Professor Ted Azarmi's Forum

International Finance (Harvard Business School Lecture Notes; Multinational Financial Management, Alan C. Shapiro ) Heilbronn 2012-Present (prior lectures at University of Tuebingen, Cal State, Temple Uni; Int. Uni of Japan) => Lecture 5: Foreign Exchange Markets and the World Currencies => Topic started by: HannahHerrmann on June 19, 2009, 01:20:47 pm

Title: World currencies
Post by: HannahHerrmann on June 19, 2009, 01:20:47 pm
1. Afghanistan

Currency: Afghani (AFN)

The Afghani is the official currency of Afghanistan. The first Afghani (AFA) was introduced in 1925, replacing the Afghan rupee. From 1940, the Afghani was pegged to the U.S. dollar but between 1979 and 1982 and again from 1992, the Afghani's value floated.
Between October 7, 2002 and January 2, 2003 a new Afghani was introduced with the code AFN. It replaced the previous Afghani at two distinct rates. Issues of the government of President Burhanuddin Rabbani were replaced at a rate of 1000 to the new Afghani, whilst the issues of Abdul Rashid Dostum (the Northern Alliance) were replaced at a rate of 2000 to the new Afghani, The new Afghani was valued at 43 Afghani to the U.S. dollar. Prior to the new issue, there was a huge inflation in Afghanistan. US dollar or Pakistan rubees are also used but the Afghan Central Bank governor Anwar Ul-Haq Ahadi announced that Afghans should use their own Afghani currency in daily transactions rather than United States dollars or Pakistani rupees.
The new Afghani is  a floating currency and convertible.  The old Afghani was pegged to the US Dollar or to the Indian rupee for several times but  since 1992, the value floated. I think  that there is no future/forward market.
Information from 2005 say that the exchange rate regime in place is that of a managed float.
There seems to be a black market for currency.

2. Albania

Currency: Albanian Lek (ALL)

The lek is the currency of Albania. It is subdivided into 100 qindarka, although qindarka are no longer issued.
The First Lek (1926 introduced by King Ahmet Zogu) was named after Aleksander the Great (Leka I Madh) The second lek was introduced in 1965.
During 1999, the lek experienced a sharp appreciation to the USD primarily due to the influx of Alabanian Kosovar refugees and their money.
People also use Euro and US dollar.
Albania has got a more or les floating exchange rate regime and the lek is convertible. At the moment 93.62 ALL = 1USD. However, the leg is pegged to the Euro. 1EUR is always between 120 and 130 Lek. I couldn’t find any future/forward market.
Some sources say that there is a black market for currencies.

3. Algeria

Currency: Algerian dinar (DZD)

The dinar,  whose name stems from the Roman "denarius", is the currency of Algeria and it is subdivided into 100 santeem. It was introduced in 1964, replacing the Algerian new franc at par. The current series of banknotes was issued in 1981, 1992, and 1998.
Euro and US dollar are also accepted.
Since January 1974, the dinar has been pegged to a basket of currencies. The currency is convertible. At the moment 1EUR= 102,718 DZD and 1USD= 73.7 DZD
There is no future or forward market.
A black market for currencies exists.


Hannah Herrmann
Title: ANDORRA
Post by: Lionel.Kapff on June 19, 2009, 01:49:19 pm
Andorra
Name of the currency:
Euros (EUR)
History of the currency:
Andorra does not have an official currency and hence no specific euro coins. It previously used the French franc and Spanish peseta as de facto legal tender currency. There has never been a monetary arrangement with either Spain or France; however, the EU and Andorra are currently in negotiations regarding the official status of the euro in Andorra. Negotiations are still ongoing, partially due to stalling regarding banking secrecy. It was recently expected that Andorra would first mint its own euro coins in 2009 at the earliest.
Is it a fixed or a floating exchange rate?
Floating exchange rate.
Is it convertible?
Yes.
Is there a Currency Peg? Is the currency tied to $, Euro, etc?
No.
Are there forward markets / future markets or options for this currency? If so where are they traded?
Yes, EUR derivatives are traded on all major FX markets.
Is there a black market for the currency?
No.
Is there a managed float? Does the government intervene in the market by buying and selling currency, through setting restrictions? Is there a currency board?
No. The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets.
Title: AZERBAIJAN
Post by: Lionel.Kapff on June 19, 2009, 02:19:22 pm
Azerbaijan
Name of the currency:
Azerbaijani manats (AZN)
History of the currency:
The manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The Azerbaijan Democratic Republic and its successor the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. The currency was called the manat in Azeri and the ruble in Russian, with the denominations written in both languages (and also in French) on the banknotes. The manat replaced the first Transcaucasian ruble (1918-1919) at par and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic in 1923. The second manat was introduced on 15 August 1992. It replaced the Soviet ruble at a rate of 10 rubles to 1 manat. On 1 January 2006, a new manat was introduced at a value of 5000 old manat. Since 1 October 2005, prices have been indicated both in new manats and in old manats to ease transition.
Is it a fixed or a floating exchange rate?
Fixed exchange rate.
Is it convertible?
Yes, but Azerbaijani law prohibits the export of the local currency by non-residents.
Is there a Currency Peg? Is the currency tied to $, Euro, etc?
The Azerbaijani manat is subject to a conventional pegged arrangement with the AZM pegged to the USD at a rate of AZM 0.8714 / USD 1.
Are there forward markets / future markets or options for this currency? If so where are they traded?
Forward transactions in USD, EUR and RUB are processed via the Baku Interbank Currency Exchange.
Is there a black market for the currency?
Possibly.
Is there a managed float? Does the government intervene in the market by buying and selling currency, through setting restrictions? Is there a currency board?
The National Bank of Azerbaijan (NBA) intervenes to maintain the currency peg to USD.
Title: Re: New Taiwan Dollar
Post by: magicblu on June 19, 2009, 02:49:45 pm
1. Taiwan

Currency: New Taiwan Dollar (currency code: TWD; common abbreviation: NT$)

History:

The New Taiwan dollar was first issued by the Bank of Taiwan on June 15, 1949, to replace the Old Taiwan dollar to end hyperinflation that occured due to the civil war.
Even though the Taiwan dollar was the de facto currency of Taiwan, for years the old Chinese Nationalist yuan was still the official national currency of the Republic of China.
In July 2000, the New Taiwan dollar became the official currency. At the same time, the Central Bank of China (now known as the Central Bank of the Republic of China) began issuing New Taiwan dollar banknotes directly and the old notes issued by the Bank of Taiwan were taken out of circulation.

