Commenting on the quarter, Douglas Baker, Jr., Ecolab's chairman and CEO said, "First quarter earnings were in line with our expectations as solid
fixed currency sales gains and operating margin expansion helped drive double-digit adjusted diluted earnings per share growth.
They are effectively US dollar purchasers owing to the
fixed currency peg.
At the weekend, the judiciary, legislature and government approved plans by the Central Bank of Iran to strictly limit access to official
fixed currency rates to essential imports.
The
fixed currency would ensure a predictable and stable economy by avoiding sudden and uncontrolled price hikes by importers on the pretext of fluctuating currency rates, much to the relief of the common man.
Reportedly, this grant is subject to performance targets related to revenue growth and accumulated EBITDA over the period of 2018 to 2020, measured in
fixed currency. A compound annual growth rate in revenue of 10% and a minimum aggregated yearly EBITDA margin of 34% are required to release all stock options.
This
fixed currency supply doesn't allow for economic growth, and the only way to accommodate more transactions would be with deflation; if prices drop, the same currency supply can accommodate more transactions.
This card delivers a more secure experience for clients when they are travelling and gives them the peace of mind that they have a
fixed currency exchange rate on all international spends," Suvo Sarkar, Senior EVP & Group Head, Retail Banking & Wealth Management at Emirates NBD, said.
The forwards market is pricing in a devaluation, it is pricing in a move away from
fixed currency exchange rates.
Central banks face an impossible trinity or trilemma: they cannot maintain an open capital account,
fixed currency and independent monetary policy.
Second quarter 2014 sales for the global industrial segment, when measured at
fixed currency rates, rose 3% to $1.2 billion, led by water.
Since early 2013, the country has faced food shortages, high inflation, and pressures on
fixed currency exchange regulations.