Due to its unique position as Australia’s central bank, the Reserve Bank of Australia has been closely involved in Australia’s engagements with international organisations including the International Monetary Fund, the International Bank for Reconstruction and Development, the Bank for International Settlements, the Organisation for Economic Co-operation and Development, the Economic Commission for Asia and the Far East and the Asian Development Bank. The Reserve Bank’s archives capture these engagements, documenting how the Reserve Bank has interacted with these organisations in the course of its role providing banking services to the Australian government agencies and to overseas financial institutions, while overseeing Australia’s foreign exchange markets and managing the Australia’s gold and foreign exchange reserves. The records also document the Reserve Bank’s liaison activities with international financial organisations and include reports from officers seconded or released to work for them.

The breadth of the Reserve Bank’s engagements with international organisations over the course of its history as well as internal restructures mean that the relevant records are held across many different series. This guide is intended to assist with identifying relevant records by outlining the main international organisations the Bank has engaged with, the types of records held relating to these organisations and the series in which they are located.

The following is a non-exhaustive list of the international organisations the Reserve Bank has engaged with and about which the Reserve Bank Archives hold information.

International Monetary Fund

The International Monetary Fund (IMF) was established at the Bretton Woods conference held on 1 July 1944. The conference aimed to create the framework for international economic cooperation and financial stability in the post-Second World War reconstruction period and, in addition to the IMF, also established the International Bank for Reconstruction and Development (IBRD).

Australia was not one of the 29 members of the IMF when the agreement was ratified in 1945. There was strong opposition to the IMF in the Australian Cabinet because it was believed that American domination in the IMF could disadvantage countries like Australia in international agreements. It was not until 1947 that Prime Minister Ben Chifley was able to pass the International Monetary Agreements Bill through Parliament. Australia was formally admitted to membership of the Fund in August 1947 on the same terms as the original members

The objectives of the IMF as laid out in the original agreement are to promote international monetary cooperation, facilitate the expansion and growth of international trade, promote exchange stability, to assist in the establishment of a multilateral system of payments in respect of current transactions between members, to make the Fund’s resources available to members under adequate safeguards, and to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members (International Monetary Agreements Act 1947).

The Bank’s economist, Leslie Melville headed an Australian delegation to London in February 1944 for discussion of topics relating to Article VII of the Anglo-Australian Mutual Aid Agreement 1942. He was also the senior member of the Australian team at the Bretton Woods conference when the agreements for the IMF and IBRD were drafted and attended the first meeting of the Board of Governors of the two new agencies held in Savannah in March 1946 as an observer.

Upon the acceptance of Australia as a member of the Fund, the Bank was appointed as the depository in Australia for the institution. In this capacity, the Bank maintained accounts in Australian currency for these organisations and, as their banker in Australia, arranged the exchange transactions against Australian currency, as required for their operations.

In 1970, the International Monetary Fund first allocated to member countries international reserve assets termed Special Drawing Rights (SDRs). The International Monetary Fund allocates SDRs to the Commonwealth. The Commonwealth may, in turn, transfer these SDRs to the Reserve Bank which raises a liability in favour of the Commonwealth for the current value in Australian dollars of the SDRs. On the assets side, SDRs held by the Bank are included in "gold and foreign exchange".

The Bank assists with the compilation of information required under Section 5 of Article VIII of the International Monetary Fund Agreement. The Bank has also seconded or released officers for work to the Fund in Washington.

The main series that contain records relating to the International Monetary Fund are:

Research Department Series

• C.3.9.1  International Section - International Monetary Fund (IMF)

This sub-series contain the majority of the Bank’s records relating to the establishment of the IMF. The contents date from 1950 through to 1965 and contain documents relating to Article VII of the Mutual Aid Agreement, JM Keynes’ proposed International Clearing Union, HD White’s proposed Stabilization Fund and the Bretton Woods proposals and agreements. They also include correspondence, discussion and criticism of the plans and proposals; reports on Fund meetings including the Savannah meeting; the procedure to join the IMF; Australia’s drawings on the IMF; exchange restrictions; gold; subscriptions, quotas and membership; and use of the IMF’s resources.

There is cross-over between the records contained in this sub-series and the sub-series ‘IT-f-  International Department - International Monetary Fund’.