Characteristics:

Floating exchange rate
Convertible
No currency peg (since 1999)
No black market


2. Togo

Currency: CFA franc (XOF)

History:

The CFA franc is a currency used in twelve formerly French-ruled African countries, as well as in Guinea-Bissau (a former Portuguese colony) and in Equatorial Guinea (a former Spanish colony). The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. Togo uses the West African CFA franc.
The CFA franc was created on 26 December 1945, along with the CFP franc. The reason for their creation was the weakness of the French franc immediately after World War II. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. New currencies were created in the French colonies to spare them the strong devaluation.

Characteristics:

Fixed exchange rate: 100 CFA francs = 0.152449 Euro (originally with French franc)
Tied by a currency board to Euro
No managed float
Convertible
No currency peg


3. Thailand

Currency: Baht (THB)

History:

The Thai baht was introduced in 1897 by the ruling King at the time, King Chulalongkorn. For the time period between World War II and 1980, the Baht was fixed to the US Dollar at an exchange rate of 1$ = 20 baht. It proceeded to slowly decrease in value, and was again pegged to an exchange rate of 25:1 from 1985 until July 2, 1997 when the Asian financial crisis took its toll on Thailand.
Following the crisis, it was decided that the baht be placed on a floating exchange rate which halved its value, to its lowest rate of 56:1 in January 1998. It stabilized again at a rate of about 40:1, which it has managed to stay at since then.

Characteristics:

Floating exchange rate
No currency peg
No currency board
No black market
Title: BELARUS
Post by: Lionel.Kapff on June 19, 2009, 02:54:21 pm
Belarus
Name of the currency:
Belarusian rubles (BYR)
History of the currency:
The ruble is the currency of Belarus. It is divided into 100 kapeykas. From the collapse of the Soviet Union until May 1992, the Soviet ruble circulated in Belarus. New Russian banknotes also circulated in Belarus but they were replaced by notes issued by the National Bank of the Republic of Belarus in May 1992. The first post-Soviet Belarusian ruble was assigned the ISO code BYB and replaced the Soviet currency at the rate of 1 Belarusian ruble = 10 Soviet rubles. It took about two years before the ruble became the official currency of the country. In 2000, a second ruble was introduced (ISO code BYR), replacing the first at a rate of 1 new ruble = 1000 old rublei. This was redenomination with 3 zeros chopped off. From the beginning of his presidency, Alexander Lukashenko began to suggest the idea of integration with Russian Federation and to undertake steps in this direction. From the beginning, there was also an idea of introducing a united currency for the Union of Russia and Belarus. Art. 13 of the 1999 "Treaty of Creation of the Union State of Russia and Belarus" foresaw a unified currency. Discussions about the Union currency have continued past the 2005 implementation goal set by both nations. In 2009, Belarus pegged its currency to a basket of foreign currencies (USD, EUR and RUB).
Is it a fixed or a floating exchange rate?
Fixed exchange rate.
Is it convertible?
Yes.
Is there a Currency Peg? Is the currency tied to $, Euro, etc?
It is pegged with basket of currencies: EUR 1 = BYR 3832.38, RUB 1 = BYR 88.11, and USD 1 = Br 2858.
Are there forward markets / future markets or options for this currency? If so where are they traded?
The forward market in Belarus is subject a strict regulation by the National Bank of the Republic of Belarus (NBRB).
Is there a black market for the currency?
No.
Is there a managed float? Does the government intervene in the market by buying and selling currency, through setting restrictions? Is there a currency board?
The exchange rate is adjusted by the National Bank of the Republic of Belarus (NBRB) within an announced narrow path periodically.
Title: Re: Homework
Post by: JuliaKessler on June 19, 2009, 03:15:11 pm
See my homework attached
Julia Kessler
Title: Re: Homework
Post by: ellmar on June 19, 2009, 05:43:17 pm
Please find my homework attached.
best regards
Ellmar Jungschaffer
Title: Re: Homework
Post by: annika.kasparek on June 19, 2009, 06:32:03 pm
Please find my homework attached.

Best regards

Annika Kasparek
Title: Re: Homework
Post by: leoniekrauss on June 20, 2009, 11:05:19 am
Find my homework attached.

Kind Regards

Leonie Krauß
Title: Re: Homework
Post by: Katha on June 20, 2009, 03:05:24 pm
Please find attached information on the currencies BDT, XOF and BOB.

Best regards, Katha
Title: Re: Homework
Post by: larissa on June 20, 2009, 03:18:43 pm
Bosnia Herzegovina
Currency: marka (BAM)
History of the currency:
The Marka (BAM or KM), also known as the convertible mark, is the official currency of Bosnia. In 1995, Bosnia signed the Dayton Peace Accord, which divided Bosnia into a Serb Zone and a Muslim-Croat zone (also known as the Federated zone). When the new government took over, they issued a new currency, the Bosnian Convertible Marka, and tied it to the German Mark. Recently, the German Mark ceased to exist and the Marka became its own independent currency, giving the Bosnian people a renewed sense of confidence in their currency and their economy. Since the replacement of the German mark by the euro in 2002, the Bosnian convertible mark effectively uses the same fixed exchange rate to euro that the German mark has (that is, 1 EUR = 1.95583 BAM).
Is it a fixed or a floating exchange rate?
Floating exchange rate.
Is it convertible?
Yes.
Is there a Currency Peg?
Was pegged to the German mark at par until 2002.
I couldn’t find out about a black market or forward and future markets.
Title: Re: Homework
Post by: Jochen Schäfer on June 20, 2009, 05:13:52 pm
Please find the homework attached.

Botswana Pula
Brazilian Real
Brunei Dollar

Jochen Schäfer
Title: Re: Homework
Post by: FelixF on June 20, 2009, 05:40:09 pm
Solution is attached!

Armenia Dram
Aruba guilders/florins

best regards,
Felix Faißt
Title: Re: Homework
Post by: shohendorff on June 21, 2009, 11:26:41 am
find my homework attached

Bulgaria/ Burkina Faso/ Burma

best regards
Stephanie Hohendorff
Title: Re: Homework
Post by: TanjaKroh on June 21, 2009, 11:28:37 am
Please find my homework attached.

Bulgarian lev (BGN)
Burundi franc (BIF)
Canadian dollar (CAD)

Best regards,
Tanja Kroh
Title: Re: Homework
Post by: CProebsting on June 21, 2009, 02:27:25 pm
Find attached my reports about

Cape Verde
Cayman Islands
Central African Republic

Christian Pröbsting
Title: Re: Homework
Post by: rolf.schmucker on June 21, 2009, 03:43:11 pm
Find my homework attached.
Currencies chosen: Chad (CFA franc), Chile (Chilean peso), China (Renminbi), Colombia (Colombian peso).
Kind regards
Rolf Schmucker
Title: Re: Homework
Post by: Benjamin Guin on June 21, 2009, 05:50:35 pm
Hello!

