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[The Conversation Africa] Five decades ago this month, US President Richard Nixon informed the world that the US would no longer honour its commitment to exchange US dollars for gold on demand. The commitment had been the foundation of the international monetary system created in 1944 at Bretton Woods, a conference established to regulate international financial order after the conclusion of the second world war. This system required each participating state to maintain a fixed par value for its currency in terms of the US dollar.
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