World View Foreign Currency Kit #2 Inventory
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“The Effects of Local Currency Absence to the Banking Market: the Case for Zimbabwe from 2008”
“The effects of local currency absence to the banking market: the case for Zimbabwe from 2008” AUTHORS Charles Nyoka Charles Nyoka (2015). The effects of local currency absence to the banking ARTICLE INFO market: the case for Zimbabwe from 2008. Banks and Bank Systems, 10(2), 15- 22 RELEASED ON Friday, 31 July 2015 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 10, Issue 2, 2015 Charles Nyoka (South Africa) The effects of local currency absence to the banking market: the case for Zimbabwe from 2008 Abstract Local currency based fee charges have always been one of the major contributors to bank profitability. A profitable banking market has more chances of stability compared to less profitable banking markets. The developments within the Zimbabwean on economy over the last six years merit more attention by researchers than has been given to it over the same period. Zimbabwe adopted a multicurrency approach to banking since the establishment of a government of national unity in 2008. To date the country has remained without a domestic currency a factor that seems to have con- tributed to the demise of some banks in Zimbabwe. Numerous press reports have indicated that Zimbabwean Banks are facing liquidity problems a factor that has culminated in the closer of and the surrendering of bank licences to authori- ties by at least nine banks to date. -
Currency Considerations in the Zimbabwean Context 2018
PUBLIC ACCOUNTANTS AND AUDITORS BOARD Currency considerations in the Zimbabwean context 26 February 2018 1 1. BACKGROUND 1.1. Zimbabwe witnessed significant monetary and exchange control policy changes in 2016 through to 2017. The changes were a result of continued economic challenges faced by the country that resulted in the liquidity crisis. In response, the RBZ promulgated a series of exchange control operational guidelines and compliance frameworks to alleviate the cash shortage and boost the economy. 1.2. The accountancy profession accepted the positive impact of these measures on entities but also noted some concerns that arose from this policy implementation on the financial reporting of entities in Zimbabwe, hence, this document. 1.3. The aim of this paper is to: I. lay out the functional currency considerations that preparers and auditors are having to make before year end reporting commences; II. outline the relevant International Financial Reporting Standards (IFRS) implications; and III. offer recommended guidance to preparers of financial statements with the intention of achieving fair and consistent presentation to the benefit of the users. 2. FUNCTIONAL CURRENCY CONSIDERATIONS 2.1. In 2009, Zimbabwe adopted the multi-currency system upon the abandonment of the Zimbabwean dollar (ZW$). For financial reporting purposes (presentation of the national budget and levying of taxes etc.) the government of Zimbabwe adopted the United States Dollars (“USD”) as the functional and reporting currency. Consequently, business also adopted the USD as the functional and reporting currency. 2.2. From the fourth quarter of 2015, there have been notable changes in the availability of foreign currency. This has resulted in a need to assess whether there has been a change in the functional currency. -
Dollarization of the Zimbabwean Economy: Cure Or Curse? the Case of the Teaching and Banking Sectors
CONFERENCE THE RENAISSANCE OF AFRICAN ECONOMIES Dar Es Salam, Tanzania, 20 – 21 / 12 / 2010 LA RENAISSANCE ET LA RELANCE DES ECONOMIES AFRICAINES Dollarization of the Zimbabwean Economy: Cure or Curse? The Case of the Teaching and Banking Sectors Tapiwa Chagonda Post-Doctoral Fellow, Department of Sociology University of Johannesburg 1 Dollarization of the Zimbabwean Economy: Cure or Curse? The Case of the Teaching and Banking Sectors. Tapiwa Chagonda Post-Doctoral Fellow, Department of Sociology University of Johannesburg ABSTRACT This paper analyses the effects of the dollarization of the Zimbabwean economy in 2009, in the wake of devastating hyper-inflation and a political crisis that reached its zenith with the electoral crisis of 2008. Efforts to revive the battered Zimbabwean economy, largely through the dollarization of the Zimbabwean economy are assessed through the lens of the teaching and banking sectors. During the peak of the Zimbabwean crisis in 2008, the teaching sector almost collapsed as partial disintegration at the physical level took its toll on the sector. Most of the primary and secondary school teachers responded to the hyper-inflation that had eroded their incomes by going into the diaspora or joining Zimbabwe’s burgeoning speculative informal economy. The establishment of the Government of National Unity (GNU) saw the dollarization of the Zimbabwean economy and the shelving of the Zimbabwean dollar in March 2009. The above developments saw the teaching sector beginning to show signs of re-integration, as some of the teachers who had left the profession re-joined the sector. This was largely because the dollarization of the Zimbabwean economy ‘killed off’ the speculative activities which were sustaining some of the teachers in the informal economy, during the period of crisis (2000- 2008). -
ZIMBABWE's UNORTHODOX DOLLARIZATION Erik Bostrom
SAE./No.85/September 2017 Studies in Applied Economics ZIMBABWE'S UNORTHODOX DOLLARIZATION Erik Bostrom Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Zimbabwe’s Unorthodox Dollarization By Erik Bostrom Copyright 2017 by Erik Bostrom. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of The Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise ([email protected]). The author is mainly a student at The Johns Hopkins University in Baltimore. Some of his work was performed as research assistant at the Institute. About the Author Erik Bostrom ([email protected]) is a student at The Johns Hopkins University in Baltimore, Maryland and is also a student in the BA/MA program at the Paul H. Nitze School of Advanced International Studies (SAIS) in Washington, D.C. Erik is a junior pursuing a Bachelor’s in International Studies and Economics and a Master’s in International Economics and Strategic Studies. He wrote this paper as an undergraduate researcher at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise during Summer 2017. Erik will graduate in May 2019 from Johns Hopkins University and in May 2020 from SAIS. Abstract From 2007-2009 Zimbabwe underwent a hyperinflation that culminated in an annual inflation rate of 89.7 sextillion (10^21) percent. Consequently, the government abandoned the local Zimbabwean dollar and adopted a multi-currency system in which several foreign currencies were accepted as legal tender. -
Money Demand and Seignorage Maximization Before the End of the Zimbabwean Dollar
Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar Stephen Matteo Miller and Thandinkosi Ndhlela MERCATUS WORKING PAPER All studies in the Mercatus Working Paper series have followed a rigorous process of academic evaluation, including (except where otherwise noted) at least one double-blind peer review. Working Papers present an author’s provisional findings, which, upon further consideration and revision, are likely to be republished in an academic journal. The opinions expressed in Mercatus Working Papers are the authors’ and do not represent official positions of the Mercatus Center or George Mason University. Stephen Matteo Miller and Thandinkosi Ndhlela. “Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar.” Mercatus Working Paper, Mercatus Center at George Mason University, Arlington, VA, February 2019. Abstract Unlike most hyperinflations, during Zimbabwe’s recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the currency. Estimates of the seignorage- maximizing rate derive from a short-run structural vector autoregression framework using monthly parallel market exchange rate data computed from the ratio of prices from 1999 to 2008 for Old Mutual insurance company’s shares, which trade in London and Harare. Dynamic semi-elasticities generated from orthogonalized impulse response functions -
New Monetary and Banking Measures in Paraguay
