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Monetary Policy in Economies with Little Or No Money
NBER WORKING PAPER SERIES MONETARY POLICY IN ECONOMIES WITH LITTLE OR NO MONEY Bennett T. McCallum Working Paper 9838 http://www.nber.org/papers/w9838 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2003 This paper was prepared for presentation at the December 16-17, 2002, meeting of the Hong Kong Economic Association. I am indebted to Marvin Goodfriend, Lok Sang Ho, Allan Meltzer, and Edward Nelson for helpful comments and suggestions. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research ©2003 by Bennett T. McCallum. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including © notice, is given to the source. Monetary Policy in Economies with Little or No Money Bennett T. McCallum NBER Working Paper No. 9838 July 2003 JEL No. E3, E4, E5 ABSTRACT The paper's arguments include: (1) Medium-of-exchange money will not disappear in the foreseeable future, although the quantity of base money may continue to decline. (2) In economies with very little money (e.g., no currency but bank settlement balances at the central bank), monetary policy will be conducted much as at present by activist adjustment of overnight interest rates. Operating procedures will be different, however, with payment of interest on reserves likely to become the norm. (3) In economies without any money there can be no monetary policy. The relevant notion of a general price level concerns some index of prices in terms of a medium of account. -
Code List 11 Invoice Currency
Code list 11 Invoice currency Alphabetical order Code Code Alfa Alfa Country / region Country / region A BTN Bhutan ngultrum BOB Bolivian boliviano AFN Afghan new afghani BAM Bosnian mark ALL Albanian lek BWP Botswanan pula DZD Algerian dinar BRL Brazilian real USD American dollar BND Bruneian dollar AOA Angolan kwanza BGN Bulgarian lev ARS Argentinian peso BIF Burundi franc AMD Armenian dram AWG Aruban guilder AUD Australian dollar C AZN Azerbaijani new manat KHR Cambodian riel CAD Canadian dollar B CVE Cape Verdean KYD Caymanian dollar BSD Bahamian dollar XAF CFA franc of Central-African countries BHD Bahraini dinar XOF CFA franc of West-African countries BBD Barbadian dollar XPF CFP franc of Oceania BZD Belizian dollar CLP Chilean peso BYR Belorussian rouble CNY Chinese yuan renminbi BDT Bengali taka COP Colombian peso BMD Bermuda dollar KMF Comoran franc Code Code Alfa Alfa Country / region Country / region CDF Congolian franc CRC Costa Rican colon FKP Falkland Islands pound HRK Croatian kuna FJD Fijian dollar CUC Cuban peso CZK Czech crown G D GMD Gambian dalasi GEL Georgian lari DKK Danish crown GHS Ghanaian cedi DJF Djiboutian franc GIP Gibraltar pound DOP Dominican peso GTQ Guatemalan quetzal GNF Guinean franc GYD Guyanese dollar E XCD East-Caribbean dollar H EGP Egyptian pound GBP English pound HTG Haitian gourde ERN Eritrean nafka HNL Honduran lempira ETB Ethiopian birr HKD Hong Kong dollar EUR Euro HUF Hungarian forint F I Code Code Alfa Alfa Country / region Country / region ISK Icelandic crown LAK Laotian kip INR Indian rupiah -
Dominican Republic
Required Report: Required - Public Distribution Date: June 29,2020 Report Number: DR2020-0012 Report Name: Retail Foods Country: Dominican Republic Post: Santo Domingo Report Category: Retail Foods Update on the Dominican Republic Retail Sector Prepared By: Mayra Carvajal Approved By: Elizabeth Autry Report Highlights: Report Highlights: The Dominican Republic (DR) is one of the most dynamic economies in the Caribbean region. With U.S. consumer-oriented product exports reaching US$600 million in 2019, the country represents the fifth-largest market in Latin America. The DR’s modern retail sector is growing rapidly and offers a wide variety of U.S. products. However, despite the prominence and growth of local supermarket chains, they only account for 20-25 percent of total retail sales. Most sales are still in the traditional channel, which includes