This isn't 10,000, it's the local currency.

The currency was in theory governed by a rules based Currency Board, which the British invented for their smaller colonies. It tied the local currency to the British Pound, giving local authorities no discretion in monetary policy.

Gross proceeds are recorded in local currency based on current year deliveries.

Salaries are paid in local currency while allowances are paid in US dollars.

So, this rise of this sort of local currency is another really interesting phenomenon.

The exchange rate explains part, but not all, of the increase, since 13 countries actually increased contributions in local currency.

Some 18 Governments increased their contributions to regular resources in local currency and 14 increased by 7 per cent or more.

All organizations whose expenditures, like those of the secretariat, are predominantly incurred in local currency experience problems arising from exchange rate fluctuations.

Many countries therefore view the development of local currency bond markets to be an important policy priority that reduces vulnerability to external shocks.

Some of the Asia Pacific and Latin American and Caribbean countries have begun to issue long term, local currency bonds to promote investments.

Local currency government debt markets have performed fairly well during the crisis, while local currency corporate debt markets have played a more modest role as a vehicle for longer term finance. This suggests that domestic reforms aimed at reducing issuance costs, improving disclosure requirements, enhancing creditors rights frameworks, and tackling other inhibiting factors could bring high returns.

Governments may be able to mobilize funding through debt swaps, where donors exchange debt for local currency investment in environmental protection, such as waste water treatment.

3. Takes note of the updated list of hard currency duty stations for which the allowances are specified in local currency, as contained in annex VIII to the report of the Commission Official Records of the General Assembly, Fifty fifth Session, Supplement No. 30 (A 55 30).

Ironically, today s pain stems from one of the great successes that emerging economies have achieved the reduction of foreign currency funding in favor of local currency debt. As emerging market central banks leaned against heavy capital inflows in order to mitigate exchange rate appreciation, their currencies became less volatile.

Ownership of currency is generally proven through possession of the currency.

There are risks even for banks that make the effort to match their dollar borrowing from abroad with dollar loans extended at home. There may be no obvious currency mismatch for the bank, but if the local borrowers revenues are only in domestic currency, they may become unable to service their debt.

Policymakers in many emerging market countries worry that surging capital inflows will drive up the value of the local currency, destabilize financial markets, and fuel economic overheating. Their reactions range from buying up the foreign money to prevent currency appreciation to adopting capital controls, and, in extreme cases, to keeping the money out altogether.

Currency exchange rate

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Currency exchange rate

(c) Currency adjustment

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This is Lewes in Sussex, who have recently launched the Lewes Pound, a currency that you can only spend within the town, as a way of starting to cycle money within the local economy.

In this context, IMF has been advising developing countries to develop domestic bond markets to raise funds through long term fixed interest securities denominated in the local currency as an alternative to borrowing from abroad.

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(d) Currency exchange adjustments

(f) Currency exchange adjustment

A deeper and more efficient financial sector would also reduce transaction costs and facilitate risk management. Local currency bond markets could help to develop domestic investor bases and mobilize domestic savings to support long term investments.

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Meanwhile, massive corruption is devastating Egypt s economy, with growth falling by half in the last two years, accompanied by rising unemployment, higher inflation, and currency depreciation. Foreign investment is also declining, and local production is paralyzed, necessitating expensive imports.

That was the reason for approaching regional development banks which could provide loans in the local currency, unlike the World Bank whose lending was denominated in dollars, which might expose some countries to the risks of exchange rate fluctuations.

It is encouraging that 10 OECD DAC members increased their contribution to regular resources in 2004 in local currency terms, many for the fourth consecutive year, or resumed their contributions. Three donors increased by 10 per cent or more.

You understand forged currency, forged pictures.

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