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#11
09-04-2008
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CURRENCY
WHAT Z CURRENCY? A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). WHAT Z CURRENCY ZONE? A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. CURRENCY A PAPER MONEY: In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is incorrect. Coins and paper money are both forms of currency. CONTROL XERCISED OVER CURRNCY: In cases where a country does have control of its own currency, that control is exercised either by a Central Bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve operates with full independence from the government. It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. In almost all Western countries, the monetary authority is largely independent from the government. USING OF SAME NAME/SAME CURRENCY BY DIFFERENT STATES: Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from 1791-1857, Spanish silver coins were legal tender in the United States. At various times countries have either restamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does. "HISTORY OF CURRENCY" EARLY CURRENCY: The origin of currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC. This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military. CURRENCY COINAGE: These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. It was with Archimedes' principle that the next link in currency occurred: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with. In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for large, but common, transactions, and as a unit of account for [COLOR=orange ! important]taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. In Europe this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest. Thus the overall ratios of the three coinages remained roughly equivalent. In China, however, the need for credit and for circulating medium led to the introduction of paper money. In Europe paper money was first introduced in Sweden 1661. Sweden was rich on copper but because of copper's low value extraordinarily big coins had to be made. It was probably more convenient to have a note stating your possession of such a coin. CURRENCY-THE ERA OF HARD AND CREDIT MONEY: [/color]Paper money was, in one sense, a return to the oldest form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts and checks issued privately had been in intermittent use for centuries, however, it was with the rise of global trade that paper money would find a permanent place in currency. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper. However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it created money that did not exist, it was subject to Gresham's Law: people would exchange money rather than coins of the same value, and this increased the velocity of money and therefore increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which would then collapse when the demand for paper notes fell to zero, and people began demanding hard money. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. CURRENCY-LEGAL TENDER ERA: With the creation of central banks, currency underwent several significant changes. During both the coinage and credit money eras, the number of entities which had the ability to coin or print money was quite large. One could, literally, have "a license to print money"; many nobles had the right of coinage. Royal colonial companies, such as the Massachusetts Bay Company or the British East India Company could issue notes of credit—money backed by the promise to pay later, or exchangeable for payments owed to the company itself. This led to continual instability of the value of money. The exposure of coins to debasement and shaving, however, presented the same problem in another form: with each pair of hands a coin passed through, its value grew less. The solution which evolved beginning in the late 18th century and through the 19th century was the creation of a central monetary authority which had a virtual monopoly on issuing currency, and whose notes had to be accepted for "all debts public and private". The creation of a truly national currency, backed by the government's store of precious metals, and enforced by their military and governmental control over an area was, in its time, extremely controversial. Advocates of the old system of Free Banking repealed central banking laws, or slowed down the adoption of restrictions on local currency. (See Gold standard for a fuller discussion of the creation of a standard gold based currency). At this time both silver and gold were considered legal tender, and accepted by governments for taxes. However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade. This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed. By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Governments too followed Gresham's Law: keeping gold and silver paid, but paying out in notes. CURRENCY-MODERN CURRENCY: Nowadays ISOhave introduced a system, ISO 4217, using three-letter codes to define currency (as opposed to simple names or currency signs), in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc. Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values. In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency (D for dollar, for instance) as the third letter. The International Monetary Fund uses a variant system when referring to national currencies. PRIVATELY ISSUED CURRENCY: From the earliest times token coins were issued by companies in remote parts of the world to overcome the shortage of circulating currency. Several large companies issue points to their customers, to be redeemed for products and services produced by that company. Often, a network of companies will join to share in the offering and redemption of points. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units; they are controlled by a central issuing authority; and they have varying rates of exchange with other forms of currency. For example, frequent flyer miles can be bought using U.S. dollars.
