Articles of Agreement 2020

International Monetary Fund

• Publisher: INTERNATIONAL MONETARY FUND
• Year: 2020
• eBook ISBN: 9781513521244

NONE

Articles of Agreement

International Monetary Fund

Washington, D.C.

ARTICLES OF AGREEMENT

© 2020 International Monetary Fund

Cataloging-in-Publication Data IMF Library

Names: International Monetary Fund, publisher. | United Nations Monetary and Financial Conference (1944 : Bretton Woods, N.H.).

Title: Articles of agreement of the International Monetary Fund : adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944 … amended effective January 26, 2016 by the modifications approved by the Board of Governors in Resolution No. 66–2, adopted December 15, 2010.

Other titles: IMF articles of agreement.

Description: Washington, DC : International Monetary Fund, 2020. | Includes index.

Identifiers:

ISBN 978–1-51352–124-4 (paper)

ISBN 978–1-51353–081-9 (ePub)

ISBN 978–1-51353–082-6 (PDF)

Subjects: LCSH: International Monetary Fund—Membership. | International Monetary Fund—By-laws.

Classification: LCC HG3881.5.I58 I578 2020

Reprinted, March 2020

Articles of Agreement of the International Monetary Fund

Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23–5, adopted May 31, 1968; amended effective April 1, 1978, by the modification approved by the Board of Governors in Resolution No. 31–4, adopted April 30, 1976; amended effective November 11, 1992, by the modifications approved by the Board of Governors in Resolution No. 45–3, adopted June 28, 1990; amended effective August 10, 2009, by the modifications approved by the Board of Governors in Resolution No. 52–4, adopted September 23, 1997; amended effective February 18, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–3, adopted May 5, 2008; amended effective March 3, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–2, adopted April 28, 2008; amended effective January 26, 2016 by the modifications approved by the Board of Governors in Resolution No. 66–2, adopted December 15, 2010.

INTERNATIONAL MONETARY FUND

WASHINGTON, DC

Table of Contents

INTRODUCTORY ARTICLE

I. PURPOSES

II. MEMBERSHIP

1. Original members

2. Other members

III. QUOTAS AND SUBSCRIPTIONS

1. Quotas and payment of subscriptions

2. Adjustment of quotas

3. Payments when quotas are changed

4. Substitution of securities for currency

IV. OBLIGATIONS REGARDING EXCHANGE ARRANGEMENTS

1. General obligations of members

2. General exchange arrangements

3. Surveillance over exchange arrangements

4. Par values

5. Separate currencies within a member’s territories

V. OPERATIONS AND TRANSACTIONS OF THE FUND

1. Agencies dealing with the Fund

2. Limitation on the Fund’s operations and transactions

3. Conditions governing use of the Fund’s general resources

4. Waiver of conditions

5. Ineligibility to use the Fund’s general resources

6. Other purchases and sales of special drawing rights by the Fund

7. Repurchase by a member of its currency held by the Fund

8. Charges

9. Remuneration

10. Computations

11. Maintenance of value

12. Other operations and transactions

VI. CAPITAL TRANSFERS

1. Use of the Fund’s general resources for capital transfers

2. Special provisions for capital transfers

3. Controls of capital transfers

VII. REPLENISHMENT AND SCARCE CURRENCIES

1. Measures to replenish the Fund’s holdings of currencies

2. General scarcity of currency

3. Scarcity of the Fund’s holdings

4. Administration of restrictions

5. Effect of other international agreements on restrictions

VIII. GENERAL OBLIGATIONS OF MEMBERS

1. Introduction

2. Avoidance of restrictions on current payments

3. Avoidance of discriminatory currency practices

4. Convertibility of foreign-held balances

5. Furnishing of information

6. Consultation between members regarding existing international agreements

7. Obligation to collaborate regarding policies on reserve assets

IX. STATUS, IMMUNITIES, AND PRIVILEGES

1. Purposes of Article

2. Status of the Fund

3. Immunity from judicial process

4. Immunity from other action

5. Immunity of archives

6. Freedom of assets from restrictions

7. Privilege for communications

8. Immunities and privileges of officers and employees

9. Immunities from taxation

10. Application of Article

X. RELATIONS WITH OTHER INTERNATIONAL ORGANIZATIONS

XI. RELATIONS WITH NON-MEMBER COUNTRIES

1. Undertakings regarding relations with non-member countries

2. Restrictions on transactions with non-member countries

XII. ORGANIZATION AND MANAGEMENT

1. Structure of the Fund

2. Board of Governors

3. Executive Board

4. Managing Director and staff

5. Voting

6. Reserves, distribution of net income, and investment

7. Publication of reports

8. Communication of views to members

XIII. OFFICES AND DEPOSITORIES

1. Location of offices

2. Depositories

3. Guarantee of the Fund’s assets

XIV. TRANSITIONAL ARRANGEMENTS

1. Notification to the Fund

2. Exchange restrictions

3. Action of the Fund relating to restrictions

XV. SPECIAL DRAWING RIGHTS

1. Authority to allocate special drawing rights

2. Valuation of the special drawing right

XVI. GENERAL DEPARTMENT AND SPECIAL DRAWING RIGHTS DEPARTMENT

1. Separation of operations and transactions

2. Separation of assets and property

3. Recording and information

XVII. PARTICIPANTS AND OTHER HOLDERS OF SPECIAL DRAWING RIGHTS

1. Participants

2. Fund as a holder

3. Other holders

XVIII. ALLOCATION AND CANCELLATION OF SPECIAL DRAWING RIGHTS

1. Principles and considerations governing allocation and cancellation

2. Allocation and cancellation

3. Unexpected major developments

4. Decisions on allocations and cancellations

XIX. OPERATIONS AND TRANSACTIONS IN SPECIAL DRAWING RIGHTS

1. Use of special drawing rights

2. Operations and transactions between participants

3. Requirement of need

4. Obligation to provide currency

5. Designation of participants to provide currency

6. Reconstitution

7. Exchange rates

XX. SPECIAL DRAWING RIGHTS DEPARTMENT INTEREST AND CHARGES

1. Interest

2. Charges

3. Rate of interest and charges

4. Assessments

5. Payment of interest, charges, and assessments

XXI. ADMINISTRATION OF THE GENERAL DEPARTMENT AND THE SPECIAL DRAWING RIGHTS DEPARTMENT

XXII. GENERAL OBLIGATIONS OF PARTICIPANTS

XXIII. SUSPENSION OF OPERATIONS AND TRANSACTIONS IN SPECIAL DRAWING RIGHTS

1. Emergency provisions

2. Failure to fulfill obligations

XXIV. TERMINATION OF PARTICIPATION

1. Right to terminate participation

2. Settlement on termination

3. Interest and charges

4. Settlement of obligation to the Fund

5. Settlement of obligation to a terminating participant

6. General Resources Acco...

Table of contents

• Cover Page