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Foreign Currency Denomination

What is Foreign Currency Denomination?

Denomination is a proper description of a currency amount, usually for

coins or banknotes. Denominations may also be used with other means of
payment like gift cards.

5 Examples of Foreign Currency Denomination

Currency Name Currency Code Currency Symbol

United States Dollar USD $

Chinese Yuan CNY or RMB ¥

Japanese Yen JPY ¥

British Pound GBP £

Canadian Dollar CAD $

Based from Wikipedia and www.bestcalculator.org/finance/currency-converter.php?

gclid=CKrsnLXDzaUCFYoKHAodASDWlg

Brief Description of Financial System of US, China,

Canada and Japan
Financial System of United States - The overall financial position of the United
States as of 2009 includes $50.7 trillion of debt owed by US households, businesses, and governments,
representing more than 3.5 times the annual gross domestic product of the United States.[ As of the first
quarter of 2010, domestic financial assets totaled $131 trillion and domestic financial liabilities $106
trillion. Tangible assets in 2008 (such as real estate and equipment) for selected sectors totaled an
additional $56.3 trillion.

Based from: Wikipedia “Economy of US

(Financial Position)
 Financial System of China - is highly regulated and has recently begun to
expand rapidly as monetary policy becomes integral to its overall economic policy. As a result,
banks are becoming more important to China's economy by providing increasingly more finance
to enterprises for investment, seeking deposits from the public to mop up excess liquidity, and
lending money to the government.

As part of US$586 billion economic stimulus package of November 2008, the government plans
to remove loan quotas and ceilings for all lenders, and increase bank credit for priority projects,
including rural areas, small businesses, technology companies, iron and cement companies.

Beijing Financial Street, the economic centre of Beijing.

From Wikipedia Chinese financial system

Financial System of Canada - consists of financial institutions, such as banks and

credit unions; the financial markets; and payments systems. It is the channel through which savings
become investments, and through which money and financial claims are transferred and settled. A stable
financial system is therefore essential to the health of Canada's economy.

From http://www.bankofcanada.ca/en/financial/financial_system.html

Financial System of Japan - The main elements of Japan's financial system

are much the same as those of other major industrialized nations: a commercial banking system,
which accepted deposits, extended loans to businesses, and dealt in foreign exchange; specialized
government-owned financial institutions, which funded various sectors of the domestic
economy; securities companies, which provided brokerage services, underwrote corporate and
government securities, and dealt in securities markets; capital markets, which offered the means
to finance public and private debt and to sell residual corporate ownership; and money markets,
which offered banks a source of liquidity and provided the Bank of Japan with a tool to
implement monetary policy.

From Wikipedia Japanese Financial System

Exchange Rate Performance from Nov 26 to Dec 3 2010
Currency Rates Per 1.00 Philippine Peso 11/26/10 & 11/29/10

