Unable to agree on coordinated reflationary action, governments opted to move unilaterally. One after another, they abandoned the gold standard, depreciating their currencies.

One after another, they abandoned the gold standard, depreciating their currencies. By loosening credit in this way, they recovered, one after another, from the Great Depression.

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One of the policy externalities of QE the Fed s purchase of long term financial assets was a depreciating dollar. Fearing domestic asset price bubbles and upward pressure on their currencies from an inward rush of capital, many emerging economy leaders complained loudly about what Brazilian Finance Minister Guido Mantega called an international currency war.

depreciation of nonconvertible currencies.

(g) Translation of currencies.

(h) Translation of currencies

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(k) Translation of currencies

Also this rise of local currencies.

B. Payment of contributions in currencies

Currencies of restricted use for UNICEF

But that's just part of the story. You have a similar trend with currencies currencies going through an extreme time of stability.

However, some claims were presented in other currencies, and some others were presented in United States dollars after conversion from other currencies.

Non convertible currencies held at 31 December 2004

B. Payment of contributions in currencies other than

Russia is probably in recession, owing largely to Western sanctions imposed in response to its intervention in Ukraine. India has been suffering from a depreciating currency and soaring public debts.

Table 5 Non convertible currencies held at 31 December 2004

The regular resources cash balance at the end of 2004 was 329 million, consisting of 318 million in convertible currencies and 11 million in non convertible currencies.

The amount fluctuates as many frozen accounts are in other currencies.

D. Payment of contributions in currencies other than United States dollars

The proportion of investments in North American currencies was increased to 54 per cent from 48 per cent, in European currencies it was increased to 33 per cent from 30 per cent, and investments in Asian currencies were decreased sharply to 11 per cent from 20 per cent.

Since the budget of UNDCP is expressed in United States dollars, the movement of currencies in relation to the dollar can have a sizeable impact on expenditure in other currencies.

Where educational expenses are incurred in any of the currencies set out in part (a) above, the applicable amounts are set out in columns (1) to (6) against those currencies.

15. The national currency has stabilized, depreciating by 1.5 per cent against the United States dollar in 1997, which resulted in a real appreciation of 3 per cent. Credit growth has been strong.

And that's what happens to currencies when you don't stand behind them.

And also starting to play around with the idea of alternative currencies.

Inflation rates of local currencies were considerably higher compared with initial estimates.

Note 7. Non convertible currencies pending United States dollar credit from UNDP

The Fund invests globally and has liabilities in a number of currencies.

It is conceivable, therefore, that Europe will have two currencies, the euro and sterling, in the long run. But having three currencies, much less three dozen, is out of the question.amp 160

(iv) Gain loss on exchange arises from transactions conducted in currencies other than euros, for the general and other Headquarters funds and the revaluation of assets and liabilities held in local currencies.

With regard to currency, as the budget is expressed in United States dollars, the movement of currencies in relation to the dollar could have a sizeable impact on expenditures in other currencies.

Based on the United Nations actual requirements for various currencies, the dollar equivalents of the following payments in such currencies were accepted in respect of the bienniums 1996 1997 and 1994 1995.

However, in areas where the above mentioned expenses are incurred in specific currencies, the maximum amounts of admissible expenses expressed in these currencies shall be those set by the International Civil Service Commission.

SANTIAGO With the currencies of Malaysia, Indonesia, South Africa, Turkey, Brazil, Colombia, Chile, and Mexico hitting record lows recently, currency traders around the world are asking How much further can emerging market currencies weaken?

(j) Translation of currencies. The accounts of UNEP are presented in United States dollars.

LONDON The just concluded G 20 meeting in Seoul broke up without agreement on either currencies or trade. China and the United States accused each other of deliberately manipulating their currencies to get a trade advantage.