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Several international visitors favor to change their dollars to Australian Dollars as quickly as they get to Australia either at registered Currency Exchange areas or in Australian Banks or simply withdraw Australian dollars from Automatic Teller Machines (ATM’s) making use of their international bank cards. This avoids the danger of a major change in the exchange rate.
The Iraqi Dinar initially came into circulation in 1932, replacing the Indian Rupee. For 27 years (till 1959) the Iraqi Dinar stayed pegged to the British Pound at even par. Then, with out losing value, the Dinar was pegged to the US dollar at a rate of 1 Dinar = 2.8 dollars. The Dinar rose to over three dollars per Iraqi Dinar and remained there till the Gulf War.
In the last six months GBP/USD has dropped from $1.72 down to around $1.56/$1.57. Element of this is due to the weakening of the Pound, but also the US Dollar has been gaining strength recently as their economy continues to impress. It is most likely the US central bank will raise interest prices prior to the UK, and that’s likely to hold the price in verify.
For the fixed system government shows unwillingness to the country’s currency float freely, and they state a level at which the exchange price will stay. The government takes what ever measures these are needed to sustain the price and avoid it from fluctuating. There are two methods at which value could be applied to the cost of currencies that are fixed and pegged.