A survey done by The Economist that determines what a country's exchange rate would have to be for a Big Mac in that country to cost the same as it does in the United States. Purchase power parity (PPP) is the theory that currencies adjust according to changes in their purchasing power. With the Big Mac PPP, purchasing power is reflected by the price of a McDonald's Big Mac in a particular country. The measure gives an impression of how overvalued or undervalued a currency is. |||The calculation of the Big Mac PPP-adjusted exchange rate looks at the price of a Big Mac in a given country and divides it by the price of a U.S. Big Mac. Let's say that we are looking at the Big Mac in China. If a Chinese Big Mac is 10.41 renminbi (RMB) and the U.S. price is $2.90, then - according to PPP - the exchange rate should be 3.59 RMB for US$1. However, if the RMB was actually trading in the currency market at 8.27 RMB for US$1, the Big Mac PPP would suggest that the RMB is undervalued.
The stem, or whole dollar price, of a quote, often used in reference to foreign currencies or money markets. |||For example, if a foreign currency was trading at 108.3457 and a money market security was trading at 108.6666, both would have big figures of 108. Traders will often not mention the big figure when quoting a security, assuming that other traders know this number. In the U.S., the big figure is often referred to as the handle.
The currency abbreviation or currency symbol for the Burundi franc (BIF). The Burundi franc is made up of 100 centimes, but coins haven't been issued in these denominations since Burundi introduced its own currency. |||Burundi began issuing its own currency (francs), in 1964, before which Burundi used German East African rupies (prior to 1916), Belgian Congo francs (1916 - 1959), and Rwanda and Burundi francs (1960 - 1963). Plans are underway to change the national currency once more by the end of 2009 with a common currency (the East African shilling) for the five member states of the East Afican Community.
The currency abbreviation for the Bahrain dinar (BHD), the currency for Bahrain. The Bahraini dinar is made up of 1,000 fuloos, which is plural for fils, and is often presented with the symbol BD. It is a highly valued currency in the world and is pegged at 1 dinar to 2.652 U.S. dollars. |||Bahraini dinars were introduced in 1965, when they replaced the Persian Gulf rupee at a conversion rate of 1 dinar to 10 rupees. The Bahrain Currency Board issued the banknotes until 1973, after which they fell under the control of the Bahrain Monetary Agency (now called the Central Bank of Bahrain.)
The currency abbreviation or currency symbol for the Bulgarian lev (BGN). The Bulgarian lev is made up of 100 stotinki. The Bulgarian name comes from the archaic Bulgarian word "lev", which can be translated to mean "lion". BGN is expected to be replaced by the euro in 2012. Also known as the "Bulgarian leva". |||The Bulgarian lev was first introduced in 1881 with a value equivalent to 1 French franc. Since then, the lev has been replaced three times. The first replacement came shortly after WWII finished, due to rampant wartime inflation. In 1952, the second lev replaced the original at a rate of 100 to 1. This new lev was pegged to the U.S. dollar at a rate of 6.8 lev to 1 U.S. dollar. This fell in 1957 to 9.52 lev. The lev was replaced again in 1962 at a rate of 10 to 1, setting the new U.S. dollar exchange rate at 1.17 lev to 1 U.S. dollar. Because the currency was not freely convertible to non-communist countries' currencies, the actual exchange rate (black market) was much higher. After the fall of communism, the lev was pegged with the Deutsche mark (DEM) at a rate of 1,000 lev to 1 mark in order to stem inflation and currency devaluation. A third and final redenomination took place in 1999, with the current lev replacing the last at a rate of 1,000 to 1, making it equivalent to 1 mark. With the replacement of the Deutsche mark with the euro, lev's peg has effectively been set at 1.95583 lev = 1 euro, the Deutsche mark's fixed exchange rate with the euro.
The chairman of the board of governors of the U.S. Federal Reserve. Bernanke took over the helm from Alan Greenspan on February 1, 2006, ending Greenspan's 18-year leadership at the Fed. A former Fed governor, Bernanke was chairman of the U.S. President's Council of Economic Advisors prior to being nominated as Greenspan's successor in late 2005. |||Born Ben Shalom Bernanke on December 13, 1953, he was the son of a pharmacist and a schoolteacher and was raised in the Southeastern United States. A high-achieving student, Bernanke completed his undergraduate degree summa cum laude at Harvard University, then went on to complete his Ph.D. at MIT in 1979. He taught economics at Stanford and then Princeton University until 2002, when he left his academic work for public service.
The currency abbreviation or currency symbol for the Bangladesh taka (BDT), the currency for Bangladesh. The Bangladesh taka is made up of 100 poisha and is often presented with the symbol ó, ò, or Tk. The word "taka" originated from ancient denominations of silver coins called tanka. |||The Bangladesh taka was first seen in 1972 when it replaced the Pakistan rupee with an exchange of one for one. Between inception and 1987 there was reduction in value relative to the U.S. dollar. In 1974, in an attempt to offset this, the Bangladesh government started using the International Monetary Fund's compensatory financing facility. By 1987 the devaluation was relatively under control, however the drop in value of the Tk had been from about $0.129 in 1972 to $0.032 in 1987.
The currency abbreviation, or currency symbol, for the Brunei dollar (BND), the currency for Brunei, which also acceptable tender in Singapore. The Brunei dollar is made up of 100 sen (also known as cents in English) and is often presented with the symbol B$. The dollar is pegged to the Singapore dollar 1:1 and is called the "ringgit Brunei" in the Malay language. |||The Brunei dollar was introduced by the Sultanate of Brunei in 1967. Before 1967, the Malaya and British Borneo dollar was used. According to the Currency Interchangeability Agreement, the Brunei dollar is accepted as customary tender in Singapore. Singapore is one of Brunei's largest trading partners, and having a peg of 1:1 and an interchangeable currency pair greatly reduces exchange rate risk.
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