I’m a Certified Public Accountant specializing in income tax consulting and compliance for individuals and small businesses, a wife, a mom of one preschool-aged son, a small business owner, and a freelance writer. If I had free time, I would spend it reading and hiking. In the past, I’ve served as Treasurer for several non-profit organizations including the Great Reno Balloon Race and Reno-Tahoe Young Professionals Network. I was born and raised in Nevada but currently live and work in Omaha, Nebraska. I’m passionate about making subjects that matter to parents – like saving for college and paying for daycare – accessible to the average reader.
Article The elections in South Africa is likely to see African National Congress at the …
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In February 1997, Bulgaria was witnessing hyperinflation. The inflation rate was 242% per month. Yes, that was a monthly inflation rate, not an annual rate. And, to put things into perspective, Bulgaria’s monthly inflation rate of 242% in February 1997 was higher than Iran’s current annual inflation rate of 203%. It is worth noting that Iran’s current annual inflation rate, while very elevated, is a rate well below the hyperinflation threshold. What did we do in Bulgaria to crush hyperinflation within a few hours? We installed a currency board on July 1, 1997. And just what is a currency board? An orthodox currency board issues notes and coins convertible on demand into a foreign anchor currency at a fixed rate of exchange. (In Bulgaria, the notes and coins issued were in Bulgarian lev, and the anchor currency was the German mark.) As reserves, it holds low-risk, interest-bearing bonds denominated in the anchor currency and typically some gold. The reserve levels (both floors and ceilings) are set by law and are equal to 100%, or slightly more, of its monetary liabilities (notes, coins, and, if permitted, deposits). A currency board’s convertibility and foreign reserve cover requirements do not extend to deposits at commercial banks or to any other financial assets. A currency board generates profits (seigniorage) from the difference between the interest it earns on its reserve assets and the expense of maintaining its liabilities.
According to local media reports, the recent recovery in the value of the rupee against dollar was due to the measures taken by the SBP, said Forex Association of Pakistan (FAP) president Malik Bostan. The absence of illegal money changers also played a role he said.
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The only major disappointment is that there’s no PlayStation VR support. While the game struggles to run on the PlayStation 4 without virtual reality, sputtering like an old steam train that’s run out of fuel, it would have been great to actually sit inside the cockpits of these transportation juggernauts, as they’re meticulously detailed and fun to operate. The train models themselves are impressive both inside and out, although the game as a whole can feel a bit lifeless – particularly on stations.
We need to talk about Money Heist . The Spanish-language show on Netflix – known as La Casa de Papel (house of paper) in its native tongue – is one of the best shows on Netflix that too many people aren’t watching, despite being the streaming service’s most watched non-English language show. I mean, it’s called Money Heist, which is one of the least compelling English-language names; and it’s in Spanish, which means you either have to watch subtitles (the horror), or listen to an unconvincing American-English dub (even more horror), where everyone sounds a little bored and a lot like they’re reading from a translated script. There are so many barriers to entry here that I wouldn’t blame you for never taking that first step into the world of Money Heist. But, in an irony that wouldn’t be lost on the show’s characters, you’re robbing yourself of one of the richest shows of the past few years.
“A US$16bn monthly trade deficit is commensurate with a current account deficit of 2.8%-3% of GDP, which will be challenging to finance in the current global environment, particularly given portfolio outflows from India and emerging markets more generally,” says Sajjid Chinoy,” chief India economist at J.P. Morgan . “India needs a policy mix of “expenditure-switching” and “expenditure-control” to prevent external imbalances from becoming unsustainable.”
If the yuan is expected to depreciate tomorrow, or next month, or next year, it basically makes sense to hold dollars rather than yuan until the move is over. That is why managed depreciations tend to burn through reserves. China has firsthand experience here—as it lost about a trillion dollars of reserves managing its depreciation in 2015 and 2016. That said, about $500 billion of the fall in reserves is explained by Chinese banks and firms paying down their external debts: the change in reserves net of China’s external debt is much smaller than the swing headline reserves. Even though some of the channels for outflows have subsequently been closed off and the level of domestic foreign currency debt has fallen, China faces a similar risk if expectations that the yuan is now a one way bet down are allowed to build.