Multiple choice

Under the rules of the IMR, each member is required to declare the par value of its legal tender money in terms of the US dollars and _____.

  1. Silver

  2. Gold

  3. Pound Sterling

  4. Diamond
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under IMF rules, member countries must declare the par value of their currency in terms of both the US dollar and gold. This was part of the Bretton Woods system where currencies were pegged to gold. Silver, pound sterling, and diamond were never part of this official IMF valuation system.

Keep practicing — related questions