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What is International Monetary Fund (IMF) and how does it affects you

May 30, 2023

The International Monetary Fund (IMF) may sound like a distant entity that doesn't concern your daily life, but in reality, it plays a crucial role in global finance. In this blog post, we'll explore what the IMF is, its functions, and how it affects you, especially when it comes to banking, currency, and exchange rates.

So, what exactly is the IMF? 🤔

Established in 1944, the IMF is an international organization with 190 member countries. Its primary goal is to ensure global financial stability by providing monetary cooperation and promoting balanced economic growth. It does so by monitoring economic policies, offering financial assistance to countries in need, and providing technical support for reforms.

How does the IMF affect your banking experience? 🏦

You might not realize it, but IMF policies can have a direct impact on your banking experience. For instance, if the IMF decides to provide financial assistance to a country, it could lead to changes in interest rates or inflation, which in turn might affect the value of your savings or investments. Moreover, the IMF's efforts to stabilize exchange rates can influence the cost of international transactions, making it more or less expensive to send money abroad or travel overseas.

One way to minimize the impact of fluctuating exchange rates is by using a digital bank like bunq. With bunq, you can hold multiple currencies in your account, allowing you to avoid unexpected fees when sending or receiving money internationally. Plus, with local IBANs, you can also make and receive payments like a local, no matter where you are in the world.

How can bunq help you navigate currency and exchange rates? 💡

At bunq, we understand that dealing with currency and exchange rates can be confusing. That's why we offer a range of features designed to make your life easier. For example, our partnership with Wise allows you to send money abroad at the real exchange rate, without any hidden fees, right from the app. Additionally, our ZeroFX feature ensures that you can spend money internationally without worrying about foreign exchange fees.

Embrace the power of digital banking with bunq! 🚀

While the IMF plays a key role in shaping the global economy, it's essential to stay informed about how its decisions can affect your personal finances. By choosing a digital bank like bunq, you'll have access to innovative features that make managing your money across borders a breeze. So why wait? Join bunq today and experience the future of banking!

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