Word: guilders
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Back-Door Devaluation. The West German mark and Dutch guilder were allowed to float-find their own value in free trading. By week's end the mark had floated up 3.7%, to 28.3?, and the guilder had risen 2.2%, to 28.2?. Two other currencies were formally revalued: the Swiss franc went up 7%, to 24.46?, and the Austrian schilling 5%, to 4.04?. Belgium adopted a perplexing two-price system for its franc, maintaining the old value of 2.01? on export-import dealings and letting the rate float on investment and loan transactions; at week's end the free...
...confusion as to what any currency was worth; it could lead, theoretically, to a paralysis of world trade and investment. In any case, last week's developments begin a de facto revision of the monetary system. Allowing the floating of a few major currencies, such as the mark, guilder and Belgian franc, beyond a 1% variation from their official value openly flouts International Monetary Fund rules...
Speculation as to the fate of the dollar was precipitated by West Germany's decision Sunday to permit the mark to float in relation to the dollar-and thus increase in value. Influenced by close trading ties with Germany, the Dutch decided to float the guilder, and the Swiss and Austrians increased the fixed value of their currencies in relation to the dollar...
...joint upward movement of 5% to 10% within a year or two. Washington policymakers would not be at all displeased, because that would make U.S. exports more competitive in world markets. Most often mentioned among the candidates for revaluation: the German mark, the Swiss and Belgian francs, the Dutch guilder, the Japanese yen. For the longer term, the Common Market nations are slowly moving toward creating a Eurocurrency that would challenge the dominance of the dollar in world monetary affairs...
...Even so. West Germany revalued the mark last year, and Canada is currently letting the price of its dollar rise in relatively free trading. Some European central bankers foresee a series of upward revaluations, in about a year or 18 months, of the Swiss and Belgian francs, the Dutch guilder, the Japanese yen, and probably the German mark again...