## Appendix I — International Reserves; Appendix II — IMF Tables and Arrangements

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### Overview / Key statistics
- During 1997, total international reserves increased by 4 percent to SDR 1.4 trillion at the end of the year (Table I.1).
- Nongold reserves increased by 9 percent to SDR 1.2 trillion.
- The market value in SDR terms of the official holdings of gold by monetary authorities declined by 18 percent to SDR 191 billion.
- The rates of increase in 1997 for both total and nongold reserves were lower than those in the previous two years.
- Growth of nongold reserves was largely attributable to an increase of SDR 84 billion in foreign exchange reserves.
- IMF-related assets increased by SDR 11 billion, reflecting an increase in industrial countries’ reserve positions in the IMF associated with purchases of their currencies by certain Asian countries toward the end of 1997.

### Foreign Exchange Reserves — composition and regional changes
- Foreign exchange reserves constituted 94 percent of nongold reserves for all countries.
- Total foreign exchange reserves at end-1997: SDR 1.1 trillion; increase of 8 percent relative to end-1996.
- Changes in 1997 by group:
  - Industrial countries: foreign exchange reserves rose by SDR 19 billion (4 percent since 1996).
  - Developing countries: foreign exchange reserves rose by SDR 64 billion (12 percent).
- At end-1997, developing countries held 53 percent of total foreign exchange reserves.
- Foreign exchange as share of nongold reserves:
  - Developing countries: 98 percent of total nongold reserves.
  - Industrial countries: 90 percent of total nongold reserves.
- Oil-exporting developing countries: foreign exchange reserves rose by SDR 8 billion (16 percent).
- Non-oil-exporting developing countries: foreign exchange reserves rose by SDR 58 billion (12 percent).
- Of developing countries’ foreign exchange reserves, net debtor countries accounted for about 78 percent.
- Stock of foreign exchange reserves held by net debtor countries grew by 15 percent in 1997.
- Foreign exchange reserves of countries without debt-servicing problems increased by SDR 51 billion (18 percent).
- Reserves increased by SDR 9 billion (8 percent) for countries with debt-servicing problems.

### Holdings of IMF-Related Assets
- Total IMF-related assets at end-1997: SDR 68 billion; increase of 20 percent in 1997.
- Increase attributed largely to SDR 9 billion rise in members’ reserve positions in the IMF (reserve tranche and creditor positions).
- The SDR 9 billion increase in reserve tranche positions mainly reflects purchases of hard currencies by East Asian nations from other IMF members.
- IMF-related assets represented 6 percent of total nongold reserve assets for all countries at end-1997.
- Industrial countries accounted for 84 percent of total IMF-related reserves in 1997.
- Members’ holdings of SDRs: IMF member countries held 20.5 billion of the total of 21.4 billion SDRs allocated by the IMF in two allocations since 1970.
- At end-1997:
  - The IMF held 630 million SDRs.
  - Other prescribed institutions held 340 million SDRs.
  - (By comparison, the IMF held 8.6 billion SDRs at the end of 1992.)

### Gold Reserves — valuation and quantity
- Market value of official gold reserves at end-1997: SDR 191 billion; decline of 18 percent during 1997.
- The decline mainly reflected a 16 percent fall in the SDR market price of gold.
- Physical stock of gold reserves declined marginally by 2 percent.
- Share of gold holdings in total reserves:
  - 1980s average: 44 percent.
  - 1997: 14 percent.
- Industrial countries hold 83 percent of the world’s gold reserves; gold accounted for about 21 percent of their total reserves in 1997.
- Gold holdings accounted for 5 percent of total reserves of developing countries at end-1997 (compared with an average share of 10 percent in the early 1990s).

### International reserves: levels and composition (Table I.1 — selected series; units: In billions of SDRs unless noted)
- All countries, Total reserves excluding gold (end-of-period):
  - 1992: 693.7
  - 1993: 765.9
  - 1994: 824.2
  - 1995: 949.9
  - 1996: 1,090.3
  - 1997: 1,184.8
  - 1998 (Mar.): 1,222.1
- All countries, Total reserves including gold:
  - 1992: 918.5
  - 1993: 1,028.1
  - 1994: 1,065.2
  - 1995: 1,186.3
  - 1996: 1,323.0
  - 1997: 1,376.2
  - 1998 (Mar.): 1,420.5
- All countries, IMF-related assets (subtotal):
  - 1992: 46.8
  - 1993: 47.4
  - 1994: 47.5
  - 1995: 56.4
  - 1996: 56.4
  - 1997: 67.6
  - 1998 (Mar.): 70.4
- All countries, Foreign exchange (identified):
  - 1992: 646.9
  - 1993: 718.4
  - 1994: 776.7
  - 1995: 893.4
  - 1996: 1,033.8
  - 1997: 1,117.3
  - 1998 (Mar.): 1,151.7
- Gold quantity (millions of troy ounces) and value (SDR billions), selected:
  - Quantity: 927.5; 922.0; 918.0; 908.7; 906.4; 889.7; 880.5 (1992–1998 selected)
  - Value: 224.8; 262.2; 241.0; 236.4; 232.8; 191.4; 198.4 (1992–1998 selected)
  - Note: One troy ounce equals 31.103 grams. Market price is the afternoon price fixed in London on the last business day of each period.
- Industrial countries, Total reserves excluding gold:
  - 1992: 396.7
  - 1993: 413.4
  - 1994: 433.8
  - 1995: 487.7
  - 1996: 548.8
  - 1997: 577.7
  - 1998 (Mar.): 587.9
- Developing countries, Total reserves excluding gold:
  - 1992: 296.9
  - 1993: 352.4
  - 1994: 390.4
  - 1995: 462.2
  - 1996: 541.5
  - 1997: 607.1
  - 1998 (Mar.): 634.2

### Developments in the First Quarter of 1998 (Q1 1998)
- Total international reserves rose by SDR 44 billion in Q1 1998:
  - Foreign exchange reserves increase: SDR 34 billion.
  - IMF-related assets increase: SDR 3 billion.
  - Market value of official gold holdings increase: SDR 7 billion.
- Industrial countries (Q1 1998):
  - Total nongold reserve assets increased by SDR 10 billion.
    - Reserve positions at the IMF increased by SDR 3 billion.
    - Foreign exchange increased by SDR 7 billion.
  - Market value of gold reserves increased by SDR 5 billion.
- Developing countries (Q1 1998):
  - Foreign exchange reserves increased by SDR 27 billion.
  - No significant changes in other official reserve assets reported.

### Currency composition of foreign exchange reserves (Table I.2 — shares and trends)
- U.S. dollar:
  - Accounted for 57 percent of the identified foreign exchange reserves in 1997 (All countries).
  - Memo treatment (ECU-dollar swaps as dollars) raises U.S. dollar share to 61.3 percent (All countries) and to 66.7 percent (industrial countries) in 1997.
- Other major currency shares (All countries, 1997):
  - Pound sterling: 3.5 percent
  - Deutsche mark: 13.1 percent
  - French franc: 1.2 percent
  - Swiss franc: 0.7 percent
  - Netherlands guilder: 0.4 percent
  - Japanese yen: 5.0 percent
  - ECUs: 5.0 percent (ECU treated as separate currency except in the memo column)
  - Unspecified currencies: 14.9 percent
- Notable historical trends:
  - Dollar share declined 1987–1990, rose by 1993, and remained over 55 percent thereafter.
  - Deutsche mark share: peaked at 18 percent in 1989; 13 percent by 1997.
  - Japanese yen: peaked at 9 percent in 1991; 5 percent by end-1997.
  - Pound sterling: between 2 percent and 3 percent over two decades.
  - Shares of French francs, Swiss francs, and Dutch guilders declined through the 1990s; together 2 percent in 1997.
  - Unspecified currencies share rose sharply since 1995, reaching 15 percent at end-1997 for All countries and 22 percent for developing countries.
- ECU treatment:
  - ECUs treated as a separate currency in Table I.2; ECU reserves include claims on the private sector and ECU swaps issued by the European Monetary Institute (EMI).
  - ECU-dollar swaps, if counted as dollars, increase dollar share; alternative treatment does not alter broad trends.
  - Quarterly renewal of EMI dollar/gold swaps (arranged at end of first weeks of January, April, July, October) affects quantity changes in ECU holdings.
- Data caveats:
  - Many transition economies and new IMF members report only total foreign exchange holdings; missing currency composition is classified as unspecified.
  - Rise in unspecified component implies caution in interpreting currency share trends.

