Regional Currency Swap Arrangement: A Step Towards Asian Monetary Fund? proposal in Chiang Mai was presented as a network of currency swap arrangements TheUS made its presence felt throughout the weeklong discussions, and in http://www.focusweb.org/publications/2000/Regional Currency Swap Arrangement.htm
Extractions: by Walden Bello The most notable agreement to come out of the 33rd Annual Meeting of the Board of Governors of the Asian Development Bank meetings was formulated on the sidelines. This was the much publicized decision the ASEAN countries plus Japan, South Korea, and China to create a system of regional currency swap arrangements as a "firewall" against future financial crises. Looking at the fine print, however, makes this development less significant than it seems. It is, for one, a really a much diluted version of the Asian Monetary Fund (AMF) that was proposed by Japan right after the outbreak of the Asian financial crisis in mid-1997. That proposal was envisioned as a much more solid mechanism capitalized to the tune of $100 billion. The proposal in Chiang Mai was presented as a "network" of currency swap arrangements building on a more modest $200 million swap agreement among the big five ASEAN economies. No details were announced on the size of the funding being sought for the current proposal, though Eisaku Sakakibara, the influential former Vice Minister of Finance of Japan, told the press that some $20-$40 billion would be needed to have the arrangement really make a difference. The US made its presence felt throughout the week-long discussions, and in ways that irritated other member governments. In response to demands for an increase in the Bank's capital resources, the US said that countries such as South Korea and Thailand, which had borrowed huge sums from the ADB and other multilateral agencies at the onset of the Asian financial crisis, should make an early repayment of their loans now that recovery was underway. Acccelerated repayment would provide resources for the ADB that would make capital increase less urgent.
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Extractions: Early May, 1997 Japanese officials, concerned about the decline of the yen, hinted that they might raise interest rates. The threat never materialized. But it proved to be one of the first signs of the Asian crisis. The Japanese threat shifted the decisions of global investors, who immediately began to sell Southeast Asian currencies, setting off a tumble not only in the currencies but in the local stock markets as well.
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Extractions: Updated from 7:22 p.m. EST Federal officials arrested dozens of people in New York on Tuesday evening in connection with an alleged foreign currency scam, NBC News reported. Reuters later reported 48 people were arrested. "It's currency fraud, securities fraud," said one agent at the scene, Reuters reported. "It's been a long investigation. The arrests have been ongoing today." According to the NBC report, the alleged con men convinced people to buy into nonexistent currency transactions. NBC said the FBI is involved, and that agents had been seen arresting people at Two World Financial Center in Lower Manhattan. There was no word on what companies may have been involved. Other details were not immediately available, although NBC said the U.S. attorney's office will hold a news conference Wednesday morning.
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Extractions: Your browser does not support embedded frames. Click here to pop open a floating Shopper's Currency Converter window. Please note there may be an additional small charge for exchange of funds from one currency to another made by your bank. Also note there may be an additional small charge for transfer of funds made by your bank. Distance Selling Act directive and how it may affects your rights. This directive applies to all transactions where the consumer does not actually meet the vendor. In simple terms it gives you, the consumer, the right to cancel any agreement within 7 days and get a full refund. The only exception is 'customised' goods. We believe that our services are classified as a 'customised' product because they are used once payment has been made to obtain 'customised' goods on your behave and as such cannot be normally be cancelled
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Extractions: [Background] [The Impact of the EMU] [The New Currency] [The British Question] ... [Conclusion] While economic and monetary union has been an ambition of the European Union since 1969, it was not until the Maastricht Treaty that EU Member States undertook to adopt a common currency. The Irish people voted for participation in Economic and Monetary Union (EMU) when we ratified the Maastricht Treaty in 1992. Since then, preparations have been gathering pace at both European and national level for the transition to the single currency (the euro). Making the EMU a reality requires a degree of economic convergence between the participants within the euro-zone. The Maastricht Treaty laid down strict criteria that entail low inflation rates, low interest rates, no excessive government deficits and stable currencies. In May 1998, EU leaders confirmed which Member States were eligible to join the single currency. Of the fifteen Member States, eleven who met the criteria constituted the Euro-zone*. Three Member States chose not to enter EMU at the initial stage (Denmark, Sweden and the UK) while Greece failed to meet the criteria. The 11 member euro-zone constitutes a market of 290m people. This compares with markets of 268m in the USA and 126m in Japan. The challenge for the single currency is to encourage a low inflation environment, with low interest rates that will attract and encourage investment. This in turn should stimulate further job creation. In essence, a successful single currency would lower transaction costs and increase price transparency, thereby helping to foster competition within the Single European Market. It is no coincidence that Ireland's recent economic success has been achieved in a sustained period of low interest rates.
