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New Exchange Rates Apply to Agricultural Trade

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  • Goolsby, O. Halbert

Abstract

Excerpts from the report: In a meeting on December 18, 1971, the 10 leading economic powers of the non-communist world (the Group of Ten) decided upon new rates of exchange for their currencies. This meeting represented the first time in modern history that exchange rates for major trading nations have been established within the framework of a multinational conference. Upon the announcement of the new rates, all but a few of the other 110 members of the International Monetary Fund (IMF) announced their intentions regarding foreign exchange practices. There were basically 3 decisions for all free world nations to make: 1) What was the new exchange rate to be? 2) Would a member avail itself of the wider margins devised by the Group of Ten? That is, would a country with a "fixed" exchange rate now permit the value of its currency to fluctuate in the foreign exchange market 2-1/4 percent above and below the established rate? Previously only 1 percent had been permitted by IMF rules. 3) What type of exchange rate or system was to exist? For example, was the new rate to be a par value, a central rate, or was the rate to be established as market forces dictated?

Suggested Citation

  • Goolsby, O. Halbert, 1972. "New Exchange Rates Apply to Agricultural Trade," Miscellaneous Publications 317871, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersmp:317871
    DOI: 10.22004/ag.econ.317871
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    File URL: https://ageconsearch.umn.edu/record/317871/files/ERSforeign342.pdf
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    Cited by:

    1. Lanier, Eleanor B., 1974. "Economics of Agriculture: Reports and Publications Issued or Sponsored by USDA's Economic Research Service, July 1971-June 1972," Miscellaneous Publications 321804, United States Department of Agriculture, Economic Research Service.

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    Keywords

    International Relations/Trade;

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