Chapter

B. Balance of Payments Statements

Author(s):
International Monetary Fund
Published Date:
September 1969
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THE following Tables 54-66 present balance of payments statements, for 1967 and 1968 and for the first quarter of 1969, for Austria, Belgium-Luxembourg, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, Sweden, the United Kingdom, and the United States. Less detailed statements for 1966 and 1967 are presented in Tables 67 and 68 for the primary producing countries. For some countries the tables reflect revisions of the data which could not be incorporated elsewhere in the Report.

Table 54.Austria: Balance of Payments Summary, 1967-First Quarter 19691(In millions of U.S. dollars)
19671968 21968 21969 2
First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.1,8101,983454487491551527
Imports f.o.b.−2,283−2,437−613−575−607−642−625
Trade balance−473−454−159−88−116−91−98
Services and unrequited transfers355358819317014107
Total−118−96−78554−779
Memorandum item: Goods, Services, and Private Unrequited Transfers-113−92
B. Long-Term Capital, n.i.e.
Private13648321214−10−15
Official121188607261−574
Total257236928475−1559
C. Total (A plus B)1391401489129−9268
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Private nonmonetary21−204−3−8−132
Net errors and omissions83933−426−165
Total291937−718−297
E. Commercial Bank Capital
Liabilities84−63−94−40−48119−41
Assets (increase—)−96−63−2951−60−25−73
Total−12−126−12311−10894−114
F. Total (C through E)15633−729339−27−39
G. Official Monetary Movements
Net IMF accounts−14−43−19−23−21
Short-term liabilities
Other short-term assets (increase—)−1422391−57−372639
Monetary gold (increase—)−13−13
Total−156−3372−93−392739
Source: Austrian National Bank.

Positive figures are credits; negative figures are debits.

Preliminary.

Source: Austrian National Bank.

Positive figures are credits; negative figures are debits.

Preliminary.

Table 55.Belgium-Luxembourg: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19681969 2
19671968First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports35,9706,6701,5681,6441,6161,8421,844
Imports 3−5,848−6,698−1,596−1,620−1,640−1,842−1,832
Trade Balance122−28−2824−2412
Services (net)130102546−125436
Unrequited transfers (net)−50−42−12−4−4−22−22
Total202321426−403226
Memorandum item: Goods, Services, and Private Unrequited Transfers2881264642-226062
B. Long-Term Capital
Private4108−56−5036−5614−30
Official−96−30−20−1614−8−20
Total12−86−7020−426−50
C. Total (A plus B)214−54−5646−8238−24
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Treasury short-term certificates−40−404−6−30−8
Net errors and omissions18−1086−2−2254
Total−22−5012−32−3054
E. Commercial Bank Capital56−184−30−2824−150−126
F. Total (C through E)248−288−7418−90−142−96
G. Official Monetary Movements
Net IMF accounts3927−29−119816779
Foreign exchange (increase—)5−324420−1024812062−4
Other claims, net (increase—)−7−11551−53−26−8719
Monetary gold (increase—)44−4462−94−122
Total−24828874−189014296
Source: National Bank of Belgium.

Positive figures are credits; negative figures are debits.

Preliminary.

Partly f.o.b.; partly c.i.f.

Includes short-term capital, appropriate to Group D.

Includes holdings of nonmarketable U.S. Treasury bonds and notes.

Source: National Bank of Belgium.

Positive figures are credits; negative figures are debits.

Preliminary.

Partly f.o.b.; partly c.i.f.

Includes short-term capital, appropriate to Group D.

Includes holdings of nonmarketable U.S. Treasury bonds and notes.

Table 56.Canada: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
1967196819681969 2
FirstSecondThirdFourthFirst
quarterquarterquarterquarterquarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.10,53312,5772,7933,2753,1003,4093,226
Imports f.o.b.−10,088−11,379−2,579−2,947−2,668−3,185−3,028
Nonmonetary gold1041242731372925
Trade balance5491,322241359469253223
Investment income (net)−829−898−207−217−203−271−206
Other services (net)−169−588−265−15418−187−310
Unrequited transfers (net)−53172146−55
Total−502−147−2292290−210−288
Memorandum item: Goods, Services, and Private Unrequited Transfers-335-24-21637338-183-273
B. Long-Term Capital
Direct investment in Canada5745419190171171120
Canadian direct investment abroad−83−157−799−13−74−46
Transactions in Canadian securities
New issues1,2031,814385659451319600
Retirements and other transactions−353−326−152−90−39−45−14
Columbia River Treaty (net)408181
Other transactions in foreign securities−387−429−81−118−122−108−53
Other loans by Canadian Government (net)−4−68−7−6−14−41−10
Other249−282823−71−8−76
Total1,2391,428103667363295521
C. Total (A plus B)7371,281−12666965385233
D. Short-Term Capital (including net errors and omissions)−720−954−582−95−504227−267
E. Total (C plus D)17327−708574149312−34
F. Official Monetary Movements
Net IMF accounts15230436−121−65−20−15
Reciprocal swap facility with U.S. Federal Reserve System2250−124−124
Official gold and foreign exchange (increase—)−32−55922−32940−29249
Total−17−327708−574−149−31234
Source: Dominion Bureau of Statistics.

Positive figures are credits; negative figures are debits.

Preliminary.

Source: Dominion Bureau of Statistics.

Positive figures are credits; negative figures are debits.

Preliminary.

Table 57.Denmark: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
1968 21969 2
19671968 2First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.2,5052,609636627643703710
Imports f.o.b.−2,963−3,045−732−749−724−840−832
Trade balance−458−436−96−122−81−137−122
Services and unrequited transfers1722106342545145
Total−286−226−33−80−27−86−77
B. Capital Movements (excluding Group D) and Net Errors and Omissions
Private capital202952383133−31
Official capital2373−17146412−9
Net errors and omissions23404952210
Total248208103110067−30
C. Total (A plus B)−38−18−23−4973−19−107
D. Commercial Bank Capital
Liabilities4971−2122466−56
Assets (increase—)−64−13920−46−41−7245
Total−15−68−1−24−37−6−11
E. Total (C plus D)−53−86−24−7336−25−118
F. Official Monetary Movements
Net IMF accounts5−24−18−5−140
Short-term liabilities
48
−131−20−102
Other short-term assets (increase—)1162566−113676
Monetary gold (increase—)−6−6
Total53862473−3625118
Source: Danish Government Statistical Office.

Positive figures are credits; negative figures are debits.

Preliminary.

Source: Danish Government Statistical Office.

Positive figures are credits; negative figures are debits.

Preliminary.

Table 58.France: Balance of Payments Summary, 1967 and 1968 1(In millions of U.S. dollars)
1968 2
19671968 2First quarterSecond quarterThird quarterFourth quarter
A. Goods, Services, and Unrequited
Transfers
Exports f.o.b.11,51513,7063,4713,1183,4243,693
Imports f.o.b.−11,134−13,864−3,350−3,151−3,491−3,872
Trade balance381−158121−33−67−179
Services (net)376−6005−66−419−120
Unrequited transfers (net)−524−462−91−130−116−125
Total233−1,22035−229−602−424
Memorandum item: Goods, Services, and Private Unrequited Transfers730-819132-107-519-325
B. Long-Term Capital
Private
Liabilities6184092201913157
Assets (increase—)−539−1,236−246−322−256−412
Official−80−69−9−28−32
Total−1−896−35−303−271−287
C. Total (A plus B)232−2,116−532−873−711
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Private nonmonetary−309−956−261−179−204−312
Net errors and omissions−14−3614852−150−86
Total−323−992−113−127−354−398
E. Commercial Bank Capital
Liabilities1,2441,024427−562−11,160
Assets (increase—)−806−1,584−404−620−247−313
Total438−56023−1,182−248847
F. Total (C through E)347−3,668−90−1,841−1,475−262
G. Official Monetary Movements
Net IMF accounts1028853883−1
Foreign exchange (increase—)−3675518610570−115
Other claims, net (increase—)−8687545333290
Monetary gold (increase—)41,3571495573288
Total−3473,668901,8411,475262
Source: Data provided by the French authorities.

Positive figures are credits; negative figures are debits.

Preliminary.

Source: Data provided by the French authorities.

Positive figures are credits; negative figures are debits.

Preliminary.

Table 59.Federal Republic of Germany: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19681969 2
19671968First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.21,74124,8545,8265,7006,1637,1656,398
Imports c.i.f.−17,352−20,166−4,701−4,823−5,112−5,530−5,683
Other merchandise−223−200−54−34−60−529
Trade balance4,1664,4881,0718439911,583724
Paid services to foreign troops1,3101,340321330344345313
Other services−1,436−1,191−207−281−497−206−333
Total goods and services4,0404,6371,1858928381,722704
Unrequited transfers (net)−1,577−1,761−402−413−380−566−372
Total2,4632,8767834794581,156332
Memorandum item: Goods, Services, and Private Unrequited Transfers3,2923,8991,0247106311,534505
B. Long-Term Capital
Private liabilities414445635410522352
Private assets−830−2,946−457−679−1,023−787−1,454
Government long-term capital−385−386−65−63−117−141−78
Total−801−2,887−459−688−1,035−705−1,480
C. Total (A plus B)1,662−11324−209−577451−1,148
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Government short-term capital49329633821315−36
Other short-term capital−40812116−3212710126
Net errors and omissions508371209302−374381
Total−359958450215642−349471
E. Commercial Bank Short-Term Capital
Liabilities2971,487−27180590744−735
Assets (increase—)3−1,503−699−365151−346−139−402
Total−1,206788−392331244605−1,137
F. Total (C through E)971,735382337309707−1,814
G. Official Monetary Movements
Net IMF accounts205−463−82−4664441161
Bundesbank investment in U.S. and U.K. Treasury paper (increase—)4−250−675−125−175−125−250
Miscellaneous claims, net (increase—)5275947−35171
Freely usable assets (increase—)3−143−345−435637−81−4661,584
Monetary gold (increase—)64−311256−340−144−83−2
Total−97−1,735−382−337−309−7071,814
Source: Deutsche Bundesbank, Monthly Report, June 1969.

Positive figures are credits; negative figures are debits.

Preliminary.

U.S. dollars put at the disposal of the commercial banks by the Bundesbank through swap arrangements are included in the commercial banks’ assets in Group E and excluded from the Bundesbank assets in Group G.

Made in accordance with the U.S.-German agreements of 1967 and 1968, and the 1968 U.K.-German agreement.

Covers mainly claims on the IBRD and post-EPU claims, as well as liabilities of the Bundesbank and liabilities resulting from the sale of German money-market paper to foreign monetary authorities.

Source: Deutsche Bundesbank, Monthly Report, June 1969.

Positive figures are credits; negative figures are debits.

Preliminary.

U.S. dollars put at the disposal of the commercial banks by the Bundesbank through swap arrangements are included in the commercial banks’ assets in Group E and excluded from the Bundesbank assets in Group G.

Made in accordance with the U.S.-German agreements of 1967 and 1968, and the 1968 U.K.-German agreement.

Covers mainly claims on the IBRD and post-EPU claims, as well as liabilities of the Bundesbank and liabilities resulting from the sale of German money-market paper to foreign monetary authorities.

Table 60.Italy: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19671968 21968 21969 2
FirstSecondThirdFourthFirst
quarterquarterquarterquarterquarter
A. Goods, Services (net), and Unrequited Transfers (net)
Exports f.o.b.8,60510,0952,3512,4762,4692,7992,808
Imports f.o.b.−8,626−8,964−2,095−2,167−2,239−2,463−2,619
Trade balance−211,131256309230336189
Travel1,1261,109155289454211142
Other services166142−9−441296674
Unrequited transfers32829136627611775
Total1,5992,673438616889730480
Memorandum item: Goods, Services, and Private Unrequited Transfers1,7612,951520700966765538
B. Capital Movements (excluding Groups D and E) and Net Errors and Omissions
Loans received by private sector−106−35−282−2213−31
Loans extended by private sector−144−166−598−32−83−162
Trade credits14−263−160−3173−14512
Other private investment in Italy3233667710760122111
Other private investment abroad−179−333−66−77−59−131−160
Advance debt redemption−73−37−36
Miscellaneous government capital−53−338−37−4−4
Repatriation of Italian banknotes 3−801−1,128−342−314−155−317−484
Other net errors and omissions and other capital4−291−457−10−103−145−199−117
Total−1,237−2,122−617−445−316−744−835
C. Total (A plus B)362551−179171573−14−355
Total, excluding advance debt redemption362624-142171609-14-355
D. Commercial Bank Capital
Liabilities4848752015064641116
Assets (increase—)−289−1,563−2−243−454−864−142
Total195−68818−93−390−223−26
E. Total (C plus D)557−137−16178183−237−381
F. Official Monetary Movements
Net IMF accounts43−52−52−20711196103
Short-term liabilities1−25−18124−3299
Foreign exchange (increase—)−610697189424−102186184
Other claims (increase—)−540181−526−4
Monetary gold (increase—)14−52324−297−111−139−1
Total−557137161−78−183237381
Sources: Ufflcio Italiano dei Cambi, Movimento Valutario, and Bank of Italy.

Positive figures are credits; negative figures are debits. Some data in Group A and all data in Group B are on a payments (exchange record) basis.

Preliminary.

Part of the foreign investment in Italy is believed to be financed from the proceeds of Italian banknotes remitted abroad and subsequently repatriated; to that extent foreign investment in Italy may be overstated. See also footnote 4.

In the standard presentation of Italy’s balance of payments, the repatriation of banknotes forms a part of net errors and omissions.

Sources: Ufflcio Italiano dei Cambi, Movimento Valutario, and Bank of Italy.

Positive figures are credits; negative figures are debits. Some data in Group A and all data in Group B are on a payments (exchange record) basis.

Preliminary.

Part of the foreign investment in Italy is believed to be financed from the proceeds of Italian banknotes remitted abroad and subsequently repatriated; to that extent foreign investment in Italy may be overstated. See also footnote 4.

In the standard presentation of Italy’s balance of payments, the repatriation of banknotes forms a part of net errors and omissions.

Table 61.Japan: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19671968 21968 21969 2
First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.10,22812,7542,5693,1123,3273,7463,283
Imports f.o.b.−9,070−10,223−2,451−2,566−2,482−2,724−2,671
Trade balance1,1582,5311185468451,022612
Government special receipts 3523592130147147168145
Other services and unrequited transfers (net)−1,873−2,075−543−502−489−541−571
Total−1921,048−295191503649186
Memorandum item: Goods, Services, and Private Unrequited Transfers-381,196-261234530693211
B. Long-Term Capital
Direct investment−77−147−22−15−8−102−13
Trade credits and loans extended−702−828−192−215−196−225−231
Other−33730103211212204289
Total−812−245−111−198−12345
C. Total (A plus B)−1,004803−406172511526231
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Nonmonetary sectors507202115−203176−10
Net errors and omissions−74974469−1−1557
Total43329915949306147
E. Commercial Bank Capital
Liabilities98748416971307−63
Assets (increase—)−477−72437−220−166−375104
Total510−240206−213−165−6841
F. Total (C through E)−61862−418376519319
G. Official Monetary Movements
Net IMF accounts82−5113−46−7−113
Short-term liabilities (net)−2814−1537−7
Foreign exchange (increase—)16−8073247−372−514−314
Monetary gold (increase—)−9−18−3−14−1−1
Total61−86241−8−376−519−319
Sources: Bank of Japan, Balance of Payments Monthly and Economic Statistics Monthly.

Positive figures are credits; negative figures are debits.

Preliminary.

Includes sales of goods and services to foreign military forces.

Sources: Bank of Japan, Balance of Payments Monthly and Economic Statistics Monthly.

Positive figures are credits; negative figures are debits.

Preliminary.

Includes sales of goods and services to foreign military forces.

Table 62.Netherlands: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19671968 21968 21969 2
First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b. 36,8657,7841,7981,8881,9402,1582,111
Imports f.o.b.−7,423−8,110−1,922−1,983−2,007−2,198−2,235
Trade balance−558−326−124−95−67−40−124
Services (net)537431918012713370
Unrequited transfers (net)−63−43−21−20−29
Total−8462−54−154091−45
Memorandum item: Goods, Services, and Private Unrequited Transfers-2696-35-165790-62
B. Long-Term Capital, n.i.e.
Private−43— 35— 11−4336−1756
Advance debt redemption−65−65
Other official−22−30−6−7−3−14−4
Total−65−130−17−5033−9652
C. Total (A plus B)−149−68−71−6573−57
Total, excluding advance debt redemption-149-3-71-6573607
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Private nonmonetary30−27−30−17-2949−22
Net errors and omissions1623975−3824−2289
Total1921245−55−52776
E. Commercial Bank Capital
Liabilities140447153187−321393
Assets (increase—)−12−559−189−141−18−211−142
Total128−112−3646−50−72−139
F. Total (C through E)171−168−62−7418−50−56
G. Official Monetary Movements
Net IMF accounts61−145−126−78203943
Other short-term liabilities1155−27−27
Other short-term assets (increase—)−252298131139−103813
Monetary gold (increase—)191457−42— 1
Total−1711686274−185056
Source: Data provided by the Netherlands Bank.

Positive figures are credits; negative figures are debits.

Preliminary.

Including the balance of merchandise transactions abroad.

Source: Data provided by the Netherlands Bank.

Positive figures are credits; negative figures are debits.

Preliminary.

Including the balance of merchandise transactions abroad.

Table 63.Norway: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19671968 21968 21969 2
First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.1,7471,948467479443559577
Imports f.o.b.−2,709−2,660−664−685−614−697−668
Trade balance−962−712−197−206−171−138−91
Services and unrequited transfers759877221212242202178
Total−203165246716487
Memorandum item: Goods, Services, and Private Unrequited Transfers-188189289757796
B. Long-Term Capital, n.i.e.
Private398483643−12−19−53
Official−52−12−5−2−5−3
Total346363638−14−24−56
C. Total (A plus B)1432016044574031
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Private nonmonetary 3−23−72−18−26−302−27
Net errors and omissions443917167−110
Total21−33−1−10−231−17
E. Private Monetary Institutions
Liabilities−5−5221139−72
Assets (increase—)−24−138−307−45−70−14
Total−29−138−829−34−31−86
F. Total (C through E)13530−234310−72
G. Official Monetary Movements
Net IMF accounts−9−20−20
Liabilities14−4−2−1−15
Other claims (increase—)−14025−161−1067
Monetary gold (increase—)−6−6
Total−135−3023−43−1072
Source: Central Bureau of Statistics of Norway.

Positive figures are credits; negative figures are debits.

Preliminary.

Includes official short-term capital.

Source: Central Bureau of Statistics of Norway.

Positive figures are credits; negative figures are debits.

Preliminary.

Includes official short-term capital.

Table 64.Sweden: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
1968 21969 2
19671968 2First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
Exports f.o.b.4,5074,8751,1541,2021,1751,3441,307
Imports f.o.b.−4,651−5,051−1,274−1,184−1,211−1,382−1,377
Trade balance−144−176−12018−36−38−70
Services and unrequited transfers−1−73−15−12−40−6−60
Total−145−249−1356−76−44−130
Memorandum item: Goods, Services, and Private Unrequited Transfers-87-180-12317-49-25-100
B. Long-Term Capital, n.i.e.
Private100123−7365539−40
Official9−10−11−9−17
Total109113−8374638−33
C. Total (A plus B)−36−136−14343−30−6−163
D. Short-Term Capital, n.i.e. (including net errors and omissions)
Private nonmonetary24−3128−14
Official nonmonetary−15−1−3−2221
Net errors and omissions−11123161−2950−5932
Total−2119159−2960−7133
E. Commercial Bank Capital
Liabilities−3772−136421124
Assets (increase—)−120−7369−37−31−74−62
Total−157−15627−31−5362
F. Total (C through E)−195−187241−1−130−68
G. Official Monetary Movements
Net IMF accounts27−26−5452323
Short-term liabilities8−8−35−6−47
Other short-term assets (increase—)16074−6930211138
Monetary gold (increase—)−22−22
Total19518−72−41113068
Source: Sveriges Riksbank.

Positive figures are credits; negative figures are debits.

Preliminary.

Source: Sveriges Riksbank.

Positive figures are credits; negative figures are debits.

Preliminary.

Table 65.United Kingdom: Balance of Payments Summary, 1967-First Quarter 1969 1(In millions of U.S. dollars)
19671968 21968 21969 2
FirstSecondThirdFourthFirst
quarterquarterquarterquarterquarter
A. Goods, Services, and Unrequited Transfers, seasonally adjusted
Exports f.o.b.13,88214,6473,5783,4463,7613,8623,842
Imports f.o.b.−15,298−16,296−4,003−3,996−4,128−4,169−4,147
Payments for U.S. military aircraft−265−261−55−74−84−48−79
Trade balance−1,681−1,910−480−624−451−355−384
Services and unrequited transfers (net)635904 3156303275170336
Total−1,046−1,006−324−321−176−185−48
Memorandum item: Goods, Services, and Private Unrequited Transfers, seasonally adjusted-540-574−797-218−77-8265
B. Long-Term Capital Movements, n.i.e., seasonally adjusted
Official−14755−531148−17−125
Private investment (net)
Abroad (increase—)−1,162−1,490−439−401−245−405−399
In United Kingdom1,0721,342166271658247274
Total−237−93−326−53461−175−250
C. Total (A plus B), seasonally adjusted−1,283−1,099−650−374285−360−298
Total (A plus B), unadjusted−1,283−1,099−710−252153−290−338
D. Net Errors and Omissions425−144−21212533662
E. Short-Term Capital Movements, n.i.e.
Miscellaneous capital−892677−67−125221
Foreign currency liabilities (net) of banks−430−2681125 4−69 4−163−103
Sterling liabilities (net) other than to central monetary institutions, BIS, and IMF
Sterling area countries−14841−211211−189−29
Other_________−840−323−265−31−221−214
Total−430−1,103−175−27444−698−125
F. Total (C through E)−1,288−2,346−1,097−514250−985199
G. Exchange Adjustments5−612−297−199−55−61
H. Official Monetary Movements
Net IMF accounts, including gold deposit liability−8501,259101,410−75−86−305
Sterling liabilities (net) to central monetary institutions and BIS
Sterling area countries
819−207204−533 4−209 4331497
Other1,590902−400413675−211
Official liabilities in non-sterling currencies42443305197−290−169−132
Transfer of securities from dollar portfolio to reserves490
Convertible currency reserves (increase—) Gold reserves (increase—)−24445617520−22283−45
649−183−20219−1212−3
Total1,2882,9581,394713−1951,046−199
Source: U.K. Central Statistical Office, Economic Trends, June 1969, gives these statistics in pounds sterling.

Positive figures are credits; negative figures are debits.

Preliminary.

Excluding loan service due but not paid to the United States and Canada under waiver provisions ($86 million for interest and also for principal). Although these payments were due in the final quarter, the effect, in these seasonally adjusted figures, has been applied equally to all four quarters of the year.

The effects of the redenomination of certain official balances of the Government of Hong Kong from pounds sterling to Hong Kong currency in the second quarter of 1968, and the reversal in the third quarter of 1968, are eliminated from this table.

Exchange adjustments are included in the figure for Group E.

Source: U.K. Central Statistical Office, Economic Trends, June 1969, gives these statistics in pounds sterling.

Positive figures are credits; negative figures are debits.

Preliminary.

Excluding loan service due but not paid to the United States and Canada under waiver provisions ($86 million for interest and also for principal). Although these payments were due in the final quarter, the effect, in these seasonally adjusted figures, has been applied equally to all four quarters of the year.

The effects of the redenomination of certain official balances of the Government of Hong Kong from pounds sterling to Hong Kong currency in the second quarter of 1968, and the reversal in the third quarter of 1968, are eliminated from this table.

Exchange adjustments are included in the figure for Group E.

Table 66.United States: Balance of Payments Summary, Seasonally Adjusted, 1967-First Quarter 1969 1(In millions of U.S. dollars)
1968 21969 2
19671968 2First quarterSecond quarterThird quarterFourth quarterFirst quarter
A. Goods, Services, and Unrequited Transfers
(excluding aid)
Exports f.o.b.30,68133,5987,9418,3958,8798,3837,474
Imports f.o.b.−26,821−32,972−7,817−8,131−8,566−8,458−7,577
Trade balance3,860626124264313−75−103
Net military expenditures−3,139−3,102−797−763−737−805−782
Investment income4,5104,7691,1001,2311,2701,1681,181
Other services, remittances, and pensions
(excluding aid and military transfers)−1,249−931−232−165−262−272−214
Total3,9821,3621955675841682
B. Aid and Nonmonetary Sectors’ Selected
Capital
Advance repayments on U.S. Govern-
ment loans62694235516944
Other government capital and grants−4,228−4,224−1,139−1,058−1,023−1,004−827
Direct investment abroad−3,153−3,026−472−1,009−1,262−283−776
Portfolio investment abroad−1,292−1,083−137−147−229−570−277
Foreign direct and portfolio investment
in United States1,5175,4081,1841,3111,1361,7771,680
Total−7,150−2,656−522−900−1,32389−156
C. Total (A plus B)−3,168−1,294−327−333−739105−74
D. Net Errors and Omissions−1,007−716−410−540286−52−1,398
E. Short-Term Capital, n.i.e.
Foreign nonliquid capital4948148429130247−124
Foreign liquid capital200434902073251−106
U.S. private assets (increase—)−1,209−1,049−197−381−377−94−148
Total515199−9968−174404−378
F. Liquid Liabilities to Foreign Commercial
Banks1,2723,4504572,358724−893,001
G. Total (C through F)−3,4181,639−3791,553973681,151
H. “Official Settlements” 3
Liabilities to foreign official agencies
Nonliquid liabilities1,3462,34136377753766443
Liquid liabilities2,020−3,100−888−2,193−6344−1,146
Net IMF accounts−94−870−57−426−23−364−31
U.S. convertible currency holdings
(increase—)−1,024−1,183−401267−474−575−73
Monetary gold (increase—)1,1701,1731,36222−74−13756
Total3,418−1,639379−1,553−97−368−1,151
Main Categories, without seasonal adjustment
Trade balance263444−16685116
Service and unrequited transfers
(excluding aid)243332−382543453
Aid and nonmonetary sectors’ selected
capital−745−955−953−3−265
Subtotal−239−179−1,501625304
Unrecorded transactions−332−455505−436−1,418
Short-term capital, n.i.e.24−8292167−356
Liauid liabilities to foreign commercial
banks6382,266976−4303,181
Subtotal3301 7291 573−6991 407
“Official Settlements”−91−1,550−7274−1,711
Memorandum item: Change (increase—) in
monetary reserve assets net of liquid
liabilities
Seasonally adjusted56451162−8701,704
Without seasonal adjustment267−45431−7461,316
Source: U.S. Department of Commerce, Survey of Current Business, June 1969.

Positive figures are credits; negative figures are debits.

Preliminary. Yearly figures are totals of quarterly data.

In this group the series for U.S. reserve assets (net IMF accounts, convertible currency holdings, and monetary gold) are not seasonally adjusted.

Source: U.S. Department of Commerce, Survey of Current Business, June 1969.

Positive figures are credits; negative figures are debits.

Preliminary. Yearly figures are totals of quarterly data.

In this group the series for U.S. reserve assets (net IMF accounts, convertible currency holdings, and monetary gold) are not seasonally adjusted.

Table 67.Primary Producing Countries—More Developed Areas: Balance of Payments Summaries, 1967 and 1968 1,2(In millions of U.S. dollars)
Exports f.o.b. (1)Imports f.o.b.3(2)Trade Balance (Cols. 1+2) (3)Services and Private Unrequited Transfers (4)Goods, Services, and Private Unrequited Transfers (Cols. 3+4) (5)Central Government Capital and Aid (6)Private Long-Term Capital (7)Basic Balance (Cols. 5 through 7) (8)Other Short-Term Capital and Net Errors and Omissions (9)Total4(Cols. 8+9) (10)
Australia19673,388−3,34048−797−749−45671−12383−40
19683,426−3,687−261−900−1,161−102930−333465132
Finland19671,524−1,704 5−18040−140779−54−14−68
19681,627−1,602 5254368466618065245
Greece1967488−1,161 5−673482−19116169−62923
1968483−1,249 5−766530−23616193−27347
Iceland196799−152−53−53613−3411−23
196882−132−502−48217−206−14
Ireland1967756−1,048 5−29232533173107−1052
1968775−1,152 5−377329−4829−19125106
Malta196723−99−7670−613−1628
196828−110−8275−721−775966
New, Zealand1967959−826133−278−1456820−571−56
19681,018−738280−2027825−697−1681
Portugal1967769−1,147−3784931152185221−71150
1968815−1,178−3634941311567213−79134
South Africa19672,899−2,764135−468−33310279−4433−11
19683,164−2,701463−44914115286415230645
Spain19671,419−3,200−1,7811,324−4573850889−213−124
19681,667−3,242−1,5751,314−261150436325−26461
Turkey1967530−608−7814−641251677−6512
1968498−687−1894−185169182−41−39
Yugoslavia19671,253−1,707 5−454364−9015868−1157
19681,259−1,796 5−537428−10916556−97−41
Total196714,107−17,756−3,6491,569−2,0804181,912250−320−70
196814,842−18,274−3,4321,668−1,7646412,0198964871,383

Source: International Monetary Fund, Balance of Payments Yearbook.

Positive figures are credits; negative figures are debits.

Data for 1968 are preliminary and include Fund staff estimates.

F.o.b. unless otherwise noted.

Reflects net official reserve movements, i.e., changes in foreign liabilities of countries’ central monetary institutions in addition to changes in their official gold holdings, Fund positions, and foreign assets. Positive figures indicate surpluses; negative figures indicate deficits

C.i.f.

Source: International Monetary Fund, Balance of Payments Yearbook.

Positive figures are credits; negative figures are debits.

Data for 1968 are preliminary and include Fund staff estimates.

F.o.b. unless otherwise noted.

Reflects net official reserve movements, i.e., changes in foreign liabilities of countries’ central monetary institutions in addition to changes in their official gold holdings, Fund positions, and foreign assets. Positive figures indicate surpluses; negative figures indicate deficits

C.i.f.

