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Necessary preparations for irrevocably fixing the exchange rates of the currencies of the member states with a derogation against the euro; The Statute of the ESCB makes provision for the following measures to ensure security of tenure for NCB governors and members of the Executive Board:
The exchange rate at which the transaction is done is called the spot exchange rate. As of 2010, the average daily turnover of global FX spot transactions reached nearly US$1.5 trillion, counting 37.4% of all foreign exchange transactions. [ 1 ]
The real exchange rate (RER) is the purchasing power of a currency relative to another at current exchange rates and prices. It is the ratio of the number of units of a given country's currency necessary to buy a market basket of goods in the other country, after acquiring the other country's currency in the foreign exchange market, to the ...
Since its re-establishment, the National Bank of Serbia has had five Governors: Mlađan Dinkić (4 February 2003 – 22 July 2003); Kori Udovički (23 July 2003 – 25 February 2004)
Wim Duisenberg, first President of the ECB. The European Central Bank is the de facto successor of the European Monetary Institute (EMI). [7] The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB). [7]
The National Bank of Romania (Romanian: Banca Națională a României, BNR) is the central bank of Romania and was established in April 1880. Its headquarters are located in the capital city of Bucharest.
A currency band is a range of values for the exchange rate for a country’s currency which the country’s central bank acts to keep the exchange rate within. [ citation needed ] The central bank selects a range, or "band", of values at which to set their currency, and will intervene in the market or return to a fixed exchange rate if the ...
NCB (National central bank): the institution that manages a nation's currency, money supply, and interest rates. The NCBs of Eurozone 's member-states have ceded to the European Central Bank most rights for major central-bank operations.