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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
17 Money
According to their convertibility, currencies can be grouped into three general categories: “convertible currencies”, “semi-convertible currencies”, and “non-convertible currencies”. Convertible currencies are those which can be freely bought and sold in the foreign exchange markets, at the rates of exchange prevailing at the time of purchase or sale. Semi-convertible currencies can be bought and sold only through the local central bank, at predetermined rates of exchange. A large number of third-world currencies fall into this category. Transactions are limited to commercial deals. Non-convertible currencies are those whose circulation is restricted by the local monetary authorities. The rates of exchange are artificially pegged, usually at a level much higher than the rates prevailing on the black market, or parallel market, which inevitably develops. Most Eastern European countries had non-convertible currencies.
In practice, there are three main convertible currency areas: the U.S. area, which comprises essentially the U.S. and Canadian dollars; the European area, with the currencies of Western Europe; and the Asian area, with the Japanese yen and the Hong Kong, Malaysian, and Singapore dollars. The governments of these countries allow unregulated purchases and sales, and the amounts of money exchanged in the foreign exchange markets are very large.
The world’s major currency is the U.S. dollar, followed by the pound sterling, the D-mark, and the Japanese yen. The importance of the U.S. dollar stems from a number of factors, some domestic and some international: the United States has the world’s largest capital market, and there are more dollars in the world than all other major currencies put together. Invoicing for raw materials and commodities, especially oil, gas, and wheat, is in U.S. dollars. It is also interesting to note that the dollar is by far the largest component of the foreign currency reserves held by the world’s major central banks (reserve currency).
Vocabularyin economic sense – з економічної точки зору
convertibility – конвертованість
foreign exchange market – ринок обміну валюти
to predetermine – зумовлювати
commercial deal – комерційна угода
to be artificially pegged – штучно підтримувати
to comprise – вміщати, охоплювати
to stem – опиратися
invoicing – фактурування
І. Complete the sentences using the text:1. The term “currency” is applied to … .
2. According to their convertibility, currencies can be grouped into.
3. Convertible currencies are those … .
4. Semi-convertible currencies can be … .
5. Non-convertible currencies are those… .
6. In practice, there are three main convertible currency areas … .
7. The world’s major currency is … .
II. Answer these questions, basing your answers on the text:1. What is the term «currency», in its economic sense, applied to?
2. What three general categories can currencies be grouped into?
3. What are convertible currencies?
4. How can semi-convertible currencies be bought and sold?
5. What currency falls into this category?
6. What are non-convertible currencies?
7. What countries have non-convertible currencies?
8. In practice what three main convertible currency areas are there?
9. What is the world’s major currency?
10. What can you say about the importance of the U.S. dollar?
III. Say whether these statements are true or false and if they are false, say why.1. The term “currency” in its general economic sense is applied to the money of a particular country.
2. According to their convertibility, currencies can be grouped into three general categories: convertible, semi-convertible and non-convertible currencies.
3. Convertible currencies can be freely bought and sold in the foreign exchange markets.
4. Most European countries have non-convertible currencies.
5. In practice, there are three main convertible currency areas.
6. The world’s major currency is the U.S. dollar.
7. The United States has the world’s largest capital market.
8. The term “currency” sometimes refers to paper money only.
9. It is interesting to note that the dollar is by the largest component of the foreign currency reserves held by the world’s major central banks.
Книга: Англійська для економістів - Гаращенко
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