In much of East Africa you can now bank, even exchange foreign currencies and make international payments on a feature phone.
There needed to be a system of exchange of currencies so that countries could acquire US dollars so that they could purchase goods from the United States.
The U.S. Treasury Department's Financial Crimes Enforcement Network, known as FinCen, last month issued a three-page memo that effectively lays the groundwork to regulate firms that issue or exchange virtual currencies.
In the coming years, each must calculated the exchange rates for the currencies they gained.
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The republics also discussed a Ukraine suggestion to create an interstate clearing-bank, which would establish exchange rates between republican currencies.
The exchange rates between different currencies provided a mechanism for adjusting to shocks and economic events which affected different countries differently.
But the Fed has initiated new swap agreements with the major central banks, giving them dollars in exchange for their own currencies.
This is similar to the approach that was used to establish the final exchange rates for the currencies that were replaced by the euro.
Tokyo has started a new carry trade, in which global investors borrow yen at ultra-low interest rates, exchange it into other currencies and invest for a higher return.
One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never got to a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?
Converting figures at market exchange rates is misleading because currencies can lurch around wildly.
The IMF originated to ensure that exchange rates of major foreign currencies to the dollar stayed at par.
In what foreign-exchange trading there was, currencies rose a little against the dollar, but on very small volumes.
Governments usually manipulate exchange rates to make their currencies artificially weak, not strong.
Swap lines used to be used to provide dollars for foreign central banks to use to support their currencies in foreign exchange markets.
In order to maintain exports and to manage economic expectations, many nations (most notably China) have instituted fixed exchange rates between their own currencies and the U.S. dollar.
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We know central banks can debauch their own currencies on the exchange markets, even if the depressed state of the domestic economy makes them unable to reliably produce inflation or decent economic growth at home.
In 1997, the Asian countries exhausted their foreign-exchange reserves trying to prop their currencies up.
If a country adopted a gold standard system today, the result would be violent swings in exchange rates with other, floating currencies.
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This quarter, sales are also expected to suffer, registering over 4% loss due to adverse currency exchange rates as the emerging market currencies posted their biggest declines since 1998.
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In a bid to offset the impact of sterling's rise and remain competitive with duty-free shops abroad, Heathrow's shops are offering travellers who pay in various foreign currencies a more favourable exchange rate than the current market rate.
This mutual exchange concept is expanded more broadly in the LETS (Local Exchange Trading System) model of private currencies.
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However, in 1971 under President Richard Nixon, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime.
Households and companies have borrowed in hard currencies, believing that their exchange rates could only harden against the euro in advance of joining it.
Curiously, at the same time, economic stress can lead to manipulation of foreign-exchange rates, usually to keep local currencies relatively low even as nominal interest rates rise with inflation.
In developing countries with immature financial markets, a freely floating exchange rate may not be sensible because a small number of foreign-exchange trades can cause big swings in currencies.
Only then should it consider whether to allow itself more flexibility by, say, linking its exchange rate to a broader basket of currencies and thus abandoning the precious currency board.
This means that virtual items acquired within Entropia Universe have a real cash value, and a participant may, at any time, initiate a withdrawal of their accumulated PEDs back into real world currencies according to the fixed exchange rate, minus transaction fees, the minimum amount for a withdrawal is 1000 PED.
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He headed the foreign exchange administration during a period when many Asian currencies fell steeply.
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