Annual Report on Exchange Arrangements and Exchange Restrictions 2011

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Annual Report on Exchange Arrangements and Exchange Restrictions 2011 Volume 1 of 4 ISBN: 978-1-61839-226-8

Copyright 2010 International Monetary Fund International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org This edition printed under license by Curran Associates, Inc. Please send orders for additional print copies to: Curran Associates, Inc. 57 Morehouse Lane Red Hook, NY 12571 Phone: 845-758-0400 ext.112 Fax: 845-758-2634 Email: info@proceedings.com or Order online: www.proceedings.com/5047.html

Contents Contents Preface...vi Abbreviations...vii Overview...1 Overall Developments during 2010...2 Developments in Exchange Arrangements...4 Table 1. De Facto Classification of Exchange Rate Arrangements and Monetary Policy Frameworks, April 30, 2011... 4 Table 2. Exchange Rate Arrangements, April 30, 2008 April 30, 2011... 8 Table 3. Changes and Resulting Reclassifications of Exchange Rate Arrangements, January 2010 April 30, 2011... 9 Table 4. Monetary Policy Frameworks and Exchange Rate Anchors... 13 Foreign Exchange Interventions...15 Table 5. Changes in Exchange Rate Arrangements, Official Exchange Rate, and Monetary Policy Framework, 2010 11... 16 Table 6. Foreign Exchange Market Structure, 2009 11... 18 Table 7. a. Changes in Foreign Exchange Markets, 2010 11... 19 Table 7. b. Changes in Currency and Exchange Rate Structures, 2010 11... 24 Table 7. c. Changes in Exchange Subsidies and Exchange Taxes, 2010 11... 25 Member Countries Obligations and Status under Article VIII... 26 Table 8. Exchange Restrictions and Multiple Currency Practices, as of December 31, 2010... 29 Table 9. Exchange Restrictions and/or Multiple Currency Practices by Country, as of December 31, 2010... 30 Regulatory Framework for Foreign Exchange Transactions...34 Table 10. Distribution of Capital Controls, January 2009 July 2011... 37 Provisions Specific to Commercial Banks and Institutional Investors...40 Table 11. Provisions Specific to the Financial Sector, January 2009 July 2010... 41 Special Topic...44 Policy Responses for Managing Large Capital Inflows...44 References...47 Compilation Guide...48 Summary Features of Exchange Arrangements and Regulatory Frameworks for Current and Capital Transactions in IMF Member Countries...60 Country Table Matrix...69 iii

ANNUAL REPORT ON EXCHANGE ARRANGEMENTS AND EXCHANGE RESTRICTIONS SEPTEMbER 2011 Country Chapters on CD-ROM1 Islamic Republic of Afghanistan Albania Algeria Angola Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan The Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Democratic Republic of Congo Republic of Congo Costa Rica Côte d Ivoire Croatia CuraÇao and Sint Maarten Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Republic of Fiji Finland France Gabon The Gambia Georgia Germany Ghana Greece Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong SAR Hungary Iceland India Indonesia Islamic Republic of Iran Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Republic of Korea Kosovo Kuwait Kyrgyz Republic Lao People s Democratic Republic 1 The term country, as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis. iv

CountRy ChapteRs on CD-RoM Latvia Lebanon Lesotho Liberia Libya Lithuania Luxembourg Former Yugoslav Republic of Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mexico Federated States of Micronesia Moldova Mongolia Montenegro Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand Nicaragua Niger Nigeria Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Qatar Romania Russian Federation Rwanda St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Samoa San Marino São Tomé and Príncipe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Swaziland Sweden Switzerland Syrian Arab Republic Tajikistan Tanzania Thailand Timor-Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Republic of Yemen Zambia Zimbabwe v