Review Of the Fund's Policy on Multiple Currency Practices—Extension of The Effective Date

International Monetary Fund

No 2023/046, 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 (MCPs). The effectiveness date for the new policy was originally envisaged for April 1, 2023 and then delayed to November 1, 2023. Staff proposed and the Board supported an additional extension of the transitional period and a delay of the effectiveness date to February 1, 2024. The extension will allow more time for the authorities to adjust to the new policy and for staff to conduct outreach with stakeholders to raise awareness. 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; policy transition process; guidance note; policy implementation; MCP decision (search for similar items in EconPapers)
Pages: 3
Date: 2023-11-06
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