Word: guilder
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Dates: during 1970-1979
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Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...BAND. The mildest proposal put forward by advocates of flexibility is to scrap the International Monetary Fund requirement that nations must prevent the price of their currencies from varying more than 1% above or below their official dollar values. Germany and The Netherlands are already letting the mark and guilder float-that is, find their own values based on supply and demand. Robert Roosa, former U.S. Treasury Under Secretary, proposes that IMF members let their currencies fluctuate perhaps 2½% above or below official value. Thus, small changes in the values of currencies could be made by the free market...
Back-Door Devaluation. The West German mark and Dutch guilder were allowed to float-find their own value in free trading. By week's end the mark had floated up 3.7%, to 28.3?, and the guilder had risen 2.2%, to 28.2?. Two other currencies were formally revalued: the Swiss franc went up 7%, to 24.46?, and the Austrian schilling 5%, to 4.04?. Belgium adopted a perplexing two-price system for its franc, maintaining the old value of 2.01? on export-import dealings and letting the rate float on investment and loan transactions; at week's end the free...
...confusion as to what any currency was worth; it could lead, theoretically, to a paralysis of world trade and investment. In any case, last week's developments begin a de facto revision of the monetary system. Allowing the floating of a few major currencies, such as the mark, guilder and Belgian franc, beyond a 1% variation from their official value openly flouts International Monetary Fund rules...
Speculation as to the fate of the dollar was precipitated by West Germany's decision Sunday to permit the mark to float in relation to the dollar-and thus increase in value. Influenced by close trading ties with Germany, the Dutch decided to float the guilder, and the Swiss and Austrians increased the fixed value of their currencies in relation to the dollar...