In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money.) Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion. Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentine economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies. In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money.) Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion. Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentine economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies. WORLD CURRENCIES: With such developments as the Euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world. |
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__________________ An expert is one who knows more and more about less and less. |
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#12
09-04-2008
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CIRCULATING CURRENCIES:
CURRENCY A-E: urrency - A-E
F-M
CURRENCIES S-Z:
CURRENCY-ANCIENT GREECE:
CURRENCY-ASIA: [/color]
@SHAH602: I TRIED MY LEVEL BEST TO WRITE CLEAR SO,I HOPE THAT IT WILL BE BIT A MORE CLEAR |
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#13
09-11-2008
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Country may not get $8 billion-10 billion from foreign sources
by:
FIDA HUSSAIN & ZAHEER ABBASI ISLAMABAD (September 11 2008): Pakistan's immediate financial requirement of approximately $8 billion to $10 billion is unlikely to be met from foreign countries, international lenders and donor agencies which are being proactively pursued by the government. Sources told Business Recorder that the government is in a fix as it does not want to go to the IMF programme.  While other options for the country are not viable to meet this huge demand for injections. It is clear to all that the International Monetary Fund (IMF) programme is offered on very tough conditions, which are difficult to fulfil both from economic and political perspectives. Sources said that the target of $10 billion is very challenging. The inflow of loans is not that high even in the aftermath of 9/11, 2001 when, as a reward for President Musharraf's unconditional support for the US-led war on terror, bilateral and multilateral agencies had injected huge amounts into Pakistan economy.  At the present moment in time, in spite of the democracy dividend, analysts are cautioning the government about the considerable difficulties in generating such a large amount from China, the US, Saudi Arabia, and some of the Gulf countries--an amount for which there is no precedent. In 2001-02, Pakistan received $3.795 billion. This was the highest figure for one year, recorded in the current decade. In 2002-03, the loans declined to $1.37 billion, and in 2003-04, the total volume of loans reached $2.07 billion. In 2006-07, the inflow again surged to $3.51 billion. And, in 2007-08 (July-March), total loans procured from bilateral and multilateral sources were $1.8 billion. Sources said that if one looked closely at facts, foreign loans are unlikely to cross $4 billion a year mark even if Pakistan is supported by the US, the European Union, Saudi Arabia, and GCC countries along with the World Bank, IMF and other institutions. In addition, they point out that Pakistan just does not have the absorption capacity for even the amount of loans it has already procured--a fact reflected by commitments exceeding disbursements every single year. A former finance minister, Sartaj Aziz, told Business Recorder that for political and economic reasons, Pakistan must not go to the IMF. He said that it was a positive sign that the government was not going to go the Fund for assistance. He said there were some positive indications from the US and Saudi Arabia, who were waiting for political stability after Musharraf's resignation. He said that Pakistan needed to focus on agriculture for overall development of the economy and employment generation. Another economists, Senator Khurshid, hailed Zardari's statement of not going to IMF. The Fund's conditionalities are always tough and anti-growth. Pakistan will have to keep its economy mortgaged to IMF, and even budgetary decisions would be made on its advice, he said. Pakistan has about $9 billion reserves, enough to pay for two months' imports, and efforts are underway to muster financial help from China, Saudi Arabia and some Gulf countries.  |
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#14
09-18-2008
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Euro stocks up, Asia's down as central banks act
Euro stocks up, Asia's down as central banks act