• ERA 1  Economic Research & Analysis. General Policy & Co-ordination - Overseas Economic Conditions Section

These records contain internal briefing notes on IMF reports and for IMF/IBRD annual meetings and copies of reports prepared by the IMF.

• ERA 21  Economic Research & Analysis. - Conferences. Meetings. Seminars. - International Monetary Fund

This sub-series includes documents from between 1985 and 1995 on Article IV consultations with the IMF. These documents include responses to the IMF questionnaire, background material, and conclusions of the consultation.

International Department Series

International Department handled the Bank’s relations with international organisations and conducts financial transactions in Australia on behalf of certain international institutions and foreign central banks. Upon its establishment in 1970, it also took over the function relating to overseas conditions (economic intelligence relating to overseas economic and markets) from Research Department.

• IT-f-*  International Department - International Monetary Fund

The content of this sub-series date from 1942 through to 1975 with the majority of the records pre-dating the creation of International Department in 1970. Records in this sub-series contain information on Bretton Woods; the inaugural meeting in Savannah; Australia’s 1st drawing on the Fund; Australia’s transactions and operations; drawing rights and repurchase provisions; statistics on monetary reserves; and use of the IMF’s resources. It also contains reports on meetings, communication, negotiations, discussions with other members

There is cross-over between the records contained in this sub-series and the sub-series ‘C.3.9.1.-   International Section - International Monetary Fund (IMF)’.

• III  International & Inter-Regional Institutions - International Monetary Fund/International Bank for Reconstruction & Development

The relevant records from this sub-series date from 1981 to 1988 and are organised as follows: III 2  contains records on annual meetings with the IMF held in 1986 and 1988; III 3  contains records produced for and by the consultations and missions to Australia between 1982 and 1988; III 5  contains records on the Special Drawing Rights (SDR) allocated by the IMF, Australia’s transactions and the financial statements of the SDR Department of the IMF; III 6  contains records relating to Australia’s payments and the IMF’s financial position; III 7  contains records on the exchange rate arrangements, systems and practices; III 9  the IMF’s surveillance policy and practices; III 10  contains records on gold prices; and III 11  contains information material received about international capital markets and debt.

• IL 2  International Liaison - International Monetary Fund (IMF) - International Institutions

This sub-series contains information provided by the IMF between 1996 and 2000. This information generally takes the form of reports, statements, decisions created by the IMF.

Banking Department Series and Exchange Control Department Series

• B.1.1.1.*  Banking Department - Exchange Control - Monetary Control Policy - International Monetary Fund [from 1949 to 1960]
• B.1.1.1.*  Exchange Control Department - Policy Files - International Monetary Fund [from 1968 to 1984]

The Bank began administering exchange control on behalf of the Commonwealth Government in 1939. It control was carried out by Banking Department up to 1965 at which time this function was transferred to a separate department named Exchange Control Department.

The records in these sub-series contain documents relating to the Bank’s exchange control policy; the IMF’s desire to eliminate exchange control restrictions; IMF Annual Reports on Exchange Restrictions; correspondence on exchange restrictions; repurchase of currency (Australia and others) from Fund; stand-by facilities; review of quotas; discussions on Articles; and charges on IMF drawings.

Secretary’s Department - Bank Management Series

• BM 4  Bank Management – Conferences & Meeting – International Monetary Fund

This sub-series contains records relating to the IMF consultations and missions to Australia in 1967, 1969, 1971, 1973 and 1975.

Secretary’s Department Series

Documents relating to Australian delegations to IMF meetings and the appointments and resignations of directors to the IMF up to 1966 can be found in these files:

• S-c-120  SECRETARY'S DEPARTMENT - International Monetary Fund - Appointments, Resignations - 1962-1966
• S-c-121  SECRETARY'S DEPARTMENT - International Monetary Fund - Australian Representation at Meetings - 1948-1966

International Bank for Reconstruction and Development (IBRD or World Bank)

The International Bank for Reconstruction and Development (IBRD, more commonly known as the World Bank) was established alongside the International Monetary Fund at the Bretton Woods conference held on 1 July 1944. The conference aimed to create the framework for international economic cooperation and financial stability in the post-World War II reconstruction period. The IMF was the main focus of the conference while the drafting of the articles of agreement for the World Bank only occurred in the last few days of the conference. The IBRD Articles of Agreement were signed and entered into force on 27 December 1945.