### Valuation and quantity changes by currency (Table I.3 — selected series; values in millions of SDRs)
- Total official holdings (year-end values):
  - 1989: 545,020
  - 1990: 593,607
  - 1991: 625,371
  - 1992: 646,914
  - 1993: 718,443
  - 1994: 776,703
  - 1995: 893,448
  - 1996: 1,033,786
  - 1997: 1,117,300
- Sum of the eight major currencies (year-end values):
  - 1989: 457,116
  - 1990: 498,417
  - 1991: 528,410
  - 1992: 544,625
  - 1993: 610,093
  - 1994: 665,068
  - 1995: 753,907
  - 1996: 884,792
  - 1997: 955,785
- Selected currency change in holdings in 1997 (change; decomposition where shown):
  - U.S. dollar: Change in holdings 59,021 (Quantity change 19,406; Price change 39,615); Year-end value 639,118
  - Deutsche mark: Change in holdings 15,539 (Quantity change 25,533; Price change –9,994); Year-end value 143,421
  - Japanese yen: Change in holdings –1,381 (Quantity change 1,471; Price change –2,851); Year-end value 54,420
  - Pound sterling: Change in holdings 5,146; Year-end value 38,055
  - European currency unit (ECU): Change in holdings –4,493; Year-end value 55,769
- Aggregate decomposition for 1997:
  - Sum of the above (eight currencies): Change in holdings 70,993 (Quantity change 48,190; Price change 22,803)
  - Total official holdings: Change in holdings 83,194 (year-end value 1,117,300)
- Methodology notes:
  - Quantity changes derived by converting changes in national currency holdings to SDR units using the average of two SDR prices for the currency; price (valuation) effects derived residually.
  - Numbers are estimates based on the IMF’s currency survey and other reports; subject to adjustment as more information is received.

---

### APPENDIX II — Arrangements, SDRs, and IMF operations (selected tables and aggregates)

#### Arrangements in Effect, 1953–1998 (Table II.2)
- Table II.2 provides year-by-year counts and amounts committed under IMF arrangements as of April 30 for financial years ended April 30, 1953–98.
- Key terminal figure shown (1998, Total): 45,069

#### Stand-By Arrangements in Effect, Year Ended April 30, 1998 (Table II.3)
- Aggregate totals listed in the table:
  - Total: 3,764 27,336 1,352 12,368
- Notes (verbatim):
  - 1 The authorities indicated their intention not to draw under the arrangement.
  - 2 Extended from June 14, 1997 and March 31, 1998. Increased by SDR 2 million.
  - 3 Extended from April 27, 1998.
  - 4 Includes SDR 10 billion available until December 17, 1998 under the Supplemental Reserve Facility.
  - 5 Extended from March 31, 1997. Original amount of SDR 402 million increased by SDR 161 million.
  - 6 Extended from January 13, 1997.

#### Extended Arrangements in Effect, Year Ended April 30, 1998 (Table II.4)
- Aggregate totals listed in the table:
  - Total: 10,184 3,078 — 6,828
- Notes (verbatim):
  - 1 The authorities indicated their intention not to draw under the arrangement.
  - 2 Original amount of SDR 201 million increased by SDR 37 million.
  - 3 Original amount of SDR 248 million increased by SDR 52 million for debt and debt-service reduction.
  - 4 Extended from June 23, 1997, December 31, 1997, and January 31, 1998. Increased by SDR 317 million.

#### Arrangements Under the Enhanced Structural Adjustment Facility (ESAF), Year Ended April 30, 1998 (Table II.5)
- Aggregate totals listed in the table:
  - Total: 4,048 1,738 276 2,165
- Notes (verbatim):
  - 1 Expiration of the commitment period or the current annual arrangement, whichever is later.
  - 2 Extended from June 29, 1998.
  - 3 Augmented by SDR 1 million.

#### Summary of Disbursements, Repurchases, and Repayments, FYs Ended April 30, 1948–98 (Table II.6)
- Selected terminal-year figures (financial year ended April 30, 1998):
  - Purchases (Total Fund Purchases): 20,000 973 20,973
  - Repurchases and Repayments (Total): 3,789 159 4,385
  - Outstanding (end of FY 1998): 56,026
- Notes (verbatim):
  - 1 Includes reserve tranche purchases.
  - 2 Excludes reserve tranche purchases.

#### Purchases and Loans from the IMF, FY Ended April 30, 1998 (Table II.7)
- Aggregate totals shown in the table:
  - Total: 1,050 16,127 2,824 20,000 973 20,973
- Notes (verbatim):
  - 1 Emergency postconflict assistance.
  - 2 Stand-By amount includes purchases under Supplemental Reserve Facility of SDR 7.1 billion.

#### Repurchases and Repayments to the IMF, FY Ended April 30, 1998 (Table II.8)
- Aggregate totals shown in the table:
  - Total: 1,565 1,458 766 3,789 596 4,385
- Notes (verbatim):
  - 1 Includes Comoros, Dominica, Liberia, Mongolia, and São Tomé and Príncipe, each of which had repurchases or repayments totaling less than SDR500,000.
  - 2 CCFF overcompensation.
  - 3 Advance repurchase.

#### Outstanding IMF Credit by Facility and Policy, Financial Years Ended April 30, 1991–98 (Table II.9) — selected 1998 figures
- Stand-By Arrangements: 25,526
- Extended Arrangements: 12,521
- Supplemental Reserve Facility: 7,100
- Compensatory and Contingency Financing Facility: 685
- Systemic Transformation Facility: 3,869
- Subtotal (GRA): 49,701
- SAF arrangements: 730
- ESAF arrangements: 5,505
- Trust Fund: 90
- Total (1998): 56,026
- Footnotes (verbatim):
  - 1 Includes outstanding credit tranche and emergency purchases.
  - 2 Includes outstanding associated loans from the Saudi Fund for Development.
  - 3 Less than !/2 of 1 percent of total.

#### Enhanced Structural Adjustment Facility (ESAF) — Estimated Value of Contributions (Commitments as of April 30, 1998) (Table II.10)
- Aggregate subtotals and totals shown:
  - Subtotal (bilateral): 2,381 1,325 3,706 5,141 4,517
  - OPEC Fund: — — — 37
  - SDA: — 589 589 — —
  - Total: 2,381 1,914 4,295 5,141 4,554
- Notes (verbatim):
  - 1 The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1998 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1998 exchange rates.
  - 2 Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.
  - 3 Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.
  - 4 Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).
  - 5 The sum of individual contributions has been adjusted downward to take into account additional loan costs.
  - 6 The SDR equivalent of $50 million valued at the exchange rate of April 30, 1998.
  - 7 Special Disbursement Account.