Here is my homework! I provided an overview of the following countries:
Croatia
Cuba
Cyprus

Last week was really interesting. I hope to see you all again on Thursday.

So long!
Benjamin  :)
Title: Re: Homework
Post by: CalleyBilgram on June 21, 2009, 06:57:42 pm
My three countires are:

Costa Rica
Czech Republic
Comoros

Thanks and see you Thursday!
Calley Bilgram
Title: Re: Homework
Post by: malijung on June 21, 2009, 08:40:36 pm
Congo
Costa Rica
Croatia

Kind regards,
Malika Jung
Title: Re: Homework
Post by: B.Tisch on June 22, 2009, 03:19:55 pm


Denmark

National currency: krone (pl.:kroner), abbreviation: DKK
History: The krone was introduced as a result of the Scandinavian Monetary Union, which lasted until World War I. The initial parties to the monetary union were the Scandinavian countries of Sweden and Denmark, with Norway joining two years later. This placed the krone on the gold standard at a rate of 2480 kroner = 1 kilogram fine gold. The Scandinavian Monetary Union came to end in 1914 when the gold standard was abandoned. The name of the common currency was "krone" in Denmark and Norway, and "krona” in Sweden (both names mean "crown" in English). After the dissolution of the monetary union, Denmark, Norway and Sweden all decided not to change the names of the now separate currencies. A referendum on the currency issue held in 2000 rejected the proposed adoption of the euro.
Is there a fixed or a floating exchange rate? Fixed ( due to ERM II)
Is it convertible? Yes
Is there a Currency Peg? The krone is pegged to the euro via the ERM II, the European Union's exchange rate mechanism. Before the introduction of the euro, the krone was linked to the German mark, the intention being to keep the krone stable.
The ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system. For Denmark, those margins are kept fixed at +/- 2.25%. Hence, DKK is subject to the same fluctuations regarding other currencies as it is the Euro.
Are there forward markets, future markets or options available for this currency? Not directly. But through the Euro-peg, it is possible to hedge future cash flows in DKK via Euro options or forward contracts.
If so, where are they traded?
Is there a Black Market for the currency? No
Is there a managed float? Does the government intervene in the market by buying or selling currency/through setting restrictions? Is there a currency board?
Yes, government intervenes. The purpose of the foreign-exchange reserve is primarily to support the fixed-exchange-rate policy. In the short term Danmarks Nationalbank can stabilise the krone by buying and selling foreign currency in the market. When Danmarks Nationalbank sells foreign currency (and buys kroner), the krone will tend to strengthen. When Danmarks Nationalbank buys foreign currency (and sells kroner), the krone will tend to weaken. In addition, Danmarks Nationalbank can influence the krone rate by adjusting its monetary-policy interest rates. When the foreign-exchange market is calm, Danmarks Nationalbank usually adjusts its interest rates in step with the adjustments of the monetary-policy interest rates of the European Central Bank. In a situation with upward or downward pressure on the krone or a sustained inflow or outflow of foreign currency, Danmarks Nationalbank unilaterally changes its interest rates in order to stabilise the krone.

Djibouti

National currency: Djiboutian Franc, abbreviation: DJF
History: In 1949, an independent Djiboutian franc came in to being when the local currency was pegged to the US dollar at a rate of 214.392 francs = 1 dollar. This was the value which the French franc had had under the Bretton Woods system until a few months before. Consequently, the Djiboutian economy was not affected by the further devaluations of the French franc. In 1952, the Public Treasury took over the production of paper money. The change of name to "French Afars and Issas" in 1967 was reflected on both the coins and notes. In 1971 and 1973, the franc was revalued against the US dollar, first to a rate of 197.466 to the dollar, then 177.721, a rate which has been maintained ever since. A further change in coin and banknote design followed independence in 1977.
Is there a fixed or a floating exchange rate? Fixed rate of DJF 177.721 per US dollar, thus floating to the same extend as the Dollar towards other currencies.
Is it convertible? Yes, no restrictions placed
Is there a Currency Peg? Yes, pegged to the US_Dollar since 1973
Are there forward markets, future markets or options available for this currency? No
If so, where are they traded?
Is there a Black Market for the currency? Yes, according to the fixed rate against the Dollar, effective exchange rates are biased to nominal exchange rates, thus setting up a Black market
Is there a managed float? Does the government intervene in the market by buying or selling currency/through setting restrictions? Is there a currency board? One of Djibouti's economic key factors is its strategic position as a free trade zone and its efforts to attract foreign direct investment (FDI). The resulting stable cash in-flow enabled Djibouti to maintain the fixed exchange rate. Djibouti has a currency board since 1949.

Dominican Republic

National currency: Dominican Peso, abbreviation: DOP
History: The Dominican Republic peso had been the currency since 1948 and was divided into 100 centavos, issued in bank note denominations similar to those of the United States. The Dominican peso, officially on par with the United States dollar for decades, underwent a slow process of devaluation on the black market from 1963 until the government enacted a series of official devaluations during the 1980s. In 1978 a Dominican law actually required that the peso be equal in value to the dollar, but as economic conditions worsened, authorities abandoned this policy. The most important change in Dominican exchange policy came in 1985 when the Jorge government, acting in accordance with the terms of an IMF stabilization program, floated the national currency in relation to the dollar. The DOP constantly devaluates ever since.
Is there a fixed or a floating exchange rate? Floating
Is it convertible?  ??
Is there a Currency Peg? No
Are there forward markets, future markets or options available for this currency? No
Is there a Black Market for the currency? Yes
Is there a managed float? Does the government intervene in the market by buying or selling currency/through setting restrictions? Is there a currency board?
Managed Floating since January 2005 with no predetermined path for the exchange rate. US-Dollar is used as a currency of reserve. Since the DOP is the only legal tender within the Dominican Republic, all incoming foreign exchange transfers are channelled into the commercial banks under BCRD (Banco Central de la República Dominicana) supervision, thus forming foreign exchange reserves.

Title: East Caribbean, Egypt, El Salvador
Post by: J.Ritter on June 22, 2009, 05:00:12 pm
1.   East Caribbean dollar (XCD)

The Eastern Caribbean dollar is the official currency of the eight political states in the Organization of Eastern Caribbean states (OECS). Six of these are independent states: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Two-namely Anguilla and Montserrat, are British overseas territories.

The currency is issued by the Eastern Caribbean Central Bank located in Saint Kitts and Nevis. An agreement signed on July 5, 1983 at the Port-of-Spain established the Eastern Caribbean Central bank as successor to the Eastern Caribbean Currency Authority. The currency is the successor to the West Indies dollar that was used the West Indies Federation. The only member state of the OECS that does not use the Eastern Caribbean dollar as their native currency is the British Virgin Islands.

