Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- Attribution of Reductions in Fund's Holdings of Currencies

Prepared by the Legal Department of the IMF
As updated as of December 31, 2011

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    1. (a) Subject to paragraphs (b), and (e) below a member shall be free to attribute a reduction in the Fund’s holdings of its currency (i) to any obligation to repurchase, and (ii) to enlarge its reserve tranche.

    (b) If the reduction results from the sale of a member’s currency or from operational payments by the Fund, an attribution may not be made to an obligation to repurchase financed from borrowed resources unless the Fund is obligated or entitled immediately to repay the lender on the occasion of such attribution. A member would be able to combine an attribution under this decision to an obligation to repurchase financed with ordinary resources with a repurchase of an outstanding obligation financed with borrowed resources, provided this repurchase and the attribution would result in a joint reduction of repurchase obligations as required under Decision No. 5508-(77/127) and Decision No. 6783-(81/40).

    (c) [Repealed]

    (d) [Repealed]

    (e) A reduction resulting from a repurchase made pursuant to a repurchase expectation under paragraph 10(a) of Decision No. 4377-(74/114) shall be attributed to the member’s repurchase obligation arising from the same purchase three years after the original date on which that repurchase expectation was to be met.

    2. A reduction attributed to a reserve tranche position will not discharge an expectation of repurchase under the Guidelines for Early Repurchase.

    3. If the member when asked does not make an attribution in accordance with 1 above, it will be deemed to be discharging the first maturing repurchase obligation.

Decision No. 6831-(81/65),
April 22, 1981,
effective May 1, 1981,
as amended by Decision Nos. 7059-(82/23), February 22, 1982,
12345-(00/117), November 28, 2000, and
March 24, 2009,
effective April 1, 2009

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