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The International Monetary Fund
The International Monetary Fund is a kind of an embryo World Central Bank. Its objectives are:
i. To work towards the full convertibility of currencies by encouraging the growth of world trade.
ii. To stabilize exchange rates between currencies.
iii. To give short-term assistance to countries having balance of payments problems.
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Borrowing Facilities If a country's currency is not convertible, it can borrow from countries whose currencies are convertible and use the convertible currencies to make its i
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