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Extractions: Certainly, the world's currency and equities markets have been roiled dramatically since September 22, when the administration of US President George W Bush dragooned the Group of Seven finance ministers into issuing a statement that exchange rates needed to be flexible to reflect economic fundamentals. That statement caused currencies all over Asia to suddenly begin to gyrate. Is China the culprit it is made out to be? Certainly, powered by cheap labor and an undervalued currency, the People's Republic has been transformed from relative isolation to major global exporter in fewer than 20 years. Because of its flourishing export trade, sniping from competitors has grown, with Western manufacturers accusing the country of remaining relatively closed and cheating on its World Trade Organization (WTO) obligations after becoming a member almost two years ago.
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Extractions: 1. This Act may be cited as the Decimal Currency Act. 2. In this Act, unless the context otherwise requires "Board" means the Decimal Currency Board established by section 3; "Chairman" means the Chairman of the Board; "decimal currency system" means the system of currency provided for by Part III ; "Deputy Chairman" means the Deputy Chairman of the Board; "existing currency system" means the system of currency in force in Malawi immediately before the date of commencement of Part III ; "former currency" means currency expressed in pounds, shillings and pence in accordance with the existing currency system ; "member" means a member of the Board ; "new currency" means currency expressed in Kasha and tambala in accordance with the decimal currency system; "prescribed machine" means a machine or instrument, designed to be used in connection with the existing currency system or any similar system of currency, and used or intended for use solely or principally for the purpose of calculating or recording amounts of money (including an accounting machine, an adding machine or any similar machine. a machine for franking postal articles, a cash register, a price-computing scale and a price-computing petrol pump), which is declared by the Minister, by notice published in the Gazette, to be a prescribed machine for the purposes of this Act. 3.-( I) There is hereby established a Board, to be known as the Decimal Currency Board, which shall be a body corporate with perpetual succession and a common seal, with power to acquire, hold, charge and dispose of property, movable and immovable, to borrow money and to do or perform all such things and acts for the purpose of carrying out its functions as a body corporate may lawfully do.
Article: Currency Manipulation manipulation be made in a nonpoliticized way and that the IMF take seriously itssurveillance obligations in this area. Otherwise, currency manipulation will http://www.iie.com/publications/papers/goldstein1203.htm
Extractions: not permitted to engage in protracted, large-scale intervention in one direction in the exchange market Third, it is crucial that judgments about exchange rate manipulation be made in a nonpoliticized way and that the IMF take seriously its surveillance obligations in this area. Otherwise, currency manipulation will be evaluated in a bilateral context, with less attention to the right fundamentals (see, for example, a set of bills now before the US Congress that seek to penalize China for its alleged currency manipulation). timing Given the increasing weight of emerging economies in the global marketplace, controversy over alleged currency manipulation will not go away anytime soon. International norms for exchange rate policy are no less necessary than those for trade policy. Korea should support efforts to see that the currency manipulation issue is addressed seriously, even-handedly, and expeditiously within the IMF.
Extractions: Foreign capital investments Article 30. Channeling and registration Foreign exchange currency intended for foreign capital investments in Colombia shall be channeled through the foreign exchange market intermediaries or clearing accounts, and its registration with the Central Bank shall be made in accordance with regulations of a general character issued by the entity, by submitting the documents evidencing the accomplishment of the investment. In case of investments requiring an authorization or a prior opinion, it shall be necessary to indicate the number, the date and the conditions of the authorization or opinion. Article 31.
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Currency Crises currency CRISES. 1. The canonical model. 2. More sophisticated models. 3. Disputed issues selffulfilling crises, herd behavior, large agents, contagion. 4. Case study 1 the ERM crises of 1992-3 . http://web.mit.edu/krugman/www/crises.html
Extractions: 8. Can crises be prevented? On July 2 of this year, after months of asserting that it would do no such thing, the government of Thailand abandoned its efforts to maintain a fixed exchange rate for the baht. The currency quickly depreciated by more than 20 percent; within a few days most neighboring countries had been forced to emulate the Thai example. What forced Thailand to devalue its currency was massive speculation against the baht, speculation that over a few months had consumed most of what initially seemed an awesomely large warchest of foreign exchange. And why were speculators betting against Thailand? Because they expected the baht to be devalued, of course. This sort of circular logic - in which investors flee a currency because they expect it to be devalued, and much (though usually not all) of the pressure on the currency comes precisely because of this investor lack of confidence - is the defining feature of a currency crisis. We need not seek a more formal or careful definition; almost always we know a currency crisis when we see one. And we have been seeing a lot of them lately. The 1990s have, in fact, offered the spectacle of three distinct regional waves of currency crises: Europe in 1992-3, Latin America in 1994-5, and the Asian crises still unfolding at the time of writing.
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