Select the incorrect statement/ statements regarding the exchange rate management by the International Monetary Fund (IMF) using the code given below:
1. Exchange rate of the member countries was managed by the IMF as per the 'fixed currency system' till $$1976$$. which did not allow the market forces.
2. 'Floating currency system' was first used in $$1971$$ by the UK.
The correct option is A Only $$1$$
'Fixed currency system' functioned from $$1945$$ to $$1971$$. In $$1971$$, after the UK shifted to the 'floating system', the IMF allowed option to the member countries in selecting the system of exchange rate management through either of these two.