The contraction in their net interest margin, the gap between their cost of funds and the rate at which they deploy them, underscores a larger problem in the American economy.

Another reason for the rise in Eurocurrency business and for its ability to operate at smaller interest-rate differentials relates to taxation.

The amount of Interest Rate Differential is variable and calculated by us and your account shall be debited or credited as the case may be with the relevant Interest Rate Differential.