By MATT MOORE FRANKFURT, Germany -European stocks halted three days of losses in early afternoon trading Thursday, rising slightly after a concerted effort by central banks to pump billions more U.S. dollars into troubled money markets and limit the global financial crisis. Asian markets fell. Britain's FTSE-100 was up 1.6 percent after Lloyds TSB PLC's 12.2 billion-pound ($21.8 billion) deal to acquire struggling HBOS PLC, Britain's biggest mortgage lender, eased some concern among traders there. "The acquisition will strengthen the presence of Lloyds on the UK market," said Ivanka Stefanova, a credit analyst with UniCredit in Munich. In Frankfurt, the German DAX was up nearly 1 percent, lifted in part by shares of Deutsche Boerse AG, which rose nearly 11 percent, as well as automaker Volkswagen AG, whom investors believe will likely be completely taken over by Porsche SE in the coming weeks. That pushed shares of Europe's biggest automaker up more than 10.1 percent in trading. Deutsche Bank AG, Germany's biggest bank by assets, saw its shares rise more than 4 percent to euro52.44. Analysts said the gains in European markets were largely the result of the announcement by the European Central Bank, Federal Reserve and central banks in Switzerland, Japan, Britain and Canada, to provide as much as $180 billion in extra dollars to cash-starved banks. In a statement, the Fed said it had authorized the expansion of swap lines, or reciprocal currency arrangements, with the other central banks, including amounts up to $110 billion by the ECB and up to $27 million by the Swiss National Bank. The Fed also said new swap facilities had been authorized with the Bank of Japan for as much as $60 billion; $40 billion for the Bank of England and $10 billion for the Bank of Canada. In Paris, the CAC 40 was up nearly 1.1 percent, led in part by bank Dexia, shares of which were up almost 10 percent, as well as strong ganis by banks Credit Agricle and BNP Paribas, both of which surged 5.9 percent and 5.8 percent higher. Gains were also seen on exchanges in Madrid, where the SMSI was up 1.4 percent and in Stockholm, where stocks rose nearly 1 percent. Elsewhere, Russia's main stock exchanges remained mostly closed Thursday, a day after regulators suspended trading amid a dizzying plummet in share prices. The MICEX resumed limited trading; the RTS was set to reopen Friday. ITAR-Tass and Interfax quoted Russian Finance Minister Alexei Kudrin also as saying that Russia's three largest banks will be getting an extra 60 billion rubles ($2.36 billion) to help bolster the financial markets. Across Asia, stocks fell but managed to erase most of the sharp losses that arose after Lehman Brothers Holdings Inc. filed for bankruptcy protection and insurer American International Group Inc. was bailed out by the U.S. government. Hong Kong's Hang Seng Index, which sank more than 7 percent at one point, closed virtually flat at 17,632 points. Tokyo's Nikkei 225 index, also paring early losses, ended down 2.2 percent to 11,489.30, a three-year low. In other markets, Australia's S&P/ASX200 index fell 2.4 percent, South Korea's Kospi lost 2.3 percent, and China's Shanghai benchmark dropped 1.7 percent after earlier falling 7 percent. Investors were shaken by the Federal Reserve's $85 billion emergency loan to AIG , the huge U.S. insurer that lost billions in the risky business of insuring against bond defaults and became the latest victim of the historic financial turmoil that's engulfed Wall Street over the last year. The crisis, a result of problems with souring mortgage debt and restricted credit, has already brought down Wall Street giants Lehman Brothers, Merrill Lynch and Bear Stearns . The two independent investment banks left standing — Morgan Stanley and Goldman Sachs Group — remained under scrutiny. "It's a complete collapse of confidence," said Francis Lun, general manager of Fulbright Securities Ltd in Hong Kong. "The financial crisis in the U.S. is hitting everyone, everyone is running for cover. If the largest insurance company can fail, than no one is safe." Oil had jumped overnight as investors fled equities to crude as a short-term safe haven amid global market unrest. After opening lower Thursday, light, sweet crude for October delivery was up 69 cents to $97.85 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The euro surged higher to $1.4498 in European trading from the $1.4376 it bought in New York late Wednesday. The British pound edged higher to $1.8217 from $1.8245, while the dollar bought 104.44 Japanese yen compared with 105.24 yen. — AP Business Writers Catrin Stewart in Moscow and Jeremiah Marquez in Hong Kong and Associated Press writers Tomoko Hosaka in Tokyo and Rohan Sullivan in Sydney contributed to this report. |
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Hina 11(MISS Einstein) (09-20-2008)
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#16
09-20-2008
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Rupee further weakens, as dollar selling at Rs78.22
The value of rupee is further seen eroded by paisa 26, as it traded in the inter-bank at Rs78.22 to a dollar.