Country Currency ISO 11/26/10 11/29/10 % Change

ARGENTINA Peso ARS 0.090870 0.091006 +0.1503%

AUSTRALIA Dollar AUD 0.023453 0.023446 -0.0298%

AUSTRIA Euro EUR 0.017085 0.017166 +0.4784%

BELGIUM Euro EUR 0.017085 0.017166 +0.4784%

BRAZIL Real BRL 0.039061 0.039033 -0.0706%

CANADA Dollar CAD 0.023075 0.023053 -0.0964%

CHILE Peso CLP 10.92280 10.93372 +0.1000%

CHINA Yuan CNY 0.150780 0.150522 -0.1714%

CZECH REP. Koruna CZK 0.422653 0.425386 +0.6466%

DENMARK Krone DKK 0.126707 0.127313 +0.4784%

EUROPEAN UNION Euro EUR 0.017085 0.017166 +0.4784%

FINLAND Euro EUR 0.017085 0.017166 +0.4784%

FRANCE Euro EUR 0.017085 0.017166 +0.4784%

GERMANY Euro EUR 0.017085 0.017166 +0.4784%

GREECE Euro EUR 0.017085 0.017166 +0.4784%

HONG KONG Dollar HKD 0.175550 0.175343 -0.1182%

HUNGARY Forint HUF 4.788248 4.822638 +0.7182%

ICELAND Krona ISK 2.615590 2.624805 +0.3523%

INDIA Rupee INR 1.036448 1.034921 -0.1473%

INTNL MON. FUND SDR XDR 0.014670 0.014746 +0.5219%

IRELAND Euro EUR 0.017085 0.017166 +0.4784%

ISRAEL Sheqel ILS 0.082915 0.083034 +0.1437%

ITALY Euro EUR 0.017085 0.017166 +0.4784%

JAPAN Yen JPY 1.899608 1.901051 +0.0759%

KOREA (SOUTH) Won KRW 26.22006 26.14338 -0.2925%

KUWAIT Dinar KWD 0.006347 0.006339 -0.1226%

MEXICO Peso MXN 0.282409 0.282640 +0.0818%

NETHERLANDS Euro EUR 0.017085 0.017166 +0.4784%

NEW ZEALAND Dollar NZD 0.030147 0.030186 +0.1297%

NORWAY Krone NOK 0.139459 0.139604 +0.1039%

PAKISTAN Rupee PKR 1.940073 1.938576 -0.0772%

PERU Sol PEN 0.063223 0.063145 -0.1226%

PHILIPPINES Peso PHP 1.000000 1.000000 0.0000% -

POLAND Zloty PLN 0.068874 0.069484 +0.8858%

PORTUGAL Euro EUR 0.017085 0.017166 +0.4784%

ROMANIA Leu RON 0.071053 0.070966 -0.1226%

RUSSIA Ruble RUB 0.710118 0.708285 -0.2581%

SAUDI ARABIA Riyal SAR 0.084794 0.084687 -0.1260%

SINGAPORE Dollar SGD 0.029841 0.029805 -0.1205%

SLOVAKIA Euro EUR 0.017085 0.017166 +0.4784%

SOUTH AFRICA Rand ZAR 0.161114 0.161325 +0.1305%

SPAIN Euro EUR 0.017085 0.017166 +0.4784%

SWEDEN Krona SEK 0.158557 0.157961 -0.3754%

SWITZERLAND Franc CHF 0.022656 0.022631 -0.1122%

TAIWAN Dollar TWD 0.688722 0.688692 -0.0044%

THAILAND Baht THB 0.684724 0.683004 -0.2512%

U.A.E. Dirham AED 0.083039 0.082937 -0.1226%

 UKRAINE Hryvnia UAH 0.179845 0.179622 -0.1240%

UNITED KINGDOM Pound GBP 0.014469 0.014492 +0.1563%

UNITED STATES Dollar USD 0.022609 0.022582 -0.1226%

Last Updated: Mon, 11-29-2010 13:27 (+5 GMT)

