Word: imf
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Dates: during 1960-1969
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...South African gold sales for official reserves. Washington has rebuffed that idea, but last week Paul Volcker, Treasury Under Secretary for Monetary Affairs, suggested that if South African trade deficits grow to worrisome proportions, the country might instead sell some gold to the International Monetary Fund. After all, the IMF's main mission is to promote stability in the international monetary system. By allowing South Africa only a small official outlet for its metal and forcing it to make most of its sales on the private market, the U.S. obviously hopes to squeeze the private price of gold closer...
...Colombia, DAS advisors have stood staunchly behind President Lietas when he decided to defy the demands of the IMF and the U.S. AID administration...
...government was in no position to stanch the flow by making the mark more expensive; that is the sort of basic decision traditionally left to the new government. Instead, the Bundesbank freed the mark to be traded at just about any price that buyers were willing to pay. The IMF cooperated by ignoring the rule that governments must maintain their currencies within a 1% margin above or below the fixed-exchange rates...
According to generally accepted financial theory, this should have been an invitation to disaster. The assumption behind the IMF fixed-exchange rules is that uncertainty about what a major currency is worth from day to day will paralyze world trade and investment. Instead, trading in German money was heavy but orderly, and the mark's price rose 6%, to about 2610. Britain's Exchequer Chancellor Roy Jenkins summed up the situation as "very calm, all very calm...
This compromise still has to be approved by several governments and finally by the IMF at its annual meeting in September. But agreement among the group of ten leading contributors to the IMF makes SDRs as good as gold...