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International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended September 1946. This report covers the operations and policies of the IMF in the period from May 6, 1946, when the Executive Directors held their first meeting in Washington, through early September 1946. Since it is intended that in future years the annual report of the Executive Directors will cover the operations of the IMF in the preceding fiscal year, such figures as are here presented deal mainly with the period ending June 30, 1946.

International Monetary Fund

Abstract

The Executive Directors have during the past few months devoted a large part of their time to the preparation of the Rules and Regulations which are presented with this report for review by the Board of Governors (Appendix A). During the course of this work, the purposes and functions of the Fund have been carefully analyzed and an effort made to establish those procedures and rules of conduct which will facilitate the Fund's operations and create practical working relationships with the members. Emphasis has been placed on the principal problems which will face the Fund in the coming year, and the procedures and rules of conduct concerning these matters have been worked out in greater detail than those which deal with problems unlikely to arise until a later date.

International Monetary Fund

Abstract

As a result of the call for the communication of par values, the Fund will seek agreement with 39 countries in the next few months on the structure of exchange rates which will govern most of the foreign transactions of the world. This is a formidable task, especially for an international organization which is still in its infancy.

International Monetary Fund

Abstract

The first major task of the International Monetary Fund is the initial determination of par values. Article XX, Section 4 (a) states that “when the Fund is of the opinion that it will shortly be in a position to begin exchange transactions, it shall so notify the members and shall request each member to communicate within 30 days the par value of its currency based on the rates of exchange prevailing on the sixtieth day before the entry into force of this Agreement.”

International Monetary Fund

Abstract

This report, prepared in accordance with Section 10 of the Bylaws, covers the operations and policies of the International Monetary Fund in the period from May 6, 1946, when the Executive Directors held their first meeting in Washington, through early September 1946. In this period, the Fund was creating an organization and laying down the necessary rules for its operations. Since it is intended that in future years the annual report of the Executive Directors will cover the operations of the Fund in the preceding fiscal year, such figures as are here presented deal mainly with the period ending June 30, 1946.

International Monetary Fund

Abstract

At its Inaugural Meeting the Board of Governors received applications for membership from the Governments of Italy, Lebanon, Syria, and Turkey, which were referred to the Executive Directors for consideration and recommendations: In conformity with Section 21 of the Bylaws, the recommendations of the Executive Directors are being separately submitted to the Board of Governors.

International Monetary Fund. Secretary's Department

Salvador June 27, 1946. Federico Vides S. appointed as Governor for El Salvador June 27, 1946. John W. Snyder succeeded Fred M. Vinson as Governor for the United States July 2, 1946. Sir James Grigg succeeded R. H. Brand as Alternate Governor for the United Kingdom July 4, 1946. Joaquin M. Elizalde succeeded Jaime Hernandez who resigned as Governor for the Philippine Republic on July 26, 1946. Luis Ocampo Crespo vacated the Bolivian Alternate Governorship August 14, 1946. Franklin Antezana Paz vacated the Bolivian Governorship August 14, 1946. Dr. Nicholas