The Fund’s Legal Department has produced this Supplement to Selected Decisions and Selected Documents of the IMF, 40th Issue, with the aim of making available in convenient form selected policy decisions and documents issued after the publication of the 40th Issue but before the issuance of the forthcoming 40th Issue.
This volume, entitled Selected Decisions of the IMF and Selected Documents, follows the Fifth Issue of Selected Decisions of the Executive Directors and Selected Documents. The change in title has been made because of the inclusion of more Resolutions of the Board of Governors of the Fund than in the preceding volume. The present volume contains selected decisions and interpretations of the Executive Directors and resolutions of the Board of Governors of the IMF adopted prior to September 30, 1972, as well as certain selected documents of the Fund and of the United Nations to which frequent reference is made. With few exceptions, the decisions are of a general nature and relate to certain obligations, policies, and procedures under the Articles of Agreement. This issue contains most of the decisions that were published in earlier issues (September 1962, September 1963, January 1965, April 1970, and July 1971), and general decisions taken since then.
This paper presents Selected Decisions and Selected Documents’ Fourth Issue of the IMF. In order to ensure the uniform application of the relevant Articles of Agreement as they apply to determinations of member's net official holdings of gold and US dollars for the purposes of Article III, Section 3(&)(ii), the IMF adopts or reaffirms several principles of interpretation for the indicated provisions of the IMF Agreement. Each member shall furnish to the IMF the data necessary to determine its net official holdings of gold and United States dollars. The IMF does not intend to apply the rules set forth in II to its holdings of members' currencies having fluctuating rates when there is no practical interest for the IMF or members to do so. In order to avoid misunderstanding, it may be useful to point out that these rules do not constitute a formula for dealing with the currencies of countries in which current transactions are conducted at multiple rates.