#### Special One-Time Allocation of SDRs (Table II.11 — illustrative country entries and totals)
- Total Ninth General Review Quotas (Total): 146,223,800,000
- Total Existing Allocations (Total): 21,433,330,200
- Total Cumulative Special Allocation (Total): 21,433,330,200
- Illustrative country entries (verbatim format: Ninth General Review Quota — Existing Cumulative Allocations — Special Allocation):
  - Afghanistan, Islamic State of: 120,400,000 Existing Cumulative Allocations 26,703,000 Special Allocation 8,593,210
  - Argentina: 1,537,100,000 Existing Cumulative Allocations 318,370,000 Special Allocation 132,242,990
  - Australia: 2,333,200,000 Existing Cumulative Allocations 470,545,000 Special Allocation 213,450,985
  - France: 7,414,600,000 Existing Cumulative Allocations 1,079,870,000 Special Allocation 1,093,778,477
  - Germany: 8,241,500,000 Existing Cumulative Allocations 1,210,760,000 Special Allocation 1,205,300,735
  - Japan: 8,241,500,000 Existing Cumulative Allocations 891,690,000 Special Allocation 1,524,370,735
- Note (verbatim): "Participants as of September 19, 1997, will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29.315788813 percent of their Ninth General Review quota."
- Example (verbatim): "The Republic of Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605."
- Footnote on Yugoslavia (verbatim): "These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department."

#### Summary of Transactions and Positions in SDRs (Table II.12 — Financial Year Ended April 30, 1998; units: thousands of SDRs)
- Total participants:
  - Receipts from Participants and Prescribed Holders: 18,696,850
  - Transfers to Participants and Prescribed Holders: 8,976,618
  - Receipts from the General Resources Account: 8,013,726
  - Transfers to the General Resources Account (Charges, Assessment and Net): 5,573,506
  - Interest, Holdings as at April 30, 1998: 4,795,000
  - Net (Participants): – 76,442
  - Holdings as at April 30, 1998: 20,361,807
  - Cumulative allocations: 21,433,330
  - Percent of cumulative allocations: 95.0
- Prescribed holders (aggregate):
  - Receipts from Participants and Prescribed Holders: 1,306,942
  - Transfers to Participants and Prescribed Holders: 577,634
  - Receipts from the General Resources Account: 1,540,526
  - Interest, Holdings as at April 30, 1998: 41,715
  - Net: 385,765
- General Resources Account (aggregate):
  - Receipts from Participants and Prescribed Holders: 1,494,149
  - Transfers to Participants and Prescribed Holders (Transfers to the General Resources Account): 4,795,000
  - Receipts from the General Resources Account: 5,573,506
  - Interest/Net: 48,782
  - Holdings as at April 30, 1998: 764,424
- Consolidated totals:
  - Receipts from Participants and Prescribed Holders: 21,497,941
  - Transfers to Participants and Prescribed Holders: 14,349,252
  - Receipts from the General Resources Account: 15,127,758
  - Transfers to the General Resources Account (Charges, Assessment and Net): 5,573,506
  - Interest, Holdings as at April 30, 1998: 4,795,000
  - Net: 14,055
  - Holdings as at April 30, 1998: 21,511,996
  - Cumulative allocations: 21,433,330

#### Holdings of SDRs as Percent of Cumulative Allocations and of Non-Gold Reserves (Table II.13 — selected series; values preserved exactly)
- Holdings of SDRs as percent of cumulative allocations (selected years):
  - 1974 94.6 106.2 64.3 100.0 64.3 72.5 58.7
  - 1980 91.9 96.8 81.0 176.5 77.3 83.4 73.0
  - 1990 93.1 116.3 43.5 240.2 33.3 16.5 44.7
  - 1997 87.3 99.8 60.5 303.6 47.8 37.3 55.3
  - 1998 95.0 107.0 69.4 323.7 56.2 32.4 72.9
- Holdings of SDRs as percent of non-gold reserves (selected years):
  - 1974 7.2 9.2 3.6 — 4.3 2.9 7.4
  - 1980 5.6 7.1 3.5 1.4 4.1 3.4 4.8
  - 1990 3.9 4.7 1.5 3.3 1.2 1.2 1.2
  - 1997 1.7 2.6 0.7 4.8 0.5 0.7 0.5
  - 1998 1.8 2.7 0.7 5.3 0.6 0.6 0.6
- Notes (verbatim):
  - "Consists of member countries that are participants in the SDR Department. At the end of 1997/98, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.2 billion was not held by participants but instead by the IMF and prescribed holders."
  - "Based on IFS classification (International Monetary Fund, International Financial Statistics, various years)."
  - "Countries that incurred external payments arrears or rescheduled their debts during the period 1993–97."

#### Key IMF Rates (Table II.14 — Financial Year Ended April 30, 1998; representative entries)
- Representative monthly entries (values preserved exactly):
  - 1997 April 28 4.09 4.32  November 3 4.21 4.45
  - 1997 May 5 4.06 4.29  June 2 3.90 4.12
  - 1998 January 5 4.37 4.61  March 2 4.32 4.56
  - 1998 April 6 4.26 4.50
- Burden-sharing and basic rate adjustment (verbatim):
  - "Under the decision on burden sharing, the rate of remuneration is adjusted downward and the rate of charge is adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem."
  - "The basic rate of charge presented is the effective rate following the retroactive reduction that was implemented after the end of the financial year. The basic rate of charge, which was set at 109.6 percent of the SDR interest rate, at the beginning of the year, was reduced to 105.6 percent of the SDR interest following after the retroactive reduction."

#### Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 (selected listing with dates)
- Examples (verbatim entries):
  - AlgeriaSeptember 15, 1997
  - Antigua and BarbudaNovember 22, 1983
  - ArgentinaMay 14, 1968
  - ArmeniaMay 29, 1997
  - AustraliaJuly 1, 1965
  - AustriaAugust 1, 1962
  - ... (complete member list and dates presented in source)

#### Exchange Rate Arrangements as of April 30, 1998 (Table II.16 — classifications and footnotes)
- Classification note (verbatim): "The classification of members’ exchange rate arrangements in this table reflect the official declaration of country authorities, as well as IMF staff views, and may not reflect the actual or de facto policies they may follow."
- Categories and illustrative country assignments (verbatim structure preserved):
  - Pegged — Single currency / Currency composite / U.S. dollar / French franc / Other SDR Other: Angola; Antigua and Barbuda; Argentina; Bahamas, The; Barbados; Belize; Djibouti; Dominica; Grenada; Iraq; Lithuania; Marshall Islands; Micronesia, Federated States of; Oman; Palau; Panama; St. Kitts and Nevis; St. Lucia; St. Vincent and the Grenadines; Syrian Arab Rep.; Benin; Burkina Faso; Cameroon; Central African Rep.; Chad; Comoros; Congo; Côte d’Ivoire; Equatorial Guinea; Gabon; Guinea-Bissau; Mali; Niger; Senegal; Togo; Bhutan (Indian rupee); Bosnia and Herzegovina (deutsche mark); Bulgaria (deutsche mark); Brunei Darussalam (Singapore dollar); Cape Verde (Portugese escudo); Estonia (deutsche mark); Kiribati (Australian dollar); Lesotho (South African rand); Namibia (South African rand); Nepal (Indian rupee); San Marino (Italian lira); Swaziland (South African rand); Jordan; Latvia; Libyan Arab Jamahiriya; Myanmar.
  - Flexibility Limited vis-à-vis a Single Currency or Group of Currencies: (long country list beginning) Bahrain; Qatar; Saudi Arabia; United Arab Emirates; Austria; Belgium; Denmark; Finland; France; Germany; Greece; Ireland; Italy; Luxembourg; Netherlands; Portugal; Spain; Algeria; Belarus; Bolivia; Brazil; Cambodia; Chile; China, People’s Rep. of; Colombia; Costa Rica; Croatia; Czech Republic; Dominican Rep.; Ecuador; Egypt; El Salvador; Ethiopia; Georgia; Honduras; Hungary; Iran, Islamic Rep. of; Israel; Kazakhstan; Kenya; Kyrgyz Republic; Lao P.D.R.; Macedonia, former Yugoslav Republic of; Malawi; Malaysia; Maldives; Mauritania; Mauritius; Nicaragua; Nigeria; Norway; Pakistan; Poland; Romania; Russian Federation; Singapore; Slovenia; Solomon Islands; Sri Lanka; Sudan; Suriname; Tajikistan; Thailand; Tunisia; Turkey; Turkmenistan; Ukraine; Uruguay; Uzbekistan; Venezuela; Vietnam; Afghanistan, Islamic State of; Albania; Armenia; Australia; Azerbaijan; Canada; Congo, Dem. Rep.; Eritrea; Gambia, The; Ghana; Guatemala; Guinea; Guyana; Haiti; India; Indonesia; Jamaica; Japan; Korea; Lebanon; Liberia; Madagascar; Mexico; Moldova; Mongolia; Mozambique; New Zealand; Papua New Guinea; Paraguay; Peru; Philippines; Rwanda; São Tomé and Príncipe; Sierra Leone; Somalia; South Africa; Sweden; Switzerland; Tanzania; Trinidad and Tobago; Uganda; United Kingdom; United States; Yemen, Republic of; Zambia; Zimbabwe.
- Footnotes (verbatim, preserve exact numbering and wording 1–22).

