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And conceivably their use could be substantially increased. 1971, especially sterling, are also used as components of forex international reserves, but given the gold convertibility of the dollar until August 15, other currencies, and the economic size of the United States,

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When some residents of non-dollar countries preferred to purchase the currency of another non-dollar country, primarily they exchanged their own currency for dollars and then used those dollars to purchase the other currency desired. Thus, for example, if a Liberian resident desired to but French.

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It is a fact that dollars have been after gold, the most important component of the world's international forex international reserves; they amounted to 25.9 percent of the total in 1970.

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