ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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WASHINGTON-From Gold to Dollar

WASHINGTON From Gold to Dollar THE international monetary system underwent something of a sea-change during 1968. The process began with the dollar crisis in the early part of the year when the London gold market had to suspend its sale of gold against dollars. Then the two-tier system of gold pricing was devised at the Washington meeting of the Basle group of central bankers in March 1968. Under the system, distinction was drawn between monetary gold and non-monetary gold and US undertook to underwrite the $ 35-an-ounce price of monetary gold. The market for non-monetary gold was left free to find its own equilibrium price.

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