*Source: APPENDIX I and APPENDIX II, ANNUAL REPORT 1998.*

### Appendix I

### Appendix I — International Reserves

### Overview / Key statistics
- During 1997, total international reserves increased by 4 percent to SDR 1.4 trillion at the end of the year (Table I.1).
- Nongold reserves increased by 9 percent to SDR 1.2 trillion.
- The market value in SDR terms of the official holdings of gold by monetary authorities declined by 18 percent to SDR 191 billion.
- The rates of increase in 1997 for both total and nongold reserves were lower than those in the previous two years.
- Growth of nongold reserves was largely attributable to an increase of SDR 84 billion in foreign exchange reserves.
- IMF-related assets increased by SDR 11 billion, reflecting an increase in industrial countries’ reserve positions in the IMF associated with purchases of their currencies by certain Asian countries toward the end of 1997.

### Foreign Exchange Reserves
- Foreign exchange reserves constitute the largest component of countries’ official holdings of reserve assets, accounting for 94 percent of nongold reserves for all countries.
- Total foreign exchange reserves were valued at SDR 1.1 trillion at the end of 1997, representing an increase of 8 percent relative to the level at the end of 1996.
- During 1997, the stock of foreign exchange reserves rose by:
  - SDR 19 billion for industrial countries (4 percent since 1996).
  - SDR 64 billion for developing countries (12 percent).
- At the end of 1997, developing countries held 53 percent of total foreign exchange reserves.
- Foreign exchange accounts for:
  - 98 percent of developing countries’ total nongold reserves.
  - 90 percent of industrial countries’ total nongold reserves.
- Foreign exchange reserves of oil exporting developing countries rose by SDR 8 billion during 1997 (a 16 percent increase).
- Non-oil-exporting developing countries increased their foreign exchange reserves by SDR 58 billion (12 percent).
- Of the foreign exchange reserves held by developing countries, net debtor countries accounted for about 78 percent.
- The stock of foreign exchange reserves held by net debtor countries grew by 15 percent in 1997, reflecting private capital inflows.
- Foreign exchange reserves of countries without debt-servicing problems increased by SDR 51 billion (18 percent).
- Reserves increased by SDR 9 billion (8 percent increase) for countries with debt-servicing problems.

### Holdings of IMF-Related Assets
- Total holdings of IMF-related assets increased by 20 percent in 1997, to SDR 68 billion at the end of the year.
- Much of that increase can be attributed to an increase of SDR 9 billion in members’ reserve positions in the IMF, which comprise their reserve tranche and creditor positions.
- The increase of SDR 9 billion in members’ reserve tranche positions during 1997 mainly reflects purchases of hard currencies by East Asian nations from other IMF members.
- IMF-related assets represented 6 percent of total nongold reserve assets for all countries at the end of 1997.
- Industrial countries hold a substantial fraction of total IMF-related reserves, accounting for 84 percent in 1997.
- Members’ holdings of SDRs: IMF member countries now hold 20.5 billion of the total of 21.4 billion SDRs allocated by the IMF in two allocations since 1970.
- At the end of 1997:
  - The IMF held 630 million SDRs.
  - Other prescribed institutions held 340 million SDRs.
  - (By comparison, the IMF held 8.6 billion SDRs at the end of 1992.)

### Gold Reserves
- The market value of the stock of official gold reserves held by monetary authorities declined by 18 percent during 1997, to SDR 191 billion at the end of the year.
- This decline mainly reflected a 16 percent fall in the SDR market price of gold.
- The physical stock of gold reserves held by monetary authorities declined marginally, by 2 percent.
- The share of gold holdings in total reserves has declined steadily since the 1980s (when the average for the decade was 44 percent), to 14 percent in 1997.
- Industrial countries hold 83 percent of the world’s gold reserves; gold holdings accounted for about 21 percent of their total reserves in 1997.
- Gold holdings accounted for only 5 percent of total reserves of developing countries at the end of 1997, compared with an average share of 10 percent in the early 1990s.

*Source: Appendix I, International Reserves (Annual Report 1998).*

### APPENDIX I

### APPENDIX I

### International reserves: levels and composition (Table I.1 — Official Holdings of Reserve Assets, 1992–March 1998)
- All countries, Total reserves excluding gold (end-of-period):
  - 1992: 693.7
  - 1993: 765.9
  - 1994: 824.2
  - 1995: 949.9
  - 1996: 1,090.3
  - 1997: 1,184.8
  - 1998 (Mar.): 1,222.1
  - (units: In billions of SDRs)
- All countries, Total reserves including gold:
  - 1992: 918.5
  - 1993: 1,028.1
  - 1994: 1,065.2
  - 1995: 1,186.3
  - 1996: 1,323.0
  - 1997: 1,376.2
  - 1998 (Mar.): 1,420.5
  - (units: In billions of SDRs)
- All countries, IMF-related assets (subtotal):
  - 1992: 46.8
  - 1993: 47.4
  - 1994: 47.5
  - 1995: 56.4
  - 1996: 56.4
  - 1997: 67.6
  - 1998 (Mar.): 70.4
- All countries, Foreign exchange (identified):
  - 1992: 646.9
  - 1993: 718.4
  - 1994: 776.7
  - 1995: 893.4
  - 1996: 1,033.8
  - 1997: 1,117.3
  - 1998 (Mar.): 1,151.7
- Gold (quantity and value for All countries):
  - Quantity (millions of troy ounces), 1992–1998 (selected): 927.5; 922.0; 918.0; 908.7; 906.4; 889.7; 880.5
  - Value at London market price (SDR billions), 1992–1998 (selected): 224.8; 262.2; 241.0; 236.4; 232.8; 191.4; 198.4
  - Note: One troy ounce equals 31.103 grams. The market price is the afternoon price fixed in London on the last business day of each period.

