1887

International Monetary Reforms

In Retrospect and Prospect

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The Par Value System: Its Working and Collapse

It was the agreement reached at Bretton Woods in 1944 that governed the international monetary relations since the end of World War II. Under this agreement, each member country undertook to maintain the par value of its currency in terms of gold or the U.S. dollar so that until the par value of currency was changed its exchange rates with other currencies remained fixed. Variations of upto 1% on either side were only allowed.

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