1 | m NUNC COGNOrCO EX PARTE THOMAS J. BATA LI BRARY TRENT UNIVERSITY ANNUAL REPORT ON EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS 1984 The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis. International Standard Serial Number: ISSN 0250-7366 INTERNATIONAL MONETARY FUND ANNUAL REPORT ON EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS 1984 Washington, D.C. Digitized by the Internet Archive in 2019 with funding from Kahle/Austin Foundation https://archive.org/details/annualreportonex0000inte_h9y7 Letter of Transmittal to Members and Governors of the Fund June 8, 1984 Dear Sir: I have the honor to transmit to you a copy of the International Monetary Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions, 1984, which has been prepared in accordance with the provisions of Article XIV, Section 3 of the Articles of Agreement. On behalf of the Executive Board, I should like to express our appreciation of the cooperation of the countries in the preparation of the second part of the Report. Sincerely yours. Is/ J. DE LAROSIERE Chairman of the Executive Board and Managing Director V CONTENTS Part One Developments in the International Exchange Rate and Restrictive Systems Page I. Introduction. 3 Global Environment . 3 Exchange Rate Arrangements . 4 Commercial and Exchange Policy Developments . 5 II. Main Developments in Exchange Arrangements and Exchange Rates . 7 Developments Affecting the Classification of Exchange Arrangements . 10 Developments in Currencies of Industrial Countries . 11 Other Developments in Exchange Rate Arrangements . 12 III. Main Developments in Restrictive Practices . 17 Imports and Import Payments . 17 Quantitative Import Controls . 18 Import Surcharges and Import Taxation . 23 Advance Import Deposits . 26 Other Measures Affecting Import Payments . 26 State Trading . 27 Exports and Export Proceeds . 27 Current Invisibles . 32 Payments Arrears . 35 Multiple Currency Practices . 37 Bilateral Payments Arrangements. 40 Capital Flows . 41 Gold . 45 IV. Main Developments in Regional Arrangements . 46 Part Two Explanatory Note on Coverage of Part Burma . 114 52 Two . Burundi . 116 53 Cameroon . 119 55 Canada . 122 Antigua and Barbuda . 59 Cape Verde . 124 61 Central African Republic . 125 68 Chad . 128 72 Chile . 131 76 China, People’s Republic of . 134 80 Colombia . 140 82 Comoros . 147 87 Congo, People’s Republic of the . 149 oeigium diiu LUAtinuuuig . 90 Costa Rica . 152 95 Cyprus . 155 97 Denmark . 157 . 100 Djibouti. 161 . 101 Dominica . 162 . 104 Dominican Republic . 164 . 105 Ecuador. 168 vii CONTENTS Page Page Egypt . 174 Mauritania . 325 El Salvador . 178 Mauritius . 327 Equatorial Guinea . 182 Mexico . 330 Ethiopia . 184 Morocco . 336 Fiji . 187 Nepal . 341 Finland . 190 Netherlands . 344 France . 194 Netherland Antilles . 348 Gabon . 202 New Zealand . 350 Gambia, The . 205 Nicaragua . 354 Germany, Federal Republic of . 207 Niger. 357 Ghana . 210 Nigeria . 360 Greece. 214 Norway . 366 Grenada . 220 Oman . 368 Guatemala . 222 Pakistan . 370 Guinea . 225 Panama . 380 Guinea-Bissau . 228 Papua New Guinea . 381 Guyana . 230 Paraguay . 383 Haiti . 233 Peru. 386 Honduras . 235 Philippines . 391 Hong Kong . 237 Portugal . 398 Hungary . 238 Qatar . 402 Iceland . 244 Romania . 403 India . 247 Rwanda. 407 Indonesia . 260 St. Lucia . 410 Iran, Islamic Republic of . 264 St. Vincent and the Grenadines . 412 Iraq . 267 Sao Tome and Principe . 414 Ireland. 270 Saudi Arabia . 416 Israel . 274 Senegal . 418 Italy. 277 Seychelles. 421 Ivory Coast . 282 Sierra Leone . 422 Jamaica . 285 Singapore . 425 Japan. 289 Solomon Islands . 427 Jordan . 292 Somalia. 429 Kampuchea, Democratic* South Africa . 432 Kenya . 295 Spain. 436 Korea . 298 Sri Lanka . 441 Kuwait . 302 Sudan . 446 Lao People’s Democratic Republic . 304 Suriname . 449 Lebanon . 306 Swaziland . 453 Lesotho . 308 Sweden . 455 Liberia . 309 Switzerland. 460 Libyan Arab Jamahiriya . 310 Syrian Arab Republic . 462 Madagascar . 312 Tanzania . 465 Malawi . 315 Thailand . 467 Malaysia . 317 Togo . 472 Maldives . 319 Trinidad and Tobago . 475 Mali . 320 Tunisia . 479 Malta. 322 Turkey . 483 Uganda . 490 United Arab Emirates . 494 *The Fund has not received from the authorities of Demo¬ cratic Kampuchea the information required for a description of United Kingdom . 496 the exchange and trade system as of December 31, 1983. United States . 499 viii