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INTERNATIONAL MONETARY FUND The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. (See Purposes of the IMF in the Articles of Agreement.) The Special Drawing Right (SDR) was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves-government or central bank holdings of gold and widely accepted foreign currencies-that could be used to purchase the domestic currency in world foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets- gold and the U.S. dollar-proved inadequate for supporting the expansion of world trade and financial development that was taking place. Therefore,...

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