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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

Alternate Governor Ahmed Mohamed Nur Advisers Abdullahi H. Mohamoud Ereg Leone Fici South Africa Governor Nicolaas Diederichs Alternate Governor G. W. G. Browne Temporary Alternate Governor R. van S. Smit Advisers J. S. F. Botha W. J. J. Conradie D. V. Louw W. J. Lubbe F. C. Seegers C. L. Stals N. P. van Heerden C. S. C. Venter Spain Governor Antonio Barrera de Irimo Temporary Alternate Governors Francisco Javier Ramos Luis Rojo Advisers Jaime Alba Agustin Alcocer 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

The main features of world economic developments in 1971 were a continuation of slow output growth coupled with inflation and the succession of currency crises, involving capital movements and foreign exchange reserve increases of unprecedented magnitude, that led to the December 18 realignment of major currencies. During the first half of 1972 the picture with respect to certain aspects of these problems improved significantly. However, the period around the middle of the year, marked by the floating of the pound sterling, was characterized by renewed unrest in the foreign exchange and gold markets and by an intensification of exchange controls as difficult problems of dealing with currency flows were faced by the authorities of a number of major countries. Further, it was abundantly clear that great challenges remained for the longer run.

International Monetary Fund

Abstract

International reserves increased in the course of 1971 by an even larger amount than in the previous year, when the increase was already exceptional by any previous standard (Table 6). During these two years, countries’ aggregate official holdings went up from the equivalent of SDR 75 billion to SDR 121 billion, a gain of 61 per cent.1 The accrual of the equivalent of over SDR 29 billion in 1971 greatly exceeded the increase of almost SDR 17 billion in 1970. Despite several months of relative stability, the strong upward trend in reserves continued in the first half of 1972 as a whole. Apart from the allocation of SDR 2.9 billion in January, reserves rose by the equivalent of SDR 4.3 billion in the first quarter and by some SDR 3-4 billion in the second quarter.

International Monetary Fund

Abstract

The disturbances to the international monetary system that culminated in and followed the decision by the United States on August 15, 1971 to suspend the convertibility of the U.S. dollar into gold and other reserve assets had a pro-found impact on the Fund’s activities. Re-examination of the exchange rate structure was intensified, the conduct of the Fund’s financial operations required new methods and procedures, and improvement or reform of the international monetary system gained added urgency. The importance of progress on each of these three areas was emphasized in a Resolution adopted by the Governors at the Fund’s 1971 Annual Meeting.1