• noun one of a series of instalments, used when referring to loans to companies, government securities which are issued over a period of time, or money withdrawn by a country from the IMF


  • French for "slice," in finance it usually refers to the pieces of a security that has been divided into parts for sale to different parties.
  • In the IMF, each member can draw upon or borrow amounts that are set as 25% of its IMF quota, the first called the gold tranche and each subsequent one called a credit tranche.