HISTORY OF FOREX

BarterCurrencies based on GoldPaper money exchanged for gold (reserves)“Run on the Bank”Bretton WoodsCreated IMF, World Bank, GATTEuropean Monetary SystemMaastricht TreatySE Asia 1998 Crisis
It used to be that the value of goods and services were expressed in terms of other goods. This was called the barter system. Carrying around goods as a medium of exchange can be a little cumbersome, so some economies began to use specific goods, such as feathers, polished stones, special metals (gold & silver) as a medium of exchange. The first coins were made from gold and silver. During the Middle Ages, economies began to use paper money to exchange value