The Membership of Czechoslovakia in the International Monetary Fund in the Period 1945–1954

Abstract

The presented paper describes the first membership of Czechoslovakia in
the International Monetary Fund in the post-war period and the
circumstances of its expulsion from this institution in 1954. Although
Czechoslovakia was one of the founding members of the Bretton-Woods
institutions and its relationship with the IMF looked promising at the
beginning, the communist political take-over in February 1948 implied
substantial change in this development. It was followed by the introduction
of a centrally planned economic system and by a shift in the country's
foreign-political orientation toward the East. The reason for
Czechoslovakia's exclusion from the Bretton-Woods institutions was its
repeated nonperformance of the member state duties according to the
Articles of Agreements of the IMF. The main problem was that
Czechoslovakia systematically refused to inform the IMF about
developments in its economy and consult relevant monetary and economic
arrangements with the IMF.