Currency Rates Per 1.00 Philippine Peso 11/30/10 & 12/01/10

Country Currency ISO 11/30/10 12/01/10 % Change

ARGENTINA Peso ARS 0.091454 0.092058 +0.6604%

AUSTRALIA Dollar AUD 0.023658 0.023740 +0.3452%

AUSTRIA Euro EUR 0.017423 0.017352 -0.4079%

BELGIUM Euro EUR 0.017423 0.017352 -0.4079%

BRAZIL Real BRL 0.039004 0.039080 +0.1942%

CANADA Dollar CAD 0.023242 0.023287 +0.1942%

CHILE Peso CLP 11.04475 11.07893 +0.3095%

CHINA Yuan CNY 0.151170 0.152194 +0.6775%

CZECH REP. Koruna CZK 0.434481 0.432610 -0.4305%

DENMARK Krone DKK 0.129216 0.128689 -0.4079%

EUROPEAN UNION Euro EUR 0.017423 0.017352 -0.4079%

FINLAND Euro EUR 0.017423 0.017352 -0.4079%

FRANCE Euro EUR 0.017423 0.017352 -0.4079%

GERMANY Euro EUR 0.017423 0.017352 -0.4079%

GREECE Euro EUR 0.017423 0.017352 -0.4079%

HONG KONG Dollar HKD 0.176122 0.177253 +0.6424%

HUNGARY Forint HUF 4.923810 4.870567 -1.0813%

ICELAND Krona ISK 2.651591 2.651106 -0.0183%

INDIA Rupee INR 1.039704 1.041317 +0.1552%

INTNL MON. FUND SDR XDR 0.014862 0.014917 +0.3742%

IRELAND Euro EUR 0.017423 0.017352 -0.4079%

ISRAEL Sheqel ILS 0.083362 0.083605 +0.2919%

ITALY Euro EUR 0.017423 0.017352 -0.4079%

JAPAN Yen JPY 1.899978 1.916746 +0.8826%

KOREA (SOUTH) Won KRW 26.30333 26.33368 +0.1154%

KUWAIT Dinar KWD 0.006366 0.006407 +0.6489%

MEXICO Peso MXN 0.283638 0.283453 -0.0652%

NETHERLANDS Euro EUR 0.017423 0.017352 -0.4079%

NEW ZEALAND Dollar NZD 0.030501 0.030556 +0.1790%

NORWAY Krone NOK 0.140608 0.140348 -0.1853%

PAKISTAN Rupee PKR 1.945013 1.956325 +0.5816%

PERU Sol PEN 0.063407 0.063819 +0.6489%

PHILIPPINES Peso PHP 1.000000 1.000000 0.0000% -

POLAND Zloty PLN 0.070629 0.069813 -1.1554%

PORTUGAL Euro EUR 0.017423 0.017352 -0.4079%

ROMANIA Leu RON 0.071261 0.071723 +0.6489%

RUSSIA Ruble RUB 0.713958 0.717090 +0.4387%

SAUDI ARABIA Riyal SAR 0.085040 0.085592 +0.6498%

SINGAPORE Dollar SGD 0.029983 0.029994 +0.0362%

SLOVAKIA Euro EUR 0.017423 0.017352 -0.4079%

SOUTH AFRICA Rand ZAR 0.161521 0.160799 -0.4471%

SPAIN Euro EUR 0.017423 0.017352 -0.4079%

SWEDEN Krona SEK 0.159336 0.159407 +0.0445%

SWITZERLAND Franc CHF 0.022669 0.022896 +0.9985%

 TAIWAN Dollar TWD 0.691241 0.694484 +0.4692%

THAILAND Baht THB 0.684876 0.687751 +0.4198%

U.A.E. Dirham AED 0.083282 0.083822 +0.6489%

UKRAINE Hryvnia UAH 0.180311 0.181541 +0.6822%

UNITED KINGDOM Pound GBP 0.014584 0.014621 +0.2550%

UNITED STATES Dollar USD 0.022675 0.022823 +0.6489%

Last Updated: Wed, 12-01-2010 12:44 (+5 GMT)

