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International Monetary Fund I M F

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Besides offering direct financial assistance, it also provides a forum for discussing and formulating monetary policies that can have a profound impact on the economies of many countries. It also aims to promote world trade which can lead to the creation of more jobs and bring about the overall development of a country

Another important role of the IMF is to facilitate exchange rate stability and ensure that there is an open and visible system for making and receiving international payments. It even has the right to decide the par value of a country's currency to ensure that international trade is fair and equitable for all parties concerned. The organization, using a fund subscribed by the member nations, purchases foreign currencies on application from its members so as to discharge international indebtedness and stabilize exchange rates. The IMF currency reserve units are called Special Drawing Rights (SDRs); from 1974 to 1980 the value of SDRs was based on the currencies of 16 leading trading nations. Since 1980 it has been reevaluated every five years and based on the relative international economic importance of the British pound sterling, the European Union euro (formerly the French franc and German mark), the