neighborhood stores (colmados) and warehouses, which offer largely local products. THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Market Fact Sheet: Dominican Republic Quick Facts CY 2019 List of Top 10 Growth Products The Dominican Republic (DR) is an upper middle-income country with low and stable inflation. It is the second-largest economy in 1) Cheese 6) Meat (Beef) the Caribbean, just behind Cuba, and the third-largest country in 2) Wine 7) Seafood terms of population (behind Cuba and Haiti). In 2019, the DR’s 3) Beer 8) Snack foods GDP reached approximately US$89 billion, a 5.1 percent increase 4) Pork 9) Frozen potatoes/veg from 2018. The DR’s major export growth has shifted away from 5) Chicken parts 10) Fresh fruit its traditional products (raw sugar, green coffee, and cacao) to gold, Ferro-nickel, sugar derivatives, free-trade zone products, Consumer-Oriented Trade (U.S. -
I. the ECONOMIC and TRADE ENVIRONMENT (1) Major Features
Dominican Republic W/TPR/S/11 Page 1 I. THE ECONOMIC AND TRADE ENVIRONMENT (1) Major Features of the Economy1 1. The Dominican Republic is located in the eastern half of the Caribbean island of Hispaniola (with Haiti on the western half). It has an area of 48,442 km2. In 1993, the population was around 7.5 million; population growth has declined to around 2 per cent in the 1990s from 2.7 per cent in the early 1970s. The urban population is increasing, amounting to 63 per cent of the total in 1993 (Table I.1). The Dominican Republic is endowed with different types of soil suitable for agriculture and is rich in minerals; its traditional production structure has been in agricultural goods such as sugar, coffee, cocoa, and tobacco and in the exploitation of minerals such as nickel, doré (a gold and silver alloy) and bauxite. The abundance of labour and the proximity to the United States have been important elements in the rapid growth of exports, mainly of clothing, from free zones (Chapter V(4)); furthermore, a buoyant tourist industry has developed around the many attractive beaches (Chapters V(5)). Table I.1 Major features of the Dominican Republic economy (1987 prices) 1970 1975 1980 1985 1990 1991 1992 1993 Population (thousands) 4,423 5,049 5,697 6,376 7,110 7,247 7,387 7,543 urban population (per cent) 40.0 45.3 50.5 55.7 60.4 61.2 62.1 62.9 Current GNP per capita (US$) 340 720 1160 760 890 1010 1170 1230 Labor force (thousands) 1,157 1,340 1,571 1,862 2,187 2,251 2,317 2,384 Female participation (per cent) 11.0 11.7 12.4 13.7 15.0 15.3 15.6 15.9 GDP at constant market prices GDP (US$ million) 2,184 3,345 4,240 4,588 5,493 5,545 5,975 6,151 Share in GDP Agriculture 27.6 20.9 20.0 20.3 16.0 16.5 16.2 15.8 Industry 23.7 29.2 28.4 26.2 24.6 23.5 24.6 24.2 Manufacturing 15.4 15.7 15.3 13.7 12.5 12.3 12.9 12.6 Services 48.6 49.9 51.6 53.5 59.4 60.1 59.2 60.0 School enrollment ratio Primary 100 104 118 126 .. -
The Costs of Dollarization; a Central Banker’S View
The costs of dollarization; a central banker’s view Speech by Jeanette R. Semeleer, President of the Centrale Bank van Aruba (CBA), at the Symposium on “The advantages and disadvantages of Dollarization”, organized by the Council of Advice of St. Maarten, March 26, 2015. Members of Parliament, Ministers, Members of the Council of Advice and other distinguished guests, good evening. 1. Introduction First of all, allow me to express words of gratitude to the Council of Advice for the invitation to address you on the topic “The advantages and disadvantages of Dollarization”. I am truly honored and privileged to be here on this beautiful island (I should come here more often) and to contribute to the ongoing debate of dollarization in St. Maarten. Page 1 of 21 We all probably agree that dollarization is not an easy topic to debate on, but I hope when we leave the room tonight that some practical tools have been provided to facilitate the discussions. If this debate moves some time in the future towards a political decision that involves a change in the current exchange rate regime, extensive knowledge and practical experience are needed to choose the best policy for managing the exchange rate, which is a key instrument towards achieving macro- economic goals and maintaining financial stability. Tonight my speech will primarily focus on the costs of dollarization within the context of full dollarization. By full dollarization, I refer to a situation in which a country formally adopts a currency of another country—most commonly the U.S. dollar—as its legal tender.1 2. -
Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu
Global Wire is an available payment method for the currencies listed below. This list is subject to change at any time. Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu ALL Albanian Lek KMF Comoros Franc KGS Kyrgyzstan Som RUB Russian Ruble DZD Algerian Dinar CDF Congolese Franc LAK Laos Kip RWF Rwandan Franc AMD Armenian Dram CRC Costa Rican Colon LSL Lesotho Malati WST Samoan Tala AOA Angola Kwanza HRK Croatian Kuna LBP Lebanese Pound STD Sao Tomean Dobra AUD Australian Dollar CZK Czech Koruna LT L Lithuanian Litas SAR Saudi Riyal AWG Arubian Florin DKK Danish Krone MKD Macedonia Denar RSD Serbian Dinar AZN Azerbaijan Manat DJF Djibouti Franc MOP Macau Pataca SCR Seychelles Rupee BSD Bahamian Dollar DOP Dominican Peso MGA Madagascar Ariary SLL Sierra Leonean Leone BHD Bahraini Dinar XCD Eastern Caribbean Dollar MWK Malawi Kwacha SGD Singapore Dollar BDT Bangladesh Taka EGP Egyptian Pound MVR Maldives Rufi yaa SBD Solomon Islands Dollar BBD Barbados Dollar EUR EMU Euro MRO Mauritanian Olguiya ZAR South African Rand BYR Belarus Ruble ERN Eritrea Nakfa MUR Mauritius Rupee SRD Suriname Dollar BZD Belize Dollar ETB Ethiopia Birr MXN Mexican Peso SEK Swedish Krona BMD Bermudian Dollar FJD Fiji Dollar MDL Maldavian Lieu SZL Swaziland Lilangeni BTN Bhutan Ngultram GMD Gambian Dalasi MNT Mongolian Tugrik CHF Swiss Franc BOB Bolivian Boliviano GEL Georgian Lari MAD Moroccan Dirham LKR Sri Lankan Rupee BAM Bosnia & Herzagovina GHS Ghanian Cedi MZN Mozambique Metical TWD Taiwan New Dollar BWP Botswana Pula GTQ Guatemalan Quetzal -
Hyperinflationary Economies
Issue 175/October 2020 IFRS Developments Hyperinflationary economies (Updated October 2020) What you need to know Overview • We believe that IAS 29 should Accounting standards are applied on the assumption that the value of money (the be applied in 2020 by entities unit of measurement) is constant over time. However, when the rate of inflation is whose functional currency is the no longer negligible, a number of issues arise impacting the true and fair nature of currency of one of the following the accounts of entities that prepare their financial statements on a historical cost countries: basis, for example: • Argentina • Historical cost figures are less meaningful than they are in a low inflation • Islamic Republic of Iran environment • Lebanon • Holding gains on non-monetary assets that are reported as operating profits do not represent real economic gains • South Sudan • Current and prior period financial information is not comparable • Sudan • ‘Real’ capital can be reduced because profits reported do not take account of • Venezuela the higher replacement costs of resources used in the period • Zimbabwe To address such concerns, entities should apply IAS 29 Financial Reporting in Hyperinflationary Economies from the beginning of the period in which the • We believe the following existence of hyperinflation is identified. countries are not currently hyperinflationary, but should be IAS 29 does not establish an absolute inflation rate at which an economy is monitored in 2020: considered hyperinflationary. Instead, it considers a variety of non-exhaustive characteristics of the economic environment of a country that are seen as strong Angola • indicators of the existence of hyperinflation.This publication only considers the • Liberia absolute inflation rates. -
Salada Foods Jamaica Ltd