- Industrial countries (Total reserves excluding gold):
  - 1992: 396.7
  - 1993: 413.4
  - 1994: 433.8
  - 1995: 487.7
  - 1996: 548.8
  - 1997: 577.7
  - 1998 (Mar.): 587.9
- Developing countries (Total reserves excluding gold):
  - 1992: 296.9
  - 1993: 352.4
  - 1994: 390.4
  - 1995: 462.2
  - 1996: 541.5
  - 1997: 607.1
  - 1998 (Mar.): 634.2

### Developments in the First Quarter of 1998
- Total international reserves rose by SDR 44 billion in Q1 1998.
  - Foreign exchange reserves increase: SDR 34 billion.
  - IMF-related assets increase: SDR 3 billion.
  - Market value of official gold holdings increase: SDR 7 billion.
- Industrial countries (Q1 1998):
  - Total nongold reserve assets increased by SDR 10 billion.
    - Reserve positions at the IMF increased by SDR 3 billion.
    - Foreign exchange increased by SDR 7 billion.
  - Market value of gold reserves increased by SDR 5 billion.
- Developing countries (Q1 1998):
  - Foreign exchange reserves increased by SDR 27 billion.
  - No significant changes in other official reserve assets reported.

### Currency composition of foreign exchange reserves (Table I.2 and discussion)
- U.S. dollar:
  - Remains dominant; accounted for 57 percent of the identified foreign exchange reserves in 1997 (All countries).
  - Memo column treating ECU-dollar swaps as dollars: U.S. dollar share rises to 61.3 percent (All countries) and to 66.7 percent (industrial countries) in 1997.
- Other major currency shares (All countries, 1997):
  - Pound sterling: 3.5 percent
  - Deutsche mark: 13.1 percent
  - French franc: 1.2 percent
  - Swiss franc: 0.7 percent
  - Netherlands guilder: 0.4 percent
  - Japanese yen: 5.0 percent
  - ECUs: 5.0 percent (ECU treated as separate currency except in the memo column)
  - Unspecified currencies: 14.9 percent
- Trends and notable movements:
  - Dollar share declined 1987–1990, rose by 1993, and remained over 55 percent thereafter.
  - Deutsche mark share peaked at 18 percent in 1989 and declined to 13 percent by 1997.
  - Japanese yen peaked at 9 percent in 1991 and fell to 5 percent by end-1997.
  - Pound sterling remained between 2 percent and 3 percent over two decades.
  - Shares of French francs, Swiss francs, and Dutch guilders declined through the 1990s; together 2 percent in 1997.
  - Unspecified currencies share rose sharply since 1995, reaching 15 percent at end-1997 for All countries and 22 percent for developing countries (reporting deficiencies and new IMF members partly explain the rise).
- ECU treatment and effects:
  - ECUs are treated as a separate currency in Table I.2; ECU reserves include claims on the private sector and ECU swaps issued by the European Monetary Institute (EMI).
  - ECU swaps issued against dollars (if counted as dollars) increase the dollar share; alternative treatment does not alter broad trends.
  - Quantity changes in ECU holdings depend in part on the quarterly renewal of EMI dollar/gold swaps (arranged at end of first weeks of January, April, July, October).
- Data caveats:
  - Many transition economies and new IMF members report only total foreign exchange holdings; currency composition is missing and classified as unspecified.
  - Unspecified currency component increase implies caution in interpreting currency share trends.

### Valuation and quantity changes by currency (Table I.3 — Currency Composition of Official Holdings of Foreign Exchange, End of Year 1989–97)
- Total official holdings (year-end values, in millions of SDRs):
  - 1989: 545,020
  - 1990: 593,607
  - 1991: 625,371
  - 1992: 646,914
  - 1993: 718,443
  - 1994: 776,703
  - 1995: 893,448
  - 1996: 1,033,786
  - 1997: 1,117,300
- Sum of the eight major currencies (year-end values, in millions of SDRs):
  - 1989: 457,116
  - 1990: 498,417
  - 1991: 528,410
  - 1992: 544,625
  - 1993: 610,093
  - 1994: 665,068
  - 1995: 753,907
  - 1996: 884,792
  - 1997: 955,785
- Selected currency change in holdings in 1997 (change in SDRs, and decomposition where shown):
  - U.S. dollar: Change in holdings 59,021 (Quantity change 19,406; Price change 39,615); Year-end value 639,118
  - Deutsche mark: Change in holdings 15,539 (Quantity change 25,533; Price change –9,994); Year-end value 143,421
  - Japanese yen: Change in holdings –1,381 (Quantity change 1,471; Price change –2,851); Year-end value 54,420
  - Pound sterling: Change in holdings 5,146; Year-end value 38,055
  - European currency unit (ECU): Change in holdings –4,493; Year-end value 55,769
- Aggregate decomposition for 1997:
  - Sum of the above (eight currencies): Change in holdings 70,993 (Quantity change 48,190; Price change 22,803)
  - Total official holdings: Change in holdings 83,194 (year-end value 1,117,300)
- Notes on methodology:
  - Quantity changes are derived by converting changes in national currency holdings to SDR units using the average of two SDR prices for the currency; price (valuation) effects are derived residually.
  - Numbers are estimates based on the IMF’s currency survey and other reports; subject to adjustment as more information is received.

*Source: International Monetary Fund, International Financial Statistics; APPENDIX I, ANNUAL REPORT 1998.*

### APPENDIX II

### APPENDIX II

### Arrangements in Effect, 1953–1998 (Table II.2)
- Table II.2 provides year-by-year counts and amounts committed under IMF arrangements as of April 30 for financial years ended April 30, 1953–98.
- Key terminal figure shown (1998, Total): 45,069

### Stand-By Arrangements in Effect, Year Ended April 30, 1998 (Table II.3)
- Table II.3 lists individual Stand-By arrangements (member, effective date, expiration date, amounts approved, undrawn balances).
- Aggregate totals listed in the table:
  - Total: 3,764 27,336 1,352 12,368

- Notes shown in the table (verbatim):
  - 1 The authorities indicated their intention not to draw under the arrangement.
  - 2 Extended from June 14, 1997 and March 31, 1998. Increased by SDR 2 million.
  - 3 Extended from April 27, 1998.
  - 4 Includes SDR 10 billion available until December 17, 1998 under the Supplemental Reserve Facility.
  - 5 Extended from March 31, 1997. Original amount of SDR 402 million increased by SDR 161 million.
  - 6 Extended from January 13, 1997.

### Extended Arrangements in Effect, Year Ended April 30, 1998 (Table II.4)
- Table II.4 lists Extended Arrangements in effect with amounts approved and undrawn balances.
- Aggregate totals listed in the table:
  - Total: 10,184 3,078 — 6,828

- Notes shown in the table (verbatim):
  - 1 The authorities indicated their intention not to draw under the arrangement.
  - 2 Original amount of SDR 201 million increased by SDR 37 million.
  - 3 Original amount of SDR 248 million increased by SDR 52 million for debt and debt-service reduction.
  - 4 Extended from June 23, 1997, December 31, 1997, and January 31, 1998. Increased by SDR 317 million.

### Arrangements Under the Enhanced Structural Adjustment Facility (ESAF), Year Ended April 30, 1998 (Table II.5)
- Table II.5 lists ESAF arrangements in effect, with amounts approved and undrawn balances by member.
- Aggregate totals listed in the table:
  - Total: 4,048 1,738 276 2,165

- Note shown in the table (verbatim):
  - 1 Expiration of the commitment period or the current annual arrangement, whichever is later.
  - 2 Extended from June 29, 1998.
  - 3 Augmented by SDR 1 million.

### Summary of Disbursements, Repurchases, and Repayments, FYs Ended April 30, 1948–98 (Table II.6)
- Table II.6 presents annual disbursements and repurchases/repayments across Fund facilities and Trust Fund for financial years 1948–98.
- Selected terminal-year figures (financial year ended April 30, 1998) shown in the table:
  - Purchases (Total Fund Purchases): 20,000 973 20,973
  - Repurchases and Repayments (Total): 3,789 159 4,385
  - Outstanding (end of FY 1998): 56,026

- Notes shown in the table (verbatim):
  - 1 Includes reserve tranche purchases.
  - 2 Excludes reserve tranche purchases.

