The ancient societies people produce agriculture and they buy or sell their products among them. Money system starts thinking then. People were settled gold to standard for business among them. A piece of gold was the value of buy or sell values. But there was a problem that a piece of gold may be small or large or cannot measure exactly. Then the idea of Coin solved the issue. Metal coin has signed and mark of value. The business was going then ok
However business grew coins became more important banks started to issue a large amount of coins and different countries tried it so business transaction between them there was a problem with the fix which amount or rate the agree to convert value to exchange their product's value?
After the Napoleon war a number of the nations agreed to fix an exchange value against gold.
After the World war 2 in 1944 at US 44 nations agreed to exchange their currency against the USD. The International Monetary Fund (IMF) established. The value of the USD is fixed against gold.
In 1971 exchanged rates was allowed deviate up to 4.5% their fixed values. EU participates grew and most of the nation participates exchange their currency with a fix rate from 1971 to 1976.After 1976 currency market was floating, the exchange rate was floating, international organization were set up the control over currency conversion. Currency was used to buy another currency modern fx market starting.
The rapid grow of telecommunication and computer Forex market changed its operating system. Earlier the market was the for banks, hedge fund, large financial institutes but now market is for everyone any time any where no matter. So today's market is supply and demand.
However business grew coins became more important banks started to issue a large amount of coins and different countries tried it so business transaction between them there was a problem with the fix which amount or rate the agree to convert value to exchange their product's value?
After the Napoleon war a number of the nations agreed to fix an exchange value against gold.
After the World war 2 in 1944 at US 44 nations agreed to exchange their currency against the USD. The International Monetary Fund (IMF) established. The value of the USD is fixed against gold.
In 1971 exchanged rates was allowed deviate up to 4.5% their fixed values. EU participates grew and most of the nation participates exchange their currency with a fix rate from 1971 to 1976.After 1976 currency market was floating, the exchange rate was floating, international organization were set up the control over currency conversion. Currency was used to buy another currency modern fx market starting.
The rapid grow of telecommunication and computer Forex market changed its operating system. Earlier the market was the for banks, hedge fund, large financial institutes but now market is for everyone any time any where no matter. So today's market is supply and demand.
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