A unit of currency used in the Republic of Ireland until 2002. The punt was introduced in 1928 and was pegged (one for one) to the British pound sterling. In 1979, the peg was removed and the punt, now called the Irish pound, floated against the British pound. The punt was replace by the Euro in 2002. |||One punt (represented by the symbol £) equaled 240 pence until 1969, when it was adjusted to equal 100 pence (one British pound). The euro was introduced on January 1, 2002, at which point Ireland adopted a dual currency with a fixed exchange rate. The Irish punt ceased to be legal tender on February 9, 2002.
In the U.K., the amount of expenditures less the total receipts taken in by the government. Public sector net borrowing is the measure of fiscal surpluses and deficits along with the amount of new debt created. If this number is positive, it means the U.K. is running a fiscal deficit, while a negative number represents a fiscal surplus. |||The Office of National Statistics in the U.K. issues an estimate of the public sector net borrowing each month. This statistic is often used by forex traders to determine the fundamental health of the British economy and currency.
The risk that one party of a contract will fail to meet the terms of the contract and default before the contract's settlement date, prematurely ending the contract. This type of risk can lead to replacement-cost risk. |||For example, let's say ABC company forms a contract on the foreign-exchange market with XYZ company to swap U.S. dollars for Japanese yen in two years. If prior to settlement XYZ company goes bankrupt, it will be unable to complete the exchange and must default on the contract. ABC company will have to form a new contract with another party which leads to replacement-cost risk.
In currencies, this is the abbreviation for the Polish Zloty. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The currency abbreviation or currency symbol for the Polish zloty (PLN), the currency of Poland. The Polish zloty is made up of 100 grosz and is often represented by a symbol that looks like the lowercase Latin letters "zl" with two horizontal ticks about halfway up the "l". |||The current Polish zloty is the fourth zloty since the middle ages. The most recent revaluation had the third (old) zloty replaced by the new zloty at a rate of 10,000 to 1. This revaluation was done in 1995 to adjust for the hyperinflation that took place during the first half of the decade.
In an interest rate swap, the difference between the interest rates of debt obligations offered by two parties of different creditworthiness that engage in the swap. A swap transaction is considered beneficial to both parties only when the QSD is positive. |||For example, suppose ABC Corp can borrow debt at a fixed rate of 10.75% or at a floating rate of LIBOR. And let's say that XYZ Corp. can borrow debt at a fixed rate of 10% or at a floating rate of LIBOR -0.25%. The fixed rate differential would be 0.75% and the floating rate differential would be 0.25%. The QSD would be 0.5%. Since the QSD is positive, both companies would benefit from entering into a swap transaction.
1. The process whereby a country's currency is recalibrated due to significant inflation and currency devaluation. Certain currencies have been redenominated a number of times over the last century for various reasons.2. The process of changing the currency value on a financial security. |||1. For example, the Bulgarian lev was redenominated due to inflation arising at the end of the Second World War. After the redenomination, one "new" lev was equal to 100 "old" levs. The lev was redenominated three times in the twentieth century.2. A recent example of redenomination arose when the euro was introduced and the denomination on many European securities had to be changed to the euro.
In the foreign exchange market, a currency pair that involves the U.S. dollar (USD) but where the USD is not the base currency. For example, the currency pair NZD/USD has the New Zealand dollar as its base currency and the USD as its quote currency. A currency that is quoted as dollars per unit of currency instead of in units of currency per dollar. |||Reciprocal currency describes currency pairs used in the foreign exchange market where the U.S. dollar (USD) and another currency are paired, but where the USD is not the first currency quoted. Major currency pairs that involve the USD but where the USD is not the base currency include EUR/USD (Euro and U.S. dollar); GBP/USD (British pound and U.S. dollar); and AUD/USD (Australian dollar and U.S. dollar).
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