International Monetary Fund

In its monthly summary of transactions, the International Monetary Fund announced in April 1949, that it had sold U.S. $7,500,000 to India for rupees during March. There were no other currency exchanges that month. In April, Brazil and Egypt made their first currency purchase from the Fund: Brazil exchanged cruzeiros for $15 million and Egypt $3 million for Egyptian pounds. This brought the total of currency transactions made by member countries of the Fund to $725,483,380.91 since the beginning of operations in March 1947. On May 24, the Fund announced the establishment of the initial par value for the Yugoslav dinar at 50 dinars per United States dollar, the rate proposed by the government of Yugoslavia. On May 3, the Articles of Agreement of the International Monetary Fund and the International Bank for Reconstruction and Development were signed by the Siamese ambassador to the United States on behalf of Siam. This brought to a total of 48 the number of countries that were members of the two organizations. The Fund announced on May 27, the conclusion of consultations with the government of Ecuador on Ecuador's exchange system, and on related matters of credit and monetary policies. As a result of previous consultations with the Fund, Ecuador in June 1947 had introduced certain modifications in her then existing exchange control laws and regulations which were contained in the Emergency Law for International Transfers. As a result of discussions concluded in May the Emergency Law was to be continued for one year more on the understanding that in the meantime consultations between Ecuador and the Fund would take place regarding modifications in the present exchange system.