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None; US$2.65 per hour for employment with the national government; all states have a minimum hourly wage for government workers: US$2.00 in Pohnpei, US$1.25 in Chuuk, US$1.42 in Kosrae, and US$1.60 in Yap; US$1.75 for private sector workers in Pohnpei.
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 ...
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...
The national economy contracted in July 1991 as the Indian rupee was devalued. [31] The currency lost 18% of its value relative to the US dollar, and the Narsimham Committee advised restructuring the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New guidelines were published in 1993 to establish ...
With the Coinage Act of 1792, the United States Congress created the U.S. dollar, defining it to have "the value of a Spanish milled dollar as the same is now current" [3] [4] but a variety of foreign coins were deemed to be legal tender until the Coinage Act of 1857 ended this status. [5] The earliest U.S. dollar coins did not have any dollar ...
US dollar-Pakistani rupee exchange rate. Between 1948 and July 1955, the Pakistani rupee was effectively pegged to the U.S. dollar at approximately Rs.3/31 per U.S. dollar. Afterwards, this was changed to approximately Rs.4/76 per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value. [29]
On 21 November 1967 sterling was devalued from UK£1 = US$2.80 to US$2.40 (see Bretton Woods system), but the New Zealand dollar was devalued even more from NZ$1 = US$1.40 to US$1.12, to match the value of the Australian dollar. [13] In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US ...
When Australia was part of the fixed-exchange sterling area, the exchange rate of the Australian dollar was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.