Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23-5, adopted May 31, 1968; amended effective April 1, 1978, by the modifications approved by the Board of Governors in Resolution No. 31–4, adopted April 30, 1976; and amended effective November 11, 1992, by the modifications approved by the Board of Governors in Resolution No. 45-3, adopted June 28, 1990.

International Standard Book Number: ISBN 9781557752765

April 1993

Reprinted June 1998

Reprinted March 2000

Reprinted December 2004

Table of Contents

• Introductory Article

• I. Purposes

• II. Membership

• III. Quotas and Subscription

• IV. Obligations Regarding Exchange Arrangements

• V. Operations and Transactions of the Fund

• VI. Capital Transfers

• VII. Replenishment and Scarce Currencies

• VIII. General Obligations of Members

• IX. Status, Immunities, and Privileges

• X. Relations with other International Organizations

• XI. Relations with Non-Member Countries

• XII. Organization and Management

• XIII. Offices and Depositories

• XIV. Transitional Arrangements

• XV. Special drawing Rights

• XVI. General Department and Special Drawing Rights Department

• XVII. Participants and Other Holders of Special drawing Rights

• XVIII. Allocation and Cancellation of Special Drawing Rights

• XIX. Operations and Transactions in Special drawing Rights

• XX. Special Drawing Rights Department Interest and Charges

• XXI. Administration of the General Department and the Special Drawing Rights Department

• XXII. General Obligations of Participants

• XXIII. Suspension of Operations and Transactions in Special Drawing Rights

• XXIV. Termination of Participation

• XXV. Liquidation of the Special drawing Rights Department

• XXVI. Withdrawal from Membership

• XXVII. Emergency Provisions

• XXVIII. Amendments

• XXIX. Interpretation

• XXX. Explanation of Terms

• XXXI. Final Provisions

• SCHEDULES

1. Quotas

2. Transitional Provisions with Respect to Repurchase, Payment of Additional Subscripmons, Gold, and Certain Operational Matters

3. Par Values

4. Council

5. Election of Executive Directors

6. Designation

7. Reconstitution

8. Termination of Participation

9. Administration of Liquidation of the Special Drawing Rights Department

10. Settlement of Accounts with Members Withdrawing

11. Administration of Liquidation

12. Suspension of Voting Rights

• Index

Articles of Agreement of the International Monetary Fund

The Governments on whose behalf the present Agreement is signed agree as follows:

Introductory Article

• (i) The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended.

• (ii) To enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Department and a Special Drawing Rights Department. Membership in the Fund shall give the right to participation in the Special Drawing Rights Department.

• (iii) Operations and transactions authorized by this Agreement shall be conducted through the General Department, consisting in accordance with the provisions of this Agreement of the General Resources Account, the Special Disbursement Account, and the Investment Account; except that operations and transactions involving special drawing rights shall be conducted through the Special Drawing Rights Department.