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S. Federal Reserve was relatively low. Those involved in controlling exchange rates found the boundaries of the Agreement were not realistic and so ceased this in March 1973, when sometime afterward none of the major currencies were maintained with a capacity for conversion to gold, organizations relied instead on reserves of currency. From 1970 to 1973, the volume of trading in the market increased three fold. At some time according to Gandolfo during February–March 1973 some of the markets were "split", and a two tier currency market was subsequently introduced, with dual currency rates. This was abolished in March 1974.
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