Multinational organization created at the Bretton Woods Conference, with the objective of stabilizing the value of currencies and maintaining stable international exchange markets. The initial quotas of IMF member countries are paid in a combination of gold and each country’s currencies, with a new unit of account called Special Drawing Rights (SDRs) being withdrawn in exchange. With the current system of flexible exchange rates, the IMF has lost some of its importance, although it remains an international focus of discussion and assistance to countries with temporary difficulties in their balance of payments.
« Back to Glossary IndexInternational Monetary Fund (IMF)
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