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International Monetary Fund

Abstract

During the 10 months fiscal period extending from July 1, 1947 to April 30, 1948 *, the Fund completed 28 exchange transactions aggregating $544 million on behalf of 10 members. Three transactions, aggregating the equivalent of $62 million, were consummated on behalf of 2 members in the four months from the beginning of exchange transactions on March 1, 1947 to the end of the previous fiscal year on June 30, 1947. From March 1, 1947 to April 30, 1948, the Fund therefore effected exchange transactions totaling the equivalent of $606 million.

International Monetary Fund

Abstract

CONSULTATION between members and the Fund is the principal means through which cooperation is made effective. The main purposes of consultation are the exchange of views on matters falling within the scope of the Fund Agreement and the provision of technical advice to members. Through consultation, the Fund also gains valuable insight into the special problems of members which enables it in its work to take full account of the particular circumstances of individual countries.

International Monetary Fund

Abstract

AUSTRALIA accepted membership on August 5, 1947, and Finland, whose application was approved at the Second Annual Meeting of the Board of Governors, accepted membership on January 14, 1948. The total number of members was thus raised to 46.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1948. The report highlights that during 1947 and in the early part of 1948, considerable progress was made in strengthening the economies that suffered devastation and dislocation as a result of the war. Over the world, generally production rose and recovery continued, despite widespread political tension and conflict, and disturbances. In nearly all countries, however, the need and demand for goods continued to be abnormally great, and there were increasing difficulties in meeting international payments for import surpluses.

International Monetary Fund

Abstract

ONE of the purposes of the International Monetary Fund is “to promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.” At the time the Bretton Woods Agreement was under discussion, fears were expressed in many countries that membership in the Fund might impose upon national authorities control by an organization which would make a fetish of exchange stability and would regard any changes from the agreed par value (outside the 10 per cent limit on the total of all changes—for which Fund approval is not necessary) as highly abnormal and to be sanctioned only reluctantly and in the most unusual circumstances. There was at no time any justification for this view. The Fund Agreement makes it clear that the provisions for the regulation of exchange rates are not intended to impose upon the Fund the duty of perpetuating in the name of stability exchange rates which have lost touch with economic realities.