The Flexible Exchange rate regime 1973-Present e Flexible exchange rates were declared acceptable to the imf members Central banks were allowed to intervene in the exchange rate markets to iron out unwarranted volatilities o Gold was abandoned as an international reserve asset e Non-o1l-exporting countries and less-developed countries were given greater access to IMF funds McGraw-Hilylrwoin 2-11 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rightsMcGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 2-11 The Flexible Exchange Rate Regime: 1973-Present. ⚫ Flexible exchange rates were declared acceptable to the IMF members. ◼ Central banks were allowed to intervene in the exchange rate markets to iron out unwarranted volatilities. ⚫ Gold was abandoned as an international reserve asset. ⚫ Non-oil-exporting countries and less-developed countries were given greater access to IMF funds