1973 to 2019: The Journey of Global Foreign Exchange

While we often hear the terms ‘imported’ and ‘exported’ in daily conversations and news, we don’t realise that we engage in those activities equally often.

While we often hear the terms ‘imported’ and ‘exported’ in daily conversations and news, we don’t realise that we engage in those activities equally often. At the time of buying an imported item – or any item in your cupboard that reads ‘Made in (a foreign country)’ - we indirectly participate in an exchange of foreign currency. The foreign exchange phenomenon, which is the backbone of our globalised world economy today, has had a rich and dynamic history. Learn how it has evolved since the first economic crisis hit the world in 1970s.

Global Foreign Exchange has evolved since the first economic crisis hit the world in 1970s. (Representative image) (AFP)