Forex market dealers said that the rupee continued remaining under pressure today also, while it yesterday had closed at Rs77.96. The inter-bank trading today kicked off at Rs77.95 to a dollar, but later it was seen soared up to Rs78.22. Dealers said that the banks making purchases of dollars and the heavy demand of dollars from the importers intensified rupee value depreciation, while the speculators in the market were taking the advantage of prevalent panic for dollars. Boosting of foreign exchange reserves and increasing exports besides dollar inflows from the foreign investors were imperative for the stabilization of rupee value. |
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#17
09-20-2008
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oil prices
thanx hina for this valuable though a bit undigestible information(lol)
i would like to know the oil prices up-dates.a couple of days ago it was notified that the oil prices had fallen below $91.further more,unlike petrol prices,the desiel prices are getting high. can u give the recent updated on this issue? regards
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Hina 11(MISS Einstein) (09-21-2008)
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#18
09-21-2008
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Overview (Wednesday, September 10, to Wednesday, September 17):
 Prices Spot natural gas prices moved lower this week in most regions of the Lower 48, despite severe reductions in supplies from the Gulf of Mexico offshore as the industry continued its efforts to recover from Hurricane Ike. On a regional basis, spot markets along the Gulf Coast in Louisiana and East Texas registered an average price decrease of $0.01 and $1.06 per MMBtu, respectively. Lower prices for crude oil (which competes with natural gas in end-user markets and upstream investment), as well as lower natural gas demand and infrastructure constraints after the hurricanes, likely contributed to lower prices. For example, Houston and its environs continue to lack electric power, much of which is fueled by natural gas, following the hurricane. Across Texas, roughly 2.5 million households were without electricity immediately after the hurricane, and about 1.6 million remained without power as of 10 p.m. yesterday (September 17). Nonetheless, the direction of price movements in week-to-week comparisons was not uniform with some regional infrastructure disruptions and demand characteristics resulting in scattered price increases. The price at the Henry Hub in Erath, Louisiana, was 17 cents per MMBtu higher on the week, ending trading yesterday (September 17) at an average of $7.82. The Henry Hub, as well as other locations in Louisiana, is supplied at least partially by offshore production, which was still reduced by more than 6 Bcf per day as of yesterday, according to the Minerals Management Service (see Other Market Trends below).
The largest price decreases on the week occurred in the Midcontinent region, which also has the lowest current prices in the country. Contrary to the general decrease in prices across the country, market prices at Northeast trading locations increased during the report week. The average spot price in the region was $7.94 per MMBtu yesterday, which was 1 cent higher on the week. Although temperatures in the Northeast were mostly mild during the report week, the slight price increase may have followed from some heating load with night-time temperatures dipping below freezing in a few locales in New England. For the week, the average spot price for delivery off Transcontinental Gas Pipe Line in the Northeast (in the Transco Zone 6, Non-New York locations) increased by $0.13 per MMBtu to $8.17, a premium of $0.35 per MMBtu to the price at the Henry Hub. Available Midcontinent supplies were abundant during the week as demand in the region was likely considerably lower because of flooding (another effect of a strong weather front and the recent hurricanes). Additionally, at least one major pipeline in the region, CenterPoint Energy Gas Transmission (CEGT) has been reporting inordinately high levels of linepack on the pipeline and enforcing balancing of deliveries and nominations. Price decreases were widespread in the region, with the largest ($1.79 per MMBtu) occurring in the eastern trading pool for CEGT. The average price in the Midcontinent region declined $1.49 per MMBtu to $4.09, which was 43 cents lower than the average price in the Rockies (which often in recent years has had the lowest prices in the country).  At the NYMEX, the price of the near-month contract (for October delivery) increased $0.517 per MMBtu during the report week to $7.910, owing to a surge in the price on Wednesday, September 17.
