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Which of the following statement is true about International Monetary Fund (IMF)?  (A) The IMF is not created by the Bretton Woods Agreement (B) Its functions is to ensure exchange rate stability (C) Critics see IMF as political arm of neoliberal globalization (D) The IMF is not a specialized agency of the UN Choose the correct answer from the options given below:

Which of the following statement is true about International Monetary Fund (IMF)?  (A) The IMF is not created by the Bretton Woods Agreement (B) Its functions is to ensure exchange rate stability (C) Critics see IMF as political arm of neoliberal globalization (D) The IMF is not a specialized agency of the UN Choose the correct answer from the options given below: Correct Answer (B) and (C) only

In July 1944, the Idea for the IMF emerged a UN meeting took place in Bretton Woods, New Hampshire.

Key Points

  • In order to prevent a recurrence of the competitive devaluations that had contributed to the Great Depression of the 1930s, the IMF has supported the system of floating exchange rates since the Bretton Woods system collapsed.
  • The IMF implemented a system of convertible currencies with fixed exchange rates and substituted gold as the official reserve with the U.S. dollar.
  • The value of currencies in relation to one another is determined by market forces because countries are free to choose their exchange system.
  • Critics see IMF as the political arm of neoliberal globalization.

Thus, (B) and (C) only are the correct answer. 

Related Questions

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