The Emerging Market Currency Rout

Report on cash contributions at 31 December 1997 Local currency Donor Currency

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

Military expenditure in local currency billion won

Both United Kingdom and local coinage are used, together with local currency notes.

Figure IVc (In terms of local currency, 1995 100)

Expanding local currency bond markets could expedite a shift from dollar denominated cross border loans to local currency loans, bringing benefits to both investors and borrowers.

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Schedule 7. General Service salaries changes in local currency terms

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.

124 (c) The present local currency entitlement system for hard currency duty stations should be maintained (see annex VI)

This includes such factors as home market growth constraints, liberalization and currency appreciation.

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.

High cost of supplies on the local market.

This has forced the State to use local currency to finance Iraqi imports, thereby devaluing this currency outside Iraq and reducing its purchasing power.

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

a A higher real exchange rate signifies a real depreciation of the local currency.

b Represents gain on exchange from revaluation of accounts payable expressed in local currency.

c Represents gain on exchange from revaluation of accounts payable expressed in local currency.

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.

There are two main trends concerning the local Unemployment Market .

Bankruptcy among small agricultural producers supplying foodstuffs to the local market.

Several speakers pointed out the importance of avoiding the accumulation of foreign currency denominated debt and borrowing in local currency as a hedge against foreign exchange rate risk.

Local currency Italian Lira (On 3 July 1997 the BCI conversion rate was Lit.1,699 US 1).

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.

Like the project company, the foreign construction contractors and suppliers will expect to be able to convert into foreign currency and transfer abroad any revenue earned in local currency.

Such problems include budgeting in more than one currency (whereby agencies may have to report in a local currency at the project site and in a second currency from their headquarters) and delays in receiving final invoices from vendors.

It was important to be familiar with local market conditions and technologies.

Markets were continuously changing, owing to a variety of factors, such as shifts in market structure and currency fluctuations.

b The local currency is the St. Helena pound, which is equivalent to the United Kingdom pound sterling.

Local currency in circulation as at 31 March 1996 was 2,975,030, comprising 2,600,970 in notes and 374,060 in coins.

An employer must therefore contact the local labour market office to apply for permission to employ non local manpower in such positions.

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.

2. Takes note of the updated list of hard currency duty stations for which the allowances are specified in local currency, as contained in annex X to the report of the International Civil Service Commission 1

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

The exporting arm of the joint venture would deprive the local Zimbabwean market of furniture items.

Many new motorcycles and vehicles circulated and the local market had a wide range of products.

quot (a) For countries where the application of the local currency track would lead to aberrant results, with wide fluctuations depending on the precise commencement date of the underlying benefit entitlement, establishment of a local currency base amount in accordance with section C may be discontinued by the Secretary of the Pension Board.

For the many emerging market firms that borrowed in dollars to generate local currency revenue, the recent depreciation is triggering plenty of financial trouble. How much trouble will ultimately depend on factors that are very hard to forecast, including markets responses to Fed tightening and political shocks (say, the scandal enveloping Petrobras in Brazil) that shake investors faith in local policies and markets.

quot 38. (a) For countries where a new currency unit was introduced on or after 1 January 1990 which represented, at the time of its introduction, an increase in the value of the local currency in relation to the United States dollar of at least 100 per cent, the local currency base amount under section C, paragraph 5 (b) (iii), above shall be determined in the following manner

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.

The increase in average monthly rates is due to inflation as a result of the introduction of the kuna as the local currency.