Under the gold standard, each country's central bank was required to buy and sell its currency at the official parity price.

Name: Under the gold standard, each country's central bank was required to buy and sell its currency at the official parity price.
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Under the gold standard, central banks were required to buy and sell their own currency at a fixed price in terms of gold, maintaining the official parity price for their currency in relation to gold.

Under the Gold Standard, Each Country's Central Bank Was Required