Part IV Exchange Controls, Exchange Rates, and Sanctions, 18 Exchange Rates

18.01 The existence of an independent monetary system creates two distinct problem areas in terms of its relationship with other monetary systems. The first problem area concerns the question of making payments into areas covered by different currency systems. The ability to make such payments may be affected by the incidence of exchange controls or sanctions and these aspects have been considered earlier in this Part. It is now necessary to consider the second problem area, namely, the valuation of one currency in terms of another. 18.02 Monetary systems may be...