This paper focuses on progress in reducing or eliminating exchange restrictions that has been substantial and has been made on a wide front; retrogressions have been comparatively few. The beneficial effects of the widening scope of currency convertibility have been felt in many areas, and the...

This paper discusses actions taken by members themselves, particularly for the establishment of internal financial stability, are of primary importance for the elimination of restrictions. The IMF has sought to give its support to countries faced with the practical difficulty of establishing...

This paper outlines among the underdeveloped countries, some experienced an improvement in their balance of payments positions, enabling them to reduce restrictions on payments. Many of them, however, still had difficult balance of payments problems-because of such factors as rapid development...

This paper analyses relatively little overall progress in the formal relaxation of restrictions. Certainly, progress in this respect was much less than in the immediately preceding years. On the other hand, there was a significant strengthening of most internationally traded currencies,...

This paper discusses developments in individual countries reflected domestic policies, but also the way in which their economies were affected by international economic developments. Generally, countries that have assumed the obligations of Article VIII of the IMF Agreement-and which as noted in...