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A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.The currency that is used as the reference is called the counter currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
The ZWD is able to fluctuate (from its average rate) in a daily band of: 0% (under US$5 million); 1% (US$ 5 to 10 million); 1.5% (US$ 10 to 15 million); or 2% (exceeds US$15 million). This effectively froze the official exchange rate.
For a more exhaustive discussion of countries using the U.S. dollar as official or customary currency, or using currencies which are pegged to the U.S. dollar, see International use of the U.S. dollar#Dollarization and fixed exchange rates and Currency substitution#US dollar. Countries using the U.S. dollar as their official currency include:
Special drawing rights were created by the IMF in 1969 and were intended to be an asset held in foreign exchange reserves under the Bretton Woods system of fixed exchange rates. [3] After the collapse of that system in the early 1970s, the XDR has taken on a less important role. [ 15 ]
Over the course of the five-year span of hyperinflation, the inflation rate fluctuated greatly. At one point, the US Ambassador to Zimbabwe predicted that it would reach 1.5 million percent. In June 2008, the annual rate of price growth was 11.2 million percent. The worst of the inflation occurred in 2008, leading to the abandonment of the ...
For the first decades after World War II, the Bretton Woods system initiated a fixed exchange rate system for most developed countries, tying their currencies to the US dollar, which again was directly convertible to gold. [131] The system disintegrated in the 1970s, however, after which the major currencies started floating against each other ...
Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
The new Government was faced with an exchange rate crisis the day after it was elected. Speculators expected the change of government to result in a 20% devaluation of the New Zealand dollar, which led to the 1984 New Zealand constitutional crisis due to Muldoon's refusal to devalue, worsening the currency crisis further.