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August 10, 1969 was devalued...

Автор: olegj от 1-06-2013, 03:13

August 10, 1969 was devalued...

August 10, 1969 was devalued the franc, the government announced a reduction of its gold content of from 0.18 to 0.16 grams of pure gold, that is, by 11.1%, while the rate of the franc against the dollar has fallen from 4,937 francs. up to 5,554 francs. $ 1 In September 1969, the French government issued a "recovery plan", the goal of reducing domestic consumption, reducing the budget deficit and increase exports.

August 10, 1969 was devalued...

Were re-used credit restriction measures (discount rate of the Bank of France was raised in 1969 from 6 to 8%, limited bank and consumer credit), and to reduce the budget deficit increased taxes. However, the devaluation of the franc in 1969 and the follow-up did not eliminate the roots of inflation, the rise in retail prices continued. Thus, since 1970. by June 1972 the consumer price index rose by 11%. For a long time France was at the head of the franc zone.

This currency grouping was formed even before the conquest of the French colonies independence. In the franc zone but France got its colonies - Algeria, Morocco, Tunisia, Cameroon, Togo, and others, as well as the so-called French overseas departments (Guadeloupe, Guyana, Martinique, Reunion). As part of the franc zone currency of the hegemonic role played the French franc, and all other countries had to hold reserves in French francs and store them in Paris, and the appreciation of their currencies against the French were fixed at a certain level, which could not be changed without the consent of France. In 1950, the exchange rate 15 African colonies was 1 fr. CFA = 2 French.

fr. (FAC - "colonial d'Afrik Francaise"), and the rate of exchange of Pacific colonies of France - 1 fr. CFR = 5.5 French. fr. (CFP - "colonial Francaise du Pacific").

France received the largest benefits of the franc zone. It manages the foreign exchange reserves of the zones that were taken out and placed in France. The establishment of an overvalued exchange rate for the colonial francs against the French has enabled French companies receive higher revenues from exports to the colonies of their goods and capital.

August 10, 1969 was devalued...

After the war, the former colony of France, who achieved national independence, began to create their own central banks and their monetary system. After the war within the franc zone develops centrifugal tendencies that weaken the currency hegemony of France. When in December 1958 the French franc was devalued, Morocco and Tunisia refused to devalue their currencies as a result of changed (increased) their exchange rate against the French franc, which was in stark contrast to one of the pillars of the franc zone - vnugrizonalnyh principle of fixed parities.

August 10, 1969 was devalued...

In 1959, these states have introduced exchange controls over operations from the franc zone (before currency circulation within the area not subject to restrictions) and, although they continued to keep their foreign exchange reserves in France, began to make foreign exchange transactions within their own central banks, bypassing the Paris Foreign Exchange Market. Since November 1962 the CFA franc was designated "Franc financial community in Africa" ​​instead of the old name "franc French colonies in Africa. " After the devaluation of the French franc in August 1969, Algeria, Morocco and Tunisia have refused to follow the example of France, kept the former gold content of its currency, and changed their rate against the French franc. However, other members of the Franc zone devalued their currencies to the same extent as France.

Latter still continued to use the franc zone to their advantage. Currency hegemony of France in this zone extends to a number of developing countries, even though the franc zone has lost its significance in the early 1970s.

, Due to changes in the global monetary system and the adoption of the 1976 Jamaican agreement, which has translated international relations at the national settlement lending money to the leading Western countries. Cash and cashless transactions in France The structure of currency in France is divided into two main concepts: the money supply (lamassemonetaire) and liquidity in the economy (laliquiditydeI'economic).

Money supply - M1 - includes cash (lamonnaiefiduciaire) ie notes and loose change, and recorded on money bills (lamonnaiescripturale), ie bank money, which are issued on the basis of demand deposits in banks, post office transfers treasury. M2 consists of M1 and money created by banks and other credit and financial institutions on the basis of fixed-term deposits and special accounts (savings deposits, treasury bonds, savings accounts for housing booms of the national agricultural credit fund).

This is called the similarity of quasi money go (laquasimonetaire). In turn, M3 and M4 unit includes deposits in savings banks, Treasury bills, which are usually placed among the population.

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