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.

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

Some 18 Governments increased their contributions to regular resources in local currency and 14 increased by 7 per cent or more.

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.

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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.

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.

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.

My Canadian colleague Mark Kamstra and I have proposed issuing shares called trills, which would pay a dividend each year equal to a trillionth of that year s GDP, in domestic currency.

Under direction of Chief of Finance, administers the mission apos s U.S. dollar account and other local currency accounts, attends to banking matters on behalf of the mission, and other related duties.

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

The Bank should be able to work with them in the absence of sovereign guarantees, and increase its loan offerings in local currencies, since these partners cannot afford currency risk. To further crowd in the private sector, insurance and guarantees can help.

Provision is made for a daily allowance for incidental personal expenses to be paid to up to 1,273 military personnel for a total of 207,698 troop days at a rate of 1.28 per troop per day, payable in local currency.

United States Treasury Secretary Timothy Geithner has already accused China of currency manipulation.

National narratives are, indeed, a type of currency.

In this context, IMF has been advising developing countries to develop domestic bond markets to raise funds through long term fixed interest securities denominated in the local currency as an alternative to borrowing from abroad.

It is to be noted that in many HIPCs the implementation of the Initiative has not contributed to a real alleviation of the budgetary burden, because debt relief results in a swap of fiscal expenditures in domestic currency.

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).

Some of the ideas discussed during the consultations include suggestions for mechanisms to mitigate regulatory risk to increase the role of the World Bank and regional development banks in risk mitigation through increasing the leverage for their guarantees and to strengthen local currency lending.

The US Treasury has been charged by Congress to assess whether China is a currency manipulator.

That was the reason for approaching regional development banks which could provide loans in the local currency, unlike the World Bank whose lending was denominated in dollars, which might expose some countries to the risks of exchange rate fluctuations.

When the East Bloc unraveled, India had to start paying for imports in hard cash.

A higher foreign currency LDR will mean tighter restrictions on long renminbi positions.

Argentina adopted the hardest peg, introducing a quasi currency board and fixing the exchange rate by law.

It hardly makes sense for it to denominate oil prices in the currency of only one of its customers.

These archaic sections corresponded to behavior originating in the colonial period, when virginity and the payment of dowries were valued as currency.

Obama s presumptive Republican challenger, Mitt Romney, has promised to declare China guilty of currency manipulation the day he takes office.

They are also frustrated that the US Treasury has not named and shamed China by designating it a currency manipulator.

I. The reception, brokerage, and investment of third parties' funds in Brazilian or foreign currency

(i) The net settlement of payments due in the same currency on the same date whether by notation or otherwise

Before the crisis struck in 1998 he put in place measures giving him room to manipulate liquidity and interest rates.

The irony again lost on Romney is that other countries are accusing the US of currency manipulation.

Whether one views this as currency manipulation or as an accidental by product of lower interest rates is irrelevant.

The hawaladar in Somalia receives the money in hard currency, mostly United States dollars, and makes the relevant transfer to the corresponding foreign hawaladar office.

American Congressmen view the Chinese as archetypal currency manipulators, but the Swiss have introduced a firm cap on the franc s appreciation.

In June, the Euro 2012 football (soccer) championship readily lent itself as an analogy to the turmoil surrounding Europe s single currency.

The resulting perception that currency risk was declining bolstered capital inflows further.

Of course, the actual payment will be made in ordinary currency at the contemporaneous exchange rate, based on the consumer price index, between baskets and the currency.

Imposing unilateral duties after unilaterally labeling China a currency manipulator would undermine the multilateral system, with little payoff.