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International Monetary Fund

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  • Anonymous

Abstract

After consulting the International Monetary Fund, on unification of its exchange system, the government of Greece on April 9, 1953, eliminated all multiple currency practices and adjusted the official exchange rate from 15,000 drachmas per United States dollar to 30,000 drachmas per United States dollar. The Fund's announcement of this action by the Greek government added that it welcomed and concurred in these policies. Another proposal to adjust an official exchange rate was approved by the Fund on May 14; the government of Bolivia proposed to establish a new par value for the boliviano of 190 bolivianos per United States dollar. The previous par value was 60 bolivianos per United States dollar. At the same time a Bolivian proposal to simplify its exchange system was approved; effective May 14 the exchange system was to consist of an official and a free market. The official market would be for all trade transactions, government payments, registered capital, and certain specified invisibles. All present exchange taxes, multiple import and export rates, retention quotas, compensation and divisas propias arrangements were eliminated. The Fund welcomed these efforts toward monetary stabilization and emphasized “the importance of firm anti-inflationary measures as a basis for further progress towards the achievement of Bolivia's international equilibrium.”

Suggested Citation

  • Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(3), pages 419-420, August.
    • Handle: RePEc:cup:intorg:v:7:y:1953:i:3:p:419-420_11
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    Cited by:

    1. Jacob A. Frenkel & Morris Goldstein, 1991. "Exchange Rate Volatility and Misalignment: Evaluating some Proposals for Reform," Palgrave Macmillan Books, in: Alfred Steinherr & Daniel Weiserbs (ed.), Evolution of the International and Regional Monetary Systems, chapter 8, pages 99-131, Palgrave Macmillan.
    2. Barry Eichengreen, 1989. "The US Capital Market and Foreign Lending, 1920–1955," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 107-156, National Bureau of Economic Research, Inc.
    3. Chrysafis Iordanoglou & Manos Matsaganis, 2017. "Why Grexit cannot save Greece (but staying in the Euro area might)," LEQS – LSE 'Europe in Question' Discussion Paper Series 123, European Institute, LSE.
    4. Javier G. Gómez-Pineda, 2016. "Inflación de costos: las devaluaciones de los años cincuenta y el brote populista de 1963," Borradores de Economia 924, Banco de la Republica de Colombia.
    5. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW Kiel).
    6. J. J. Polak & Mr. Peter B. Clark, 2002. "International Liquidity and the Role of the SDR in the International Monetary System," IMF Working Papers 2002/217, International Monetary Fund.
    7. Javier G. Gómez-Pineda, 2016. "Inflación de costos: las devaluaciones de los años cincuenta y el brote populista de 1963 / Cost-push inflation: the devaluations of the fifties and the 1963 populist outbreak," Borradores de Economia 14204, Banco de la Republica.
    8. Carlos F. Díaz Alejandro, 1983. "Stories of the 1930s for the 1980s," NBER Chapters, in: Financial Policies and the World Capital Market: The Problem of Latin American Countries, pages 5-40, National Bureau of Economic Research, Inc.
    9. Aradhna Aggarwal & Nagesh Kumar, 2012. "Structural Change, Industrialization and Poverty Reduction: The Case of India," Development Papers 1206, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) South and South-West Asia Office.
    10. T.S. Malakhova & P.P. Kapustin & S.A. Morusov & E.E. Udovik, 2020. "European Practice in Ensuring Sustainable Development: Problems and Contradictions," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 14-23.
    11. Michael Michaely, 1971. "An Over-all View of Policy Patterns," NBER Chapters, in: The Responsiveness of Demand Policies to Balance of Payments: Postwar Patterns, pages 30-70, National Bureau of Economic Research, Inc.
    12. Kwon, Austin, 2017. "Trends in the Accumulation of Net Foreign Reserves since World War II," Studies in Applied Economics 94, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    13. Malakhova T.S. & Dubinina M.A. & Maksaev A.A. & Fomin R.V., 2019. "Foreign Trade and Marketing Processes in the Context of Sustainable Development," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 195-202.
    14. Christopher Gilbert & Panos Varangis, 2004. "Globalization and International Commodity Trade with Specific Reference to the West African Cocoa Producers," NBER Chapters, in: Challenges to Globalization: Analyzing the Economics, pages 131-163, National Bureau of Economic Research, Inc.
    15. Ben Hassine Khalladi, hela, 2015. "Financial Crisis Management in Emerging Countries: Optimal Level of International Reserves and Ex Ante Conditions for an International Lender of Last Resort Intervention," MPRA Paper 96151, University Library of Munich, Germany.
    16. T.S. Malakhova & M.Ya. Veprikova & A.A. Kovalenko & E.E. Udovik, 2020. "Global Transformation as a Strategic Marketing Factor of Effective Management of Regional Foreign Economic Relations in Modern Conditions," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 39-47.
    17. Cédric Achille Mbeng Mezui & Uche DURU, 2013. "Working Paper 178 - Holding Excess Foreign Reserves Versus Infrastructure Finance: What should Africa do?," Working Paper Series 478, African Development Bank.

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