Closing balance at 31 December (137,171) (51,427)

There are no restrictions on foreign exchange or capital movement, and bank secrecy is strictly enforced.

These included the provision of more detailed statistics on FDI, in particular by industries, the foreign exchange regime and the competition issues related to the country's informal sector.

Due to the exchange rate fluctuations and increase in staff costs, there was an overexpenditure in sections Staff costs and Operating expenditures .

This report would evaluate the sustainability of current account balances and exchange rates, and the adequacy or excessiveness of members foreign exchange reserves.

Financial contributions to accounts established under Article 18 shall be payable in freely convertible currencies and shall be exempt from foreign exchange restrictions.

Local bond markets provide alternative sources of financing for companies and Governments, which avoid exchange rate risks inherent to foreign financing.

Travellers' cheques and notes in all major foreign currencies may be exchanged at any commercial bank and most hotels and foreign exchange counters.

This diminishes the value of these countries foreign exchange reserves, endangers their fiscal and exchange rate policies, and undermines their financial security.

Moreover, the mandatory 20 foreign exchange cover stipulated in the convention signed with France in 1962 now stands at 110 .

China s exchange rate policy is problematic not because it promotes exports, but because it has forced the country to accumulate a huge pile of wasteful foreign reserves.

At the source, capital requirements for currency mismatches in portfolios, together with margin requirements on foreign exchange derivatives, make sense.

Disbursements payments

of exchange

of exchange

of exchange

of exchange

Balance 1992 1992 Exchange Balance at

RATES OF EXCHANGE

c Includes interest and miscellaneous income

Other 40 377.84

Other 23.0 b

MISCELLANEOUS

Other expenditures 25 083.5 30 217.6 (8 885.5) (29.4) 21 332.1 2 233.4 23 565.5

expenditure

Travel costs

Operating expenditures 36 184.0 32 637.1

Other 4.2 2.0

Miscellaneous 2 023.41

Other 51.3 37.8

Cash outlay, 8.60.

At present, many developing countries are accumulating foreign exchange reserves in order to avoid such overvaluation and to enjoy export led rather than debt led growth.

Early efforts that restricted OFDI insisted that borrowing was to be done abroad and earnings were to be reinvested, or that plants and equipment were to be used as contributions of capital in kind.

Exchange Rate Disorder

Sewerage and Drainage

(f) Exchange rate

Exchange rates

Sanitation

(b) Sanitation

4. Exchange rates . 40 50 11

Exchange rates

SEWAGE SYSTEM

A customer for the drainpipe.

The payroll department wants it.

I don't know. What's the rate of exchange?