January 1944 NEW MONETARY AND BANKING MEASURES IN PARAGUAY On October 5, 1943 the Republic of Paraguay State Department, for advisers in related fields; adopted a new law which effects several im- and Mr. E. C. Johnson of the Farm Credit portant changes in the Paraguayan monetary Administration, Mr. Ormond E. Loomis of the system. These changes include the designation Federal Home Loan Bank Administration, and of a new unit, the guarani, which is equivalent. Mr. George R. Taylor of the Office of Price to 100 of the old paper pesos, or 31.5 United Administration were designated, respectively, States cents; the establishment of the new unit by their organizations as experts in agricultural on a "composite exchange standard"; and credit, mortgage credit, and price control. allocation to the central bank of control over The representatives of the Board were in the entire monetary issue, including coin as Asunci6n, the capital of Paraguay, during well as notes. September and October, 1943. At the invita- The basic monetary law which the new meas- tion of the Banco de la Republica del Paraguay, ure supersedes had not been revised since its the Banco de la Republica of Colombia gener- enactment in 1885 and the Banco de la Republica ously lent the services of one of its officers, Mr. del Paraguay, a Government institution which Enrique Davila, to cooperate with the repre- had its origin in a previous "Oficina de Cam- sentatives of the Board and to assist in setting bios/' has been hampered in performing central up new operating procedures in accordance with banking functions by the absence of powers banking practice in Latin America. -
List of European Currencies Totally There Are 31 Different Currencies in Circulation Within Europe
List of European currencies Totally there are 31 different currencies in circulation within Europe. The dominance of the Euro is clearly observed, now the 27 independent countries and dependent territories use it as the legal tender. Akrotiri and Dhekelia (UK) - European euro Aland Islands (Finland) - European euro Albania - Albanian lek Andorra - European euro Armenia - Armenian dram Austria - European euro Azerbaijan - Azerbaijan manat Belarus - Belarusian ruble Belgium - European euro Bosnia and Herzegovina - Bosnia and Herzegovina convertible mark Bulgaria - Bulgarian lev Croatia - Croatian kuna Cyprus - European euro Czech Republic - Czech koruna Denmark - Danish krone Estonia - European euro Faroe Islands (Denmark) - Faroese krona Finland - European euro France - European euro Georgia - Georgian lari Germany - European euro Gibraltar (UK) - Gibraltar pound Greece - European euro Guernsey (UK) - Guernsey pound Hungary - Hungarian forint Iceland - Icelandic krona Ireland - European euro Isle of Man (UK) - Manx pound Italy - European euro Jersey (UK) - Jersey pound Kazakhstan - Kazakhstani tenge Kosovo - European euro Latvia - European euro Liechtenstein - Swiss franc Lithuania - European euro Luxembourg - European euro Macedonia (FYROM) - Macedonian denar Malta - European euro Moldova - Moldovan leu Monaco - European euro Montenegro - European euro Netherlands - European euro Norway - Norwegian krone Poland - Polish zloty Portugal - European euro Romania - Romanian leu Russia - Russian ruble San Marino - European euro Serbia - Serbian dinar Slovakia - European euro Slovenia - European euro Spain - European euro Svalbard and Jan Mayen (Norway) - Norwegian krone Sweden - Swedish krona Switzerland - Swiss franc Turkey - Turkish lira Ukraine - Ukrainian hryvnia United Kingdom - Pound sterling Vatican City (Holy See) - Make and Share Free Checklists checkli.com. -
Isle of Man Hybrid Company
