What are the currency exchange obligations of IMF member states?

What are the currency exchange obligations of IMF member states?

The international monetary system is the set of procedures and rules that have been put in place to allow the exchange of currencies in world trade.

  1. What are the currency exchange obligations of IMF member states?
  2. What are the IMF facilities?
  3. What are the specifications within an IMF quota for a state to become a member of the IMF?