Currency Rates Per 1.00 Philippine Peso 12/02/10 – 12/03/10

Country Currency ISO 12/02/10 12/03/10 % Change

ARGENTINA Peso ARS 0.092295 0.092168 -0.1380%

AUSTRALIA Dollar AUD 0.023590 0.023244 -1.4673%

AUSTRIA Euro EUR 0.017331 0.017153 -1.0265%

BELGIUM Euro EUR 0.017331 0.017153 -1.0265%

BRAZIL Real BRL 0.038927 0.038671 -0.6586%

CANADA Dollar CAD 0.023058 0.022929 -0.5603%

CHILE Peso CLP 11.07675 10.98937 -0.7889%

CHINA Yuan CNY 0.152312 0.152094 -0.1433%

CZECH REP. Koruna CZK 0.433488 0.428998 -1.0359%

DENMARK Krone DKK 0.128536 0.127216 -1.0265%

EUROPEAN UNION Euro EUR 0.017331 0.017153 -1.0265%

FINLAND Euro EUR 0.017331 0.017153 -1.0265%

FRANCE Euro EUR 0.017331 0.017153 -1.0265%

GERMANY Euro EUR 0.017331 0.017153 -1.0265%

GREECE Euro EUR 0.017331 0.017153 -1.0265%

HONG KONG Dollar HKD 0.177543 0.177201 -0.1928%

HUNGARY Forint HUF 4.817479 4.766648 -1.0551%

ICELAND Krona ISK 2.642335 2.614435 -1.0559%

INDIA Rupee INR 1.034670 1.028634 -0.5834%

INTNL MON. FUND SDR XDR 0.014929 0.014855 -0.4950%

IRELAND Euro EUR 0.017331 0.017153 -1.0265%

ISRAEL Sheqel ILS 0.083256 0.082653 -0.7244%

ITALY Euro EUR 0.017331 0.017153 -1.0265%

JAPAN Yen JPY 1.918075 1.899463 -0.9704%

KOREA (SOUTH) Won KRW 26.29693 25.96146 -1.2757%

KUWAIT Dinar KWD 0.006416 0.006408 -0.1343%

MEXICO Peso MXN 0.282645 0.281902 -0.2626%

NETHERLANDS Euro EUR 0.017331 0.017153 -1.0265%

NEW ZEALAND Dollar NZD 0.030375 0.030069 -1.0073%

NORWAY Krone NOK 0.139514 0.137592 -1.3780%

PAKISTAN Rupee PKR 1.961300 1.959143 -0.1099%

PERU Sol PEN 0.063914 0.063829 -0.1343%

PHILIPPINES Peso PHP 1.000000 1.000000 0.0000% -

POLAND Zloty PLN 0.069242 0.068476 -1.1060%

PORTUGAL Euro EUR 0.017331 0.017153 -1.0265%

ROMANIA Leu RON 0.071831 0.071734 -0.1343%

RUSSIA Ruble RUB 0.715273 0.713470 -0.2520%

 SAUDI ARABIA Riyal SAR 0.085724 0.085610 -0.1337%

SINGAPORE Dollar SGD 0.029930 0.029793 -0.4583%

SLOVAKIA Euro EUR 0.017331 0.017153 -1.0265%

SOUTH AFRICA Rand ZAR 0.158592 0.157031 -0.9843%

SPAIN Euro EUR 0.017331 0.017153 -1.0265%

SWEDEN Krona SEK 0.158547 0.156641 -1.2023%

SWITZERLAND Franc CHF 0.022757 0.022461 -1.3021%

TAIWAN Dollar TWD 0.693958 0.691491 -0.3555%

THAILAND Baht THB 0.686290 0.685655 -0.0925%

U.A.E. Dirham AED 0.083947 0.083835 -0.1343%

UKRAINE Hryvnia UAH 0.181188 0.181555 +0.2028%

UNITED KINGDOM Pound GBP 0.014660 0.014560 -0.6794%

UNITED STATES Dollar USD 0.022857 0.022826 -0.1343%

Last Updated: Fri, 12-03-2010 12:51 (+5 GMT)

Source : http://www.exchangerate.com

Recent Philippines Issues in Financial System

"One is the imbalance of imports and exports which is heavy and only
counterbalanced by the service account surplus."
Over the last two decades, Philippine exports have shifted from commodity-based products to
manufactured goods. However, in the midst of the current global economic recession, the exports of
electronics, garments and textiles are yet to reach a level of import neutralization.

Decline of the Philippine Peso: The economic downturn has resulted in the devaluation of the Philippine
peso and subsequently, a fall in the stock market. The fiscal conservatism strategy adopted by the
Philippine government has yet to reflect a positive effect on acceleration of economic growth. 6%
growth in the gross domestic product (GDP) in 2004 and 7.3% in 2007 has yet to accelerate to the linear
GDP growth projected by the government.

Reliance on Remittances: President Gloria Macapagal-Arroyo has pledged complete development of the
economy by the year 2020. There have been a number of tax reforms put in place, alongside extensive
asset privatization.

Sources: http://www.buzzle.com/articles/economic-problems-of-the-philippines.html

One major economic problems faced by the Philippines

To even the most astute observer whose sympathies might lie with the current administration, it would
seem from the results of the last national election that the government of the Philippines was
populated with thieves, intellectual dwarfs, and other assorted clowns with high name recognition.
However, an occasional jewel of competency and perception can be found in government even if the
press and media is so unaware of the fact.

Sources: http://www.globalpolitician.com/2327-philippines

IMF: Philippine financial system resilient, banks

stable

The International Monetary Fund said the Philippines’ financial

system appears resilient to a broad range of macroeconomic
risks, helped largely by the considerable strengthening of local
banks that dominate the financial sector.

