Page:United States Statutes at Large Volume 61 Part 5.djvu/28

 ;1 *I I i AI. A;1i:t.ME1 1' NT}N TAItFFS ANI 'RAI)E-OCT1. 30, 1947 A2 7 country of origin or export, from which the imported product has been exempted or has been or will be relieved by means of refund. 4. (a) Except as otherwise provided for in this paragraph, where it is necessary for the purposes of paragraph 2 of this Article for a contracting party to convert into its own currency a price expressed in the currency of another country, the conversion rate of exchange to be used shall be based on the par values of the currencies involved as established pursuant to the Articles of Agreement of the International Monetary Fund L']or by special exchange agreements entered into pursuant to Article XV of this Agreement. (b) Where no such par value has been established, the con- version rate shall reflect effectively the current value of such currency in commercial transactions. (c) The CONTRACTING PARTIES, in agreement with the Interna- tional Monetary Fund, shall formulate rules governing the conversion by contracting parties of any foreign currency in respect of which multiple rates of exchange are maintained con- sistently with the Articles of Agreement of the International Monetary Fund. Any contracting party may apply such rules in respect of such foreign currencies for the purposes of paragraph 2 of this Article as an alternative to the use of par values. Until such rules are adopted by the CONTRACTING PARTIES, any contracting party may employ, in respect of any such foreign currency, rules of conversion for the purposes of paragraph 2 of this Article which are designed to reflect effectively the value of such foreign currency in commercial transactions. [60 Stat. 1401 .1
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