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A monetary authority (e.g., a central bank) maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate.
The central bank is a single authority that issues money. Thus, its policy has an impact on the domestic currency: if the central bank raises the interest rate, or gives optimistic comments on the country's economy, the domestic currency appreciates. If the bank cuts the interest rate or signals problems for the economy, the domestic currency ...
Bundles of Lebanese pound banknotes, their value now drastically reduced. The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by the COVID-19 pandemic in Lebanon (which began in February 2020), the 2020 Beirut port explosion and the Russian invasion of Ukraine.
Usage of: West African CFA franc (XOF) Central African CFA franc (XAF) CFA franc (French: franc CFA, [fʁɑ̃ seɛfɑ]) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine, i.e. "African Financial Community" in English), used in eight West African countries, and ...
A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia (until 2014), the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial ...
Revaluation is a change in a price of a good or product, or especially of a currency, in which case it is specifically an official rise of the value of the currency in relation to a foreign currency in a fixed exchange rate system. In contrast, a devaluation is an official reduction in the value of the currency.
The bank was founded in 1925 in Rome as the National Bank of Albania (Albanian: Banka Kombëtare e Shqipnis, Italian: Banca Nazionale d’Albania, Albanian acronym BKS or BKSH), replaced in 1945 by the state-owned Albanian State Bank based in Tirana (Albanian: Banka e Shtetit Shqiptar, BSS or BSHSH), before taking its current name in 1992.
Brazilian Finance Minister Guido Mantega, who made headlines when he raised the alarm about a currency war in September 2010. Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies.