Front Matter

Front Matter

International Monetary Fund. External Relations Dept.
Published Date:
September 1950
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    First Annual Report on Exchange Restrictions

    MARCH 1, 1950


    Letter of Transmittal to Members and Governors of the Fund

    March 1, 1950

    Dear Sir:

    I have the honor of transmitting to you a copy of the International Monetary Fund’s first Report on Exchange Restrictions, which has been prepared in accordance with the provisions of Article XIV, Section 4 of the Articles of Agreement. The Fund will issue similar reports annually as long as restrictions on payments and transfers for current international transactions are still in force under the provisions of Article XIV, Section 2 of the Articles of Agreement. The obligation of the Fund to report on the exchange restrictions applied under this provision is, as you know, part of the Fund’s task of assisting in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.

    The progress to date toward these objectives of the Fund has not been as conspicuous as I would like to report. We recognize the many difficulties which have caused the maintenance and spread of restrictions in international economic relations during the period of postwar transition, but if trends of improvement in the underlying world conditions continue, members should find the task of removing exchange restrictions less difficult in the future. I can pledge that in this task the Fund will continue to assist them in every way possible.

    It is my sincere hope that you may find this first Report on Exchange Restrictions of interest and benefit.

    Sincerely yours,



    Chairman of the Executive Board and Managing Director

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