Exchange Rate Statistics October 2019
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The Euro and Currency Unions October 2011 2 the Euro and Currency Unions | October 2011
GLOBAL LAW INTELLIGENCE UNIT The euro and currency unions October 2011 www.allenovery.com 2 The euro and currency unions | October 2011 Key map of jurisdictions © Allen & Overy LLP 2011 3 Contents Introduction 4 Map of world currencies 4 Currency unions 5 Break-up of currency unions 6 Break-up of federations 6 How could the eurozone break up? 6 Rights of withdrawal from the eurozone 7 Legal rights against a member withdrawing from the eurozone unilaterally 7 What would a currency law say? 8 Currency of debtors' obligations to creditors 8 Role of the lex monetae if the old currency (euro) is still in existence 9 Creditors' rights of action against debtors for currency depreciation 10 Why would a eurozone member want to leave? - the advantages 10 Why would a eurozone member want to leave? - the disadvantages 11 History of expulsions 12 What do you need for a currency union? 12 Bailing out bankrupt member states 13 European fire-power 14 Are new clauses needed to deal with a change of currency? 14 Related contractual terms 18 Neutering of protective clauses by currency law 18 Other impacts of a currency change 18 Reaction of markets 19 Conclusion 20 Contacts 21 www.allenovery.com 4 The euro and currency unions | October 2011 Allen & Overy Global Law Intelligence Unit The euro and currency unions October 2011 Introduction The views of the executive of the Intelligence Unit as to whether or not breakup of the eurozone currency union This paper reviews the role of the euro in the context of would be a bad idea will appear in the course of this paper. -
ASIFMA RMB Roadmap
RMB ROADMAP May 2014 CO AUTHORS ASIFMA is an independent, regional trade association with over 80 member firms comprising a diverse range of leading financial institutions fromboththebuyandsellsideincludingbanks,assetmanagers,lawfirms andmarketinfrastructureserviceproviders.Together,weharnesstheshared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutionsandeffectchangearoundkeyissuesthroughthecollectivestrength andclarityofoneindustryvoice.Ourmanyinitiativesincludeconsultations withregulatorsandexchanges,developmentofuniformindustrystandards, advocacyforenhancedmarketsthroughpolicypapers,andloweringthecost ofdoingbusinessintheregion.ThroughtheGFMAalliancewithSIFMAinthe US and AFME in Europe,ASIFMA also provides insights on global best practicesandstandardstobenefittheregion. ASIFMAwouldliketoextenditsgratitudetoallofthememberfirmsandassociationswho contributedtothedevelopmentofthisroadmap Table of Contents List of Charts .........................................................................................................................................................ii List of Break-Out Boxes ....................................................................................................................................... iii Introduction ........................................................................................................................................................ -
Redenomination of Naira: a Strategy for Inflationary Reduction
International Journal of Academic Research in Business and Social Sciences Vol. 1 1 , No. 2, 2021, E-ISSN: 2222-6990 © 2021 HRMARS Redenomination of Naira: A Strategy for Inflationary Reduction Osakwe Charity Ifunanya, Nduka, Afamefuna Joseph, Obi-nwosu Victoria Ogochukwu To Link this Article: http://dx.doi.org/10.6007/IJARBSS/v11-i2/8860 DOI:10.6007/IJARBSS/v11-i2/8860 Received: 02 January 2021, Revised: 29 January 2021, Accepted: 15 February 2021 Published Online: 25 February 2021 In-Text Citation: (Ifunanya et al., 2021) To Cite this Article: Ifunanya, O. C., Nduka, A. J., & Ogochukwu, O. V. (2021). Redenomination of Naira: A Strategy for Inflationary Reduction. International Journal of Academic Research in Business and Social Sciences, 11(2), 