In the decades that followed the abandonment of the fixed currency exchange rate system it became clear that variations in exchange rates would continue to affect the United Nations system.

The euro is an ultra-fixed currency among members:participating countries locked themselves into an initial exchangerate vis-à-vis their pre-existing currencies and then threw thekeys into the long grass.

Since then, emerging-market currencies and fixed-incomesecurities (government and corporate bonds) have taken ahit.

In reality, of course, a single currency or fixed exchangerate is not needed for trade to flourish.

Even so, the domestic markets of many are beginning to provide long-term, fixed-rate local currency financing; the fundamentals are therefore in place for infrastructure development.

Moreover, aid budgets are usually fixed in domestic currency; should that currency depreciate against the recipient's currency, the value of the aid budget will decrease as well.

And it is found that the sum in which an award should be made, can be properly fixed at $2500, U.S. currency, without interest”.

These countries have found themselves on the receiving endnot only of a correction in commodity prices and equities, but alsoof a brutal re-pricing of currencies and both local- andforeign-currency fixed-income assets.

ii. For the Japanese procurement programme, expenditure incurred in other currencies is fixed at the United Nations operational rate of exchange in effect at the date of the establishment of the related obligation.

For the Japanese procurement programme, expenditure incurred in other currencies is fixed at the United Nations operational rate of exchange in effect at the date of the establishment of the related obligation.