It has been pegged to the United States dollar at US$1 = EC$2.7 since 1976.

There is no black market.

2.   Egypt: Egyptian pound (EGP)

The Egyptian pound is the official currency for the Arab Republic of Egypt. The pound is divided into 100 piasters, or 1000 milliemes. The ISO code for the Egyptian pound is EGP, although LE is also frequently used as notation. Egyptian banknotes were issued for the first time in 1899.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with 1 Egyptian Pound = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound at par.
This peg was maintained until 1962, when Egypt devalued slightly and switched to a peg to the U.S. dollar, at a rate of 1 Egyptian pound = 2.3 dollars. This peg was changed to 1 Egyptian pound = 2.55555 dollars in 1973 when the dollar was devalued. The Egyptian pound was itself devalued in 1978 to a peg of 1 Egyptian pound = 1.42857 dollars (1 dollar = 0.7 Egyptian pound).

The Egyptian pound floated in 1989. With the turn of the new millennium, Egypt introduced a managed float regime and successfully unified the Pound exchange rate vis-à-vis foreign currencies. The transition to the unified exchange rate regime was completed in December 2004. Shortly later, Egypt has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Section 2, 3, and 4 of the IMF Articles of Agreement, with effect from January 2, 2005. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices, except with IMF approval. By accepting the obligations of Article VIII, Egypt gives assurance to the international community that it will pursue economic policies that will not impose restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

The currency is convertible.

There is a black market, primarily made use of in non-urban areas where banks are rare.


3.   El Salvador: El Salvadorian colon (SVC)


The Salvadorian colon (SVC) is divided into 100 centavos. While colones are still accepted, the primary currency of El Salvador is the U.S. Dollar (USD). The colon had been produced in 1, 2, 5, 10, 25, 50, 100 and 200 colones, but is no longer being printed in an effort to eventually make the dollar the only currency circulating in El Salvador. Preceding the colon was the peso, which was a decimalized currency, but the colon replaced it in 1892.

There is no black market.

There is no currency peg.



Take care,
Julian Ritter
Title: Re: Homework
Post by: Niclas Huck on June 22, 2009, 07:29:07 pm
Please find attached my homework for the following countries:
Equatorial Guinea, Eritrea, Estonia

Regards
Niclas Huck
Title: Re: Homework
Post by: gustavkasselstrand on June 22, 2009, 08:24:31 pm
Please find my homework attached. The countries are the Fiji Islands, Ethiopia and The Gambia.


Best regards

Gustav Kasselstrand
Title: Re: Homework
Post by: kathrinheidl on June 22, 2009, 08:49:46 pm
Ethiopia, Falkland Islands and Faroer Islands

Best regards,

Kathrin Heidl
Title: Re: Homework
Post by: sabine.pfaff on June 22, 2009, 10:29:39 pm
Ethiopia, Falkland Islands and Gambia.

Sorry for the overlap, I was already working on it.

Best regards

Sabine Pfaff
Title: Re: Homework
Post by: Arrow on June 23, 2009, 12:10:51 am
Hello,

i focused on the Hong Kong dollar (HKD)

Best regards,

Michael Wagner
Title: Re: Homework
Post by: Sandra Hokenmaier on June 23, 2009, 11:43:33 am
Foreign Exchange Markets – Foreign Currencies

1. Hungary

Currency: Hungarian Forint (HUF)

The Hungarian forint is the official currency of Hungary.
In Hungary, florentinus (later forint), a gold-based currency, was used from 1325 under Charles Robert and several other countries followed its example. The name of the forint ironically comes from Florence, where golden money was minted from 1252, called fiorino d'oro.
Between 1868 and 1892, the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire, known in German as the Austro-Hungarian gulden or Austrian florin.
The forint was reintroduced on August 1, 1946 after the currency pengõ experienced a period of great hyperinflation in the year before.
Until recently, the forint was comprised of 100 fillér, but circulation of the fillér ceased in 1999, having been rendered useless by inflation
The Hungarian National Bank is responsible for maintaining the quality of the notes in circulation, and is therefore licensed to issue new notes and withdraw old ones.
Hungary is one of the newer members of European Union, and it is estimated that they will adopt the Euro around 2010.

Characteristics:

▪ semi-fixed exchange rate against the Euro with the forint allowed to move 2.5% above and   
  below a central rate against the Euro
▪ became a fully convertible currency in 1995
▪ pegged to the euro in preparation for the conversion to euro
▪ there are forward markets, future markets and options for the Forint, e.g. traded on the interbank 
  forex market
▪ there is a black market for the HUF
▪ Hungarian forint is a managed float within a +/- 15per cent fluctuation band around a central rate to 
  the euro

2. India  

Currency: Indian Rupee (INR)

The currency of India is the Rupee, issued by Reserve Bank of India..
It is believed that India issued its first coin in the 6th centaury BC. The first historical account of the introduction of Indian Rupee dates back to the reign of Sher Shah Suri. Paper Money was introduced in the late 18th century with the emergence of private banks and semi government banks.
The 1861 Paper Currency Act provided Government of India the monopoly of issuing notes thus curbing the note issuance authority of Private and Presidency Banks.
The Government of India continued to issue currency note till the Reserve Bank of India (RBI) was
established on 1st April 1935.
Each banknote carries its amount written in 17 languages (English and Hindi on the front and 15 others on the back).

Characteristics:

▪ Officially, the Indian rupee has a market determined exchange rate. However, the RBI trades actively
  in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in
  place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.
▪ India is increasingly moving towards de facto full convertibility
▪ no currency peg
▪ there are forward markets, future markets and options for the rupee, e.g. Indian rupee (INR) futures
  came into limelight on Dubai Gold and Commodities Exchange (DGCX).
▪ no black market

3. Iceland

Currency: Icelandic Krona (ISK)

The króna, is the official currency used in Iceland. Often denoted by ISK, the name króna means "crown" - a meaning analogous to the name of several other Nordic currencies. The Icelandic króna became a currency separate from the Scandinavian krona after the ending of the Scandinavian Monetary Union, and after gaining independence from Denmark in 1918. The Central Bank of Iceland (Sedlabanki Islands) has controlled circulation of the króna since 1961 . In 1980 , the Icelandic króna was revalued, with 100 old krónur being worth 1 new króna. Technically the króna is composed of 100 aurar, although in practice coins of less than 1 Króna  have not circulated for many years.
Because of the volatility between the euro and the króna, former Foreign Minister Valgerður Sverrisdóttir considered the idea that Iceland might become a eurozone member without joining the European Union. The 2008/2009 financial crisis prompted further calls for Iceland to join the eurozone.

