Review of the Fund’s Policy on Multiple Currency Practices—Extension of the Effective Date

International Monetary Fund

No 2023/012, IMF Policy Papers from International Monetary Fund

Abstract: In July 2022, the Executive Board concluded the review of the Fund’s policy on multiple currency practices. It was planned that the revised policy would come into effect on April 1, 2023. The Board supported staff’s proposal to extend the transitional period and to delay the effectiveness date to November 1, 2023, to allow more time to country authorities to make the necessary changes to adjust to the new policy, especially given the challenging external environment. The longer transition will also leave more time to finalize the guidance note and to conduct an outreach with stakeholders. Elements of the revised policy which became effective immediately on July 1, 2022 will continue to apply as envisaged during the transitional period.

Keywords: Currency markets; Exchange rates; Exchange restrictions; Exchange taxes; Financial markets; Foreign exchange; Monetary policy; Multiple currency practices; Political economy; Taxes. Capital Flow Management measures; MCP policy; conduct outreach; MCP decision; policy implementation; guidance note; IMF's transparency policy (search for similar items in EconPapers)
Pages: 3
Date: 2023-03-31
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