International Monetary Fund

Anonymous

International Organization, 1955, vol. 9, issue 2, 277-278

Abstract: On December 24, 1954, Colombia purchased $25 million from the International Monetary Fund with Colombian pesos. The purchase, Colombia's first transaction with the Fund, was equivalent to 50 percent of Colombia's quota, and required a waiver under Article V, section 4, of the Fund's Articles of Agreement. Colombia under took the purchase with the understanding that its pesos would be repurchased from the Fund within a period of three of five years. The drawing was designed to meet payments difficulties of a temporary nature that had resulted in the development of commercial arrears, particularly with the United States; the difficulties were attributed to a sharp decline in the price of coffee and a slackening of demand for it, beginning about the middle of August 1954.

Date: 1955
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Persistent link: https://EconPapers.repec.org/RePEc:cup:intorg:v:9:y:1955:i:2:p:277-278_10

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