Characteristics:

▪ floats according to supply and demand
▪ The Icelandic currency is a low-volume world currency, strongly managed by its central bank, with a
  high degree of volatility not only against the US and Canadian dollars, but also against the currencies
  of the other Nordic countries and the euro.
▪ convertible
▪ not pegged to any currency
▪ futures, forwards and options available
▪ no black market


Title: Re: Homework
Post by: Michal Wilczek on June 23, 2009, 06:33:39 pm
Iran
Iraq
Israel

Find my solution attached
Title: Re: Homework
Post by: AndiStaudacher on June 23, 2009, 06:48:08 pm
Israel, Japan, Jordan
Please find my homework attached.

Kind regards,
Andrea Staudacher
Title: Re: Homework
Post by: simonevogelgsang on June 23, 2009, 08:40:53 pm
Please find my homework attached.
It covers the following countries:
Kazakhstan
Kenya
Kuwait.
Best regards.
Simone Vogelgsang
Title: Re: Homework
Post by: Alena Hörger on June 23, 2009, 08:49:54 pm
My homework covers
Kyrgyzstan
Laos
Latvia

Best Regards

Alena Hörger
Title: Re: Homework
Post by: florian totzauer on June 23, 2009, 09:28:55 pm
I finished working on:

Lebanon
Liberia
Lithuania

Kind regards
Florian Totzauer
Title: Re: Homework
Post by: Winge on June 24, 2009, 10:04:59 am
I am currently working on Macedonia, Madagascar, Malaysia
Title: Re: Homework
Post by: bbruggem on June 24, 2009, 12:05:27 pm
I'm currently working on Mauritius, Mongolia and Morocco.
Title: Re: Homework
Post by: OliverK on June 24, 2009, 01:10:27 pm
Mayotte, Mexico, Micronesia -- homework will follow soon
Title: Re: Homework
Post by: Matylda on June 24, 2009, 02:49:25 pm
My homework will cover Midway Islands, Moldova, Monaco.

Best regards.

I just noticed Midway Islands are a part of the U.S., so I will add Mongolia to my list.
Title: Re: Homework
Post by: Hendrik Sill on June 24, 2009, 03:48:54 pm
I will write about the currencies of Mozambique, Namibia and Nauru.

edit: Nauru uses AUSD. So I will choose Nepal as the third country.


1) Introduction and History

a) Mozambique Metical

The Mozambique metical (plural meticais), denoted by MZM, is the official currency of Mozambique. Split into 100 centavos, the MZM has been used as the Mozambique currency since 1980 and has been through extreme devaluation over the decades. This currency is the least valued currency unit ever since the revaluation of the Romanian leu on July 1st, 2005. The MZM holds this title at about 25.55 MZM per USD.

First metical (MZM)

The metical (MZM) replaced the escudo in 1980 at par. It was divided into 100 centavos. The metical underwent severe inflation. After the revaluation of the Romanian leu, the metical briefly became the least valued currency unit, at a value of about 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005.

Second metical (MZN)

On 1 July 2006, Mozambique redenominated the metical at a rate of 1000:1 (i.e., taking three zeros off). The new ISO 4217 code is MZN. The new currency is locally abbreviated as MTn. New coins and banknotes were introduced on 1 July, 2006 and the transitional period during which both old and new meticais can be used lasted until 31 December 2006.

Old meticais are to be redeemed by the Bank of Mozambique for a period of six years, until 31 December 2012.

b) Namibian Dollar (NAD)

The Namibian Dollar, denoted by NAD, is the legal tender of Namibia that was adopted in 1993, three years after the nation first gained independence. The country formerly used the South African Rand, a legacy of their South African rule. The Rand is still legal tender in Namibia, as the Namibian Dollar is pegged to the South African Rand. The Bank of Namibia used its first banknotes on September 15, 1993 and in December 1993, the Bank issued its first national coins.

Coins in circulation include the 5 cent, 10 cent, 50 cent, $1 and $5 coins. Banknotes in circulation include the $10, $20, $50, $100, and $200 notes.

The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa 1920-1990. The rand is still legal tender, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis locally. Namibia was also part of the Common Monetary Area from independence in 1990 until introduction of the dollar in 1993.

In 1990, moves were under way to replace the rand with a new Namibian currency. The name kalahar was proposed, as the Kalahari Desert is located in eastern Namibia. The name of Namibia's central bank was going to be known as the Namibia Reserve Bank. Denominations of this planned currency included 2, 5, 10, and 20 kalahar. (Note: There were two different designs for the 20 kalahar specimen notes.) However, these plans came to nothing, but some specimen notes were printed in a range of denominations.[citation needed]

The Bank of Namibia issued the first banknotes on 15 September 1993, and during December of that year, also issued the first national coins.

c) Nepalese Rupee(NPR)

The Nepalese Rupee, also denoted by NPR, is the official currency used in Nepal. The NPR is tied to the Indian Rupee (INR), being 5/8 its value.

The rupee was introduced in 1932, replacing the silver mohar at a rate of 2 mohar = 1 rupee. Initially, the rupee was called the mohru in Nepalese. Its value was pegged to the Indian rupee in 1993 at a rate of 1.6 Nepalese rupees = 1 Indian rupee.


2. Questions

Is there a currency peg? Is there a fixed or a floating exchange rate?

a) The currency is not pegged to any other currency. So there is a floating exchange rate.

b) Yes, the NAD is pegged to the South African Rand. So there is no floating exchange rate.

c) Yes, NPR is pegged to Indian rupee. Thus there is a fixed exchange rate.


Is it convertible?

a) The MZN is not convertible. Exchanging foreign currencies into MZN and vice versa is only possible in Mozambique.

b) The NAD is not convertible. It can only regionally be exchanged into South African rand.

c)According to gocurrency.com only 15 per cent of the money left unused shown on foreign exchange encashment receipts
can be exchanged back into another currency. This implies the currency is not convertible.

Are there forward markets/ future markets or options for this currency?

a) No information concerning these markets could be found using Google. Thus such markets most likely do not exist for this currency.

b)According to http://www.nedbanknamibia.com/content/business/InternationalBanking/forward.asp there is a forward market for NAD.

c) No information concerning these markets could be found using Google. Thus such markets most likely do not exist for this currency.

Is there a black market for the currency?

a) According to gocurrency.com there is.

b) Yes, there is.

c) Yes, there is.

Is there a managed float? Does the government intervene in the market by buying and selling
the currency or through setting restrictions? Is there a currency board?

a) According to http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/1999/12/30/000094946_99121005350963/Rendered/INDEX/multi_page.txt there is an independent float.

b & c) There is no managed float or a currency board for the NAD and the NRP , since both of them are pegged to another currency.

Title: Re: Homework
Post by: BeateBraun on June 24, 2009, 06:33:30 pm
My homework will cover Nepal, New Zealand and the Netherlands.

Kind regards, Beate Braun
Title: Re: Homework
Post by: DanielGebauer on June 24, 2009, 07:56:42 pm
Please find my solution attached.

I took the following currencies:
- North Korean won
- South Korean won
- South African rand


Best regards,

Daniel Gebauer
Title: Re: Homework
Post by: ElisabethBohnert on June 24, 2009, 08:05:55 pm
Hey!
My homework will cover the Netherlands Antilles, Nicaragua and Nigeria.

Best regards, Eli
Title: Re: Homework
Post by: jensonpoon on June 24, 2009, 08:13:31 pm
Dear all,

As I am coming from Hong Kong, I would like to show you more about the currency of my place.

Best,
Chun Jenson Poon
Title: Re: Homework
Post by: martina.weisser on June 24, 2009, 08:18:14 pm
Please find my homework attached,
best regards
Martina Weisser
Title: Re: Homework
Post by: Arrow on June 24, 2009, 09:32:42 pm
Hello,

I worked on the currencies of Norway and Oman.

My sources for Norway are:

http://www.x-rates.com/d/NOK/table.html
http://en.wikipedia.org/wiki/Norwegian_krone
http://www.gocurrency.com/countries/norway.htm

My sources for Oman are:

http://www.bank.lv/eng/main/fa/finfo/notvalkur/currency_codes/
http://en.wikipedia.org/wiki/Omani_rial
http://www.x-rates.com/d/OMR/table.html
http://www.gocurrency.com/countries/oman.htm


Best regards,

Michael Wagner
Title: Re: Homework
Post by: ElisabethBohnert on June 24, 2009, 10:38:25 pm
Hey!
So, here is my homework on currencies in the Netherlands Antilles, Nicarague and Nigeria.
See you tomorrow,
Eli
Title: Re: Homework
Post by: Renchen on June 24, 2009, 10:51:37 pm
Please find my homework attached.
I dealt with Northern Ireland and Norway.

Best regards,
Irene Komarowsky
Title: Re: Homework
Post by: TobiasF on June 24, 2009, 11:22:48 pm
Please find my homework attached.

I focused on Swaziland, Sweden and Island of Yap.

Best regards
Tobias Frasch
Title: Re: Homework
Post by: danielfroeschle on June 25, 2009, 09:29:03 am
My homework is attached,

I focused on Syria, Taiwan and Tanzania

Best regards

Daniel Froeschle
Title: Re: Homework
Post by: mary1405 on June 25, 2009, 12:28:07 pm
Homework is attached.
Title: Re: Homework
Post by: InaRapp on June 25, 2009, 12:53:25 pm
Please find attached my work about the West African CFA Franc and the Georgian Lari.
Unfortunately, my laptop refused to work during the last two days, that's why I wasn't able to put the two currencies in the right alphabetical order!

Best regards,

Ina Rapp
Title: Re: Homework
Post by: simone.klausmann on June 25, 2009, 01:31:08 pm
Please find my homework attached.
I focused on Panama, Papua New Guinea and Paraguay.

Best regards,
Simone Klausmann
Title: Re: Homework
Post by: Stephanie Bueck on June 25, 2009, 02:43:10 pm
Hi everyone,

I will focus on Peru, Philippines and Poland.

You will find my solution attached later.

Best regards
Stephanie Bueck
Title: Re: Homework
Post by: ChristianHattendorff on June 25, 2009, 03:20:30 pm
Please find my homework attached.
Unfortunately I also have Peru.

Peru
Qatar
Romania

Best regards,
Christian Hattendorff
Title: Re: Homework
Post by: FloB on June 25, 2009, 03:49:56 pm
See homework attached.
I took the following countries

Russia
Rwanda
Samoa

Bye
Florian Braun
Title: Re: Homework
Post by: lena on June 25, 2009, 03:53:51 pm
Please find my homework attached.
Paraguay, Peru, Qatar

Regards, Lena
Title: Re: Homework
Post by: Winge on June 27, 2009, 10:45:19 am
Please find my homework attached !

Greetings
Winfried Gernert
Title: Re: Homework
Post by: KarinL on June 27, 2009, 02:20:09 pm
Homework attached (Argentina, Canada, Switzerland).
Best regards,
KarinL
Title: Re: Homework
Post by: O. Krebs on June 27, 2009, 06:42:23 pm
Please find my homework attached.
Comprising of Uruguay, Uzbekistan and the UK.
Best regards,
Oliver Krebs
Title: Re: Homework
Post by: Hülle on June 28, 2009, 04:11:00 pm
Better late than never ;) please find the 3 currencies attached (Namibia, Nepal, New Zealand)

Best regards, Matthias
Title: Re: Homework
Post by: leyre on June 28, 2009, 05:49:47 pm
FIND MY HOMEWORK ATTACHED

YEMEN, ZAMBIA AND ZIMBABWE
BEST REGARDS
LEYRE TORRES
Title: Re: World Currencies
Post by: ChristianFalk on June 28, 2009, 09:48:48 pm
Please find my homework (Norway, North Korea, Panama) attached

Best regards
Christian
Title: Re: Homework
Post by: Sébastien.Fabre on June 29, 2009, 12:38:50 pm
Hello
Please find attached my work (Paraguay, Péru and portugal)
Best regards
Sébastien Fabre
Title: Re: Homework
Post by: Stephanie Bueck on June 29, 2009, 07:23:06 pm
You find the solution attached.

Sorry for the delay.

Best regards
Stephanie Bueck
Title: Re: Homework
Post by: Sarina Mauthofer on June 29, 2009, 10:22:02 pm
Please find my homework attached.
Best regards,
Sarina Mauthofer
Title: Re: Homework
Post by: bbruggem on July 01, 2009, 10:29:56 am
Please find attached my homework about Mauritius, Mongolia and Morocco.

Best regards
Title: Re: Homework
Post by: NikolasGerlich on July 01, 2009, 06:42:49 pm
Please find my homework on currencies in Mozambique, Myanmar and Namibia attached.

Best regards,
Nikolas Gerlich
Title: Re: Homework
Post by: dzmitry.kuryla on July 02, 2009, 12:53:34 pm

Please find my homework attached,
 Nauru/ Nepal/ Netherlands
Best Regards,
Dzmitry Kuryla
Title: Re: Homework
Post by: matthiaszembrod on July 02, 2009, 06:54:51 pm
please find my homework (New Zealand, Nicaragua, Niger) attached

best regards,

Matthias Zembrod
Title: Re: Homework
Post by: Chrizzo on July 03, 2009, 03:38:04 pm
Dear Prof. Azarmi,

please find my HW on Nigeria, Niue and Norfolk Island attached.

