The really big change on the horizon in regards to international reserves is the arrival of the Chinese yen as a fully convertible currency
that floats and is not managed actively by the People's Bank of China.
This fluctuation will need a flexible exchange regime and fully convertible currency
Cuba introduced the convertible currency
in 1994 when Cubans started receiving remittances from relatives in Florida to help them weather an economic crisis triggered by the break-up of Havana's benefactor, the Soviet Union.
Not everyone receives convertible currency
from abroad, something which is not illegal but which at times creates irritating inequalities and privileges in a country that does its utmost to supply vital services free of charge to the entire population.
But unlike a standard forward contract, delivery on an NDF is made not in renminbi, but in an equivalent amount of a convertible currency
, such as U.
It also established a set of criteria for the headquarters: a stable government, a convertible currency
, good communications, good living conditions, attractive climate and a city which would be suitable to foreign--African and non-African--employees.
Difficulties arose because India does not have a convertible currency
, and Quovadx encountered problems with letters of credit issued on behalf of Infotech.
Today Kazakhstan has a fully convertible currency
, single-digit inflation, and a sound banking system.
The Hong Kong market has a number of things going for it - people there speak English, it has a free port, convertible currency
and the fifth largest foreign reserve in the world.
Utilising the Euro as a strong convertible currency
and with the availability of a 300m consumer marker, everything is in Africa's favour.
New Discoveries and its software licensee, will provide a regulated online gaming service, allowing players access to graft-free government, fully convertible currency
, competitive odds and prompt payment of winnings for the first time.
Cuba opened the sectors operating directly in foreign currency to international competition and established decentralized financing of convertible currency