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The IMF acquired the majority of its gold holdings prior to the Second Amendment through four main types of transactions.
- First, when the IMF was founded in 1944 it was decided that 25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold. This represents the largest source of the IMF's gold.
- Second, all payments of charges (interest on member countries' use of IMF credit) were normally made in gold.
- Third, a member wishing to acquire the currency of another member could do so by selling gold to the IMF. The major use of this provision was sales of gold to the IMF by South Africa in 1970-71.
- And finally, member countries could use gold to repay the IMF for credit previously extended.
Source: http://www.imf.org/external/np/exr/facts/gold.htm
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