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1.2 4.9 Copper 95% Aluminium 5% 3 pyramids of Giza: جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic; Hijri and Gregorian year in Arabic; 1992 21 1.1 3.2 Copper 92% Aluminium 8% Islamic pottery: 2004–2008 17 1.04 2.4 Steel 94% Nickel 2% Copper plating 4% 10 PT** 1984 25 1.35 5.2 Copper 75% Nickel 25% Mosque of ...
This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound continued with its exchange rate of £E = £1 0s 6d sterling until the beginning of the 1960s.
In a floating exchange rate system, a currency's value goes up (or down) if the demand for it goes up more (or less) than the supply does. In the short run this can happen unpredictably for a variety of reasons, including the balance of trade, speculation, or other factors in the international capital market.
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Brazilian Finance Minister Guido Mantega, who made headlines when he raised the alarm about a currency war in September 2010. Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies.
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In the middle of October 2010, finance ministers gathered in Washington, D.C. for the 2010 annual IMF and World Bank meeting, which was dominated by talk of currency war.. Just prior to the IMF meeting, the Institute of International Finance had called for leading countries to agree on a currency pact to aid the rebalancing of the world economy and to avert the threat of competitive devaluati