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The main principles of The Jamaican currency system were the following:
* the gold standard was officially abolished; * demonetization of gold was fixed, the abolition of its function of world money; * banned gold parity - the currency peg to gold; * Central Bank allowed to sell and buy gold as a commodity at a price of "free" market; * introduced a standard SDR (Special Drawing Rights) to be used as world money, and to establish exchange rates, estimates of official assets and other; *reserve currencies officially recognized by the U.S. dollar, deutsche mark, pound sterling, Swiss franc, Japanese yen, French franc; * set to freely floating exchange rates, their formation in the global currency market on the basis of supply and demand; *allowed to self-determination of nations exchange rate regime.
Monetary System
1) To ensure the achievement of economic integration; 2) Create a zone of European stability with its own currency as opposed to Jamaican currency system based on a dollar standard, the lack of which hampered the cooperation of member countries of the European Community in the implementation of common programs and their mutual trade relations: 3) To protect the Common Market of the expansion of the dollar: 4) bring together economic and financial policies of the participating countries.
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