(a) a loan system of the World Bank 

(b) one of the operations of a Central Bank 

(c) a credit system granted by WTO to its members 

(d) a credit system granted by the IMF to its members

Answer: d

Explanation:

The Reserve Tranche represents the member’s unconditional drawing right on the IMF, created by the foreign exchange portion of the quota subscription, plus increase (decrease) through the IMF’s sale (repurchase) of the member’s currency to meet the demand for use of IMF resources by other members in need of balance of payments financing. A member’s reserve position in the IMF constitutes part of its reserve assets in the international investment position.

Hence, option d is correct.

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