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Old 08-21-2011, 05:14 PM   #1
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What's New Site Map Site Index Contact Us Glossary Search Search IMF Entire Site IMF Survey Magazine Home About the IMF Research at the IMF Country Info News Data and Statistics Publications Articles of Agreement of IMF
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Disclaimer See also: Article IV of the Fund's Articles of Agreement - An Overview of the Legal Framework
June 28, 2006 Selected Decisions and Selected Documents of the IMF By-Laws Rules and Regulations of the IMF Members Quotas Shares, Governors,herve leger fall, and Voting Power Executive Directors and Voting Power Senior Officials Organization IMF at a Glance - a factsheet Article IV Staff Reports Articles of Agreement of the International Monetary Fund Article IV - Obligations Regarding Exchange Arrangements
Section 1. General obligations of members
Recognizing that the necessity purpose of the international monetary system namely to provide a framework that facilitates the exchange of merchandise, services, and capital between,0 countries, and that sustains sound economic growth,tory burch sale shoes, and that a principal objective namely the chronic development of the orderly underlying conditions that are necessary for financial and economic stability,christian louboutin shoes sale, each member undertakes to collaborate with the Fund and other members to guarantee orderly exchange arrangements and to promote a stable system of exchange rates. In particular, each member shall:
(i)
endeavor to direct its economy and financial policies toward the objective of fostering orderly economy growth with reasonable cost stability, with due regard to its circumstances;
(ii)
quest to promote stability by fostering orderly underlying economic and financial conditions and a monetary system that does not tend to generate unstable disruptions;
(iii)
lest manipulating exchange rates or the international monetary system in array to prevent efficient poise of remittances adjustment or to obtain,0 an unjust competitive avail over other members; and
(iv)
emulate exchange policies compatible with the enterprises under this Section.
Section 2. General exchange arrangements
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Section 4. Par values
The Fund may decide, by an eighty-five percent majority of the total voting power, that international economic conditions allow the introduction of a extensive system of exchange arrangements based on settled merely adjustable par values. The Fund shall make the decision on the root of the underlying stability of the earth economy,christian louboutin discount, and for this purpose shall bring,0 into account price campaigns and rates of expansion in the economies of members. The determination shall be made in light of the development of the international monetary system, with particular reference to sources of liquidity,christian louboutin wedding shoes, and,ysl shoes sale, in order to ensure the effective operation of a system of par values,low ysl shoes, to arrangements under which both members in extra and members in shortage in their balances of payments take prompt, effective, and symmetrical action to accomplish adjustment, as well as to arrangements for intervention and the treatment of imbalances. Upon making such resolve,air max sale store, the Fund shall notify members that the provisions of Schedule C apply.
Section 5. Separate currencies within a member's territories
(a) Action by a member with adore to its money under this Article shall be deemed to apply to the divide currencies of whole,0 territories in respect of which the membership has approved this Agreement under Article XXXI, Section 2(g) unless the member declares namely its operation relates both to the metropolitan currency single,jimmy choo discount shoes, alternatively merely to an or more specified separate currencies,Tory Burch Shoes, or to the metropolitan currency and one or more specified divide currencies.
(b) Action by the Fund under this Article shall be deemed to narrate to all currencies of a member referred to in (a) above unless the Fund declares otherwise.
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