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International Monetary Fund

Representative Exchange Rate: Belgian Franc The Fund finds, after consultation with the Belgian authorities, that the representative exchange rate for Belgian francs under Rule 0-3 (ii) is the official quotation established in the Brussels exchange market. The Banque Nationale de Belgique will ascertain this rate each business day. If the exchange rate cannot be ascertained for a date required by Rule 0-4, the exchange rate for that date shall be the rate ascertained for the preceding business day. Decision No. 2960-(70/8) S February 2, 1970

International Monetary Fund

Special Drawing Account: Currencies Convertible in Fact Currency Convertible in Fact: U.S. Dollar The Fund takes note of the letter dated December 30, 1969, from the Secretary of the United States Treasury and decides that the U.S. dollar is a currency convertible in fact in accordance with Article XXXII( b )(1). Decision No. 2918–(69/128) S December 31, 1969 Representative Exchange Rate: Sterling The Fund finds, after consultation with the United Kingdom authorities, that the representative exchange rate for sterling under Rule 0-3 (ii) is

International Monetary Fund

Currency Convertible in Fact: U.S. Dollar The Fund takes note of the letter dated December 30, 1969, from the Secretary of the United States Treasury and decides that the U.S. dollar is a currency convertible in fact in accordance with Article XXXII( b )(1). Decision No. 2918-(69/128) S December 31, 1969 Representative Exchange Rate: Sterling The Fund finds, after consultation with the United Kingdom authorities, that the representative exchange rate for sterling under Rule 0-3 (ii) is the middle rate between the spot buying and selling rates

International Monetary Fund

with the authorities of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal, and Spain, that the representative exchange rate for the euro, under Rule 0–2(b)(i) of the Fund’s Rules and Regulations is the rate against the U.S. dollar as published daily by the European Central Bank. 2. The European Central Bank will communicate to the Fund the representative exchange rate for the euro daily and will promptly inform the Fund of any changes in the exchange arrangements which may affect the determination of the

International Monetary Fund

not put in place, making it difficult to obtain a representative exchange rate used in daily operations with the public. High concentration of operations in a few banks : Six banks accounted for an estimated half of foreign exchange purchased from the public. This situation limited access to the exchange market because those banks were inclined to sell foreign exchange to their associated industrial and/or trading groups. Smaller agents usually looked to the parallel market to satisfy their foreign exchange needs. Insufficient supervision and restrictive