Despite the existence of comprehensive quantitative trade restrictions along with high levels of tariffs, the balance of payments was under continuous pressure through the 1960s, 1970s and 1980s. Consequently, exogenous shocks such as oil price rises, or monsoon failures, invariably led to large crises necessitating recourse to IMF resources.
With the existence of these trade restrictions, the exchange rate was typically overvalued over a long period of time.