Regards,
Christoph Schröder
Title: Homework
Post by: daniela.tellez on July 03, 2009, 07:49:57 pm
Hallo!

I did Jamaica, Kenya, Libya (attached)

Best Regards
Title: Re: Homework
Post by: TK8981 on July 05, 2009, 12:20:10 am
Hello,

Homework V:World currencies (Great Britain, Uruguay, Uzbekistan) is attached.

Kind regards,
T
Title: Re: Homework
Post by: TK8981 on July 05, 2009, 12:34:03 am
Oh no. I right now have seen that someone else chose the same currencies.
Sorry for the overlap, I did not notice that.

Sources for the chosen currencies:
www.Wikipedia.org
http://www.bankofengland.co.uk
www.gocurrency.com


Kind regards,
T
Title: Re: World currencies
Post by: Cristina_M on July 05, 2009, 12:46:52 pm
Hello
Please find my homework attached.
  Thailand
  Tunisia
  Ukraine
 
Best regards,
Cristina Mocanu
Title: Re: World currencies
Post by: Maric1601 on July 06, 2009, 03:24:02 am
Please find my homework attached

Currencies:

Yemen
Zambia
Zimbabwe

Kind regards

Maric Marko
Title: Re: World currencies
Post by: paula.schliessler on July 06, 2009, 11:37:58 pm
Find attached my homework
best regards
Paula Schliessler
Title: Re: World currencies
Post by: Daniel Jäger on July 09, 2009, 03:28:23 pm
Please find my homework on currencies in Vanuatu, Venezuela and Vietnam attached.

Best regards,
Daniel Jäger
Title: Re: World currencies
Post by: sulyLozano on July 12, 2009, 04:41:54 pm
Yemen and Zambia
file attached

Suly Lozano
Title: Re: World currencies
Post by: zxmgh07 on July 15, 2009, 05:08:39 pm
Zimbabwe, Afghanistan and Syria (last two currencies chosen by chance)
Title: Re: World currencies
Post by: Carolynna on July 15, 2009, 05:51:46 pm
Foreign Exchange Markets and World Currencies

Cameroon
   Like a number of West and Central African countries, the Republic of Camroon uses the CFA Franc (XAF). (The other countries are Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.)The currency was adopted to replace the French Franc that was in use during the colonial period, and is issued by the Bank of Central African States. In 1997 the government embarked on a program of structural reform in collaboration with the IMF and World Bank, aimed at increasing privatization.
CFA Franc is pegged to the Euro at a rate of 655,957 CFA francs = 1 Euro. No futures, forward, or options markets exist. A black market does exist.


Canada
   In 1858 the “Province of Canada” declared that all accounts would be kept in dollars and cents, and was pegged at par with the U.S. dollar on a gold standard (gold standard abolished 1933 in Canada). In 1935 the Bank of Canada was established as Canada’s central bank.
Today the Canadian dollar (CAD) is a floating currency. It is convertible, and no black market exists. Since 85% of exports go to the U.S., Canadians are mostly concerned with the value of their currency against the U.S. dollar. In general, the Canadian and U.S. dollars move in tandem. Forward, futures and options markets also exist.


Croatia
   The Kuna (HRK) is the official currency of Croatia, first introduced in 1994 soon after Croatia gained independence. The kuna is issued by the Croatian National Bank, and is considered an emerging market. Since the break up of Yugoslavia, Croatia as a nation has been slow to privatize in most major industries and has a thin capital marke.t
 The kuna is fixed to the euro, which “allows the government to make kunas more expensive in the summer when tourists arrive in order to gain foreign currency” (http://www.croatiatraveller.com/Money/kuna.htm). Meaning, the commercial banks are free to set their own exchange rates. Therefore the kuna is convertible, but with a managed floating rate; the idea being that maintaining a stable exchange rate is the anchor to Croatia’s financial entire system. As far as I can tell, no futures, forward, or options markets exist, but no black market exists either.


Until tomorrow!

Best,
Carolynna
Title: Re: World currencies
Post by: MarieHeydenreich on July 15, 2009, 06:54:05 pm
Solution attached
Title: Re: World currencies
Post by: carolin.schmidt on July 17, 2009, 01:46:34 pm
Please find my homework on CUC, CYP and CZK attached.

Best regards
Carolin Schmidt
Title: Re: World currencies
Post by: christine84 on July 18, 2009, 12:13:35 am
Attached is my homework.

Best regards,
Christine Scheef
Title: Re: World currencies
Post by: skstein on July 22, 2009, 11:31:53 am
Here is my homework.

Thanks,

Sarah
Title: Re: World currencies
Post by: Ludovic on July 24, 2009, 08:59:55 pm
World Currencies

Bosnia and Herzegovina – The Marka or convertible mark

The Marka (BAM or KM), also known as the convertible mark, is the official currency of Bosnia. In 1995, Bosnia signed the Dayton Peace Accord, which divided Bosnia into a Serb Zone and a Muslim-Croat zone (also known as the Federated zone). When the new government took over, they issued a new currency, the Bosnian Convertible Marka, and tied it to the German Mark. Recently, the German Mark ceased to exist and the Marka became its own independent currency, giving the Bosnian people a renewed sense of confidence in their currency and their economy.

Fixed or a floating exchange rate:
Fixed exchange rate against the EUR

Convertible?
Yes.

Is there a Currency Peg? Is the currency tied to $, Euro, etc?
Yes, the currency is pegged to Euro. 1 Euro = 1.95583 convertible marks

Are there forward markets / future markets or options for this currency? If so where are they traded?
No

Is there a black market for the currency?
No.

Best Regards,

Ludovic
Title: Re: World currencies
Post by: Ludovic on July 24, 2009, 09:18:50 pm
World currencies

Brazil – Brazilian Real (BRL)

The Brazilian real, also denoted by BRL, is the official currency of Brazil. The BRL was introduced on July 1, 1994. The Minister of Finances at the time, Fernando Cardoso, was soon elected President as the success of the new currency took off. The real replaced the previous "cruzeiro," which had been the monetary unit since 1942. It was introduced with distinct objectives: to tackle high inflation and to stabilize the exchange rate. In January 1999, Brazil decided to abandon the peg to the United States Dollar (USD) and devalue the real, which triggered a financial crisis.

Fixed or a floating exchange rate:

Floating exchange rate since 1999

Convertible?
Yes.

Is there a Currency Peg? Is the currency tied to $, Euro, etc?
No, the peg to the USD was abandoned in 1999.

Are there forward markets / future markets or options for this currency? If so where are they traded?
BRL future and option markets exist. They are traded at the Chicago Mercantil Exchange.

