Review Of the Fund's Policy on Multiple Currency Practices

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

November 6, 2023

Preview Citation

Format: Chicago

Review Of the Fund's Policy on Multiple Currency Practices—Extension of The Effective Date, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

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.

Subject: Foreign exchange, Monetary policy, Multiple currency practices, Political economy

Keywords: Capital Flow Management measures, Currency markets, Exchange rates, Exchange restrictions, Exchange taxes, Financial markets, Foreign exchange, Guidance note, MCP decision, MCP policy, Monetary policy, Multiple currency practices, Policy implementation, Policy transition process, Political economy, Taxes

Publication Details

Pages:

3
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2023/046
Stock No:

PPEA2023046
ISBN:

9798400258619
ISSN:

2663-3493

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