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COURTESY OF ATIKA SCHOOL
International Financial Institutions
Some of the institutions that play a role in international monetary system include;
International Monetary Fund (I.M.F)
This bank operates like the central bank of the central banks of the member countries. Its objective includes the following;
African Development Bank (A.D.B)
This bank was formed to promote the economic and social progress of its regional member countries in Africa. It main source of finance is the members’ contributions and the interest charged on the money they lend members.
Its functions include;
African Development Fund (A.D.F)
This was formed to provide long term financial assistance to the low income countries that cannot obtain loan from other financial institutions at the prevailing terms and condition. Their loans may recover a longer repayment periods with no interest except the commitment fees and service charge which is minimal.
They fund activities, which includes;
International Bank for Reconstruction and Development (World Bank)
The World Bank was formed to carry out the following functions;
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