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International Monetary Fund

Published online by Cambridge University Press:  22 May 2009

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Extract

On June 7, 1961, it was announced that the International Monetary Fund had entered into a stand-by arrangement authorizing the government of Ecuador to draw up to $10 million in currencies held by the Fund during the following twelve months. Then, on July 19 the Fund announced that it had concurred in the establishment of a new par value for Ecuador's currency, accompanied by a simplification of the country's exchange system. The par value as of that date was changed from 15 to 18 sucres per United States dollar, and Ecuador discontinued most of its multiple rate practices. Under the new system at least 90 percent of all trade and trade-connected transactions, including the export of such major products as bananas, coffee and cacao, was to be conducted within one percent either side of parity, while a small free market with a fluctuating rate, mainly for nonessential invisible transactions and unregistered capital transactions, was to continue to operate, chiefly as a means of controlling capital movements. During the period under review the Fund also entered into stand-by agreements wkh other Latin American countries. On July 14, 1961, the Fund announced a one-year stand-by arrangement with the government of El Salvador authorizing drawings in an amount equivalent to $11.25 million. The Fund's assistance was designed to help to support the country's reserve position and ensure the continued convertibility of its currency while measures were being adopted to improve El Salvador's internal situation through appropriate fiscal and monetary policies.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 15 , Issue 4 , Fall 1961 , pp. 710 - 712
Copyright
Copyright © The IO Foundation 1961

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References

1 International Monetary Fund, Press Release 353, June 7, 1961. For a summary of previous activities of the Fund, see International Organization, Summer 1961 (Vol. 15, No. 3), p. 320–522Google Scholar.

2 International Monetary Fund, Press Release 358, July 19, 1961; see also International Financial News Survey (hereafter cited as IFNS), 07 21, 1961 (Vol. 13, No. 28), p. 217Google Scholar.

3 International Monetary Fund, Press Release 357, July 14, 1961; see also IFNS, 07 21, 1961 (Vol. 13, No. 28), p. 217Google Scholar.

4 International Monetary Fund, Press Release 359, July 27, 1961; see also IFNS, 08 4, 1961 (Vol. 13, No. 30), p. 233Google Scholar.

5 For details of the Fund's role in Bolivian reforms in 1956 see International Organization, Winter 1957 (Vol. II. No. 1), p. 178Google Scholar.

6 International Monetary Fund, Press Release 361, August 2, 1961; see also IFNS, 08 4, 1961 (Vol. 13, No. 30), p. 233Google Scholar.

7 International Monetary Fund, Press Release 366, August 11, 1961; see also IFNS, 08 18, 1961 (Vol. 13, No. 32), p. 249Google Scholar.

8 International Monetary Fund, Press Releases 368 and 370, September 2 and 6, 1961, respectively.

9 International Monetary Fund, Press Release 354, July 5, 1961; see also IFNS, 07 7, 1961 (Vol. 13, No. 26), p. 201Google Scholar.

10 International Monetary Fund, Press Release 356, July 14, 1961; sec also IFNS, 07 21, 1961 (Vol. 13, No. 28), p. 217Google Scholar.

11 International Monetary Fund, Press Release 360, July 27, 1961; see also IFNS, 08 4. 1961 (Vol. 13, No. 30), p. 233Google Scholar.

12 International Monetary Fund, Press Release 362, August 3, 1961; see also IFNS, 08 11, 1961 (Vol. 13, No. 31), p. 241Google Scholar.

13 International Monetary Fund, Press Release 363, August 4, 1961; see also IFNS, 08 11, 1961 (Vol. 13, No. 31), p. 241Google Scholar.

14 International Monetary Fund, Press Release 365, August 11, 1961; see also IFNS, 08 18, 1961 (Vol. 13, No. 32), p. 249Google Scholar.

15 IFNS, 06 2, 1961 (Vol. 13, No. 21), p. 168Google Scholar.

16 Ibid., June 30, 1961 (Vol. 13, No. 25), p. 200.

17 Ibid., July 28, 1961 (Vol. 13, No. 29), p. 232.

18 Ibid., September 1, 1961 (Vol. 13, No. 34), p. 272.

19 International Monetary Fund, Press Releases 355, 367, and 369, July 5, August 31, and September 6, 1961, respectively; see also IFNS, 07 7, 1961 (Vol. 13, No. 26), p. 201Google Scholar, and September 1, 1961 (Vol. 13, No. 34), p. 265.