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GENERAL AGREEMENTS TO BORROW (GAB) Definition & Legal Meaning

Definition & Citations:

Agreement / contract for a member lending country to deposit monies in the International Monetary Fund (IMF), allowing member countries to borrow these funds. US, Canada, UK, Belgium, the Netherlands, Japan, Italy, France, Germany, Sweden and recently added Switzerland are current members. Each member transacts in its own currency. The contract established transaction rules for the members.

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