### Purchases and Loans from the IMF, FY Ended April 30, 1998 (Table II.7)
- Table II.7 lists member-level purchases by tranche, Stand-By, Extended Fund Facility and ESAF loans, and the aggregate totals.
- Aggregate totals shown in the table:
  - Total: 1,050 16,127 2,824 20,000 973 20,973

- Notes shown in the table (verbatim):
  - 1 Emergency postconflict assistance.
  - 2 Stand-By amount includes purchases under Supplemental Reserve Facility of SDR 7.1 billion.

### Repurchases and Repayments to the IMF, FY Ended April 30, 1998 (Table II.8)
- Table II.8 provides member-level repurchases and repayments by facility and the aggregate totals for the year.
- Aggregate totals shown in the table:
  - Total: 1,565 1,458 766 3,789 596 4,385

- Notes shown in the table (verbatim):
  - 1 Includes Comoros, Dominica, Liberia, Mongolia, and São Tomé and Príncipe, each of which had repurchases or repayments totaling less than SDR500,000.
  - 2 CCFF overcompensation.
  - 3 Advance repurchase.

### Outstanding IMF Credit by Facility and Policy, Financial Years Ended April 30, 1991–98 (Table II.9)
- Table II.9 shows outstanding credit by facility (Stand-By, Extended, Supplemental Reserve Facility, Compensatory and Contingency Financing Facility, Systemic Transformation Facility, SAF, ESAF, Trust Fund) for 1991–98.
- Selected figures for 1998 listed in the table:
  - Stand-By Arrangements: 25,526
  - Extended Arrangements: 12,521
  - Supplemental Reserve Facility: 7,100
  - Compensatory and Contingency Financing Facility: 685
  - Systemic Transformation Facility: 3,869
  - Subtotal (GRA): 49,701
  - SAF arrangements: 730
  - ESAF arrangements: 5,505
  - Trust Fund: 90
  - Total (1998): 56,026

- Footnotes shown in the table (verbatim):
  - 1 Includes outstanding credit tranche and emergency purchases.
  - 2 Includes outstanding associated loans from the Saudi Fund for Development.
  - 3 Less than !/2 of 1 percent of total.

### Enhanced Structural Adjustment Facility (ESAF) — Estimated Value of Contributions (Commitments as of April 30, 1998) (Table II.10)
- Table II.10 reports estimated values of ESAF contributions (subsidies grant or grant equivalent, and loans) prior to enlargement and for enlargement, by contributor.
- Aggregate subtotals and totals shown in the table:
  - Subtotal (bilateral): 2,381 1,325 3,706 5,141 4,517
  - OPEC Fund: — — — 37
  - SDA: — 589 589 — —
  - Total: 2,381 1,914 4,295 5,141 4,554

- Notes shown in the table (verbatim):
  - 1 The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1998 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1998 exchange rates.
  - 2 Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.
  - 3 Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.
  - 4 Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).
  - 5 The sum of individual contributions has been adjusted downward to take into account additional loan costs.
  - 6 The SDR equivalent of $50 million valued at the exchange rate of April 30, 1998.
  - 7 Special Disbursement Account.

### Special One-Time Allocation of SDRs Pursuant to Schedule M of the Proposed Fourth Amendment of the Articles of Agreement (Table II.11)
- Table II.11 provides country-level Ninth General Review Quotas, existing cumulative allocations, and the Special Allocation (in SDRs) for a comprehensive list of members.
- Illustrative entries from the table (verbatim):
  - Afghanistan, Islamic State of: Ninth General Review Quota 120,400,000 Existing Cumulative Allocations 26,703,000 Special Allocation 8,593,210
  - Argentina: Ninth General Review Quota 1,537,100,000 Existing Cumulative Allocations 318,370,000 Special Allocation 132,242,990
  - Australia: Ninth General Review Quota 2,333,200,000 Existing Cumulative Allocations 470,545,000 Special Allocation 213,450,985
  - France: Ninth General Review Quota 7,414,600,000 Existing Cumulative Allocations 1,079,870,000 Special Allocation 1,093,778,477
  - Germany: Ninth General Review Quota 8,241,500,000 Existing Cumulative Allocations 1,210,760,000 Special Allocation 1,205,300,735
  - Japan: Ninth General Review Quota 8,241,500,000 Existing Cumulative Allocations 891,690,000 Special Allocation 1,524,370,735
  - United States: (appears elsewhere in the full table)

*Source: APPENDIX II, ANNUAL REPORT 1998 (Tables II.2–II.11).*

### APPENDIX II

### APPENDIX II

### SDR Allocations and Quotas (Table II.11 — selected figures and totals)
- Total Ninth General Review Quotas (Total): 146,223,800,000
- Total Existing Allocations (Total): 21,433,330,200
- Total Cumulative Special Allocation (Total): 21,433,330,200
- Examples of country entries (Ninth General Review Quota — Existing Allocations — Cumulative Special Allocation):
  - Mongolia: 37,100,000—10,876,158
  - Morocco: 427,700,00085,689,00039,694,629
  - Nigeria: 1,281,600,000157,155,000218,556,149
  - Saudi Arabia: 5,130,600,000195,526,8001,308,549,061
  - United Kingdom: 7,414,600,0001,913,070,000260,578,477
  - United States: 26,526,800,0004,899,530,0002,877,010,667
- Notes included with Table II.11:
  - "Participants as of September 19, 1997, will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29.315788813 percent of their Ninth General Review quota."
  - A country that becomes a participant in the SDR Department after September 19, 1997, and within three months of its membership in the IMF will receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. Example: "The Republic of Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605."
  - Footnote on Yugoslavia: "These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department."

### Summary of Transactions and Positions in SDRs (Table II.12 — Financial Year Ended April 30, 1998)
- Aggregate positions and flows (in thousands of SDRs):
  - Total participants — Receipts from Participants and Prescribed Holders: 18,696,850
  - Total participants — Transfers to Participants and Prescribed Holders: 8,976,618
  - Total participants — Receipts from the General Resources Account: 8,013,726
  - Total participants — Transfers to the General Resources Account (Charges, Assessment and Net): 5,573,506
  - Total participants — Interest, Holdings as at April 30, 1998: 4,795,000
  - Net (Participants) (Total participants line): – 76,442
  - Holdings as at April 30, 1998 (Total participants): 20,361,807
  - Cumulative allocations (Total participants): 21,433,330
  - Percent of cumulative allocations (Total participants): 95.0
- Prescribed holders (aggregate, in thousands of SDRs):
  - Total prescribed holders — Receipts from Participants and Prescribed Holders: 1,306,942
  - Total prescribed holders — Transfers to Participants and Prescribed Holders: 577,634
  - Total prescribed holders — Receipts from the General Resources Account: 1,540,526
  - Total prescribed holders — Interest, Holdings as at April 30, 1998: 41,715
  - Total prescribed holders — Net: 385,765
- General Resources Account (aggregate, in thousands of SDRs):
  - General Resources Account — Receipts from Participants and Prescribed Holders: 1,494,149
  - General Resources Account — Transfers to Participants and Prescribed Holders (Transfers to the General Resources Account): 4,795,000
  - General Resources Account — Receipts from the General Resources Account: 5,573,506
  - General Resources Account — Interest/Net: 48,782
  - General Resources Account — Holdings as at April 30, 1998: 764,424
- Consolidated totals (in thousands of SDRs):
  - Total (Participants + Prescribed holders + General Resources Account) — Receipts from Participants and Prescribed Holders: 21,497,941
  - Total — Transfers to Participants and Prescribed Holders: 14,349,252
  - Total — Receipts from the General Resources Account: 15,127,758
  - Total — Transfers to the General Resources Account (Charges, Assessment and Net): 5,573,506
  - Total — Interest, Holdings as at April 30, 1998: 4,795,000
  - Total — Net: 14,055
  - Total — Holdings as at April 30, 1998: 21,511,996
  - Total — Cumulative allocations: 21,433,330

