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So what you call 'free trade,' and I would call the Bretton Woods fixed exchange rate consensus, was designed for America to support and even subsidise the growth of European economies and other economies.

Speaking in the Mauritian Parliament on Tuesday, Ramgoolam said payments, due to be made in dollars, would now be subject to a variable rather than fixed exchange rate, arguing the previous deal was not "inflation-proof".

Maduro has insisted on a fixed exchange rate to anchor his economic strategy, instead of allowing the rate to float freely.

But that fixed exchange rate system was abandoned after the financial crisis that engulfed the country in 2001 and 2002.

It is a tool used to lock-in a fixed exchange rate or hedge against currency fluctuations.