- Posted on September 9, 2021
- in Uncategorized
- by admin
8. The nominal value of a Member`s currency, as defined in this Agreement, expires for the purposes of this Agreement when the Member informs the Fund of its intention to denounce the nominal value. The Fund may object to the termination of a nominal value by a decision taken by a majority of eighty-five per cent of the total voting rights. If, despite the opposition of the Fund, a Member terminates a nominal value for its currency, the Member shall be subject to Article XXVI(2). A nominal value as defined in this Agreement shall expire for the purposes of this Agreement if the Member terminates the nominal value despite opposition by the Fund or if the Fund finds that the Member does not maintain a rate for a significant volume of foreign exchange transactions under 5, provided that the Fund may make such a finding only if it has consulted the Member and communicated to the Member sixty days to the advance within the prescribed time. the Fund`s intention to consider whether there is a finding to be made. 1. The Fund shall inform Members that nominal values may be fixed for the purposes of this Agreement, in accordance with Articles 1, 3, 4 and 5 of Article IV and this Annex, in respect of the special drawing right or any other common denominator imposed by the Fund. The common denominator should not be gold or a currency.
3. For the purposes of 2 above, 0.888 671 grams of fine gold corresponds to a special drawing right and the amount of money to be paid below 2 shall be determined on that basis and on the basis of the value of the currency with regard to the special drawing right at the time of discharge. 1. The general resources account shall be paid in accordance with 1 to 6 of this list. The Fund shall be required to pay to a member who deducts its quotas an amount equal to its quota, plus any other amount due to it under the Fund, less any sums due to the Fund, including expenses incurred after the date of its exit; However, payment shall not be made until six months after the date of resignation. Payments shall be made in the currency of the outgoing Member and, for this purpose, the Fund may transfer to the General Resources Account, to the Special Payment Account or to the Investment Account, stocks of the Member`s currency to the Special Payment Account or to the Investment Account, to the general resources account chosen by the Fund with its agreement. 7. In the event of a proposed amendment, the Fund shall approve the proposed nominal value within a reasonable time of receipt of the proposal or has raised objections. The Fund agrees if it is satisfied that this change is necessary to correct or prevent a fundamental imbalance. The Fund has not raised any objections to the national social or political policy of the member proposing the amendment. A change in the proposed nominal value shall not take effect for the purposes of this Agreement if the Fund objects.
If a Member changes the nominal value of its currency despite the opposition of the Fund, the Member shall be subject to Article XXVI(2). The Fund will advise against the maintenance of an unrealistic face value by a member. The newest nations often have the value of their currency in relation to that of the euro. Interest, fees and investments must be paid in the Special Drawing Right. A participant who requires Special Drawing Rights to pay a fee or assessment is required and permitted to obtain them in a currency acceptable to the Fund in a transaction with the Fund through the General Resources Account. . . .