Prepared by the Research & Statistics Department March 16, 1964
1. "International Reserve Units"
2. Gold Tranche Positions in the Fund
3. Similarities Between Reserve Units and Gold Tranche Positions
4. Differences Between Reserve Units and Gold Tranche Positions
"The Bernstein plan does not spell out how positions created proportional
to quotas can be held proportional to gold holdings (unless quotas
are proportional to gold holdings, which does not appear to be the intention).
This point could be resolved by countries trading gold for units
among themselves, or by some kind of transitional provisions."
Extracts from Mr. Bernstein's Paper on
"A Practical Program for International Monetary Reserves"
Foreign Exchange as Reserve Units