A.—B

ARTICLE VIII.—GENERAL OBLIGATIONS OF MEMBERS Section 1. —Introduction In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this article. Section 2. —Avoidance of Restrictions on Current Payments (a) Subject to the provisions of Article VII, Section 3 (b), and Article XIV, Section 2, 110 member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions. (b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, co-operate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement. Section 3.—Avoidance of Discriminatory Currency Practices No member shall engage in, or permit any of its fiscal agencies referred to in Artic.lle V, Section 1, to engage in, any discriminatory currency arrangements or multiple currency practices except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which o&se the provisions of Section 4 of that Article shall apply. Section 4.—Convertibility of Foreign-held Balances (a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents — (i) That the balances to be bought have been recently acquired as a result of current transactions; or (ii) That their conversion is needed for making payments for current transactions. The buying member shall have the option to pay either in the currency of the member making the request or in gold. (b) The obligation in (a) above shall not apply— (i) When the convertibility of the balances has been restricted consistently with Section.2 of this Article, or Article VI, Section 3; or (ii) When the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2; or (iii) When the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them; or (iv) When the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a) ; or (v) When the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency. Section 5.— Furnishing oe Information (a) The Fund may require members to furnish it with such information as it deems necessary for its operations, including, as the minimum necessary for the effective discharge of the Fund's duties, national data on the following matters (i) Official holdings at home and abroad, of (1) gold, (2) foreign exchange: (ii) Holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign (iii) Production of gold: (iv) Gold exports and imports according to countries of destination and origin: (v) Total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin : (vi) International balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items: (vii) International investment position—i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information: (viii) National income: (ix) Price indices —i.e., indices of commodity prices in wholesale and retail markets and of export and import prices. (x) Buying and selling rates for foreign currencies: (xi) Exchange controls —i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur.

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