472–481. Copyright: © 2021 The Author(s) Published by Human Resource Management Academic Research Society (www.hrmars.com) This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode Vol. 11, No. 2, 2021, Pg. 472 - 481 http://hrmars.com/index.php/pages/detail/IJARBSS JOURNAL HOMEPAGE Full Terms & Conditions of access and use can be found at http://hrmars.com/index.php/pages/detail/publication-ethics 472 International Journal of Academic Research in Business and Social Sciences Vol. 1 1 , No. 2, 2021, E-ISSN: 2222-6990 © 2021 HRMARS Redenomination of Naira: A Strategy for Inflationary Reduction Osakwe Charity Ifunanya (PhD) Department of Banking and Finance, Nnamdi Azikiwe University, Anambra State, PMB 5025, Awka, Nigeria. -
Redenomination of Naira: a Critical Analysis of Its Problems and Prospects
EUROPEAN ACADEMIC RESEARCH Vol. VII, Issue 12/ March 2020 Impact Factor: 3.4546 (UIF) ISSN 2286-4822 DRJI Value: 5.9 (B+) www.euacademic.org Redenomination of Naira: A Critical Analysis of Its Problems and Prospects OSAKWE CHARITY IFUNANYA (Ph.D)1 Department of Banking and Finance Faculty of Management Sciences Nnamdi Azikiwe University, Awka, Nigeria Abstract The study examines the problems and prospects of redenominating the naira currency. The economic consequences of the devaluation of Naira currency in the eighties are still being felt in the low value of naira. To ascertain Nigerians view on redenominating the naira, a total number of 153 respondents were studied and the data extracted from them was analyzed with simple percentage method. The study found that redenomination of naira will lead to the economic recovery of Nigeria and that redenomination can increase the prices of Nigeria export. The study recommends that for the redenomination exercise to be successful, it should be complemented with strict and disciplined fiscal policy so as to strengthen the economy and sustain the value of the redenominated currency and that the redenomination exercise should be timed in such a way that it will not create uncertainty and instability that will make investors to be risk averse. Key words: Redenomination, Prospects, Currency, Decimalization, and evaluation. 1 The author Osakwe Charity Ifunanya is a Financial Management Lecturer in Banking and Finance Department of Nnamdi Azikiwe University, Awka, Nigeria. Her research interests cover diverse areas of Investment Banking and finance. Her recent publications include: stock market capitalization and economic growth of Nigeria and South Africa (2000-2018), Credit Risk Management and Efficiency in the Banking Industry of an Emerging Economy in Africa: Evidence from Nigeria and stock market development and economic growth in Nigeria: A camaraderie Reconnaissance amongst others. -
Moldova: the Failing Champion of European Integration by Vladimir Soloviev Translated and Edited by Olga Khvostunova
TRANSITIONS FORUM GLOBAL TRANSITIONS | JULY 2014 Moldova: The Failing Champion of European Integration by Vladimir Soloviev translated and edited by Olga Khvostunova www.li.com www.prosperity.com TRANSITIONS FORUM ABOUT THE LEGATUM INSTITUTE The Legatum Institute is a charitable public policy think-tank whose mission is to help people lead more prosperous lives. The Institute defines prosperity as wellbeing, not just wealth. Its Legatum Prosperity Index™ assesses a wide range of indicators including education, health, social capital, entrepreneurship, and personal freedom to rank 142 countries. Published annually, the Index has become an essential tool for governments around the world. Through research programmes including The Culture of Prosperity, Transitions Forum, and the Economics of Prosperity, the Institute seeks to understand what drives and restrains national success and individual flourishing. The Institute co-publishes with Foreign Policy magazine, the Democracy Lab, whose on-the-ground journalists report on political transitions around the world. The Legatum Institute is based in London and an independent member