Printer Friendly

MAURITIUS ACCEPTS ARTICLE VIII OF INTERNATIONAL MONETARY FUND ARTICLES OF AGREEMENT

 WASHINGTON, Oct. 8 /PRNewswire/ -- The government of Mauritius has notified the International Monetary Fund that it has accepted the obligations of Article VIII, Sections 2, 3 and 4 of the International Monetary Fund (IMF) Articles of Agreement, with effect from Sept. 29, 1993. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval. Mauritius is the 81st member of the IMF to assume Article VIII status.
 Two of the main purposes of the IMF, as stated in its Articles of Agreement, are to facilitate the expansion and balanced growth of international trade, and thereby to contribute to the promotion and maintenance of high levels of employment and real income, and to assist in the establishment of a multilateral system of payments in respect of current transactions between IMF members. In seeking to achieve these objectives, the IMF exercises firm surveillance over the exchange rate policies of its members and oversees the elimination of exchange restrictions which hamper the growth of world trade.
 By accepting the obligations of Article VIII, Mauritius gives confidence to the international community that it will pursue sound economic policies that will obviate the need to use restrictions on the making of payments and transfers for current international transactions, and thereby contributes to a multilateral payments system free of restrictions.
 Mauritius has been a member of the IMF since Sept. 23, 1968, and its quota in the IMF is SDR 73.3 million (about US$104 million).
 -0- 10/8/93
 /CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/


CO: International Monetary Fund ST: District of Columbia IN: FIN SU:

DT-DS -- DC029 -- 0226 10/08/93 14:17 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1993
Words:301
Previous Article:LYNCH RE-ELECTED CHAIRMAN OF INVESTMENT COMPANY INSTITUTE
Next Article:BARNETT BANK AGREES TO SETTLE CONSUMER CLASS ACTION ALLEGING AUTOMOBILE INSURANCE OVERCHARGES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters