ES–9. Editorial Note
On October 1, 1959, the International Monetary Fund set up a $7,500,000 standby credit which the Salvadoran Central Bank could draw on for balance of payments purposes until March 31, 1960. By using this credit the Central Bank could maintain a high level of liquid reserves without selling gold before coffee sales added to reserves at the end of the year. For additional information, see International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1960 (Washington, D.C., 1960), pages 18 and 21–23.