co-operate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
Section 3. Avoidance of discriminatory currency practices
No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1, to engage in, any discriminatory currency arrangements or multiple currency practices except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 4 of that Article shall apply.
{{c|Section 4. Convertibility of foreign held balances} (a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents
- (I) that the balances to be bought have been recently acquired as a result of current transactions; or
- (II) that their conversion is needed for making payments for current transactions.
The buying member shall have the option to pay either in the currency of the member making the request or in gold.
(b) The obligation in (a) above shall not apply
- (I) when the convertibility of the balances has been restricted consistently with Section 2 of this Article, or Article VI, Section 3; or
- (II) when the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2; or
- (III) when the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them; or
- (IV) when the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or
