THE Fund is pledged to the promotion of exchange stability as one of its primary objectives. The par values of the currencies of all members are expressed in terms of gold as a common denominator or in terms of the United States dollar of the weight and fineness in effect on July 1, 1944, and variations may only be made in accordance with the Fund Agreement. The Fund has, accordingly, been concerned over external gold transactions at prices in excess of the gold values of member currencies.