Membership of the IBRD was conditional on membership of the IMF. Australia applied for membership of both and was admitted in August  947 on the same terms as the original members.

The IBRD was established to assist in the reconstruction and development of member countries by facilitating the investment of capital for productive purposes, to promote private foreign investment by guaranteeing and participating in loans and investments made by private investors, and to make loans for productive purposes out of its own resources or funds borrowed by it where private capital isn’t available on reasonable terms.

In its early years the IBRD depended on recipients like Australia to establish itself in the field of international development. Between 1950 and 1962 Australia received seven loans from the IBRD to fund Australian development projects totalling more than $417 million. Over time the objectives of the IBRD evolved to focus on reducing poverty in middle-income and credit-worthy low-income countries through financing, analytical, and advisory services.

The Bank’s economist, Leslie Melville headed an Australian delegation to London in February 1944 for discussion of topics relating to Article VII of the Anglo-Australian Mutual Aid Agreement 1942. He was also the senior member of the Australian team the Bretton Woods conference when the agreements for the IMF and IBRD were drafted and attended the first meeting of the Board of Governors of the two new agencies held in Savannah in March 1946 as an observer.

Upon the acceptance of Australia as a member of the IBRD, the Bank was appointed as the depository in Australia for the institution. It maintained accounts in Australian currency for these organisations and, as their banker in Australia, arranged the exchange transactions against Australian currency which they may require in the course of their operations. In this capacity the Bank was involved in the negotiations and arrangements for the seven loans that received from the IBRD.

The Bank also assists with providing information to the IBRD for missions and reports and has seconded or released officers for work to the Fund in Washington.

The main series that contain records relating to the International Bank for Reconstruction and Development are:

Research Department Series

• C.3.9.1.*  International Section - International Monetary Fund (IMF)

The IBRD and IMF were established concurrently resulting in many of the records containing files relating to the establishment of both, even though the IBRD is not identified in the title of the sub-series.

The relevant contents of this sub-series date from 1950 through to 1965 and contain documents relating to Article VII of the Mutual Aid Agreement, JM Keynes’ proposed International Clearing Union, HD White’s proposed Stabilization Fund and the Bretton Woods proposals and agreements. They also include correspondence, discussion and criticism of the plans and proposals; reports on meetings including the Savannah meeting; and the procedure to join the IBRD.

• C.3.9.2.*  International Section - International Monetary Fund, International Bank for Reconstruction & Development and International Finance Corporation

This sub-series contains documents relating to the organisation and management of Australia’s loans from the IBRD.

International Department Series

International Department handled the Bank’s relations with international organisations and conducts financial transactions in Australia on behalf of certain international institutions and foreign central banks. Upon its establishment in 1970, it also took over the function relating to overseas conditions (economic intelligence relating to overseas economic and markets) from Research Department.

• IT-f-*  International Department - International Bank for Reconstruction and Development

The contents of this sub-series date from between 1949 and 1955. The records contain information on the negotiations for Australia’s first loan from the IBRD for $100 million in 1950 along with correspondence and memoranda relating to the payment of Australia’s subscription to the IBRD, the setting out of directorships, reports and addresses by the IBRD, and comments on the decisions of the IBRD.

• IT-h-*  International Department - Investment Operation - I.B.R.D. (International Bank for Reconstruction and Development)

This sub-series contains annual reports by the Parliament of the Commonwealth of Australia under the International Monetary Agreements Act, articles and regulations issued by the IBRD, and the documents relating to the proposal for an International Investment Insurance Agency.

• III  International & Inter-Regional Institutions - International Monetary Fund/International Bank for Reconstruction & Development

The relevant records from this sub-series date from 1981 to 1988 and are organised as follows: III 1  contains records on the organisation, management and administration of the IBRD; III 2  contains records on annual meetings with the IBRD held in 1986 and 1988; III 5  contains records on the allocation of the Special Drawing Rights (SDR) released by the IBRD; and III 6  contains records relating to the borrowing operations and facilities of the IBRD.

• IL 2  International Liaison - International Bank for Reconstruction & Development (IBRD)

This sub-series contains information provided by the IBRD between 1996 and 2001. This information generally takes the form of reports, statements, decisions created by the Fund.

