highestrebateforex historical orig Forex rebate for yous of the Forexrebateforyou rebateforexindonesia market exists money, there is a foreign exchange market Its history can be traced back to thous getforexrebates of years BC, when the first metallic currencies appeared in Egypt According to the current view, foreign exchange transactions began to develop in the Middle Ages This is inseparable from the development of international trade and navigation by exchanging the currencies of different cashback forex to make money Italian money changers are considered to be the first exchangers With the development of international relations The most significant changes in the foreign exchange market occurred in the 1970s, when the fixed exchange rate system of one currency against another was abolished and the foreign exchange market acquired a modern character. Exchange rate changes are affected by all possible market conditions and are regulated only by supply and demand. The number of traders is growing every year. The main stages in the development of the foreign exchange market (according to the modern encyclopedia) were the global financial crisis of the 1930s, when economic and trade relations were disrupted and the reign of the gold standard became a thing of the past. The British pound became the cable (cable) The communication method of trading at that time was the transmission of telegrams and information by cable, hence the name 1930 in Basel, Switzerland, the Bank for International Settlements was established to provide financial support to newly independent countries and countries facing temporary deficits in their payments 1944 The Bretton Woods Conference was held in the United States It is considered to be the The British-American competition ended with the participation of two important figures: John Maynard Keynes (UK) and Harry Dexter White (USA) who succeeded in establishing and opening a new order in the development of the world financial system under the existing conditions The main elements of the Bretton Woods system The International Monetary Fund (IMF) became the main institution regulating financial-economic relations in the world; declaring the currencies that play the role of international reserves ( The dollar and the British pound); determine the adjustable parity of currencies pegged to the dollar (-1% deviation allowed); the dollar is pegged to gold (-$35 per ounce of gold); IMF member countries must obtain the IMFs consent before they have the right to modify the parity; all currencies should remain convertible after the end of the transition period; to follow this principle, governments should maintain international reserves and intervene in the foreign exchange market when needed IMF members paid in currency and gold in 1947 To resist the coming of communism, the United States adopted the European Economic Recovery Plan U.S. Secretary of State Marshall elaborated on this plan in his report reported that the European economy should be restored to a level that could autonomously support its own military forces One of the tasks was to lift the dollar shortage If Europes dollar debt in 1949 was 3.1 billion By 1958 most European countries had declared their currencies freely convertible and in 1964 Japan announced the convertibility of its major currencies and it became clear that the United States could no longer sustain a price of $35 per ounce of gold. Misguided actions introduced a spread tax, increased costs for foreign borrowers, and a voluntary foreign loan restriction program taxes and restrictions provided the opportunity for new markets to emerge in the European dollar market in 1967 the devaluation of the British pound delivered the final blow to the illusory stability of the Bretton Woods system The U.S. balance of payments deficit in the 1960s led to a reduction in gold reserves from $18 billion to $11 billion At the same time, the U.S. foreign debt increased.1970 The U.S. drastically cut interest rates, causing a major crisis in the dollar.Within a short period of time, large amounts of money flowed from the U.S. to Europe, where interest rates were higher.May 1971 Germany and the Netherlands declared their currencies temporarily free floating.August 1971 The growth of the U.S. balance-of-payments deficit forced President Nixon to suspend the exchange of the dollar for gold.1971 The last attempt to preserve the Bretton Woods system was made at the Smithsonian Institution meeting in Washington in December The deviation between the exchange rate and the parity increased to 4.5% Keeping the boundaries of the range very difficult for some time, the Deutsche Bank intervened with a capital of 5 billion dollars At that time it was a huge amount of money, but did not bring success The foreign exchange exchanges in Europe and Japan had to be temporarily closed, and The U.S. announced a 10% devaluation of the dollar developed countries no longer maintained fixed parity and let the currency fluctuate 1973-1974 the U.S. phased out the spread tax and the voluntary foreign loan restriction program Bretton Woods no longer existed the last years of the Bretton Woods system, during the termination of central bank intervention foreign exchange dealers made large speculative profits after the abolition of fixed exchange rates, the opportunity to make such substantial profits became very limited. Many banks suffered huge losses, and two prominent banks, BankhousHershtadt in Cologne and FranklynNational in New York, even went bankrupt because of failed speculative operations. 1976 The Jamaica Conference was held (Kingston City) where the representatives of the worlds leading countries defined new principles for the establishment of a world monetary system in In international payments, countries refused to use gold as funds to cover the balance of payments deficit intergovernmental organizations, as the main component of the new system, regulating monetary relations, and currency exchange using national currencies as payment funds commercial banks through its main mechanism for international currency transactions 1978 the European Monetary System (EBC) was established EBC core is the interwoven network of currency cross-exchange rates and exchange rates central and border values In general, the EBC is very similar to Bretton Woods If the cross-exchange rate approaches a border value, both countries have the responsibility to intervene EBC main currency Deutsche Mark 1985 ECU gradually becomes a physical instrument rather than a calculation instrument Travellers cheques and credit cards named after ECU are issued and banks start accepting ECU deposits January 1999 A new European currency appears on the market instead of ECU The euro 11 European countries fixed their exchange rates to the euro The European Central Bank began to manage the European Monetary Union (EMU) with a monetary strategy The euro became the European currency in 1999 The following lists the exchange rates of the 11 European countries participating in the agreement to convert to the euro (EUR) The fixed exchange rates of the EMU participating countries to the euro: EUR/LUF40.3399 Luxembourg franc EUR/ BEF40.3399 Belgian francEUR/IEP0.787564 Irish poundEUR/FIM5.94573 Finnish markEUR/PTE200.482 Portuguese escudoEUR/ESP166.386 Spanish pesetaEUR/ITL1936.27 Italian liraEUR/FRF6.55957 French franc EUR/DEM1.95583 German mark EUR/NLG2.20371 Dutch guilder EUR/ATS13.7603 Austrian schilling euro bills in denominations of 5,10,20,50,100,200 and 500 were issued, as well as coins in denominations of 1,2 euro, 50,20,10,5,2,1 cent In the late 1990s, individual capital became actively involved in the foreign exchange market
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