Salada Foods Jamaica Ltd. Notes to the Financial Statements 30 September 2002 1 Company Identification and Principal Activity The company, which is incorporated in Jamaica, is the sole manufacturer of instant coffee in Jamaica. Sales of instant coffee and roasted and ground beans represent approximately 80% of the company's and the group's turnover. All amounts are stated in Jamaican dollars. 2 Significant Accounting Policies (a) Basis of preparation These financial statements have been prepared in accordance with and comply with Jamaican Accounting Standards, and have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets. (b) Use of estimates The preparation of financial statements in conformity with Jamaican generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. (c) Basis of consolidation The group's financial statements present the results of operations and financial position of the company and two of its wholly owned subsidiaries, Coffee Company of Jamaica Limited and Shirriff's (Jamaica) Limited. The excess of the cost of shares in the subsidiaries over the book value of the net assets acquired has been charged against shareholders' interests. (d) Investment in subsidiaries Investments by the holding company in subsidiaries are stated at cost. (e) Financial instruments Financial instruments carried on the balance sheet include receivables, group balances, payables and short and long-term loans. -
View Currency List
Currency List business.westernunion.com.au CURRENCY TT OUTGOING DRAFT OUTGOING FOREIGN CHEQUE INCOMING TT INCOMING CURRENCY TT OUTGOING DRAFT OUTGOING FOREIGN CHEQUE INCOMING TT INCOMING CURRENCY TT OUTGOING DRAFT OUTGOING FOREIGN CHEQUE INCOMING TT INCOMING Africa Asia continued Middle East Algerian Dinar – DZD Laos Kip – LAK Bahrain Dinar – BHD Angola Kwanza – AOA Macau Pataca – MOP Israeli Shekel – ILS Botswana Pula – BWP Malaysian Ringgit – MYR Jordanian Dinar – JOD Burundi Franc – BIF Maldives Rufiyaa – MVR Kuwaiti Dinar – KWD Cape Verde Escudo – CVE Nepal Rupee – NPR Lebanese Pound – LBP Central African States – XOF Pakistan Rupee – PKR Omani Rial – OMR Central African States – XAF Philippine Peso – PHP Qatari Rial – QAR Comoros Franc – KMF Singapore Dollar – SGD Saudi Arabian Riyal – SAR Djibouti Franc – DJF Sri Lanka Rupee – LKR Turkish Lira – TRY Egyptian Pound – EGP Taiwanese Dollar – TWD UAE Dirham – AED Eritrea Nakfa – ERN Thai Baht – THB Yemeni Rial – YER Ethiopia Birr – ETB Uzbekistan Sum – UZS North America Gambian Dalasi – GMD Vietnamese Dong – VND Canadian Dollar – CAD Ghanian Cedi – GHS Oceania Mexican Peso – MXN Guinea Republic Franc – GNF Australian Dollar – AUD United States Dollar – USD Kenyan Shilling – KES Fiji Dollar – FJD South and Central America, The Caribbean Lesotho Malati – LSL New Zealand Dollar – NZD Argentine Peso – ARS Madagascar Ariary – MGA Papua New Guinea Kina – PGK Bahamian Dollar – BSD Malawi Kwacha – MWK Samoan Tala – WST Barbados Dollar – BBD Mauritanian Ouguiya – MRO Solomon Islands Dollar – -
Crown Agents Bank's Currency Capabilities
Crown Agents Bank’s Currency Capabilities September 2020 Country Currency Code Foreign Exchange RTGS ACH Mobile Payments E/M/F Majors Australia Australian Dollar AUD ✓ ✓ - - M Canada Canadian Dollar CAD ✓ ✓ - - M Denmark Danish Krone DKK ✓ ✓ - - M Europe European Euro EUR ✓ ✓ - - M Japan Japanese Yen JPY ✓ ✓ - - M New Zealand New Zealand Dollar NZD ✓ ✓ - - M Norway Norwegian Krone NOK ✓ ✓ - - M Singapore Singapore Dollar SGD ✓ ✓ - - E Sweden Swedish Krona SEK ✓ ✓ - - M Switzerland Swiss Franc CHF ✓ ✓ - - M United Kingdom British Pound GBP ✓ ✓ - - M United States United States Dollar USD ✓ ✓ - - M Africa Angola Angolan Kwanza AOA ✓* - - - F Benin West African Franc XOF ✓ ✓ ✓ - F Botswana Botswana Pula BWP ✓ ✓ ✓ - F Burkina Faso West African Franc XOF ✓ ✓ ✓ - F Cameroon Central African Franc XAF ✓ ✓ ✓ - F C.A.R. Central African Franc XAF ✓ ✓ ✓ - F Chad Central African Franc XAF ✓ ✓ ✓ - F Cote D’Ivoire West African Franc XOF ✓ ✓ ✓ ✓ F DR Congo Congolese Franc CDF ✓ - - ✓ F Congo (Republic) Central African Franc XAF ✓ ✓ ✓ - F Egypt Egyptian Pound EGP ✓ ✓ - - F Equatorial Guinea Central African Franc XAF ✓ ✓ ✓ - F Eswatini Swazi Lilangeni SZL ✓ ✓ - - F Ethiopia Ethiopian Birr ETB ✓ ✓ N/A - F 1 Country Currency Code Foreign Exchange RTGS ACH Mobile Payments E/M/F Africa Gabon Central African Franc XAF ✓ ✓ ✓ - F Gambia Gambian Dalasi GMD ✓ - - - F Ghana Ghanaian Cedi GHS ✓ ✓ - ✓ F Guinea Guinean Franc GNF ✓ - ✓ - F Guinea-Bissau West African Franc XOF ✓ ✓ - - F Kenya Kenyan Shilling KES ✓ ✓ ✓ ✓ F Lesotho Lesotho Loti LSL ✓ ✓ - - E Liberia Liberian -