Table 68.Primary Producing Countries—Less Developed Areas: Balance of Payments Summaries, 1967 and 1968 1,2(In millions of U.S. dollars)
1967
Exports f.o.b.Imports f.o.b.3Trade Balance (Cols. 1+2)Services and Private Unrequited TransfersGoods, Services, and Private Unrequited Transfers (Cols. 3+4)Central Government Capital and AidPrivate Long-Term CapitalBasic Balance (Cols. 5 through 7)Other Short-Term Capital and Net Errors and OmissionsTotal4(Cols. 8+9)
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
Western Hemisphere
Argentina1,464−1,095 5369−185184−48−3898278376
Bolivia155−1523−44−41267−8−2−10
Brazil1,654−1,441213−515−302122159−21−106−127
Chile886−788 598−194−961083951−74−23
Colombia558−46494−183−895872411051
Costa Rica143−174−31−24−55726−223816
Dominican Republic157−174−17−47−642811−2520−5
Ecuador201−17724−60−36123511−29
El Salvador208−2053−30−276243−4−1
Guatemala204−227−23−39−621435−1310−3
Guyana121−131 5−10−22−321420235
Haiti32−40−83−531−1−1−2
Honduras156−1524−36−32612−14151
Jamaica226−296−706−6418926−179
Mexico1,152−1,767 5−615−25−640104394−14220967
Nicaragua148−172−24−43−67620−4123−18
Panama109−232−12383−401110−194−15
Paraguay50−61−11−11−22517−1−1
Peru755−801−46−226−27213564−7339−34
Trinidad and Tobago431−409 522−39−1722510−64
Uruguay160−14614−30−16137448
Venezuela2,462−1,3371,125−1,157−32−111197624100
Subtotal, Western Hemisphere11,432−10,441991−2,818−1,8276221,148−57464407
Asia
Burma127−137−10−21−3115−16−21−37
Ceylon340−409 5−69−6936−1−344−30
China,
Republic of655−716−6116−45113793−4548
India1,640−2.774 5−1,134−31−1,1651,2431391−105−14
Indonesia771−806−35−248−28321156−169−7
Korea335−909−574248−326147193144357
Malaysia1,202−1,029173−204−31−136723−40−17
Pakistan570−1,115−545−131−67653287−5725−32
Philippines829−1,062−233127−10642−2−66−65−131
Singapore1,058−1,355−297222−75534−3613599
Thailand668−1,052 5−384287−977274494796
Viet-Nam38−754 5−716375−341362−3181028
Subtotal, Asia8,233−12,118−3,885640−3,2452,65365563−360
Middle East
Cyprus78−142−64662−11011516
Iran1,662−1,181 5481−615−1341294742−1032
Iraq828−425 5403−34558221090−6426
Israel533−673−14014024612258−33225
Jordan32−152 5−12049−711491791594
Saudi Arabia1,516−576940−886541595164−10460
United Arab Republic595−955 5−36074−286230−14−70−15−85
Subtotal, Middle East5,244−4,1041,140−1,517−377790161574−206368
Africa
Congo, Democratic Republic of470−254216−217−150−841647
Ethiopia103−126−23−19−421512−151−14
Ghana284−26519−104−852035−30−12−42
Ivory Coast337−298 539−97−581512−31398
Kenya222−326 5−10446−581635−71912
Libya1,175−480 5695−559136−781977−3146
Malawi56−69−13−23−36289134
Mali20−37−17−20−3735−2−4−6
Mauritius63−69−6−11−176−111−10
Morocco424−480−56−24−8070122−22−20
Nigeria669−612 557−324−26758141−68−19−87
Sierra Leone68−78−10−19−291112−6−6
Somalia29−74 5−4522−23192−2−2
Sudan219−239 5−20−29−4928−21−5−26
Tanzania244−244 54425−722−166
Tunisia148−262−114−23−1379731−91−8
Uganda212−18428−38−10171017−143
Subtotal, Africa4,743−4,097646−1,435−789432315−42−53−95
Grand Total29,652−30,760−1,108−5,130−6,2384,4972,279538202740
Source: International Monetary Fund, Balance of Payments Yearbook.For footnotes 1-5, see Table 67.

Source: International Monetary Fund, Balance of Payments Yearbook.

Positive figures are credits; negative figures are debits.

Data for 1968 are preliminary and include Fund staff estimates.

F.o.b. unless otherwise noted.

Reflects net official reserve movements, i.e., changes in foreign liabilities of countries’ central monetary institutions in addition to changes in their official gold holdings, Fund positions, and foreign assets. Positive figures indicate surpluses; negative figures indicate deficits.

Including private long-term capital.

Not comparable with corresponding total for 1967.

1968
Exports f.o.b.Imports f.o.b.3Trade Balance (Cols. 1+2)Services and Private Unrequited TransfersGoods, Services, and Private Unrequited Transfers (Cols. 3+4)Central Government Capital and AidPrivate Long-Term CapitalBasic Balance (Cols. 5 through 7)Other Short-Term Capital and Net Errors and OmissionsTotal 4(Cols. 8+9)
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
Western Hemisphere
Argentina1,365−1,135 5230−222860−36594159
Bolivia161−166−5−45−50533−5−2
Brazil1,890−1,85634−524−490229254−7156149
Chile915−869 546−213−167159156148−31117
Colombia603−6012−192−1909864−287446
Costa Rica174−191−17−27−44−127−18257
Dominican Republic162−192−30−37−671730−203010
Ecuador210−2091−68−671746−4−10−14
El Salvador212−218 5−6−12−185152−6−4
Guatemala233−237−4−48−521734−1−3−4
Guyana119−115 54−22−1810146−15
Haiti36−40−41−341235
Honduras184−17113−38−25161455
Jamaica222−330−1086−10212−90130 640
Mexico1,254−1,969 5−71523−69278499−11518671
Nicaragua159−165−6−36−42827−76−1
Panama115−250−13592−438−3530−5
Paraguay50−70−20−9−291412−341
Peru846−663183−18371−2447−62−15
Trinidad and Tobago472−427 545−48−3422231437
Uruguay179−1621752229 651−1635
Venezuela2,462−1,4481,014−1,201−1877364−5010050
Subtotal, Western Hemisphere12,023−11,484539−2,798−2,2599811,252−26718692
Asia
Burma109−175−66−22−8836−5246−6
Ceylon332−394 5−62−3−6544−2−23−12−35
China,
Republic of826−900−74−40−1142185−82921
India1,799−2,434−635−47−682943−18243−16875
Indonesia868−83038−291−25319741−157−8
Korea486−1,326−840263−577147400−30156126
Malaysia1,328−1,098230−234−4156576−4630
Pakistan646−970−324−113−4374534763−1548
Philippines866−1,150−284−21−30515824−12316441
Singapore1,172−1,553−381210−17139−13223199
Thailand640−1,183−543301−2429675−718413
Viet-Nam41−672−631282−349378−1217−161
Subtotal, Asia9,113−12,685−3,572285−3,2872,488744−55460405
Middle East
Cyprus82−145−6360−3410114657
Iran1,860−1,499 5361−695−3343526078−182−104
Iraq1,031−403 5628−49113714151−37114
Israel650−960−31055−25521110−34−49−83
Jordan40−160 5−120−12016343−340
Saudi Arabia1,728−812 5916−86650−85−16−51−5−56
United Arab Republic664−856 5−192−48−24025313−60 6−47 7
Subtotal, Middle East6,055−4,8351,220−1,985−76589878211−290−79
Africa
Congo, Democratic Republic of587−279308−2495937−888−1870
Ethiopia110−145−35−7−42385112
Ghana320−6159−105−461319−147−7
Ivory Coast438−34 597−9738947–425
Kenya235−339 5−10449−55343514620
Libya1,867−649 51,218−883335−85−81169−14155
Malawi48−70−22−23−452811−66
Mali18−34−16−21−3726−1−12−12
Mauritius65−65−6−69−1246
Morocco450−511−61−39−1007710−13−11−24
Nigeria584−523 561−310−24932148−69723
Sierra Leone112−106 56−13−71191313
Somalia31−47 5−16−6−2223233
Sudan237−277−40−24−6419−2−4733−14
Tanzania238— 264 5−2611−1523811 619
Tunisia157−218−61−3−64691823−716
Uganda208−184 524−29−513210414
Subtotal, Africa5,705−4,3131,392−1,755−36340517521752269
Grand Total32,896−33,317−421−6,253−6,6744,7722,2493479401,287
Source: International Monetary Fund, Balance of Payments Yearbook.For footnotes 1-5, see Table 67.

