Word: dol
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Dates: during 1960-1969
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...convertible foreign currencies for one year from the IMF. The IMF is already stocked up with its full quota of dollars. The U.S. will therefore swap its borrowed currency for dollars held by foreign countries that need hard currencies to pay off debts to the IMF but cannot use dol lars to do so. These countries will thus be less tempted to convert the dollars they hold into U.S. gold. Sighed one U.S. official to the IMF: "I never thought I'd see the day when the U.S. would be standing at the door...