a bie must. 09, Strriletely Mopyts at 4 een {He Supply oF oleilag be buy er expul, lor an ichanged pte must fa Demand 9 Cuné wu fAe collaa must /a5e Ge ak SHIP N He [fighk while He Bugely — Cune fe He Gee Equa libtum pte fr della wh tse iN ~ Excheury, 9 Digering cues <¢ MAcutsr, | We Gienues cy Gunntes Thue inHue fustey will be de preactiny » while tho oy Counmtes that Infae = Sloncsé = iil Se 2 ereprecictnc = |A Couey thet Infleues fasier than te uorlel & ~ aQvercis fils He piles of foun Don - traced geods sie faster Han + fe! PRS of Eevernaitieod ly Arched goods, = |Ua demands will Hus ~ sudch fie doveste th faced qeods. Ts fends Increase tempers “and reduce IR @*pParhs ~|-TArs reises vis lemrcind fur frreagn | excheinge while edule te Sealy y which J|ieods “& degreace — fe vee oy re Currency en ite Peresen Gxchange mec ket, = fOn 4e one, hard aq Coun that In Heues 2 TStower thin He Lucid average” finds He Lees.of 1% 04 noa-daded goods (omy — Slower Ae pices of Iyermatienaly tacded gjorels.GY. La cemands coll Hue Sette pon trucked nen faded apocls. Ths Kady ty decease | pimperts cind “ireredsé i & xporty = Demand fir firtign exchange fs lowe reef while ee treredtse “Sueely of * reg eachinge Caftred — ty buy I export) , fens ft clgpecicue He valu of He oucremey an the preety - Oxchunge andy eet + ~ At He @axtshre, me levéls | an ecenemy Cer unkeros Shue Charges Heak cuffece He exchda four, ores Change IS an Grant bas Ferm fr Cheng tn Cast Shuchyes te fnveanen cp pew pacuch er an a . else thar cagfecly He Paterno ern Hore f trade. Compt Nive ness A cow less yout than lhe Compe brs can res la wasumer & demand oN re Slealy Chasey frum fe here Cou af chs bucds Hse oe forty Courage eeeutld cause 4 Sle frend th eerecaune - - tn the home County © xchenage rete. : Me. on ne © renege th — C.xthey ge PbS that ~ @mande gem He Current allow Cun be accented = fr melt ly feleve in flaten rues eornef Lg He c \ Lawhead Changer _ Sf.werner) a 9) Le ltead. bo lend — Henr, Ofer Hytags, baths ‘a Ge) Cygtted _ SMoyeereste Capit mevertss cso a Exect a Sheng dnflsenee OT OxEhUnge alee UE PRiicleng wishing Pb Aeretioan 9852 reed Ust. Ths “erates ~ demand fet clellaa — cinef Seecly of Steeles . tyhes ub rested bu heer cssery Ns Is qn export of bac, canta Stace Ws trereases He demernd — fir frtign Bxchange. , it deacls FO CHyPrectoLte tre PCE of foreign Bxthuree. | hence deere crete sterling Es A provement of Investmeni Tinds bas fe eHeck of) Lpprecteriting tHe Currency oF capiPd — importing Camby cind cle Prtcicing — He Currency of HET Cupfted expror 1 y Courting Shuk - fern _Cuptied anaes A Meyer emote — for Shefh Hers Cooke flows 15 He Change to Perast — reutes- . Invermere Hades Ralel — Franscictens — byeil ences just cS domestic tricew do. TheSe walanees Cire oo Hen lent cut oom gg Shert- eer lean rater fan fet celle, Nerredy , He. beldes op these balances Cvelf Laeypsal , th He omncarket chee Iurere st Cues are highest «Bor “4 le a Cou (5 Sherk Hered pou og Pere tees [Sore He POLES mest Her countes Here Stull) ead hohe farge Enflew ot? Short dem copied ints tack couniy fe take | Advaarage ob the hgh ries and thts well ead fe oLpprececite He currency, Secencl meohre He @B fr Short- ean Cap iind maertar is Specaiabon abou Ceurthy @xOncinga — fade. Ie Cunmies expect an he ceppreccue, they will Sh oN buy 98) be Hot Puy ott Sterling . [ beng - tym Cupticg Meve Mery fo SUCh moemean are leegely influenced b& any ~ Ferm axepecienons akout another county’ L peek opperiniHes and the forg~ wo vdlue ie Carencys rade - Walgited — é ge