International Monetary System and Balance of Payment

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This is referred to as pegging whereby the value of a country’s currency is tied to gold. - The use of gold was the first means of international medium of exchange. - In this regime countries agreed to buy and sell their currencies in exchange for gold...
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One of the benefits of this medium of exchange is that it created a fixed exchange rate system. This is regarded in positive light by traders as they able to plan with the knowledge that the rate of exchange is not likely to vary. A fixed exchange rate system is one in which the price in any given currency does not change relative to another currency...
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