Country Codes and Currency Codes in Research Datasets Technical Report 2020-01
Country codes and currency codes in research datasets Technical Report 2020-01 Technical Report: version 1 Deutsche Bundesbank, Research Data and Service Centre Harald Stahl Deutsche Bundesbank Research Data and Service Centre 2 Abstract We describe the country and currency codes provided in research datasets. Keywords: country, currency, iso-3166, iso-4217 Technical Report: version 1 DOI: 10.12757/BBk.CountryCodes.01.01 Citation: Stahl, H. (2020). Country codes and currency codes in research datasets: Technical Report 2020-01 – Deutsche Bundesbank, Research Data and Service Centre. 3 Contents Special cases ......................................... 4 1 Appendix: Alpha code .................................. 6 1.1 Countries sorted by code . 6 1.2 Countries sorted by description . 11 1.3 Currencies sorted by code . 17 1.4 Currencies sorted by descriptio . 23 2 Appendix: previous numeric code ............................ 30 2.1 Countries numeric by code . 30 2.2 Countries by description . 35 Deutsche Bundesbank Research Data and Service Centre 4 Special cases From 2020 on research datasets shall provide ISO-3166 two-letter code. However, there are addi- tional codes beginning with ‘X’ that are requested by the European Commission for some statistics and the breakdown of countries may vary between datasets. For bank related data it is import- ant to have separate data for Guernsey, Jersey and Isle of Man, whereas researchers of the real economy have an interest in small territories like Ceuta and Melilla that are not always covered by ISO-3166. Countries that are treated differently in different statistics are described below. These are – United Kingdom of Great Britain and Northern Ireland – France – Spain – Former Yugoslavia – Serbia United Kingdom of Great Britain and Northern Ireland. -
EQ Pay Currencies
EQ Pay Currencies Country Currency Code Currency Name Country Currency Code Currency Name Albania ALL Albanian Lek Kazakhstan KZT Kazakh Tenge Algeria DZD Algerian Dinar Kyrgyzstan KGS Kyrgyz Som Angola AOA Angolan Kwanza Laos LAK Laotian Kip Armenia AMD Armenian Dram Lebanon LBP Lebanese Pound Aruba AWG Aruban Florin Lesotho LSL Lesotho Loti Azerbaijan AZN Azerbaijani Manat Liberia LRD Liberian Dollar Bahamas BSD Bahamian Dollar Libya LYD Libyan Dinar Bangladesh BDT Bangladeshi Taka Macau MOP Macanese Patacca Belarus BYN Belarusian Ruble Madagascar MGA Malagasy Ariary Belize BZD Belizean Dollar Malawi MWK Malawian Kwacha Benin XOF CFA Franc BCEAO Malaysia MYR Malaysian Ringgit Bermuda BMD Bermudian Dollar Maldives MVR Maldives Rufiyaa Bolivia BOB Bolivian Boliviano Mali XOF CFA Franc BCEAO Bosnia BAM Bosnian Marka Mauritania MRU Mauritanian Ouguiya Botswana BWP Botswana pula Moldova MDL Moldovan Leu Brazil BRL Brazilian Real Mongolia MNT Mongolian Tugrik Brunei BND Bruneian Dollar Mozambique MZN Mozambique Metical Bulgaria BGN Bulgarian Lev Myanmar MMK Myanmar Kyat Burkina Faso XOF CFA Franc BCEAO Namibia NAD Namibian Dollar Netherlands Antillean Burundi BIF Burundi Franc Netherlands Antilles ANG Dollar Cambodia KHR Cambodian Riel New Caledonia XPF CFP Franc Nicaraguan Gold Cameroon XAF CFA Franc BEAC Nicaragua NIO Cordoba Cape Verde Island CVE Cape Verdean Escudo Niger XOF CFA Franc BCEAO Cayman Islands KYD Caymanian Dollar Nigeria NGN Nigerian Naira Central African XAF CFA Franc BEAC North Macedonia MKD Macedonian Denar Republic Chad