Monetary Sovereignty of States and the Modifications Thereto as a Consequence of Joining to IMF

There are various facets for sovereignty and in the field of economic sovereignty, much importance attaches to the monetary sovereignty. In this paper, after having a short survey on the bases, the limits and consequences of monetary sovereignty from the viewpoint of public international law has been studied. Despite the notion of monetary sovereignty has not been expressly defined in key instruments of international law, the following are regarded as the attributes of monetary sovereignty: the monopolistic power of a state to coin and issue note, to define the monetary unit (nomination) and its value, to regulate the foreign exchange transactions and to impose exchange controls, to supervise the financial units acting in that realm, to control liquidity and the power to impose embargos. In the meantime, the different laws applicable to monetary obligations have been considered in this paper. At the end, I have discussed that the main limitations on monetary sovereignty are just ones that have been raised in the Articles of Agreement of the IMF and according to the Articles of Agreement; the said limitation could be removed whenever the member state decides to withdraw from the IMF.