Articles of Agreement

By-Laws Rules and Regulations of the International Monetary Fund
Sixty-Third Issue

April 2016

These By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the International Monetary Fund; and they shall be construed accordingly. In the event of a conflict between anything in these By-Laws and any provision or requirement of the Articles of Agreement, the Articles of Agreement shall prevail.


I. By-Laws of the International Monetary Fund

1. Places of Business

2. General Department and Special Drawing Rights Department

3. Meetings of the Board of Governors

4. Notice of Meetings of the Board of Governors

5. Attendance at Meetings

6. Agenda of Meetings of the Board of Governors

7. Selection of Chairman and Vice-Chairmen

8. Secretary

9. Minutes

10. Report of Executive Board

11. Voting

12. Proxies

13. Voting Without Meeting

14. Terms of Service

15. Delegation of Authority

16. Rules and Regulations

17. Vacant Directorships

18. {Abrogated Effective January 26, 2016}

19. Representation of Members at Meetings of Fund Organs

20. Budget and Audits

21. Applications for Membership

22. Compulsory Withdrawal

23. Settlement of Disagreements with Withdrawing Member

24. Amendment of By-Laws


II. Rules and Regulations of the International Monetary Fund

A. Scope of Rules and Regulations

B. Terms and Definitions

C. The Executive Board

  •     Meetings
  •     Agenda
  •     Voting
  •     Language
  •     Minutes

D. Application for Membership and Change in Quota

  •     Application for Membership
  •     Quotas

E. Substitution of Securities for Currency

F. Gold

G. Operations and Transactions

H. Exchange Controls, Currency Practices, Agreements, and Information

I. Charges in Respect of General Resources Account Transactions and Remuneration

J. Accounting and Reporting

  •     Accounts
  •     Annual Administrative Budget
  •     Annual Report
  •     Audit
  •     Financial Year

K. Limitation, Ineligibility, and Suspension of Voting Rights

L. Capital Transfers

M. Relations with Non-Members

N. Staff Regulations

O. Valuation of the SDR, Valuation of Currencies in Terms of the SDR, Freely Usable Currency, Procedures for Exchange of Currency, and Operational Budget

  •     Valuation of the SDR
  •     Valuation of Currencies in Terms of the SDR
  •     Freely Usable Currency
  •     Procedures for Exchange of Currency
  •     Operational Budget

P. Procedures for Operations and Transactions Involving SDRs

  •     Transactions with Designation
  •     Designation of Participants to Provide Currency
  •     Transactions by Agreement Between Participants
  •     Prescribed Operations
  •     Recording

Q. Other Holders

R. {Abrogated effective April 30, 1981}

S. Suspension of Use of SDRs