Is there a black market for the currency?
No.

Best Regards,

Ludovic
Title: Re: World currencies
Post by: Frank Streif on July 28, 2009, 09:02:06 pm
Please find my homework attached. The currencies which I have picked are South African Rand, Swedish krona and Swiss Franc.
Regards,
Frank
Title: Re: World currencies
Post by: MarioLebherz on July 29, 2009, 05:20:32 pm
Solution attached.
Best regards,
Mario
Title: Re: World currencies
Post by: shann on July 30, 2009, 07:47:34 pm
Hello,
my homework is attached.
Best regards, C.
Title: Re: World currencies
Post by: Matze on July 31, 2009, 11:36:23 pm
Solution attached.
Best regards
Title: Re: World currencies
Post by: Sarah.H on August 01, 2009, 01:39:50 pm
Dear Professor,

Please find my homework attached.

Best regards,
Sarah Hofmann
Title: Re: World currencies
Post by: catia45 on August 01, 2009, 02:56:18 pm
Information on currencies attached.

Sincerely,

Kathrin Leimann
Title: Re: World currencies
Post by: JavierF on August 01, 2009, 03:35:32 pm
Please find my homework attached,


Best regards,

Javier Friedlmeier
Title: Re: World currencies
Post by: Muschallik on August 01, 2009, 09:02:34 pm
Please find my homework attached.

Best regards,

Julia Muschallik
Title: Re: World currencies
Post by: CarlPhilippLins on August 02, 2009, 01:37:34 pm
Prep attached.

Carl Philipp Lins
Title: Re: World currencies
Post by: david.feierabend on August 02, 2009, 02:58:02 pm
Paper attached!
Regards, David
Title: Re: World currencies
Post by: david.feierabend on August 02, 2009, 02:58:44 pm
OK, now, it is attached.
Title: Re: World currencies
Post by: haze1lovely on August 02, 2009, 05:57:29 pm
Homework attached.
Best,
Jiaxi Gong
Title: World currencies
Post by: Raible on August 03, 2009, 11:57:15 am
Please find my homework attached.
best regards
Leonie Raible
Title: Re: World currencies
Post by: Florian_Hirschmann on August 03, 2009, 05:12:39 pm
Dear Mr. Azarmi,

you find my homework attached.
Kind regards,
Florian Hirschmann
Title: Re: World currencies
Post by: Wilhelm Maximilian Hammes on August 03, 2009, 05:18:13 pm
Prep attached

Many thanks & best regards

Wilhelm Hammes
Title: Re: World currencies
Post by: DanielPlaner on August 03, 2009, 09:24:16 pm
Hi

find my homework attached

regards

Daniel Planer
Title: Re: World currencies
Post by: Borislava Ivanova on August 03, 2009, 09:50:51 pm
Homework is attached!

Best regards

Borislava Ivanova
Title: Re: World currencies
Post by: christiansprenger on October 09, 2009, 10:05:06 pm
Please find my homework attached.

Kind regards,
Christian Sprenger
Title: Homework World currencies
Post by: megirad on October 11, 2009, 04:01:44 pm
Hi,

Please find my homework attached!

Best regards!
Madlena
Title: Re: World currencies
Post by: M.Hareng on October 12, 2009, 11:44:04 am
Hey,

see my homework attached!

Best regards,

Michael Hareng
Title: Re: World currencies
Post by: RoyaS. on October 13, 2009, 11:14:05 pm
Solution is attached,

best regards,

Roya S.
Title: Re: World currencies
Post by: benjamin1979 on October 17, 2009, 12:05:34 pm
Please find attached my summary. Regards Benjamin
Title: Re: World currencies
Post by: Jessica82 on October 24, 2009, 11:33:32 pm
Foreign Exchange Markets and the World Currencies class exercise

Netherlands

From the 17th century until 2002, the Dutch guilder (dutch: gulden), appreviated as f. or fl., was the official currency of the Netherlands. It was then replaced by the euro. Between 1999 and 2002, the guilder was officially a "national subunit" of the euro.

The word "gulden" is Middle Dutch and means "golden", indicating that the coins were originally made of gold. The symbol ƒ or fl. for the Dutch guilder was derived from another old currency, the florijn. A quite remarkable characteristic of guilder coins and banknotes is that they made up a system of quarters. Thus, it had coins of ƒ 0.025 (plak, vierduitstuk, halve stuiver), ƒ 0.25 (kwartje) and ƒ 2.50 (rijksdaalder), and banknotes of ƒ 25 and ƒ 250.
The exact exchange rate is still relevant for old contracts and for exchange of the legacy currency for euros at the central bank: 2.20371 NLG/ 1 EUR.

In 1940, during the German occupation, the guilder was pegged to the Reichsmark at a rate of 1.5 Reichsmark per guilder. Later that year, the rate was reduced.

After WW II, the Allied forces set an exchange rate of 2.652 guilders = 1 U.S. dollar, which became the peg for the guilder within the Bretton Woods system. In 1949, the peg was changed to 3.8 guilders = 1 dollar, approximately matching the devaluation of the British pound. In 1961, the guilder was revalued to 3.62 guilders = 1 dollar, a change approximately in line with that of the German mark. Since 1967 guilders were made of nickel instead of silver.
In 2002, the guilder was replaced by the euro. Coins remained exchangeable for euros at branches of the Netherlands Central Bank until 1 January 2007. Banknotes valid at the time of conversion to the euro may still be exchanged there until 1 January 2032.



Questions:

Is it a fixed or a floating exchange rate? It was pegged to several currencies over time, so it was not allowed to fluctuate with the market forces of demand and supply.

Is it convertible? Yes, it was.

Is there a currency peg? Is the currency tied to USD, EUR, etc.? The guilder was pegged to the German Reichsmark from 1940-1945, then pegged to the USD under the Bretton Woods system.

Are there forward markets/ future markets or options for this currency? If so, where are they traded? The Dutch guilder was comprised in the European Currency Unit (ECU) and thus could be traded indirectly at forward/ future and options markets.

Is there a black market for the currency? No.
Title: Re: World currencies
Post by: Schmidt on April 29, 2010, 10:24:15 am
Please find my homework attached.

I covered Denmark, Dominica and Estonia.
Title: Re: World currencies
Post by: VS on May 01, 2010, 05:10:32 pm
Attached my homework to Foreign Exchange Markets

My countries: Kazachstan (Tenge), North Korea (North Korean won) and Kuwait (Kuwaiti Dinar)
Title: Re: World currencies
Post by: Carlos on May 25, 2010, 07:41:55 pm
Attached is my homework concerning "Foreign Exchange Markets and the World Currencies".
My countries are: Mexico, Moldova and Mongolia.