CcLbe ~The cure Culoueuted «1 Gqyerel of she CxChunge UE Le nveea Sterling a Or FA Counting S feRdleeSy Lah O8 eine Aes op” FR Pragjor ridin, porners les CUES clad Hy mnefor fardine fares , with beth rahe Gatine chetghted© by be qmeunk o¢ trade Leween te UE ind ie Coury In caesar _ -~ Ns result a omMevemet ia He sterling Cxenurae free cedth of ager — tretdin 4 (Ube has 4 bie CHet On te track Y ctgivedwt ~. | OXOneLNG re LSnall & feck « ww | fends Atemp, th fad ely cal exth ane im poedtin ce th wep Gqcunst éade other (3 [ageenst hose prin ‘Cal eueued b fe leuenneudencd) — pmene.tey ue, while He equivalent more’ : wh of miner ireiling rorboer has ony x buels hE Chenges “en Fes ded be thelr Compe HHVAAESS prac and otter Ceuowles ,Exchange fete feqires Fixed Gackanpe (cures | Exchurye ars are fixed at Pre arncunced “par values thar are chetrgesd| onl | Ocesstenqt when te 6 at rete can | aclonger be cle ferrclee| - The oa! apercued fom Tee end of fre Secon oecoerld war cuoHl the earl lq7o02. uiken reues cue fovedk at drer cveroge fee - marked irate Ye demand — arel Sugply cunes (er Poetry Lexchanee andesecied — wucthiny the permissible beanel Y ln Ceises OQ HC hey ded nag (Fe gover cuculd fre Stee 8 A SH He demand — ind Supply CuneS So thee Hey | Atel inseseck fy thet range - ical DME pablem day cud Seep sence ) & an | Hence — flactiatens the Cemtnudi! Shifted te © ckmnaned and Supply Curves for” Tore én Oxcharcge _ =. Reip HE aching me wuthin He pemmiscflte _ band | He bunk musi Staind ready enter . . te racvke baying ond Seite cs necessary . Ki tilen Shelia Hrrectterecl oe deg recite » He Lenk must ~ cet foreign eatbuoye aed’ beey er lone manatee ue cudtt ly We Staal. Colon chet eccieced fe AMES » He beng. musi buy prea @ xe deinge ard Seil “sterling Ko macnn : He rate cdttin He betrat’sPrivate | Comerel ty i Recut a. fPextble Fe ackealh ecenomis! wp} As oa freely flaiting romange res [ete Ee Eyes | I tho Come late aAbSence af overneear utiventen Ting is Systen He Soe WCounsies heve beewme cicse & Sinw L497], Met sinte it Cleary colt dering ec eqpdl. a Sueply , te CUA? CULL OFEHeS Cid we. | ture Shete akenken ty domeste — preblems —- (¢ — Inpettten cin UNeraploywed 4) Hee lecilance eg pouyrene “bh Fite Cae, OF oteery Cso clr He Preomy betere tw fledble @ <0 cinge roses: free — preirket flucnatens i rats were Bre reuters ond hence “serio ° Wace — thdin may XN fuArakens hes Gaucht He cwerle tb te flu Choelting, Tues cire. determined by ee Q) - Secor demand ced Supel ly fo and Supely dkiermme te reyes Overnrimert — IntervenHen ) 4 lea {HRS were oobeduced _ D> wea He weld went crer Phe caret ecuedd . reste Cental banks bave felr He te kervene ule Preepety tad t — Stabi lice exchange — PaueS at qgcunst he mere Cxhuire Shery — re gare ~ clicky flows.a Coy 4? = ~ Maazel —_C Ointy Heat) ee ~ IWs 18) am exchange fase feaime where ~ 4e certraf back Seeks ff have some | Sabihien ifuence on He ue cwithoud yng 2 fx Hat an offcial ear value, . i jhe “sy slem fs really q Combindten . Gf the™ Ofer two. a -| Under ee He bio exdrere Cuses of + » full 4 fixed ane) free! Pluthrating rues yl Boke because uncles Yeanclive then is qu. perequsitte unleskindiny’ fe dif | . flccrt ) and becuse — petng ecenamisi Gn i celey rode catdyecute Stunning t one or E the Other of the @xhayne. Systems . =) Advanrge quel atsctedvewuages op. Mareger Heat vey Died vanes oe thang Cdvasteqeg ee [ oneap ed a Vie ie He — , Counptes ma became) Nog fortlayn Certrey reteng rio lved gin minds of ae. regentd. GB Mm (Pref Compartivel chvetueutons . (bn