• Short Summary

    The United States agreed on Saturday (18 December) to devalue the dollar and withdraw the 10 per cent import surcharge as part of an international monetary settlement with the other members of the Group of Ten - the richest non-communist nations.

  • Description

    The United States agreed on Saturday (18 December) to devalue the dollar and withdraw the 10 per cent import surcharge as part of an international monetary settlement with the other members of the Group of Ten - the richest non-communist nations.

    Treasury Secretary John Connally made the announcement on Saturday night, quoting the change in value in terms of an 8.57 per cent rise in the value of gold against the dollar. But most observers later converted this into a 7.89 per cent drop in the value of the dollar against .gold - both figures are correct.

    The agreement involves revaluation of other major currencies - including the Japanese Yen and the West German Mark - against the dollar. It was hailed by President Nixon as "the most significant monetary agreement in the history of the world".

  • Tags

  • Data

    Film ID:
    VLVA8NEUVQITEEF2WKFBPGCWNNIPD
    Media URN:
    VLVA8NEUVQITEEF2WKFBPGCWNNIPD
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    19/12/1971
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:03:00
    Time in/Out:
    /
    Canister:
    N/A

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