of the Legatum Group, a private investment group with a 27-year heritage of global investment in businesses and programmes that promote sustainable human development. www.li.com www.prosperity.com http://democracylab.foreignpolicy.com TRANSITIONS FORUM CONTENTS Introduction 3 The EU-Moldova Relationship: Success in Theory 4 The Corruption Issue 7 Compromised Judiciary 9 System Failure 11 Challenges to the Free Media 13 Anchor of Separatism 15 Opposition without a Position 17 Conclusion 18 References 19 About the Author inside back About Our Partner inside back About the Legatum Institute inside front TRANSITIONS lecture series | 2 TRANSITIONS FORUM Introduction In 2014, the European Union signed an association agreement with Moldova and agreed to let Moldovans travel to the EU without visas. -
Impact of Currency Redenomination on an Economy: an Evidence of Ghana
International Business Research; Vol. 13, No. 2; 2020 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education Impact of Currency Redenomination on an Economy: An Evidence of Ghana Bright Obuobi1, Emmanuel Nketiah1, Faustina Awuah2, Fredrick Oteng Agyeman1, Deborah Ofosu1, Gibbson Adu-Gyamfi1, Mavis Adjei1 & Adelaide Gyanwah Amadi1 1 School of Business, Nanjing University of Information Science & Technology, Nanjing 210044, China 2 University of Education, Winneba, Ghana Correspondence: Bright Obuobi, School of Business, Nanjing University of Information Science & Technology, Nanjing 210044, China. Received: December 6, 2019 Accepted: January 14, 2020 Online Published: January 16, 2020 doi:10.5539/ibr.v13n2p62 URL: https://doi.org/10.5539/ibr.v13n2p62 Abstract The main objective of this study is to ascertain the impact of currency redenomination on the Ghanaian economy. Since independence in 1957, Ghana has had series of redenomination exercises but the recent one which became a debatable topic happened in 2007. As a result, the study is conducted to determine the pre and post-performance of the country using 2007 as the benchmark. This research takes into consideration the quantitative research technique based on ex-post factor design. Secondary data of the research variables (GDP, Economic growth, Balance of trade, inflation, FDI and Globalization index) were used over a 20-year period between 1997 and 2017. Analytical techniques of both descriptive statistics and independent sample test were used for the research. The t-test for equality of means adopted was to determine the statistically significant difference on the economic variables. The study also used the Levene’s test of equality of variance assumed. -
Working Paper Series Roberto A
Working Paper Series Roberto A. De Santis A measure of redenomination risk 1785 / April 2015 Note: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB Abstract Euro redenomination risk is the risk that a euro asset will be redenominated into a devalued legacy currency. We propose a time-varying, country-specific market perception of intra-euro area redenomination risk measure, defined as the quanto CDS of a member country relative to the quanto CDS of a benchmark member country. Focusing on Italy, Spain and France and using Germany as benchmark, we show that the redenomination risk shocks, defined as the unexplained component of the market perception of redenomination risk orthogonal to exchange rate, global, regional and liquidity risks, significantly affect sovereign yield spreads, with Italy and Spain being the countries most adversely affected, followed by France. Finally, foreign redenomination risk shocks spill over and above local redenomination risk shocks, corroborating the fact that this risk is systemic. Keywords: Redenomination risk, sovereign credit spreads, systemic risk, euro. JEL classification: C32, F36, G12, G15 ECB Working Paper 1785, April 2015 1 Non-Technical Executive Summary On 24 July 2012, the sovereign yield spreads of Italian and Spanish sovereign bonds - as measured by sovereign yield relative to the overnight index swap (OIS) rate - a risk-free rate proxy - reached record highs. The same spreads had been about 200 basis points lower only few months earlier in March 2012. -
