INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. by the Fund. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto. ARTICLE XIX EXPLANATION OF TERMS In interpreting the provisions of this Agreement the Fund and its members shall be guided by the following: Monetary reserves. (a) A member's monetary reserves means its net official holdings of gold, of convertible currencies of other members, and of the cur- rencies of such non-members as the Fund may specify. fficialholdings. (b) The official holdings of a member means central holdings (that is, the holdings of its Treasury, central bank, stabilization fund, or similar fiscal agency). (c) The holdings of other official institutions or other banks with- in its territories may, in any particular case, be deemed by the Fund, after consultation with the member, to be official holdings to the extent that they are substantially in excess of working balances; provided that for the purpose of determining whether, in a particu- lar case, holdings are in excess of working balances, there shall be deducted from such holdings amounts of currency due to official institutions and banks in the territories of members or non-members specified under (d) below. iConvertible curren- (d) A member's holdings of convertible currencies means its hold- ings of the currencies of other members which are not availing them- Ane, p. 120 . selves of the transitional arrangements under Article XIV, Section 2, together with its holdings of the currencies of such non-members currency, as the Fund may from time to time specify. The term currency for this purpose includes without limitation coins, paper money, bank balances, bank acceptances, and government obligations issued with a maturity not exceeding twelve months. etarylreservesmon (e) A member's monetary reserves shall be calculated by deduct- ing from its central holdings the currency liabilities to the Treasuries, central banks, stabilization funds, or similar fiscal agencies of other members or non-members specified under (d) above, together with similar liabilities to other official institutions and other banks in the territories of members, or non-members specified under (d) above. To these net holdings shall be added the sums deemed to be official holdings of other official institutions and other banks under (c) above. (f) The Fund's holdings of the currency of a member shall include Ante, . 1403. any securities accepted by the Fund under Article III, Section 5. (g) The Fund, after consultation with a member which is availing Ante, p. 1420. itself of the transitional arrangements under Article XIV, Section 2, may deem holdings of the currency of that number which carry speci- fied rights of conversion into another currency or into gold to be holdings of convertible currency for the purpose of the calculation of monetary reserves. 1424
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