Source: International Monetary Fund, Balance of Payments Yearbook.

Positive figures are credits; negative figures are debits.

Data for 1968 are preliminary and include Fund staff estimates.

F.o.b. unless otherwise noted.

Reflects net official reserve movements, i.e., changes in foreign liabilities of countries’ central monetary institutions in addition to changes in their official gold holdings, Fund positions, and foreign assets. Positive figures indicate surpluses; negative figures indicate deficits.

Including private long-term capital.

Not comparable with corresponding total for 1967.

Source: International Monetary Fund, Balance of Payments Yearbook.For footnotes 1-5, see Table 67.

Source: International Monetary Fund, Balance of Payments Yearbook.

Positive figures are credits; negative figures are debits.

Data for 1968 are preliminary and include Fund staff estimates.

F.o.b. unless otherwise noted.

Reflects net official reserve movements, i.e., changes in foreign liabilities of countries’ central monetary institutions in addition to changes in their official gold holdings, Fund positions, and foreign assets. Positive figures indicate surpluses; negative figures indicate deficits.

Including private long-term capital.

Not comparable with corresponding total for 1967.

This note does not present data beyond April 30, 1969, the end of the Fund’s last fiscal year. Some more recent developments are commented upon elsewhere in the Report.

See Annual Report,1965, pages 31-34 and 124-32.

As in Chapter 3, data on transactions (and positions in the Fund) are expressed in terms of U.S. dollars, regardless of the currencies in which they took place.

A super gold tranche position is the difference between the Fund’s holdings of a member’s currency and 75 percent of the member’s quota when the holdings are less than 75 percent.

A gold tranche position is the difference between the Fund’s holdings of a member’s currency and 100 percent of the member’s quota when the holdings are less than 100 percent of quota. A gold tranche position may include a super gold tranche position.

The tranche policy was stated on page 16 of the Annual Report,1963 as follows:

Members are given the overwhelming benefit of the doubt in relation to requests for transactions within the “gold tranche,” that is, for drawings which do not increase the Fund’s holdings of the currency beyond an amount equal to the member’s quota. The Fund’s attitude to requests for transactions within the “first credit tranche”—that is, transactions which bring the Fund’s holdings of a member’s currency above 100 percent but not above 125 percent of its quota—is a liberal one, provided that the member itself is making reasonable efforts to solve its problems. Requests for transactions beyond these limits require substantial justification. They are likely to be favorably received when the drawings or stand-by arrangements are intended to support a sound program aimed at establishing or maintaining the enduring stability of the member’s currency at a realistic rate of exchange.

Prior to the Amendment of the Articles of Agreement that became effective on July 28, 1969, requests for gold tranche purchases enjoyed defacto automaticity. One of the effects of the modifications in Article V, Section 3, was to make the use of the Fund’s resources in the gold tranche legally automatic.

One of the conditions set forth in Article V, Section 3(a), is that the member desiring to purchase another member’s currency from the Fund must represent that it presently needs that currency for making payments in it that are consistent with the provisions of the Articles.

The general framework for stand-by arrangements was established by Decision No. 155-(52/57) of October 1, 1952 and Decision No. 270-(53/95) of December 23, 1953 which revised and replaced it. See SelectedDecisionsoftheExecutiveDirectorsandSelectedDocuments (third issue, Washington, 1965) pages 24-28.

Annual Report,1966, Chapter 3.

A voluntary repurchase may be defined as one that is voluntary on both sides of the transaction, i.e., the member is not obligated to make the repurchase and the Fund is not obligated to accept it. (See Decision No. 7-(648) of March 8, 1951—Selected Decisions of the Executive Directors and Selected Documents (third issue, Washington, 1965), pages 51-52.)

The relationship between the concept of purchases not yet repurchased (or outstanding purchases) and various Fund transactions was explained on pages 18-19 of the Annual Report,1968.

A member’s currency is convertible within the meaning of the Articles of Agreement when the member has accepted the obligations of Article VIII, Sections 2, 3, and 4. See page 139 above.

See footnote 1, Table 51.

Selected Decisions of the Executive Directors and Selected Documents (third issue, Washington, 1965), pages 81-83.

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