### Holdings of SDRs as Percent of Cumulative Allocations and of Non-Gold Reserves (Table II.13 — selected series)
- Holdings of SDRs as percent of cumulative allocations (selected years; values preserved exactly):
  - 1974 94.6 106.2 64.3 100.0 64.3 72.5 58.7
  - 1980 91.9 96.8 81.0 176.5 77.3 83.4 73.0
  - 1990 93.1 116.3 43.5 240.2 33.3 16.5 44.7
  - 1997 87.3 99.8 60.5 303.6 47.8 37.3 55.3
  - 1998 95.0 107.0 69.4 323.7 56.2 32.4 72.9
- Holdings of SDRs as percent of non-gold reserves (selected years; values preserved exactly):
  - 1974 7.2 9.2 3.6 — 4.3 2.9 7.4
  - 1980 5.6 7.1 3.5 1.4 4.1 3.4 4.8
  - 1990 3.9 4.7 1.5 3.3 1.2 1.2 1.2
  - 1997 1.7 2.6 0.7 4.8 0.5 0.7 0.5
  - 1998 1.8 2.7 0.7 5.3 0.6 0.6 0.6
- Notes:
  - "Consists of member countries that are participants in the SDR Department. At the end of 1997/98, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.2 billion was not held by participants but instead by the IMF and prescribed holders."
  - "Based on IFS classification (International Monetary Fund, International Financial Statistics, various years)."
  - "Countries that incurred external payments arrears or rescheduled their debts during the period 1993–97."

### Key IMF Rates (Table II.14 — Financial Year Ended April 30, 1998)
- The table reports monthly SDR interest rate and Unadjusted Rate and Basic Rate of Remuneration and Charge across the period. Representative entries (values preserved exactly):
  - 1997 April 28 4.09 4.32  November 3 4.21 4.45
  - 1997 May 5 4.06 4.29  June 2 3.90 4.12
  - 1998 January 5 4.37 4.61  March 2 4.32 4.56
  - 1998 April 6 4.26 4.50
- Burden-sharing and basic rate adjustment (footnote):
  - "Under the decision on burden sharing, the rate of remuneration is adjusted downward and the rate of charge is adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing are refundable when overdue charges are paid and when overdue obligations cease to be a problem."
  - "The basic rate of charge presented is the effective rate following the retroactive reduction that was implemented after the end of the financial year. The basic rate of charge, which was set at 109.6 percent of the SDR interest rate, at the beginning of the year, was reduced to 105.6 percent of the SDR interest following after the retroactive reduction."

*Source: APPENDIX II, ANNUAL REPORT 1998 (tables II.11–II.14).*

### APPENDIX II

### APPENDIX II

### Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
- AlgeriaSeptember 15, 1997
- Antigua and BarbudaNovember 22, 1983
- ArgentinaMay 14, 1968
- ArmeniaMay 29, 1997
- AustraliaJuly 1, 1965
- AustriaAugust 1, 1962
- Bahamas, TheDecember 5, 1973
- BahrainMarch 20, 1973
- BangladeshApril 11, 1994
- BarbadosNovember 3, 1993
- BelgiumFebruary 15, 1961
- BelizeJune 14, 1983
- BeninJune 1, 1996
- BoliviaJune 5, 1967
- BotswanaNovember 17, 1995
- Brunei DarussalamOctober 10, 1995
- Burkina FasoJune 1, 1996
- CameroonJune 1, 1996
- CanadaMarch 25, 1952
- Central African RepublicJune 1, 1996
- ChadJune 1, 1996
- ChileJuly 27, 1977
- ChinaDecember 1, 1996
- ComorosJune 1, 1996
- Congo, Republic ofJune 1, 1996
- Costa RicaFebruary 1, 1965
- Côte d’IvoireJune 1, 1996
- CroatiaMay 29, 1995
- CyprusJanuary 9, 1991
- Czech RepublicOctober 1, 1995
- DenmarkMay 1, 1967
- DjiboutiSeptember 19, 1980
- DominicaDecember 13, 1979
- Dominican RepublicAugust 1, 1953
- EcuadorAugust 31, 1970
- El SalvadorNovember 6, 1946
- Equatorial GuineaJune 1, 1996
- EstoniaAugust 15, 1994
- FijiAugust 4, 1972
- FinlandSeptember 25, 1979
- FranceFebruary 15, 1961
- GabonJune 1, 1996
- Gambia, TheJanuary 21, 1993
- GeorgiaDecember 20, 1996
- GermanyFebruary 15, 1961
- GhanaFebruary 21, 1994
- GreeceJuly 7, 1992
- GrenadaJanuary 24, 1994
- GuatemalaJanuary 27, 1947
- GuineaNovember 17, 1995
- Guinea-BissauJanuary 1, 1997
- GuyanaDecember 27, 1966
- HaitiDecember 22, 1953
- HondurasJuly 1, 1950
- HungaryJanuary 1, 1996
- IcelandSeptember 19, 1983
- IndiaAugust 20, 1994
- IndonesiaMay 7, 1988
- IrelandFebruary 15, 1961
- IsraelSeptember 21, 1993
- ItalyFebruary 15, 1961
- JamaicaFebruary 22, 1963
- JapanApril 1, 1964
- JordanFebruary 20, 1995
- KazakhstanJuly 16, 1996
- KenyaJune 30, 1994
- KiribatiAugust 22, 1986
- KoreaNovember 1, 1988
- KuwaitApril 5, 1963
- Kyrgyz RepublicMarch 29, 1995
- LatviaJune 10, 1994
- LebanonJuly 1, 1993
- LesothoMarch 5, 1997
- LithuaniaMay 3, 1994
- LuxembourgFebruary 15, 1961
- MadagascarSeptember 18, 1996
- MalawiDecember 7, 1995
- MalaysiaNovember 11, 1968
- MaliJune 1, 1996
- MaltaNovember 30, 1994
- Marshall IslandsMay 21, 1992
- MauritiusSeptember 29, 1993
- MexicoNovember 12, 1946
- Micronesia, Federated States ofJune 24, 1993
- MoldovaJune 30, 1995
- MongoliaFebruary 1, 1996
- MoroccoJanuary 21, 1993
- NamibiaSeptember 20, 1996
- NepalMay 30, 1994
- NetherlandsFebruary 15, 1961
- New ZealandAugust 5, 1982
- NicaraguaJuly 20, 1964
- NigerJune 1, 1996
- NorwayMay 11, 1967
- OmanJune 19, 1974
- PakistanJuly 1, 1994
- PalauDecember 16, 1997
- PanamaNovember 26, 1946
- Papua New GuineaDecember 4, 1975
- ParaguayAugust 22, 1994
- PeruFebruary 15, 1961
- PhilippinesSeptember 8, 1995
- PolandJune 1, 1995
- PortugalSeptember 12, 1988
- QatarJune 4, 1973
- RomaniaMarch 25, 1998
- Russian FederationJune 1, 1996
- St. Kitts and NevisDecember 3, 1984
- St. LuciaMay 30, 1980
- St. Vincent and the GrenadinesAugust 24, 1981
- SamoaOctober 6, 1994
- San MarinoSeptember 23, 1992
- Saudi ArabiaMarch 22, 1961
- SenegalJune 1, 1996
- SeychellesJanuary 3, 1978
- Sierra LeoneDecember 14, 1995
- SingaporeNovember 9, 1968
- Slovak RepublicOctober 1, 1995
- SloveniaSeptember 1, 1995
- Solomon IslandsJuly 24, 1979
- South AfricaSeptember 15, 1973
- SpainJuly 15, 1986
- Sri LankaMarch 15, 1994
- SurinameJune 29, 1978
- SwazilandDecember 11, 1989
- SwedenFebruary 15, 1961
- SwitzerlandMay 29, 1992
- TanzaniaJuly 15, 1996
- ThailandMay 4, 1990
- TogoJune 1, 1996
- TongaMarch 22, 1991
- Trinidad and TobagoDecember 13, 1993
- TunisiaJanuary 6, 1993
- TurkeyMarch 22, 1990
- UgandaApril 5, 1994
- UkraineSeptember 24, 1996
- United Arab EmiratesFebruary 13, 1974
- United KingdomFebruary 15, 1961
- United StatesDecember 10, 1946
- UruguayMay 2, 1980
- VanuatuDecember 1, 1982
- VenezuelaJuly 1, 1976
- Yemen, Republic ofDecember 10, 1996
- ZimbabweFebruary 3, 1995

