L--CAPITAL TRANSFERS
L-1. If a large or sustained outflow of capital from a member country is taking place:
| (a) |
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that member or any other member may notify the Fund, presenting such information as it deems necessary, and may request the Fund's views with respect to such capital movement; and |
| (b) |
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the Fund may present to the member or members concerned a report setting forth its views, and may request the member or members to report on the situation within a suitable time. |
Adopted September 25, 1946
L-2. Whenever the Fund has requested a member to exercise controls to prevent use of the general resources of the Fund to meet a large or sustained outflow of capital, the Fund shall request the member to notify it promptly and in detail of the measures taken.
Adopted September 25, 1946, amended April 1, 1978
L-3. Each member shall inform the Fund in detail of any measures it is taking to regulate international capital movements and of changes made in such measures.
Adopted September 25, 1946, amended April 1, 1978
L-4. If the Fund is of the opinion that the controls exercised by a member to regulate international capital movements are restrictive of payments for current international transactions, or unduly delay transfers of funds in settlement of commitments, the Fund shall, subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, consult with the member on the manner in which the controls are exercised. If, after consultation, the Fund is not satisfied that the controls are exercised in a manner consistent with the Articles, it shall so inform the member in a written report and request it to modify the controls.
Adopted September 25, 1946, amended April 1, 1978