The average futures contract price for the upcoming heating season (November 2008 through March 2009) rose $0.40 per MMBtu on the week to $8.517. This price is $0.70 per MMBtu more than yesterday’s Henry Hub spot price, suggesting an economic incentive to inject natural gas into storage. Beyond March 2007, the contracts for the next year increased but at more modest increments ranging between 24 cents and 18 cents per MMBtu. The 12-month futures strip (October 2008 – September 2009) settled yesterday at $8.40 per MMBtu, which is 31.4 cents higher than last week. The daily settlement price for the near-month contract on Thursday of last week reached the low point of $7.248 per MMBtu, which was the lowest price for a near-month contract since December 27, 2007 (for the January 2008 contract), and the lowest price for the October 2008 contract since trading on August 3, 2005. However, the general decline in the price of the contract recently was reversed yesterday, as the price of the near-term contract rose 63.1 cents per MMBtu during the trading session, marking the largest single-session gain in value for any near-term contract since a gain of 79 cents on October 16, 2006 (for trading of the November 2006 contract). Despite yesterday’s gain, which occurred on a day the price of crude oil gained $5.90 per barrel, the price of the near-term contract is still substantially less than during the chaotic aftermath of Hurricane Katrina in 2005, when the October contract expired at $13.907 per MMBtu. Relative to the past 2 years, the current contract price for October is 23 and 88 percent higher than the October 2007 expiration price of $6.423 and the October 2006 expiration price of $4.201, respectively.  More Price Data Storage Working gas in storage increased to 2,972 Bcf as of Friday, September 12, 2008, according to EIA’s Weekly Natural Gas Storage Report (Weekly Natural Gas Storage Report (see Storage Figure). This report week’s implied net injection of 67 Bcf is lower than the 5-year average injection of 77 Bcf and above last year’s injection of 63 Bcf. As a result, current inventories are now 2.1 percent above the 5-year average level of 2,911 Bcf. The difference between current inventories and levels last year at this time decreased to 4.6 percent, or 142 Bcf. If net additions through the end of October equal the average rate of the past 5 years, working gas stocks at the start of the heating season would be 3,390 Bcf.
The net injection came during a week in which about 38 Bcf of supplies were shut-in because of evacuations and other safety precautions related to Hurricanes Gustav and Ike in the Gulf of Mexico offshore taken by the industry, according to the Minerals Management Service. Reduced demand likely counteracted the effects of the large volume of supplies that were shut-in during the week, allowing for the substantial build in storage. This week’s injection partly reflects moderate temperatures across the United States, which kept demand for heating and cooling needs low. For the week ending September 11, 2008, temperatures were slightly cooler-than-normal. However, the relatively low levels of 16 heating degree-days and 45 cooling degree-days for the week ending September 11 indicate minimal heating and cooling load for the country as a whole. (see Temperature Maps and Data)  Other Market Trends DOE Reports on Hurricane Impacts: The U.S. Department of Energy (DOE) has continued tracking the impact of the recent hurricanes, Gustav and Ike. Hurricane Ike made landfall near Houston, Texas, at 3 a.m. EDT on September 13, 2008, as a strong Category 2 hurricane. DOE reported as of 6 a.m., September 17, that there are almost 3 million customers without electric power in several States because of the weather-related conditions. The biggest outage remains in Texas where almost 2 million customers are without power. According to the Minerals Management Service (MMS), 6,087 million cubic feet per day (MMcf/d), or 82 percent of the Federal Gulf of Mexico’s (GOM) natural gas production, remains shut in. In addition, operators have shut in about 1.2 million barrels per day (bbl/d) of oil production or 96 percent of the Federal GOM total, as of September 17. According to the MMS, Hurricane Ike destroyed 28 of the 3,800 offshore production platforms in the Gulf o |