ISLE OF MAN HYBRID COMPANY Hybrid Company Formation CURRENCY INTERNATIONAL ORGANIZATIONS Manx Pound British-Irish Council (BIC) & Universal Postal Union (UPU) LANGUAGES APPLICABLE LAW English and Manx Gaelic COMPANIES ACT 1931-2004 & 2006 TIME ZONE POPULATION GMT+01:00 85,500 cclex.com ISLE OF MAN LEGAL BASIS Isle of Man is located in the Irish Sea between Northern The principal laws governing Manx hybrid companies are Ireland and England. It is an internally self-governing the Isle of Man Companies Act of 1931-2004 and the Isle English crown dependency. of Man Companies Act of 2006. The 2006 Act operates in parallel with the Companies Acts 1931-2004. A prospective It enjoys a stable political climate and is renowned company elects under which Law it shall be incorporated. worldwide for its legally sound economic infrastructure that attracts international business. Isle of Man offers first A Manx hybrid company combines elements of a company class financial, corporate and fiduciary services and robust as well as a trust/foundation. The hybrid company is limited corporate governance. by guarantee, but it also has a share capital. Consequently, it has two classes of memberships, that of guarantee Isle of Man has been successful in the corporate sector due members and of shareholding members (shareholders). to its professional services industry, resulting an excellent international reputation. In such structures, members become shareholders by contributing capital and become guarantee members by agreeing to contribute certain amounts of capital in case the company becomes insolvent or goes into liquidation. BENEFITS TAX% Low Share Capital Business friendly Attractive corporate Cost effective Flexibility Jurisdiction taxation setup of a Trust KEY REQUIREMENTS Anyone wishing to establish a Manx Hybrid company must apply for its registration with the Companies Registrar, through its appointed registered agent. -
Currency Code Currency Name Units Per EUR USD US Dollar 1,114282
Currency code Currency name Units per EUR USD US Dollar 1,114282 EUR Euro 1,000000 GBP British Pound 0,891731 INR Indian Rupee 76,833664 AUD Australian Dollar 1,596830 CAD Canadian Dollar 1,463998 SGD Singapore Dollar 1,519556 CHF Swiss Franc 1,097908 MYR Malaysian Ringgit 4,585569 JPY Japanese Yen 120,445338 CNY Chinese Yuan Renminbi 7,657364 NZD New Zealand Dollar 1,660507 THB Thai Baht 34,435083 HUF Hungarian Forint 325,394724 AED Emirati Dirham 4,092202 HKD Hong Kong Dollar 8,705685 MXN Mexican Peso 21,275509 ZAR South African Rand 15,449937 PHP Philippine Peso 56,970569 SEK Swedish Krona 10,508745 IDR Indonesian Rupiah 15576,638324 SAR Saudi Arabian Riyal 4,178559 BRL Brazilian Real 4,190947 TRY Turkish Lira 6,353929 KES Kenyan Shilling 115,893733 KRW South Korean Won 1311,898493 EGP Egyptian Pound 18,508337 IQD Iraqi Dinar 1326,662413 NOK Norwegian Krone 9,632916 KWD Kuwaiti Dinar 0,339171 RUB Russian Ruble 70,335592 DKK Danish Krone 7,465851 PKR Pakistani Rupee 179,387706 ILS Israeli Shekel 3,926669 PLN Polish Zloty 4,255048 QAR Qatari Riyal 4,055988 XAU Gold Ounce 0,000784 OMR Omani Rial 0,428442 COP Colombian Peso 3560,158642 CLP Chilean Peso 770,643233 TWD Taiwan New Dollar 34,639236 ARS Argentine Peso 47,788112 CZK Czech Koruna 25,516024 VND Vietnamese Dong 25847,134851 MAD Moroccan Dirham 10,697013 JOD Jordanian Dinar 0,790026 BHD Bahraini Dinar 0,418970 XOF CFA Franc 655,957000 LKR Sri Lankan Rupee 196,347604 UAH Ukrainian Hryvnia 28,564201 NGN Nigerian Naira 403,643263 TND Tunisian Dinar 3,212774 UGX Ugandan Shilling 4118,051290 -
List of Currencies of All Countries
The CSS Point List Of Currencies Of All Countries Country Currency ISO-4217 A Afghanistan Afghan afghani AFN Albania Albanian lek ALL Algeria Algerian dinar DZD Andorra European euro EUR Angola Angolan kwanza AOA Anguilla East Caribbean dollar XCD Antigua and Barbuda East Caribbean dollar XCD Argentina Argentine peso ARS Armenia Armenian dram AMD Aruba Aruban florin AWG Australia Australian dollar AUD Austria European euro EUR Azerbaijan Azerbaijani manat AZN B Bahamas Bahamian dollar BSD Bahrain Bahraini dinar BHD Bangladesh Bangladeshi taka BDT Barbados Barbadian dollar BBD Belarus Belarusian ruble BYR Belgium European euro EUR Belize Belize dollar BZD Benin West African CFA franc XOF Bhutan Bhutanese ngultrum BTN Bolivia Bolivian boliviano BOB Bosnia-Herzegovina Bosnia and Herzegovina konvertibilna marka BAM Botswana Botswana pula BWP 1 www.thecsspoint.com www.facebook.com/thecsspointOfficial The CSS Point Brazil Brazilian real BRL Brunei Brunei dollar BND Bulgaria Bulgarian lev BGN Burkina Faso West African CFA franc XOF Burundi Burundi franc BIF C