Press Release No. 04/195

The Islamic Republic of Iran has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Section 2, 3, and 4 of the IMF Articles of Agreement, with effect from September 6, 2004.

IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices, except with IMF approval.

A total of 159 countries have now assumed Article VIII status.

By accepting the obligations of Article VIII, Iran gives confidence to the international community that it will pursue economic policies that will make restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

Iran joined the Fund on December 29, 1945. Its quota¹ is SDR 1.497 billion (about US$2.195 billion) as of September 14, 2004.

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¹ A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its share of the allocation of SDRs.