GOLD AND THE IMF
The role of gold
Gold played a central role in the international monetary system in past centuries when currency rates were linked to the price of gold. The fixed currency system ended in 1973, diminishing gold’s role. However, gold remains an important reserve asset and the IMF is one of the world’s largest official holders of gold.
How did the IMF acquire its gold holdings?
The IMF holds around 90.5 million ounces (or 2,814.1 metric tons) of gold at designated depositories.
Until the early 1970s, the IMF acquired its gold holdings through four main channels:
1. At the IMF’s founding in 1944, member countries paid 25 percent of their initial quotas in gold. They did the same with quota increases over the next three decades. These payments represent the largest source of the IMF's gold.
2. Members normally paid all interest owed on IMF credit in gold.
3. Members also could use gold to repay credit extended by the IMF.
4. Members seeking to acquire another member’s currency could do so by selling gold to the IMF, as South Africa did in 1970–71.
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This page was last updated in September 2022
