The International Monetary Fund (IMF) participated in the Conference and its preparatory process with a series of substantive inputs.

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B. South South monetary and financial cooperation

African Centre for Monetary Studies

2. Takes note of the updated list of hard currency duty stations for which the allowances are specified in local currency, as contained in annex X to the report of the International Civil Service Commission 1

124 (c) The present local currency entitlement system for hard currency duty stations should be maintained (see annex VI)

(c) World monetary law and international cooperation

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International Monetary Fund (IMF)

A mission from the International Monetary Fund (IMF) visited the country in the first half of March to negotiate a staff monitored programme with the national authorities.

(iv) In the case of staff members whose salary scales are established in currencies other than United States dollars, the relevant amounts to which the assessment applies shall be fixed at the local currency equivalent of the above mentioned dollar amounts at the time the salary scales of the staff member concerned are approved

Sources Bank of the Republic of Haiti and IMF staff projections.

(c) The current list of duty stations where the allowances are payable in local currencies be maintained.

Table 6 Rates of exchange of various currencies relative to the United States dollar and annual rates of inflation for 2004 to 2007, by main duty station

41. In addition, wages are not paid directly to the workers, but to the Government employment authority, which receives them in hard currency and then pays the worker in national currency.

China s recent intervention in the currency market also sent mixed signals. For years, the authorities tended to support the renminbi, as they pursued renminbi internationalization an effort that culminated in the International Monetary Fund s recent decision to add the renminbi to the basket of currencies that compose its reserve asset, so called Special Drawing Rights.

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