This paper outlines the changes that took place in restrictive systems were largely a reflection of shifts in the balance of payments positions and outlook of member countries. The country surveys show that these changes were numerous. Several countries, including the United Kingdom and the...

This paper recognizes the difficulties and problems being faced by member countries under present circumstances and the uncertainties resulting from the strained international situation and rearmament. After the various relaxations and intensifications, there still remains a widespread use of...

This paper discusses that total world trade rose significantly, particularly because of sustained European demand. With some exceptions, prices of basic products fell during the period. In this economic environment, developments in exchange markets became of focal interest to the IMF. The...

This paper discusses that with inflows of capital showing some further expansion, the combined overall balance of payments surplus of the developing countries remained high. Most of the countries that use the French franc, pound sterling, or the US dollar as their intervention currency continue...

This paper highlights the exchange rate for the pound sterling soon after it began to float, moved within a relatively narrow range in relation to other major currencies and unrest in the exchange markets moderated. In some countries, such as Australia and Spain, where outward capital movements...