The International Monetary Fund (IMF) imposes a dual regime: on the one hand it attempts to deter members from restricting international payments and transfers for current international transactions, while on the other hand it permits its members to regulate international capital movements as they see fit. Payments for current transactions involve an immediate quid pro quo (i.e., payments in connection with foreign trade, interest, profit, dividend payments), while capital payments are unilateral (e.g., loans, investments). A governmental measure requiring or stimulating countertrade would constitute an exchange restriction on current transactions if it involved a direct limitation on the availability or use of foreign currency.
Source: Seyoum Belay (2014), Export-import theory, practices, and procedures, Routledge; 3rd edition.
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