It then fell to Rs 17bn in February and dipped to Rs11bn in April, after which it gradually pickedup.The reserve position is according to theRoyal Monetary Authority's recent monthlystatistical bulletin.On the convertible currency
, reservesreportedly improved from USD 802mn inJanuary this year to USD 817mn.Meanwhile, the total reserve is enoughto finance 14.3 months of merchandiseimport and convertible currency
reservealone is sufficient to finance 75.6 monthsof merchandise import driven in USD.However, the Rupee reserve will meet only4.4 months of merchandise import driven inIndian Rupees.Constitutional requirement, however,articulates that a minimum foreign currencyreserve that is adequate to meet the cost of notless than one year's essential import must bemaintained.
Earlier this week, SBI had announced plans to raise up to USD2.0bn (over INR 126bn) by issuing bonds in US dollar or other convertible currency
to fund overseas expansion.
He said: "These agreements support in achieving the UAE's development goals, diversifying sources of national income and supporting the growth of foreign investments as well as protecting it from any non-trade and political risks related to the transfer of profits and revenues in convertible currency
. These agreements also provide full support to companies and individuals from double taxation and added value taxes whether direct or indirect."
Both local and foreign entrepreneurs say they are turning their savings and capital into convertible currency
to avoid a possible erosion of value resulting from the continuing decline in the value of the shilling.
At present time the ratio of the national currency against the freely convertible currency
amounts to: 3,50 manats = 1 US dollar.
Jeffrey Lee stared down a major mining company and put cultural responsibility above convertible currency
. His success in protecting this sacred and irreplaceable part of Australia has made him an admirable example of how it is possible for individuals to stand up and be counted.
Another aspect is that currently the Chinese Yuan is not a fully convertible currency
which limits its attraction as a reserve currency for central banks.
In the past six months, official pronouncements about the imminent removal of the Cuban convertible currency
(CUC) have become more frequent.
Pakistan offered over 180 million consumers, huge untapped resources, fully convertible currency
, unrestricted equity, unconstrained profit repatriation, no compulsion for a local partner, no double taxation and attractive tax breaks, which has so far lured 600 multinationals with 100 from UK into this promising market, he added.
The country has had an average economic growth rate of 5% since 1994, maintains a single digit inflation rate (below 2% since 2007), as well as a stable and convertible currency
(CFA Franc) pegged to the Euro.
Remittance abroad of all or part of the Invested Foreign Capital, in a convertible currency
, that was brought into Jordan for the purposes of investment, in accordance with the relevant laws and regulations;
McDermott has had to explain many times to potential clients that the yuan is not a convertible currency
, and also how the censorship environment is different from what people in Hollywood are used to.
The deal, signed by the central banks of China and Taiwan on Thursday, is likely to increase the momentum of turning the Chinese yuan into an internationally convertible currency
In the budget for 2010-11 fiscal, Nepal Government had declared to give cash incentives of around 2% to 4% of the overall value of exports to third country exporters based on the extent of value addition, so as to strengthen exports in convertible currency
The proceeds from the stake sale would be used for paying off the foreign convertible currency
bond debts and expanding the business further," Bedi said.