Part IV Exchange Controls, Exchange Rates, and Sanctions, 15 Exchange Control under the International Monetary Fund Agreement

15.01 As between the 187 or so members of the International Monetary Fund (IMF), the law of exchange control differs from the general rules applicable to exchange control.1 In those member States, the rule of positive law laid down in Article VIII(2) of the Articles of Agreement of the IMF applies. Article VIII(2)(a) provides the background to the present discussion, and requires that: ‘No member of the Fund shall without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.’ Article...