Under the gold exchange standard, for example the Bretton Woods Institutions, banks of issue were obliged to redeem their currencies in gold bullion, or in United States dollars, which in turn were redeemable in gold bullion at an official rate of $ 35 per troy ounce.
12.
This was followed by steady improvement and Uruguay was able to go on a gold exchange standard in 1925, maintaining the previous gold par of US $ 1?342 per peso until December 1929 . Exchange controls were adopted 7 September 1931; the peso depreciated and a black market became very active.
13.
However, citizens under this new Gold Exchange Standard ( also known as the Gold Bullion Standard or the Inter-war Gold Standard ) would not receive gold coins of the realm in exchange for their notes, though this had been an integral part of the original Gold Standard now known as the Gold Coin Standard.
14.
The Kemmerer Financial Mission ( Comisi�n de Expertos Financieros ) arrived in 1926, and its report was the basis for the monetary reform of March 4, 1927, which created " El Banco Central del Ecuador " and put the sucre on the gold exchange standard, with devaluation ( 58.8 % ) to 300.933 mg Au ( equivalent to US $ 0.20 ).
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