Creation of the International Monetary Fund

The decision to set up an International Monetary Fund was made on 22 July 1944. An IMF Charter was drafted whose final version was signed on 27 December 1945. This date is universally recognized as the official day of the creation of the IMF. The Fund’s main functions are maintaining international co-operation in the monetary and credit sphere; ensure the stability of currencies and regulate currency norms and procedures; and contribute to the creation of multilateral system of payments and removing restrictions; help its members to remove disproportions in payment balances by providing short-term credits.