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.

Several speakers pointed out the importance of avoiding the accumulation of foreign currency denominated debt and borrowing in local currency as a hedge against foreign exchange rate risk.

Debt instruments linked to a foreign currency

Report on cash contributions at 31 December 1997 Local currency Donor Currency

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. This suggests that domestic reforms aimed at reducing issuance costs, improving disclosure requirements, enhancing creditors rights frameworks, and tackling other inhibiting factors could bring high returns.

This isn't 10,000, it's the local currency.

Military expenditure in local currency billion won

b Total public debt denominated in pesos and foreign currency.

Both United Kingdom and local coinage are used, together with local currency notes.

Figure IVc (In terms of local currency, 1995 100)

Expanding local currency bond markets could expedite a shift from dollar denominated cross border loans to local currency loans, bringing benefits to both investors and borrowers.

It was noted that donor countries and multilateral financial institutions had been active in supporting these efforts and in providing debt guarantees to catalyse local private financing, ranging from microfinance to local currency bonds for infrastructure investment.

Set the cell formatting to look like your local currency

Schedule 7. General Service salaries changes in local currency terms

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.

124 (c) The present local currency entitlement system for hard currency duty stations should be maintained (see annex VI)

Gross proceeds are recorded in local currency based on current year deliveries.

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

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. As emerging market central banks leaned against heavy capital inflows in order to mitigate exchange rate appreciation, their currencies became less volatile.

This has forced the State to use local currency to finance Iraqi imports, thereby devaluing this currency outside Iraq and reducing its purchasing power.

Currency mismatches caused by the build up of enormous amounts of foreign currency denominated debt were also identified as a major source of instability in developing countries.

So, this rise of this sort of local currency is another really interesting phenomenon.

a A higher real exchange rate signifies a real depreciation of the local currency.

b Represents gain on exchange from revaluation of accounts payable expressed in local currency.

c Represents gain on exchange from revaluation of accounts payable expressed in local currency.

Will the bailout work? We have national debt, Detroit, currency valuations, healthcare, all these issues facing us.

In countries that cannot issue debt in their own currency (traditionally emerging market economies), or that issue debt in their own currency but cannot independently print money (as in the euro zone), unsustainable fiscal deficits often lead to a credit crisis, a sovereign default, or other coercive form of public debt restructuring.

There are risks even for banks that make the effort to match their dollar borrowing from abroad with dollar loans extended at home. There may be no obvious currency mismatch for the bank, but if the local borrowers revenues are only in domestic currency, they may become unable to service their debt.

The capacity of developing countries to manage the maturity structure and currency composition of debt needs further improvement.

Local currency Italian Lira (On 3 July 1997 the BCI conversion rate was Lit.1,699 US 1).

Like the project company, the foreign construction contractors and suppliers will expect to be able to convert into foreign currency and transfer abroad any revenue earned in local currency.

Such problems include budgeting in more than one currency (whereby agencies may have to report in a local currency at the project site and in a second currency from their headquarters) and delays in receiving final invoices from vendors.

The notable exceptions to this trend are countries that manage cross border capital flows, especially the corporate sector s exposure to foreign currency debt. Indeed, certain types of capital flow management including limiting domestic debt denominated in foreign currency for both firms and households have been shown to increase resilience.

b The local currency is the St. Helena pound, which is equivalent to the United Kingdom pound sterling.

In addition, given that local government debt comprises 27 of China s 2010 GDP, while central government debt and policy loans stand at 20 and 6 of GDP, respectively, the total public debt to GDP ratio is approximately 53 lower than Germany s. So, while China should not be complacent about local government debt, panic is unwarranted.

More specifically, it was suggested that this would enhance opportunities for the creation of low correlation local currency denominated portfolios of government debt securities that would give investors risk adjusted returns that compared favourably with security indexes in the major capital markets.

Local currency in circulation as at 31 March 1996 was 2,975,030, comprising 2,600,970 in notes and 374,060 in coins.

Poverty increased, the currency suffered repeated devaluations, foreign and domestic debt registered an increase and the growth rate of the economy fell.

Currency devaluation policies to promote exports increased the costs of imported goods and made it increasingly difficult to service debt in dollars.

But fiscal stimulus is constrained within the eurozone, where member countries no longer issue their own currency and sovereign debt therefore carries a default risk. Aggressive monetary expansion through quantitative easing is also far more complicated and politically contentious in a currency area with no federal debt for the central bank to buy.

The factors leading to the deep debt crisis culminating in the 2005 debt restructuring were characterized by the conjunction of policies (constraints on monetary, exchange rate and public borrowing policies imposed by the currency board) and external shocks (devaluation of the Brazilian currency in 1999, Asian and Russian financial crises in 1998).

The exchange rate explains part, but not all, of the increase, since 13 countries actually increased contributions in local currency.

Despite these developments, the Government of Burundi continued to pay its foreign debt servicing, thus reducing the country apos s hard currency reserves.

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

2. Takes note of the updated list of hard currency duty stations for which the allowances are specified in local currency, as contained in annex X to the report of the International Civil Service Commission 1