This paper presents the fourth survey of certain changes in international and national monetary law and practice in relation to special drawing rights (SDRs), currencies, and gold. SDRs have characteristics that enable them to function as a supplement to existing reserve assets in the sense that...

This paper examines the IMF's concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making...

This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...