The Currency Conversion in Postwar Taiwan: Gold Standard from 1949 to 1950 Shih-Hui Li1
The Kyoto Economic Review 74(2): 191–203 (December 2005) The Currency Conversion in Postwar Taiwan: Gold Standard from 1949 to 1950 Shih-hui Li1 1Graduate School of Economics, Kyoto University. E-mail: [email protected] The discourses on Taiwanese successful currency reform in postwar period usually put emphasis on the actors of the U.S. economic aids. However, the objective of this research is to re-examine Taiwanese currency reform experiences from the vantage- point of the gold standard during 1949–50. When Kuomintang (KMT) government decided to undertake the currency conversion on June 15, 1949, it was unaided. The inflation was so severe that the KMT government must have used all the resources to finish the inflation immediately and to restore the public confidence in new currency as well as in the government itself. Under such circumstances, the KMT government established a full gold standard based on the gold reserve which the KMT government brought from mainland China in 1949. This research would like to investigate what role the gold standard played during the process of the currency conversion. Where this gold reserve was from? And how much the gold reserve possessed by the KMT government during this period of time? Trying to answer these questions, the research investigates three sources of data: achieves of the KMT government in the period of mainland China, the official re- ports of the KMT government in Taiwan, and the statistics gathered from international organizations. Although the success of Taiwanese currency reform was mostly from the help of U.S. -
PROHIBITION of SALES to EEA RETAIL INVESTORS – the Notes Are Not Intended to Be Offered, Sold Or Otherwise Made Available to A
PROHIBITION OF SALES TO EEA RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. MiFID II product governance / target market assessment – Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes, taking into account the five categories in item 18 of the Guidelines published by ESMA on 5 February 2018, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients, each as defined in MiFID II; and (ii) all channels for distribution of the Notes are appropriate, including investment advice, portfolio management, non-advised sales and pure execution services. -
Euro Exchange Rates - 2019
Euro Exchange Rates - 2019 Α/Α COUNTRY CURRENCY CODE June 2019 1 Albania Leck ALL 122,90 2 Argentina Argentine Peso ARS 49,40 3 Armenia Armenian Dram AMD 537,70 4 Australia Australian Dollar AUD 1,61 5 Bahamas Bahamian Dollar BSD 1,12 6 Bahrain Bahraini Dinar BHD 0,42 7 Bangladesh Taka BDT 94,18 8 Barbados Barbados Dollar BBD 2,23 9 Belarus NEW Belarusian Ruble BYN 2,34 10 Bolivia Boliviano BOB 7,75 11 Bosnia Herzegovina Bosnia Marka BAM 1,96 12 Botswana Pula BWP 12,02 13 Brazil Brazilian Real BRL 4,45 14 Bulgaria Bulgarian Lev BGN 1,96 15 Burkina Faso CFA Franc BCEAO XOF 655,96 16 Burundi Burundi Franc BIF 2.042,95 17 Cameroon CFA Franc BEAC XAF 655,96 18 Canada Canadian Dollar CAD 1,50 19 Chad CFA Franc BEAC XAF 655,96 20 Chile Chilean Peso CLP 784,80 21 China Yuan Renminbi CNY 7,70 22 Colombia Colombian Peso COP 3.731,71 23 Congo (DemRep) Franc Congo CDF 1.844,65 24 Costa Rica Costa Rican Colon CRC 658,59 25 Croatia Kuna HRK 7,42 26 Cuba Cuban peso CUC 1,12 27 Czech Republic Czech Koruna CZK 25,63 28 Denmark Danish Krone DKK 7,46 29 Dominican Republic Dominican Peso DOP 56,35 30 Ecuador US Dollar USD 1,12 31 Egypt Egyptian pound EGP 18,82 32 Ethiopia Ethiopian Birr ETB 32,45 33 Gambia Dalasi GMD 55,34 34 Ghana Cedi GHS 5,90 35 Guinea Guinea Franc GNF 10.242,50 36 Hong Kong Hong Kong Dollar HKD 8,75 37 Hungary Forint HUF 325,85 38 Iceland Iceland Krona ISK 138,50 39 India Indian Rupee INR 77,80 40 Indonesia Rupiah IDR 15.945,22 41 Iran Iranian Rial IRR 47.061,38 42 Israel New Israeli Shekel ILS 4,05 43 Jamaica Jamaican Dollar JMD 151,84 44 Japan Japanese Yen JPY 122,12 45 Jordan Jordanian Dinar JOD 0,79 46 Kazakhstan Tenge KZT 424,24 47 Kenya Kenyan Shilling KES 113,83 48 Kuwait Kuwaiti Dinar KWD 0,34 49 Lebanon Lebanese Pound LBP 1.697,71 50 Libya Libyan Dinar LYD 1,57 51 Madagascar Malagasy Franc MGA 4.087,95 52 Malawi Kwacha MWK 803,79 53 Malaysia Malaysian Ringgit MYR 4,63 54 Maldive Is. -