• IO 3  Investment Operations - Investments. Countries - United States of America. IBRD Discount Notes

This sub-series contains documents on the purchase and holdings of IBRD discount notes bin 1983 and 1986.

• OCA 3  Overseas Correspondents. Arrangements. International Bank for Reconstruction & Development

This sub-series contains documents relating to the Australian dollar holdings in the IBRD’s account with the RBA between 1986 and 1995.

Banking Department Series and Exchange Control Department Series

• B.1.1.1.*   Banking Department - Exchange Control - Monetary Control Policy - International Bank for Reconstruction & Development [from 1955 to 1960]
• B.1.1.1.*   Exchange Control Department - Policy Files - International Bank for Reconstruction & Development [from 1961 to 1978]

The Bank began administering exchange control on behalf of the Commonwealth Government in 1939. It control was carried out by Banking Department up to 1965 at which time this function was transferred to a separate department named Exchange Control Department.

The records in these sub-series contain documents relating to the Bank’s exchange control policy; correspondence on exchange restrictions; the IBRD training programme; IBRD investments in Australia; and correspondence and reports on the activities of the IBRD.

Bank for International Settlements (BIS)

The Bank for International Settlements (BIS) based in Basel, Switzerland is the oldest international financial institution. It was established in 1930 to assist in carrying out the recommendations of the Young Plan’s recommendations on Germany’s reparation payments after the First World War and to promote central bank cooperation.

The deterioration of the political situation in Europe in the 1930s and the onset of the Second World War severely limited the opportunities for the BIS to undertake initiatives aimed at international monetary cooperation to the point that representatives at the Bretton Woods Conference in 1944 believed that the BIS’s functions would be superseded by the IMF and the World Bank. Instead, after the Second World War the BIS experienced an expansion in its banking operation and significant increases in its resources.

Over time the BIS adapted itself to the changing conditions and came to play an increasingly important role as a coordinator and forum for central banks and as a centre for research into the monetary system. Underpinning this adapting, the BIS’s general aims have remained to promote central bank cooperation and to provide facilities for international financial operations, supporting central banks in their pursuit of monetary and financial stability.

The Reserve Bank has had a customer/banker relationship with the BIS since 1967 when it was invited to establish a deposit relationship with the BIS and a deposit of $US3 million was place with them in mid-1967. In 1970 the Reserve Bank was offered membership of the BIS. The Board of Directors of the BIS allotted 8,000 shares of its capital to the Reserve Bank, the usual amount for central banks not represented on the Board, which were available for subscription from 31 December 1970. As a shareholder, the Reserve Bank has a direct concern with the conduct of the BIS with its principal interests being in the BIS as a source of economic intelligence and the banking services it provides.

The main series that contain records relating to the Bank for International Settlements are:

Secretary’s Department - Bank Management Series

• BM-Pe-*  Bank Management - Reserve Bank Board Papers

Information on the establishment of deposit accounts with the BIS and the process of the Reserve Bank becoming a member of the BIS is recorded in the Reserve Bank of Australia Board Papers between 1967 and 1971.

The S-c-*  sub-series of the main Secretary’s Department series also contain records on the BIS. These records contain information on the statures, charter, structure and functions of the BIS.

International Department Series

• GAC 2- 2  General Activities & Controls – Holdings of Australian Currency & Investments by Foreign Official Institutions. Bank for International Settlements. Standby Facilities

This sub-series contains information about the IMF drawings and Reserve Bank participation in the IMF standby facility with the BIS between 1984 and 1988.

• III  International & Inter-Regional Institutions - Bank for International Settlements

The relevant records from this sub-series date from 1982 to 1988 and are organised as follows: III 1  contains records on the organisation, management and administration of the BIS and details on the history of the BIS and Australia’s relationship with it; III 2  contains records on BIS meeting, specifically the central bank economists meetings in 1987 and 1988, and the meetings on banking regulations and supervisory practices between 1986 and 1988; III 10  contains records on gold facilities at the BIS and the BIS’s gold holdings; and III 11  contains records on the official reserve asset figures for Australia between 1986 and 1988.