### Exchange Rate Arrangements as of April 30, 1998
- Note: Table II.16 heading: Exchange Rate Arrangements as of April 30, 1998
- Note: 1 The classification of members’ exchange rate arrangements in this table reflect the official declaration of country authorities, as well as IMF staff views, and may not reflect the actual or de facto policies they may follow.

- Pegged — Single currency / Currency composite / U.S. dollar / French franc / Other SDR Other
  - Angola
  - Antigua and Barbuda
  - Argentina
  - Bahamas, The
  - 5
  - Barbados
  - Belize
  - Djibouti
  - Dominica
  - Grenada
  - Iraq
  - 5
  - Lithuania
  - Marshall Islands
  - 11
  - Micronesia, Federated States of
  - 11
  - Oman
  - Palau
  - 11
  - Panama
  - 11
  - St. Kitts and Nevis
  - St. Lucia
  - St. Vincent and the Grenadines
  - Syrian Arab Rep.
  - 5
  - Benin
  - Burkina Faso
  - Cameroon
  - Central African Rep.
  - Chad
  - Comoros
  - Congo
  - Côte d’Ivoire
  - Equatorial Guinea
  - Gabon
  - Guinea-Bissau
  - Mali
  - Niger
  - Senegal
  - Togo
  - Bhutan (Indian rupee)
  - Bosnia and Herzegovina (deutsche mark)
  - Bulgaria (deutsche mark)
  - Brunei Darussalam (Singapore dollar)
  - Cape Verde (Portugese escudo)
  - Estonia (deutsche mark)
  - Kiribati (Australian dollar)
  - Lesotho (South African rand)
  - Namibia (South African rand)
  - Nepal (Indian rupee)
  - San Marino (Italian lira)
  - Swaziland (South African rand)
  - Jordan
  - Latvia
  - Libyan Arab Jamahiriya
  - 5,6
  - Myanmar
  - 5

- Flexibility Limited vis-à-vis a Single Currency or Group of Currencies
  - In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.
  - Bahrain
  - 4
  - Qatar
  - 4
  - Saudi Arabia
  - 4
  - United Arab Emirates
  - 4
  - Austria
  - Belgium
  - Denmark
  - Finland
  - France
  - Germany
  - Greece
  - Ireland
  - Italy
  - Luxembourg
  - Netherlands
  - Portugal
  - Spain
  - Algeria
  - Belarus
  - Bolivia
  - Brazil
  - 5,7
  - Cambodia
  - 5
  - Chile
  - 5,9
  - China, People’s Rep. of
  - Colombia
  - 12
  - Costa Rica
  - Croatia
  - Czech Republic
  - Dominican Rep.
  - 5
  - Ecuador
  - 5,16
  - Egypt
  - 5
  - El Salvador
  - Ethiopia
  - Georgia
  - Honduras
  - 5,18
  - Hungary
  - 19
  - Iran, Islamic Rep. of
  - 5
  - Israel
  - 20
  - Kazakhstan
  - Kenya
  - Kyrgyz Republic
  - Lao P.D.R.
  - 5
  - Macedonia, former Yugoslav Republic of
  - Malawi
  - Malaysia
  - Maldives
  - Mauritania
  - Mauritius
  - Nicaragua
  - Nigeria
  - 5
  - Norway
  - Pakistan
  - 5
  - Poland
  - 21
  - Romania
  - Russian Federation
  - 22
  - Singapore
  - Slovenia
  - Solomon Islands
  - Sri Lanka
  - Sudan
  - 5
  - Suriname
  - Tajikistan
  - 5
  - Thailand
  - Tunisia
  - Turkey
  - Turkmenistan
  - 5
  - Ukraine
  - 13
  - Uruguay
  - Uzbekistan
  - 5
  - Venezuela
  - 15
  - Vietnam
  - 17
  - Afghanistan, Islamic State of
  - 5
  - Albania
  - Armenia
  - Australia
  - Azerbaijan
  - Canada
  - Congo, Dem. Rep.
  - 5
  - Eritrea
  - Gambia, The
  - Ghana
  - Guatemala
  - Guinea
  - Guyana
  - Haiti
  - India
  - Indonesia
  - Jamaica
  - Japan
  - Korea
  - Lebanon
  - Liberia
  - Madagascar
  - Mexico
  - Moldova
  - Mongolia
  - Mozambique
  - New Zealand
  - Papua New Guinea
  - Paraguay
  - Peru
  - Philippines
  - Rwanda
  - São Tomé and Príncipe
  - 5
  - Sierra Leone
  - Somalia
  - South Africa
  - Sweden
  - Switzerland
  - Tanzania
  - Trinidad and Tobago
  - Uganda
  - United Kingdom
  - United States
  - Yemen, Republic of
  - Zambia
  - Zimbabwe

- Footnotes (preserve exact wording and numbering)
  - 1 The classification of members’ exchange rate arrangements in this table reflect the official declaration of country authorities, as well as IMF staff views, and may not reflect the actual or de facto policies they may follow.
  - 2 In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.
  - 3 This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the exchange rate is maintained within a margin of ±15 percent around the bilateral central rates against other participating currencies, with the exception of Germany and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.
  - 4 Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.
  - 5 Member maintained exchange arrangement involving more than one market. The arrangement shown is that maintained in the major market.
  - 6 The exchange rate is maintained within margins of ±47 percent.
  - 7 The exchange rate is maintained within a band of R$1.1435–R$1.1495.
  - 8 The exchange rate, which is pegged to the ECU, is maintained within margins of ±2.25 percent.
  - 9 The exchange rate is maintained within a crawling band of ±12.5 percent on either side of a weighted composite of the currencies of the main trading areas. The exchange arrangement involves more than one market.
  - 10 The exchange rate is maintained within margins of ±6 percent.
  - 11 Country uses peg currency as legal tender.
  - 12 The exchange rate is maintained within a crawling band of ±7 percent.
  - 13 The exchange rate is maintained within a band of Hrv 1.80–2.25 per U.S. dollar.
  - 14 The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.
  - 15 The exchange rate is maintained within a crawling band of ±7.5 percent.
  - 16 The exchange rate is maintained within a crawling band of ±10 percent.
  - 17 The exchange rate is maintained within margins of ±10 percent.
  - 18 The exchange rate is maintained within margins of ±7 percent.
  - 19 The exchange rate is maintained within a crawling band of ±2.25 percent with regard to the currency basket.
  - 20 The exchange rate is maintained within an asymmetric crawling band of width of 29 percent.
  - 21 The exchange rate is maintained within a crawling band of ±10 percent against a basket of currencies.
  - 22 The exchange rate is maintained within margins of ±15 percent.

*APPENDIX II — ANNUAL REPORT 1998 (Table content as presented in source PDF)*

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_Source: https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/ar/98/pdf/_file08pdf.pdf_