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These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Swiss franc, the Indian rupees and the Chinese renminbi) and which are used to back its liabilities (e.g., the local ...
However, Indian rupees were being smuggled from India to the states of the Persian Gulf in exchange for gold. It was estimated in 1959 that the total amount of gold in private hands in India was about US$1.75 to 2 billion – roughly two-thirds of the value of paper money in circulation.
A currency board's foreign currency reserves must be sufficient to ensure that all holders of its notes and coins can convert them into the reserve currency (usually 110–115%). A currency board only earns profit from interest on reserves (less the expense of note-issuing), and does not engage in forward-exchange transactions.
India's foreign exchange remittances of US$100 billion in 2022, [311] highest in the world, were contributed to its economy by 32 million Indians working in foreign countries. [312] Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. [ 12 ]
Pakistan has received $42.7 billion in World Bank assistance since 1980, of which $33.4 billion are loans and $9.3 billion are grants; this has allowed the bank to exert local and national decision-making power in the country via public contracts and the appointment of State Bank of Pakistan governors. [151]
For example, the 2004 Indian Ocean earthquake and tsunami, with a death toll of around 230,000 people, cost a 'mere' $15 billion, [1] whereas in the Deepwater Horizon oil spill, in which 11 people died, the damage was six times higher. The most expensive disaster in human history is the Chernobyl disaster, costing an estimated $700 billion. [2]
As of February 10, 2021, currency in circulation amounted to US$2.10 trillion, $2.05 trillion of which is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes).
The United States transferred $13.3 billion (equivalent to $173.8 billion in 2024) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan , it operated for four years beginning on April 3, 1948, [ 1 ] though in 1951, the Marshall Plan was largely replaced by ...