order fy Cape | je motneged floes tS (Gorge kine otdvaveyell bersccelly a Hextble gystera —) fiscal policy Fends Pe Woo culty ees are PermiHed be wedker wets te Heed, Gut Ceca) bank | tess Creding crt inkerenes on raga ke beasts Ineerest pees patil anf itu keep tre ruse lam ome Capi Hotes cut agiGed wper [tvalls. — idiffetat owvemnens Seb the Ne 1 polic bd tpeces gesernore Sek the = eens ‘Sanyse 9 fends: (Ee XOnange Pues whieh are. [80 Con Sisbeak tity Cel, cther| Exe ade etme,oT Canted banks no tanger bee. Pblicty [Could be held Messager Pay fost cle GD Many a tedeny SS OxChUINGe TAURS are | derermrinced on he free wrcuket Here, Ts néverthcless Sursstanked dvendanen in these wngrkets ‘y Come bent or optioned « ‘ Qansunced par values for CXCh cinge “POURS Heat they are Committed = in ielvance ts le fending, even als bre ef 4 Coy Corr banks are thus free Chemge | their Cxchange ~ rete aurgets AS Clreumsfunces Cheinge © Sometiwes : leave fe fue | Complettly free te “fluc | end at otter tiwes inverfere. ane y & alieg He Creche ase fet HR fred ruirtee ele. C Sut a Suse is culled q managed Heat x a atic hy Floay To Manage — Gythange (ues » cenwal banks a must — bold farcign = Exchange Peseives. Kesewves Us oc teres te Special Brerniney Wetghr, CSOG) Leld evdtn as L (Me - Sees oes goed ts provide of Supplewert ts Qsxdistny peSetve asses by Sette ue SO Actut kept — Sepdre ~ J prom cil Sher loperetionS One func Cech member Coura He funcl ts assigned an SA atote + Hace” i Flotkle Grcomeye feure a ls a Sey - Correectelns, Sysleen - Ley) As fesenes cle net used re Cont He value cp He currremy, LE te net . ZZ necessc ty eae Wah levels ap resenes, : Civico gpl} of firtign dreantes. Prdten ©) Governmerk Cun tin tert ctaten ty otter dewrestle proses ofker eer Bot —G lNox y gM cut madtcat mires ures pales cuttin Be Csunhy and therepre qilows fe Etmemea bylanas mole Gren Dr Serd vcr ueyes te fexkle Sytem a, high Uece ra iany 20 He INnkeimatew) praykets, cb). upieuts Nh flae ds ustme ses bh Flac, Ut hs Nop easy ope businesses ty handle a Hocttimne extheye fe AE gh te co. The levth ap fvestheey Ws redticed IS G : is cites assess tte axact level H Cetin ered risk, ch worsens the EEE fevab ay dntlaaion Ww), Tre SYS Pot Me cessertl orc | cast fe CfinMrete Cunerh cet — depretic Ss.diy apie pesenes NN tte cut SG herb - Herm r A high Level a fwtigt eserves cleuld Le eet A dor peatt process cy there Are ay — Varcantes ap ore Changing ave Ne, Tp He exchenge vee (ker rag a ert be Lard fir Cxpert Comyrintes he be Comperte tr fortegn reget - — [ Ousmedadl Syste ~ ; fred a xchange fale wevted Successivlly = Unde He feyouradie Candters ap He | ele stawdaurd clureng He (9 Cervrary % the CounmieS perwnted te beylance ey = | Pong tats fe wfluence He dames te sy Elenom't policy § : Here eeS Coorlontian =p mere tay cuberines ay te -Huding Cuinites , We Cenral bere primmedlel cured _| ak maining Fe eden ucLlae cf we Curteriy ta Ae (EGER Cogaies » and ~ | He paces Gee ene HledKe « Since Lou Heese Gvacletors He atmos Laxeett hdeay, te — Senceth — funcontys _ the fivel exchange Ye SySteee no pesé ible - Necarrage —-furetqn Laveen cA County 1S deaned cp fe mrs ctay weer, Aglrestsg™ ter PU Purpese Ss = \: \O) Advantey Ss cy the wed Cxchuye UE reste 4, parcies MWiematoru] praihe by) bo pemoves Spectkaten rz) pisengise ivemutaral — ivesheeay te exchange [ces art fluctua tHe plencders and investors ull not be pepared r te lent ter long - 42m aveshrenk - | eeenemic — Shusciisetien. I @ | He fak Is ny erase ag fired. f) | heles be Gotatning’ — Intatten