Introduction

Abstract

Economic cooperation between the CMEA countries is implemented according to the monetary and financial regulations worked out collectively. The regulations cover the organizational structure of international settlements; the choice of currency for settlements; the principles of international credit transactions; the determination of the exchange rate of the currency used in international settlements to national currencies and to convertible currencies outside the CMEA; the principles and rules of international exchange and transfers; rules for the currency allotments of citizens (rules of international transfers for citizens). The regulations also contain provisions for international settlements and credit transactions which are concluded through an independent international bank or banks. These regulations, the instruments and institutions together, form the international payments and monetary system of the CMEA.*