Financial Crisis in Moldova - Causes and Consequences
Studia i Analizy Studies & Analyses Centrum Analiz Społeczno-Ekonomicznych CASE Center for Social and Economic Research Financial Crisis in Moldova - Causes and Consequences 192 Artur Radziwiłł, Octavian Şcerbaţchi, Constantin Zaman Warsaw, 1999 Studies & Analyses CASE No, 192: Financial Crisis in Moldova – Causes and Consequences CONTENTS MOLDOVA - BRIEF PRESENTATION..............................................................................................................3 I. MONETARY REFORM (1993-1997)...........................................................................................................6 1. INTRODUCTION ......................................................................................................................................................6 2. BUILDING-UP INSTITUTIONAL FRAMEWORK .......................................................................................................6 Banking Environment ......................................................................................................................................6 Introduction of the National Currency.......................................................................................................7 The Development of Commercial Banking System ..............................................................................7 3. MONETARY POLICY.................................................................................................................................................9 Credit Allocation ................................................................................................................................................9 -
Currency List
Americas & Caribbean | Tradeable Currency Breakdown Currency Currency Name New currency/ Buy Spot Sell Spot Deliverable Non-Deliverable Special requirements/ Symbol Capability Forward Forward Restrictions ANG Netherland Antillean Guilder ARS Argentine Peso BBD Barbados Dollar BMD Bermudian Dollar BOB Bolivian Boliviano BRL Brazilian Real BSD Bahamian Dollar CAD Canadian Dollar CLP Chilean Peso CRC Costa Rica Colon DOP Dominican Peso GTQ Guatemalan Quetzal GYD Guyana Dollar HNL Honduran Lempira J MD J amaican Dollar KYD Cayman Islands MXN Mexican Peso NIO Nicaraguan Cordoba PEN Peruvian New Sol PYG Paraguay Guarani SRD Surinamese Dollar TTD Trinidad/Tobago Dollar USD US Dollar UYU Uruguay Peso XCD East Caribbean Dollar 130 Old Street, EC1V 9BD, London | t. +44 (0) 203 475 5301 | [email protected] sugarcanecapital.com Europe | Tradeable Currency Breakdown Currency Currency Name New currency/ Buy Spot Sell Spot Deliverable Non-Deliverable Special requirements/ Symbol Capability Forward Forward Restrictions ALL Albanian Lek BGN Bulgarian Lev CHF Swiss Franc CZK Czech Koruna DKK Danish Krone EUR Euro GBP Sterling Pound HRK Croatian Kuna HUF Hungarian Forint MDL Moldovan Leu NOK Norwegian Krone PLN Polish Zloty RON Romanian Leu RSD Serbian Dinar SEK Swedish Krona TRY Turkish Lira UAH Ukrainian Hryvnia 130 Old Street, EC1V 9BD, London | t. +44 (0) 203 475 5301 | [email protected] sugarcanecapital.com Middle East | Tradeable Currency Breakdown Currency Currency Name New currency/ Buy Spot Sell Spot Deliverabl Non-Deliverabl Special Symbol Capability e Forward e Forward requirements/ Restrictions AED Utd. Arab Emir. Dirham BHD Bahraini Dinar ILS Israeli New Shekel J OD J ordanian Dinar KWD Kuwaiti Dinar OMR Omani Rial QAR Qatar Rial SAR Saudi Riyal 130 Old Street, EC1V 9BD, London | t.