One of the functions of the International Monetary Fund (IMF) was to monitor problems that a country might experience in maintaining equilibrium in its balance of payments.By agreement, countries would need permission from the IMF to alter their peg if the initial par value was to be adjusted by more than 10%.

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The IMF was indeed established to provide a framework for international economic cooperation and to prevent the kinds of competitive devaluations that had contributed to the Great Depression. Part of its role was to oversee the fixed exchange rate system established at Bretton Woods, including monitoring balance of payments issues and providing approval for exchange rate adjustments exceeding 10%.

One of the Functions of the International Monetary Fund (IMF)