Part IV Exchange Controls, Exchange Rates, and Sanctions, 16 The Private International Law of Exchange Control

16.01 Chapter 15 considered the special consequences of Article VIII(2)(b) of the Articles of Agreement of the International Monetary Fund (IMF) in proceedings before domestic courts. That single provision is at once both very important and yet in many respects relatively insignificant. Important, because the application of that provision constitutes an international obligation of the member States of the Fund; relatively insignificant because—however one chooses to interpret the provision—it is of an essentially limited scope. 16.02 The difficulties which...