Abstract
At its 14th meeting (in Hamburg) the Interim Committee of the International Monetary Fund (IMF) held further discussions on the establishment of a substitution account through which the monetary authorities would voluntarily transfer a part of their dollar reserves1 to the IMF in return for interest-bearing claims denominated in Special Drawing Rights (SDR)2. The transferred dollars would be invested by the Fund long-term3 in US Government securities so that they would be withdrawn from international circulation. As was to be expected, the meeting did not yet bring an accord. Technical difficulties were stated to be the reason for this but at this juncture no state seems to be especially interested in setting up such an account.
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