The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. The IMF is governed by and accountable to its member countries.
WHAT DOES THE IMF DO?
The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity. To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.
HOW DOES THE IMF GIVE POLICY ADVICE?
To maintain stability and prevent crises in the international monetary system, the IMF keeps a regular policy dialogue with the governments of its member countries. It assesses economic conditions and recommends policies that enable sustainable growth. The IMF also monitors regional and global economic and financial developments.
WHAT KIND OF FINANCIAL ASSISTANCE DOES THE IMF OFFER?
Providing loans and concessional financial assistance to member countries experiencing actual or potential balance-of-payments problems is a core responsibility of the IMF.
The money the IMF loans to its members on its best – or non-concessional – terms comes from member countries, mainly through their payment of quotas. Multilateral and bilateral arrangements can supplement quota funds and plays a critical role in the IMF’s support for member countries in times of crisis.
The IMF’s current total resources of about SDR 977 billion translate into a capacity for lending of about SDR 713 billion (around US$1 trillion).
WHAT IS IMF CODE IN WIRE TRANSFER?
It says who and where they are — a sort of international bank code or ID. These codes are used when transferring money between banks, particularly for international money transfers or SEPA payments. Banks also use these codes to exchange messages between each other.
HOW MANY DIGITS IS AN IMF CODE?
INTERNATIONAL MONETARY FUND SWIFT CODE DETAILS
A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch. For example: IMFDUS7WNO5
So what do these letters and numbers mean?
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). Banks and financial institutions use them to identify themselves globally. It says who and where they are — a sort of international bank code or ID.
WHAT INFORMATION DO I NEED FOR AN INTERNATIONAL WIRE TRANSFER?
Recipient bank name, address and country. Recipient bank's routing code and recipient's account number. SWIFT Code,IMF Code, National ID or IBAN number of the bank where the receiving account is located. Purpose for transfer.
SERVICE CHARGE
A service charge of 0.5 percent is levied on each drawing from the General Resources Account (GRA). A commitment fee is also charged on amounts available under all GRA arrangements, such as Stand-By Arrangements, the Extended Fund Facility, Flexible Credit Line, and Precautionary and Liquidity Line.