Selected Decisions and Selected Documents of the IMF, Thirty- Seventh Issue -- Attribution of Reductions in Fundís Holdings of Currencies

Prepared by the Legal Department of the IMF
As updated as of December 31, 2013

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ARTICLE V, SECTION 7
Repurchases

ATTRIBUTION OF REDUCTIONS IN FUND’S HOLDINGS OF CURRENCIES

  • 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) For a member with overdue repurchase obligations, the reduction shall be attributed to any obligation to repurchase.

    (c) [Repealed]

    (d) [Repealed]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,

14287-(09/29), March 24, 2009, effective April 1, 2009, and

15092-(12/19),

February 24, 2012

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