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Unofficial currency substitution or de facto currency substitution is the most common type of currency substitution. Unofficial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets in foreign currency, even though the foreign currency is not legal tender there. [ 8 ]
In the abbreviated form, usage such as "₹ 5L" or "₹ 5 lac" (for "5 lakh rupees") is common. [4] In this system of numeration, 100 lakh is called one crore [3] and is equal to 10 million. Formal written publications in English in India tend to use lakh/crore for Indian currency and Western numbering for foreign currencies, such as dollars ...
The same coinage act also set the value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2, 1 ⁄ 4, 1 ⁄ 10, and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted ...
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. [citation needed] The reserve currency can be used in international transactions, international investments and all aspects of the global economy.
By comparison, on 14 November 2008, Zimbabwe's annual inflation rate was estimated to be 89.7 sextillion (10 21) percent. [24] The highest monthly inflation rate of that period was 79.6 billion percent (7.96 × 10 10 %; 79,600,000,000%), and a doubling time of 24.7 hours. One way to avoid the use of large numbers is by declaring a new unit of ...
Pro forma sales growth on an as-reported basis was 5.2% and 5.5% on a constant-currency basis. Net income was $103 million, resulting in $0.75 of fully diluted earnings per share, and includes ...
On December 19, the cost of credit default swaps to insure the debt of Ford was 68 percent of the sum insured for five years, in addition to annual payments of 5 percent. That meant $6.8 million paid upfront to insure $10 million in debt, in addition to payments of $500,000 per year. [53]
Russia has more academic graduates than any other country in Europe (and world leader in percentage of population with associate degree or higher: 54%, compared to 31% in UK [290]). The IT market is one of the most dynamic sectors of the Russian economy. Russian software exports have risen from just $120 million in 2000 to $3.3 billion in 2010 ...