Cambodia Cambodian riel KHR Cameroon Central African CFA franc XAF Canada Canadian dollar CAD Cape Verde Cape Verdean escudo CVE Cayman Islands Cayman Islands dollar KYD Central African Republic Central African CFA franc XAF Chad Central African CFA franc XAF Chile Chilean peso CLP China Chinese renminbi CNY Colombia Colombian peso COP Comoros Comorian franc KMF Congo Central African CFA franc XAF Congo, Democratic Republic Congolese franc CDF Costa Rica Costa Rican colon CRC Côte d'Ivoire West African CFA franc XOF Croatia Croatian kuna HRK Cuba Cuban peso CUC Cyprus European euro EUR Czech Republic Czech koruna CZK D Denmark Danish krone DKK Djibouti Djiboutian franc DJF Dominica East Caribbean dollar XCD 2 www.thecsspoint.com www.facebook.com/thecsspointOfficial The CSS Point Dominican Republic Dominican peso DOP E East Timor uses the U.S. -
Panama Is the Oldest Latin American Country to Adopt the U.S. Dollar As
TOPIC Currencies are the monetary systems used in the different countries. There are 39 currencies used in America. In Panama, the currency is the Balboa. The rate of exchange Panama is the x for the balboa has always been tied to the US dollar. x oldest Latin Currencies and monetary units allows us to pay for goods American and services. country to adopt the U.S. OBJECTIVES: Dollar as legal 1. To distinguish currencies from different countries. tender? 2. To identify the different monetary units used in our country TOPIC EXPLANATION READ CAREFULLY AND PRACTICE CURRENCIES IN AMERICA COUNTRY CURRENCY United States Dollar Canada Canadian dollar Mexico Mexican peso Colombia Colombian peso Costa Rica Costa Rican colon Brazil Brazilian real Chile Chilean peso Cuba Cuban peso Peru Nuevo Sol VOCABULARY CURRENCY Moneda de un país DIME 10 centavos HOW MUCH Cuánto? QUARTER 25 centavos PRICES Precios DOLLAR Dólar CENT / PENNY Centavo MONETARY SYSTEMS Sistema monetario NICKEL 5 centavos LEGAL TENDER Moneda de curso legal COIN Moneda BILL Billete MONETARY UNITS 1 cent / 1 penny 1 dollar 1 nickel / 5 cents 1 dime / 10 cents 5 dollars 1 quarter / 25 cents 50 cents / a half dollar 10 dollars 1 balboa 20 dollars READING COMPREHENSION READ CAREFULLY My friend Linda is in Costa Rica. She says that she can´t use her money there because in Costa Rica they use a different currency. She has to go to a bank and change her dollars for the Costa Rican colones to pay for all the services and to buy souvenirs. It is not easy to be in another country when you don´t know the currency and its equivalence with your currency. -
S.No State Or Territory Currency Name Currency Symbol ISO Code
S.No State or territory Currency Name Currency Symbol ISO code Fractional unit Abkhazian apsar none none none 1 Abkhazia Russian ruble RUB Kopek Afghanistan Afghan afghani ؋ AFN Pul 2 3 Akrotiri and Dhekelia Euro € EUR Cent 4 Albania Albanian lek L ALL Qindarkë Alderney pound £ none Penny 5 Alderney British pound £ GBP Penny Guernsey pound £ GGP Penny DZD Santeem ﺩ.ﺝ Algeria Algerian dinar 6 7 Andorra Euro € EUR Cent 8 Angola Angolan kwanza Kz AOA Cêntimo 9 Anguilla East Caribbean dollar $ XCD Cent 10 Antigua and Barbuda East Caribbean dollar $ XCD Cent 11 Argentina Argentine peso $ ARS Centavo 12 Armenia Armenian dram AMD Luma 13 Aruba Aruban florin ƒ AWG Cent Ascension pound £ none Penny 14 Ascension Island Saint Helena pound £ SHP Penny 15 Australia Australian dollar $ AUD Cent 16 Austria Euro € EUR Cent 17 Azerbaijan Azerbaijani manat AZN Qəpik 18 Bahamas, The Bahamian dollar $ BSD Cent BHD Fils ﺩ.ﺏ. Bahrain Bahraini dinar 19 20 Bangladesh Bangladeshi taka ৳ BDT Paisa 21 Barbados Barbadian dollar $ BBD Cent 22 Belarus Belarusian ruble Br BYR Kapyeyka 23 Belgium Euro € EUR Cent 24 Belize Belize dollar $ BZD Cent 25 Benin West African CFA franc Fr XOF Centime 26 Bermuda Bermudian dollar $ BMD Cent Bhutanese ngultrum Nu. BTN Chetrum 27 Bhutan Indian rupee ₹ INR Paisa 28 Bolivia Bolivian boliviano Bs. BOB Centavo 29 Bonaire United States dollar $ USD Cent 30 Bosnia and Herzegovina Bosnia and Herzegovina convertible mark KM or КМ BAM Fening 31 Botswana Botswana pula P BWP Thebe 32 Brazil Brazilian real R$ BRL Centavo 33 British Indian Ocean