“Since the Asian crisis of the late 1990s, a benign economic

environment, bank restructuring and consolidation, and the shedding of non-performing assets
have all helped improve bank soundness,” the IMF said in an update to its Financial System
Stability Assessment for the Philippines.

“Partly as a result, the impact of the current global crisis has thus far been milder than initially
expected. Although macroeconomic risks remain elevated, the banking system is well-capitalized
and liquid, and asset quality is generally high,” the IMF said.

Banks account for about two-thirds of the Philippine financial system’s assets.

Stress tests suggest that the 10 largest banks are resilient to a wide range of credit, market and
liquidity risks, the IMF said.

Still, it said that asset quality of thrift, cooperative and rural banks is weaker and provisions are
low.
Financial system has P900 billion for PPP
By Lawrence Agcaoili (The Philippine Star) Updated September 30, 2010 12:00 AM

MANILA, Philippines - Financial executives and local businessmen believe that there is enough
liquidity in the domestic market to bankroll major infrastructure projects under the public-private
partnership (PPP) initiative of the Aquino administration.

According to officials of the Financial Executives Institute of the Philippines (Finex) and Trust
Officers Association of the Philippines (TOAP), the financial system in the country has excess
funds including the special depository accounts (SDAs) parked at the Bangko Sentral ng
Pilipinas (BSP) that could be used to finance major infrastructure projects.

TOAP president Marvin Fausto said in an interview with reporters that there is an excess
liquidity of as much as P900 billion just parked in the vault of the BSP through SDAs.

Fausto pointed out that investors are willing to channel their SDA accounts to more productive
investments such as infrastructure development as long as the government provides the platform
for such investments.

“We are just waiting for the lead from the government,” he stressed.

He explained that government does not have to look overseas for funds to finance PPP projects
worth between P400 billion and P500 billion.

Monetary authorities also believe that there is more than enough liquidity in the system that
could bankroll the expansion projects of companies, including major infrastructure projects to be
undertaken through the PPP program of the Aquino administration without putting additional
pressure on inflation.

For one, special deposit account (SDA) placements by banks with the BSP went up by 32
percent or P220 billion to P909 billion as of August this year from P689 billion as of the same
month last year.

The BSP said investors continued to shift to high-yielding SDAs resulting in a shift of funds
from reverse repurchase agreements (RRPs) that is also used to siphosn off liquidity from the
financial system.

The SDA facility consists of fixed-term deposits by banks and by trust entities of banks and non-
bank financial institutions with the BSP. It was introduced in November 1998 to enable the BSP
to expand its tool kit for liquidity management. In April 2007, the BSP expanded access to the
SDA facility by allowing trust entities to deposit in the SDA facility in order to better manage
liquidity in the face of strong foreign exchange inflows.
RRP refers to the purchase of securities from the central bank with an agreement to sell them
back at a fixed date.

Fausto said that the total value of assets managed by the trust industry surged 37.5 percent to
P2.2 trillion as of end-June this year from P1.6 trillion as of end-June last year mainly because of
the growth in SDA placements with the BSP.

He added that the growth of the economy could not cope with the growth of funds supported by
strong overseas Filipino workers’ (OFW) remittances as well as robust foreign portfolio
investments or hot money.

OFW remittances went up by 7.1 percent to $10.679 billion from January to July this year
compared with $9.973 billion registered in the same period last year. The BSP has upgraded the
projected growth of OFW remittances to 8.0 percent instead of 6.0 percent this year.

On the other hand, hot money breached the $1 billion level as of Sept. 10 fuelling the Philippine
Stock Exchange index to a record level above 4,000 points on the back of strong foreign buying.

According to Fausto, trust funds have been growing at double-digit levels over the past few
years.

“The economy is not growing as fast as liquidity. Investments are needed to achieve higher
growth,” he said.

The country’s domestic output as measured by the gross domestic product (GDP) posted a
surprising growth of 7.9 percent in the first half of the year from 1.2 percent in the same period
last year. The Philippines barely escaped recession last year after its GDP posted a growth of 1.1
percent from 3.8 percent in 2008.

For his part, Finex president Greg Navarro said the government should provide the mechanism
for the so-called infrastructure bonds, where investors can place some of their capital.

“The government should come in to provide incentives for investments,” Navarro said.