It is encouraging that 10 OECD DAC members increased their contribution to regular resources in 2004 in local currency terms, many for the fourth consecutive year, or resumed their contributions.

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.

It tied the local currency to the British Pound, giving local authorities no discretion in monetary policy.

Another promising development is the growth of local currency bond markets.

It is also the name of the local currency (abbreviation GTQ).

Seventeen donor countries and EU increased their contributions in 2003.7 Of the countries that registered increases in funding levels, three countries had actually decreased their contributions in terms of their local currency, but showed an increase in terms of the United States dollar.

Local currency government debt markets have performed fairly well during the crisis, while local currency corporate debt markets have played a more modest role as a vehicle for longer term finance.

Salaries are paid in local currency while allowances are paid in US dollars.

China was mentioned only in terms of its supposed cheating on trade and currency matters.

The local currency is the Falkland Islands pound, which is pegged to the British pound sterling.

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.

Central Reserve Bank of Peru (BCR) recalled that the change of currency was due to the invasion of feeble Bolivian currency that, since 1840, entered the country through the Southern zone, thus provoking confusion with the local currency.

Following Chile s example, governments also could redefine the tax system in terms of the units of account rather than currency.

These markets have been insulated in part because most investment in real estate backed securities has come from local investors who often need to invest in local currency markets.

And, in economic terms, Brazil, India, and South Africa are concerned about the effects of China s undervalued currency on their economies.

In fact, according to Standard Chartered Bank, China ranks first worldwide in terms of both overall M2 and newly issued currency.

But, as these investments bolster economic growth, increased tax revenues would imply more sustainable financing, as would local governments ability to leverage land markets and approach local currency debt markets.

Local currency bond markets could help to develop domestic investor bases and mobilize domestic savings to support long term investments.

For one thing, it is folly to think that more local currency debt eliminates the possibility of a financial crisis.

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.

In most countries, such intervention would tend to push up inflation, because the central bank issues local currency in return for dollars.

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

Programme countries continued to participate in UNDP activities, mainly in terms of regular resources and local resources contributions.

Each situation individually also presents its own specific needs, such as in terms of local language capacity requirements.

In political terms, China, India, and Russia are competitors for power in Asia, and Brazil and India have been hurt by China s undervalued currency.

They have also paid back a significant share of external debt and converted much of what remains into more manageable local currency liabilities.

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.

There are many similarities within and among countries in terms of the nature and causes of these local fiscal calamities.

These terms and conditions will be set with due regard to local practices in the area of the mission concerned.

These CVs are respected by the community and offer a basis for local response in terms of diagnosis and treatment.

Many borrowers, unable to get funding on reasonable terms domestically, were forced to take hard currency loans from abroad, creating disastrous burdens when the ruble collapsed.

Exporters of any particular commodity should issue debt that is denominated in terms of the price of that commodity, rather than in dollars or any other currency.

In 2009, sharp drops in commodity prices and the effects of the global financial crisis caused the local currency to drop 40 against the U.S. dollar.

Governments may be able to mobilize funding through debt swaps, where donors exchange debt for local currency investment in environmental protection, such as waste water treatment.

Hence, the interplay between local and central governments is complex, particularly in terms of revenue sharing and responsibility for providing public services.

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.

Finally, local currency bond markets and, more generally, domestic capital markets in emerging economies must be explored further, in order to lengthen the tenure of financial flows.

7 Note should be made of the currency fluctuations in the course of 2003 that may have played a role in the increase in terms of the United States dollar.

3. Takes note of the updated list of hard currency duty stations for which the allowances are specified in local currency, as contained in annex VIII to the report of the Commission Official Records of the General Assembly, Fifty fifth Session, Supplement No. 30 (A 55 30).

The other 89 resulted from 222 growth in dollar prices in that period, as local currency prices rose faster than prices in the US and the exchange rate appreciated.

And I also know that the complementary pressures on Europe to import funds, and on surplus countries to diversify their currency holdings, will make European travel increasingly expensive in dollar terms.

Therefore, such action should be based on an assessment of the local situation, in terms of substance abuse, risk and protective factors and available resources.

Currency Chaos