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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

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

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.

International Monetary Fund

Abstract

THE Fund is pledged to the promotion of exchange stability as one of its primary objectives. The par values of the currencies of all members are expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944, and variations may only be made in accordance with the Fund Agreement. The Fund has, accordingly, been concerned over external gold transactions at prices in excess of the gold values of member currencies.

International Monetary Fund

Abstract

IN previous reports the Executive Directors of the International Monetary Fund have stated that progress towards the Fund’s objectives depends not only on the willingness of countries to support agreed exchange policies but also on their ability to develop strong national economies and balanced international economic relations.

International Monetary Fund

,000 Ahmed Zaki Bey Saad Egypt 700 Ethiopia 310 Greece 650 Iran 500 Iraq 330 Philippine Commonwealth 400 2,890 Francisco Alves dos Santos-Filho Bolivia 350 Brazil 1,750 Chile 750 Ecuador 300 Panama 255 Paraguay 270 Peru 500 Uruguay 400 4,575 Interim Period The necessary arrangements for the first meetings in Washington of the Executive Directors were made by the Temporary Secretary, Mr. Home who, with

International Monetary Fund. Secretary's Department

B. Kaskarelis succeeded Alexander Loverdos, Alternate Governor for Greece August 31, 1946. Composition of the Board of Governors in September 1946 was therefore, as follows: Country Governor Alternate Governor Belgium Maurice Frere Vacant. Bolivia Vacant Vacant. Brazil Francisco Alves dos Santos-Filho. Edgard de Mello. Canada James L. Ilsley Graham F. Towers. Chile Arturo Maschke Luis Davila. China O. K. Yui Te-Mou Hsi. Colombia Emilio Toro Vacant. Costa Rica

International Monetary Fund

impasse had been reached. It was broken only by inventing a new rule; the Chairman suggested to the meeting that, as there were five vacancies and only five candidates, it was obvious that Messrs. Gutt and Saad should be seated, and this was unanimously agreed by the Board. A provision of this kind has been included in the rules for subsequent elections, and as an additional safeguard the spread between maximum and minimum percentages has been widened. Meanwhile, the two Latin American Executive Directors had been successfully elected, Mr. Francisco Alves dos Santos-Filho