Articles Of Agreement Between

For example, the content of the contractual items of the Standard Building Contract (SBC) YCW is explained below. 6. The outgoing member guarantees at all times the full and complete use of the currency listed in points 4 and 5 above for the purchase of goods or for the payment of sums due to him or to persons in his territory. It shall compensate the fund for any loss resulting from the difference between the value of its currency in relation to the special drawing right on the date of withdrawal and the value of the fund at the time of the transfer in respect of the above-mentioned 4 and 5 drawing rights. 4. If the fund`s holdings of the currency of an outgoing Member exceed the amount due to it and if no agreement is reached on the method of settlement within six months of the date of exit, the former Member shall be required to exchange that excess currency in a freely usable currency. Payment shall be made in special drawing rights. a participant resilises the right to obtain special drawing rights with a currency freely usable to pay fees or investments in a transaction with a participant designated by the Fund or by the agreement of another holder, or to have special drawing rights perceived as interest on a transaction with a participant designated in accordance with Article XIX; Section 5 or by appointment with another holder. An example of the Statutes below is provided: a Member which has informed the Fund of its intention to make use of transitional provisions under this provision may, without prejudice to the other provisions of this Agreement, maintain and adapt the restrictions applicable to payments and transfers for current international transactions in force at the beginning of its accession and adapt them to changing circumstances. However, in their exchange rate policies, Members shall be constantly attentive to the purposes of the Fund and, as soon as conditions permit, shall take all possible measures to conclude trade and financial agreements with other Members facilitating international payments and the promotion of a stable exchange rate system. In particular, Members shall lift restrictions maintained under this Section as soon as they are satisfied that, in the absence of such restrictions, they will be able to settle their balance of payments in a manner that does not place an undue burden on their access to the general resources of the Fund. 7.

Any Member whose currency has been distributed to other Members below 6 of the above points shall exchange that currency in the currency of the Member requesting redemption or in such other manner as may be agreed between them. If the members concerned do not agree otherwise, the member who has the obligation to withdraw must conclude the redemption within five years from the date of distribution, but is not required to collect during a semester more than one tenth of the amount paid to the other member. . . .

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