• IL 2  International Liaison - Bank for International Settlements (BIS)

This sub-series contains documents provided about or provided the BIS between 1996 and 2001 including reports on the activities of the BIS, responses to BIS questionnaires, general information on the BIS and Australia’s relationship with it.

• IT-h-  Investment Operations - Bank for International Settlements

This sub-series contains records dating from 1954 to 1970 which include information on the establishment of the Reserve Bank’s banker/customer relationship with the BIS and information on the BIS’s facilities and activities prior to the Reserve Bank becoming a member.

• OCA  Overseas Correspondents. Arrangements. Bank for International Settlements

This sub-series contains documents relating to the BIS’s banking arrangements with the Reserve Bank and the Reserve Bank’s banking arrangements with the BIS for the period 1986 to 1995.

Research Department Series, later Economic Group Series

• ERA 21  Economic Research & Analysis - Conferences. Meetings. Seminars - Bank for International Settlements (BIS)

Research Department was reorganised in 1990 resulting in the creation of Economic Group consisting of Economic Analysis and Economic Research Departments. Up to 1990 the ERA 21 sub-series is within the Research Department series. From 1991 onwards these records can be found in the Economic Group series.

This sub-series contains documents from between 1986 and 1995 which reports on BIS meetings, and papers and statistical tables submitted to or discussed at meetings.

Organisation for Economic Co-operation and Development (OECD)

The Organisation for Economic Co-operation and Development (OECD) was preceded by the Organisation for European Economic Cooperation (OEEC) which was formed in April 1948 to coordinate efforts to restore Europe’s economic recovery from the Second World War under the Marshall Plan. On 14 December 1960 the Convention of the Organisation for Economic Co-operation and Development was signed which extended the OEEC, expanding its membership to include the original 18 members of the OEEC pus the United States and Canada. The convention came into force on 30 September 1961 and aimed to stimulate economic progress and world trade.

Australia became a member of the OECD in 1971 but was providing information to the OECD prior to this. Australia also maintains a permanent delegation to the OECD.

The main series that contain records relating to the Organisation for Economic Co-operation and Development are:

International Department Series

• III  International & Inter-Regional Institutions - Organisation for Economic Co-Operation & Development

The relevant records from this sub-series date from 1981 to 1989 and are organised as follows: III 1  contains records on the organisation, management and administration of the OECD and details on the history of the OECD and Australia’s relationship with it; III 2  contains reports from and about OECD committees including Committee on Financial Markets, Committee on Fiscal Affairs, Committee on International Investment & Multinational Enterprises, Economic & Development Review Committee, Economic Policy Committee and Executive Committee; III 3  contains records produced for and by the consultations and missions to Australia between 1981 and 1988; and III 11  contains informational material from the OECD and provided to the OECD in response to requests.

• IL  International Liaison - Organisation for Economic Co-Operation

This sub-series contains information provided by the OECD between 1996 and 2001. IL 2  includes progress reports, updates to arrangements and background information from the OECD and IL 4  contains documents relating to consultations and missions to Australia.

Economic Group Series

• ERA 1  General Policy & Co-ordination. Overseas Economic Conditions Section. Organisation for Economic Co-operation and Development

This sub-series was created between 1979 and 1995. Research Department was reorganised in 1990 resulting in the creation of Economic Group consisting of Economic Analysis and Economic Research Departments. As a result of this, the records in this sub-series created prior to 1990 are in the Research Department series. These records contain research notes reports examining OECD data and publications.

• ERA 21  Economic Research & Analysis/ Conferences. Meetings. Seminars. - Organisation for Economic Co-operation and Development (OECD)

This sub-series contains documents from between 1991 and 1995 relating to the Economic Development Review Committee, the Committee on Financial Markets and the Economic Policy Committee.

Exchange Control Department Series

• B.1.1.1.*  Exchange Control Department - Monetary Control Policy - Policy Files – Organisation for Economic Co-operation & Development

The records in this subseries contain documents from 1969 to 1984 relating to the provision of statistics relating to the exchange control system to the OECD, particularly on the topics of capital movements and invisible operations. In addition, there are documents relating to changes to the statistics gathered by the OECD, co-ordination with Treasury on the information to be provided, and draft and final reports by the OECD.

