper outlines operational considerations to address noncompliance and to ensure a smooth transition. It is proposed to enhance the current cooperative approach to addressing noncompliance by increasing transparency and accountability.
The Acting Chair S Summing Up Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform Executive Board Meeting July 1 2022
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2022-08-08
The Acting Chair S Summing Up Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform Executive Board Meeting July 1 2022 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-08 with Business & Economics categories.
Executive Directors welcomed the opportunity to complete the review of the Fund’s Policy on Multiple Currency Practices (MCPs). They observed that MCPs can be distortionary, create unfair competitive advantage among countries, and hamper trade and investment, particularly over the medium and long term. They agreed that the MCP policy should remain a cornerstone of the Fund’s legal and policy framework to ensure orderly exchange arrangements and a stable system of exchange rates. They welcomed the adjustments to the policy to reflect developments since the last review in the 1980s so that it does not discourage good practices in FX markets and is better aligned with the Fund’s other policies (including the policy on exchange restrictions and the Institutional View on the Liberalization and Management of Capital Flows (IV)), while ensuring that it continues to address policy actions that are considered impermissible under the new policy.
Review Of The Fund S Policy On Multiple Currency Practices
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-10
Review Of The Fund S Policy On Multiple Currency Practices written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-10 with Business & Economics categories.
This paper reviews the Fund’s policy on multiple currency practices (MCPs). There remain strong economic and legal reasons to retain a policy on MCPs. The over-arching aim of the review is to make the policy and its application more effective. Based on this review, the paper proposes initial considerations for reforming features of the policy that have created challenges. • Clarifying the concept of “official action” to focus on measures that segment FX markets. • Eliminating potentiality. • Updating the threshold for permissible FX spreads. • Adjusting approval policies. • Reviewing links with capital transactions. • Considering merits of a remedial framework.
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-06
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-06 with Business & Economics categories.
In July 2022, the Executive Board concluded the review of the Fund’s policy on multiple currency practices (MCPs). The effectiveness date for the new policy was originally envisaged for April 1, 2023 and then delayed to November 1, 2023. Staff proposed and the Board supported an additional extension of the transitional period and a delay of the effectiveness date to February 1, 2024. The extension will allow more time for the authorities to adjust to the new policy and for staff to conduct outreach with stakeholders to raise awareness. Elements of the revised policy which became effective immediately on July 1, 2022 will continue to apply as envisaged during the transitional period.
Guidance Note For The Fund S Policy On Multiple Currency Practices
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-20
Guidance Note For The Fund S Policy On Multiple Currency Practices written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-20 with Business & Economics categories.
This note provides operational guidance to staff on the implementation of the new Fund’s policy on multiple currency practices (MCPs), effective February 1, 2024. The MCP policy is a key element of the Fund’s jurisdiction on exchange rates. The Fund’s Articles of Agreement prohibit member countries from engaging or permitting their fiscal agencies (as defined in the Articles) to engage in MCPs unless authorized under the Articles or approved by the Fund. The comprehensive review of the policy in 2022 aimed to reflect developments in FX policy and FX markets since the last policy review in the 1980s and to align it with other relevant Fund’s policies. Key changes to the policy include the following: (i) an MCP will arise due to an official action that segments foreign exchange (FX) markets or increases or subsidizes the cost of certain FX transactions (e.g., exchange taxes) and the resulting exchange rate spreads exceed the permissible margins, (ii) MCPs will be identified on the basis of a new country-specific market-based rule, and (iii) the new policy ensures better alignment of the MCP policy with other relevant IMF’s policies. The note provides guidance to staff on all stages of the process: from identification of an MCP to its approval or removal and clarifies the treatment of MCPs in surveillance and Fund-supported programs. It also guides staff’s engagement with the authorities on MCP issues and their coverage in country documents.
Currency Convertibility And The Fund
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Author : Vicente Galbis
language : en
Publisher: International Monetary Fund
Release Date : 1996-04
Currency Convertibility And The Fund written by Vicente Galbis and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-04 with Business & Economics categories.
This paper reviews experience with currency convertibility on both the current and capital accounts, with particular attention to the Fund’s concepts and policy implications. After discussing the basic concepts of convertibility, the paper reviews the experience with convertibility in three groups of Fund members--industrial countries, developing countries, and transition countries. The paper also discusses some policy options designed to encourage acceptance of convertibility by Fund members that have not yet done so.
International Monetary Fund Annual Report 1948
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1948-09-01
International Monetary Fund Annual Report 1948 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1948-09-01 with Business & Economics categories.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1948. The report highlights that during 1947 and in the early part of 1948, considerable progress was made in strengthening the economies that suffered devastation and dislocation as a result of the war. Over the world, generally production rose and recovery continued, despite widespread political tension and conflict, and disturbances. In nearly all countries, however, the need and demand for goods continued to be abnormally great, and there were increasing difficulties in meeting international payments for import surpluses.
Integrated Policy Framework Principles For The Use Of Foreign Exchange Intervention
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-21
Integrated Policy Framework Principles For The Use Of Foreign Exchange Intervention written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-21 with Business & Economics categories.
This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.
Annual Report On Exchange Arrangements And Exchange Restrictions 2013
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-15
Annual Report On Exchange Arrangements And Exchange Restrictions 2013 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-15 with Business & Economics categories.
This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Annual Report On Exchange Arrangements And Exchange Restrictions 2014
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-09
Annual Report On Exchange Arrangements And Exchange Restrictions 2014 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-09 with Business & Economics categories.
This is the 65th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2013, alongside a strengthening of the financial sector regulatory framework. A Special Topic essay examines the dynamics and evolution of capital flows. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2013, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.