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This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1955. The report highlights that in the course of 1954 and the first half of 1955, further considerable progress was made in the direction of free and less discriminatory trade. There was a continuation of the movement noted in the previous year, when steps were taken to relax the restrictions previously imposed for balance-of-payments reasons on imports, on currency transfers, and on dealings in foreign exchange.

Agricultural commodities --- Agriculture: General --- Cement --- Ceramics --- Commodities --- Currency --- Expenditure --- Expenditures, Public --- Exports and Imports --- Exports --- Foreign Exchange --- Foreign exchange --- Glass --- Gold --- Imports --- International economics --- International trade --- Investment & securities --- Investments: Metals --- Metals and Metal Products --- Monetary economics --- Money and Monetary Policy --- National Government Expenditures and Related Policies: General --- Public expenditure review --- Public finance & taxation --- Public Finance --- Trade: General --- United States

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This paper outlines the payment agreements and trade agreements. Resident inconvertibility in relation to other inconvertible countries is largely organized on the basis of bilateral trade agreements establishing quotas for imports, exports, and invisibles, and of the Organization for European Economic Cooperation (OEEC) Code of Liberalization. Resident inconvertibility vis-a-vis convertible countries is implemented mainly by unilaterally imposed quantitative import and exchange restrictions that usually are subject to a high degree of administrative discretion. Under bilateral payments agreements, the partner countries undertake to affect their reciprocal current settlements in a way that will minimize the use of convertible exchange and gold. In a typical case, the two central banks open accounts in their respective currencies in each other’s names, but agreements may also provide for one (main) agreement account. Settlements in convertible currencies or gold have to be made only when one partner’s net debtor position in the designated accounts exceeds an amount established in the agreement as the limit up to which each partner is prepared to sell its currency for the other’s currency without demanding cover.

Banking --- Banks and Banking --- Commercial treaties --- Currencies --- Economic theory & philosophy --- Economic Theory --- Exports and Imports --- Exports --- Government and the Monetary System --- Income --- International economics --- International Trade Organizations --- International trade --- Investments: General --- Macroeconomics --- Monetary base --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Money supply --- Money --- National accounts --- Payment Systems --- Personal income --- Personal Income, Wealth, and Their Distributions --- Regimes --- Standards --- Trade agreements --- Trade Policy --- Trade: General --- United States