Secretary’s Department – Bank Management

• Bank Management - Reserve Bank Board Papers

The OECD forecasts are discussed in the papers produced for Reserve Bank Board meetings, particularly from 1970 onwards in the regular paper on Overseas Conditions and the Bank’s International Operations.

Economic Commission for Asia and the Far East (ECAFE)

The Economic Commission for Asia and the Far East (ECAFE) was established in Shanghai in March  947 by the Economic and Social Council of the United Nations. A similar commission for Europe was established at the same time. ECAFE was established with the purpose of initiating and assisting in the economic reconstruction of Asia and the Far East following the Second World War along with raising the level of economic activity of the region and fostering economic relations both within the region and with the rest of the world.

Over time, the membership of ECAFE was extended and it formed institutions to assist with the continued growth of the region and the development of relationship between the countries to foster economic cooperation such as the Asian Development Bank and Asian Highway Network. In 1974, ECAFE was renamed the Economic and Social Commission for Asia and the Pacific (ESCAP) to reflect the economic and social aspects of development and the inclusion of the Pacific.

Australia was one of the founding members of ECAFE and participated in many of the working parties as well as contributing the surveys and analyses carried out by ECAFE and supporting the establishment of institutions like the Asian Development Bank.

The main series that contain records relating to the Economic Commission for Asia and the Far East are:

Research Department Series

• C.3.11.1.*   Research Department - International Section - Economic Commission for Asia and the Far East

This sub-series contains records from between 1948 and 1955 which contain agendas and reports for ECAFE meetings and working parties along with the papers from the meetings.

Exchange Control Department Series

• B.1.1.1.*   Exchange Control Department - Policy Files

The relevant records in this sub-series contain documents relating to responses to ECAFE questionnaires and information provided to delegates for ECAFE conferences.

Asian Development Bank (ADB)

The Asian Development Bank (ADB) was established in 1966 to promote economic growth and cooperation in the region. The Bank was empowered to make loans from its paid-in capital and borrowings, invest fund in the equity capital of an institution or enterprise, and to guarantee loans in which it participated.

Australia was one of the founding members of the ADB in 1966 and the Reserve Bank was involved in the process of establishing the ADB, participating in discussions with the Consultative Committee and seconding Grahame Keep, an economist in the Bank’s Research Department, to ECAFE to assist with the preparatory work. JM Garland, an Adviser at the Reserve Bank was also Executive Director for Australia at the ADB at the inaugural meeting of its Governor in December 1966. The Reserve Bank was also designated by the Government as the depository for the Asian Development Bank.

The main series that contain records relating to the Asian Development Bank are:

International Department Series

• III  International & Inter-Regional Institutions - Asian Development Bank

This relevant sections from this sub-series date from 1981 to 1988 and are organised as follows: III 1  contains records on the organisation, management and administration of the ADB including details of its environmental policies and procedures, about the Board of Directors, and about membership and subscriptions; III 2  contains record on the annual meetings held between 1986 and 1988; and III 3  contains comments provided to the ADB its 1987 working paper on income and liquidity policies.

• OCA 3  Overseas Correspondents. Arrangements - Asian Development Bank - Their Account

This sub-series contains documents relating to the ADB’s banking arrangements with the Reserve Bank between 1977 and 1999.

Secretary’s Department - Bank Management Series

• BM-Pe-*  Bank Management - Reserve Bank of Australia Board Papers, and
• BM-C-*  Bank Management – Reserve Bank of Australia - Central Banking Advisory Committee

Information on the establishment of the ADB and the Consultative Committee established by ECAFE to plan and enlist support for the proposed ADB can be found in the papers of the Reserve Bank of Australia Board and the Central Bank Advisory Committee between 1965 and 1966.

Governors & Senior Personnel Series

• GGK-S-*  Grahame Keep - Secondments - Asian Development Bank

Grahame Keep was seconded from the Reserve Bank ECAFE to assist with preparatory work on the Asian Development Bank and provided reports from meetings, ADB notes and statements, and annual reports from the ADB to the Reserve Bank.

This information is drawn from records held by the Reserve Bank of Australia.

Some sub-series from the International Department, Research Department, Governors & Senior Personnel and Secretary’s Department - Bank Management series are available on Unreserved. To access records not currently available on Unreserve, contact the Reserve Bank Archives who can assist with your research and facilitate access to these records.