Möbel & Innenausbau
Sep 11
in Allgemein 0 comments

Articles Of Agreement Of The Imf

4. If the fund`s holdings of the currency of an outgoing Member exceed the amount due to it and if no agreement is reached on the method of settlement within six months of the date of exit, the former Member shall be required to exchange that excess currency in a freely usable currency. Repayment shall be made at the rates at which the Fund would sell those currencies at the time of payment of the Fund. The outgoing member shall complete the repayment within five years of the date of exit or within a longer period fixed by the Fund, but shall not be required to repay, in the course of half a year, more than one tenth of the excess assets of the Fund in its currency at the time of exit, as well as other acquisitions of the currency during the same period. If the outgoing member does not comply with this obligation, the Fund may liquidate, in an orderly manner, on any market, the amount of the currency that should have been repaid. If a member leaves the Fund, the normal operations and operations of the Fund shall be suspended in its currency and payment of all accounts between the Fund and the Fund shall be made with appropriate dispatch, in agreement with the Fund. In the absence of an agreement without delay, the provisions of Annex J shall apply to the statement. In addition to the obligations arising from special drawing rights under other Articles of this Agreement, each Participant undertakes to cooperate with the Fund and other participants in order to facilitate the effective functioning of the Special Drawing Rights Division and the proper use of the Special Drawing Rights provided for in this Agreement and to make the Special Drawing Right the main reserve in the international monetary system. 5. If a Member has reached an agreement with the Fund in accordance with Article 3, the Fund shall use the currencies of other Members that have been allocated to that Member in accordance with point 2(d) to exchange the currency of that Member, which shall be granted to other Members that have entered into agreements with the Fund in accordance with paragraph 3. Any amount so collected shall be cashed in the currency of the member over whom it has been distributed. 4. If, within the three-month period referred to in point 3, a Member has not reached an agreement with the Fund, the Fund shall use the currencies of other Members allocated to that Member in accordance with point 2(d) to exchange the currency of that Member which is allocated to other Members.

Any currency which is granted to a Member which has not reached an agreement shall be used as far as possible to exchange its currency, which shall be granted to Members which have concluded agreements with the Fund in accordance with point 3. The Fund shall report annually on the restrictions in force under Section 2 of this Article. Each Member which maintains restrictions inconsistent with Sections 2, 3 or 4 of Article VIII shall consult the Fund annually with respect to their subsequent withholding. The Fund may, if it considers that such a measure is necessary in exceptional circumstances, recognize to any Member that the conditions are favourable to the withdrawal of a particular restriction or to the general lifting of restrictions inconsistent with the provisions of the other Articles of this Agreement. The member shall have a reasonable period of time to reply to such statements. Where the Fund finds that the Member retains restrictions inconsistent with the objectives of the Fund, the Member shall be subject to Article XXVI(2)(a).

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