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THE FORTY-FIVE countries that took part in the Bretton Woods Conference in 1944 agreed to establish the International Monetary Fund (IMF) to promote international monetary cooperation and to facilitate international trade, thereby contributing to the maintenance of high levels of employment and real income and the development of productive resources. More specifically, the IMF was intended to promote exchange stability and orderly exchange arrangements and to assist in eliminating foreign exchange restrictions. ... " 1
Although the Articles of Agreement of the IMF have been amended twice (effective in 1969 and 1978), the original statement of purposes remains unaltered. ... The institution survived the breakdown in the early 1970s of the par value system of relatively fixed exchange rates, which had been widely regarded as an essential feature of the IMF. ... Consultations with members have become a major function, and the IMF has been enjoined to exercise surveillance over exchange rate policies of members and international liquidity.
After early disagreements, IMF lending policies have been worked out and a
August 20, 2002
In 1969, the IMF created the SDR as an international reserve asset, to supplement members existing reserve assets (official holdings of gold, foreign exchange, and reserve positions in the IMF). The SDR is valued on the basis of a basket of key national currencies and serves as the unit of account of the IMF and a number of other international organizations. ... For these reasons, it was decided to create a new international reserve asset under the auspices of the IMF. ... 25 percent of IMF members non-gold reserves.
Approximate Word count = 1265
Approximate Pages = 5.1
(250 words per page double spaced)
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