International Monetary Fund

Abstract

During February 1957 the government of Egypt purchased from the International Monetary Fund $15 million with Egyptian pounds. The government of India, during the same period, entered into an exchange transaction and stand-by arrangement with the Fund in a total amount of $200 million. The transaction provided for the purchase of $127.5 million from the Fund with Indian rupees. The Fund was to transfer $60 million of that amount immediately, and $67.5 million after 30 days. A stand-by arrangement to become effective on the date of the second transfer was to permit India to purchase from the Fund during the following twelve months currencies equivalent to an additional $72.5 million. Under the stand-by arrangement concluded in October 1956, France had by the middle of March made two purchases from the Fund with French francs. The first purchase, of $40 million, was made on February 14, and the second, of $60 million, was made on March 14. In April 1957, the government of Argentina purchased from the Fund $75 million with Argentine pesos. Other purchases from the Fund during the period under review included $10 million by Cuba (under a stand-by arrangement), $2.5 million by Honduras, and $0.5 million by Paraguay. In February El Salvador repurchased colones equivalent to $2.5 million; other repurchases were $3.3 million by Finland and $1.8 million by Denmark. At the request of the government of Peru, the Fund on February 15 extended for one year a stand-by arrangement enabling Peru to draw currencies up to the equivalent of $12.5 million.