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International Monetary Fund. Secretary's Department

Executive Directors Alternate Executive Directors L. B. Brand R. van S. Smit Erik Brofoss Sigurgeir Jónsson Robert Bryce Donald O. Mills William B. Dale Charles R. Harley Nazih Deif Muhammad Al-Atrash Alexandre Kafka Basilio Martins Byanti Kharmawan Costa P. Caranicas Pieter Lieftinck Tom de Vries Placido L. Mapa, Jr. Nguyen Huu Hanh Carlos Massad A. Ricardo H. Arriazu Derek Mitchell Peter J. Bull Maurice P. Omwony S. B. Nicol-Cole F

International Monetary Fund. Secretary's Department

W. J. J. Conradie D. S. Franklin W.J. le Roux D. V. Louw W.J. Lubbe F. C. Seegers R. van S. Smit C. L. Stals Spain Governor Enrique Fontana Codina Alternate Governor Luis Coronel de Palma Advisers Raphael Aguilar Agustin Alcocer Moreno Juan Arencibia Emilio Barcia Carlos Bustelo Thomas Chavarri Fernando Eguidazu Francisco Fernández Ordoñez Rafael Garcia Palencia Manuel Guasch Javier Irastorza R. Luis Lerena Juan Moro Marcelino Oreja Aguirre Angel Rojo José María Sierra Manuel Varela José

International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

International Monetary Fund. Secretary's Department

Abstract

1. Sessions of the Boards of Governors of the Fund, the Bank, IFC and IDA will be joint and shall be open to accredited observers, the press, guests, and staff.

International Monetary Fund

Abstract

AT mid-1974, the world economy was in the throes of a virulent and widespread inflation, a deceleration of economic growth in reaction to the preceding high rate of expansion, and a massive disequilibrium in international payments. This situation constitutes perhaps the most complex and serious set of economic problems to confront national governments and the international community since the end of World War II.

International Monetary Fund

Abstract

THE stock of international reserves increased during 1973 by the equivalent of SDR 6.9 billion, after growing by more than SDR 70 billion during the previous three-year period (Table 10). Aggregate holdings of all countries reached the equivalent of SDR 153 billion at the end of 1973, which was slightly more than twice their level at the beginning of 1970.1 The rise of 4.7 per cent in this latest year was quite small in the context of recent experience; viewed in longer perspective, it was comparable with the growth rates of 3 to 6 per cent reached during 5 of the 10 years before 1964. For the first half of 1974, preliminary indications are that official holdings increased by some SDR 12 billion or more. The reserves of the major oil exporting countries as a group appear to have more than doubled, while the net change for all other countries combined is likely to have been quite small. In particular, complete reports for the industrial countries show that this group’s reserves, which account for a substantial share of the world total, were much the same at the end of June 1974 as they had been six months earlier. Partial data for the developing countries other than the oil exporters suggest some increase in the holdings of that group during the period.

International Monetary Fund

Abstract

TOWARD the end of 1972 and early in 1973 the foreign exchange markets were again subject to growing speculative pressures and to an intensification of large-scale short-term capital flows. This situation led to further changes in the structure of exchange rate relationships among currencies and in the nature of the exchange rate system. Major developments in this period were the announcement by the U. S. Government in February 1973 that it was seeking congressional approval for a 10 per cent devaluation of the U. S. dollar and a move to a more general floating of currencies. The intensification of inflationary pressures during the year, especially in the industrial world, and the substantial increases in the price of petroleum and petroleum-related products toward the end of 1973, brought about a dramatic change in the prospects for the balance of payments and reserves positions of members and in the prospects for the working of the international money and capital markets.

International Monetary Fund

Abstract

World economic developments in 1972 and the first half of 1973 were dominated by a strong cyclical upsurge in activity, high rates of price inflation, and currency crises and unrest punctuated by another realignment of major currencies in February–March 1973. With key elements of the Bretton Woods system no longer observed, the work of reforming the international monetary system continued in the Fund through the Committee of Twenty. (See Chapter 3.)