The currency symbol for the Sri Lankan rupee (LKR), the currency for the Democratic Socialist Republic of Sri Lanka (Ceylon prior to 1972), an island nation off the southern coast of India. The Sri Lankan rupee is made up of 100 cents and is often presented with the symbol Rp. or Rs., in the form Rp. 50 for 50 rupees. The rupee can also be presented with SLRp. or SLRs., rather than Rp. or Rs., to differentiate it from other currencies denominated in rupees. |||The Sri Lankan rupee was first established in 1869, replacing the British pound at an amount equal to the Indian rupee (1 rupee to 2 shillings, 3 pence), and was a decimal currency from 1871. As inflation devalues the currency, new banknotes are released (for example, in 2006 a 2000 rupee note was issued), and although older Sri Lankan (and Ceylon) banknotes and coins remain legal tender, older and smaller notes and coins are rarely seen in circulation.
The rate of interest, or growth rate, selected by an insurance company. The assumed interest rate is provided to determine the value of an annuity contract and, therefore, the periodic income payment which can be provided to the annuitant. Combined with other factors such as the annuitant's age upon annuitization, spousal coverage options and the type of annuity coverage chosen, the AIR determines the monthly payment the annuitant will receive. |||In other words, the AIR is the minimum interest rate that must be earned on investments in the policyholder's cash-value account in order to cover the insurance company's costs and expected profit margin. A larger AIR will result in a more robust prediction for market returns for the insurance company as well as a greater monthly income payment for the annuitant.
An acronym for the economies of Brazil, Russia, India and China combined. The general consensus is that the term was first prominently used in a Goldman Sachs report from 2003, which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers. The BRIC thesis posits that China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as suppliers of raw materials. It's important to note that the Goldman Sachs thesis isn't that these countries are a political alliance (like the European Union) or a formal trading association - but they have the potential to form a powerful economic bloc. BRIC is now also used as a more generic marketing term to refer to these four emerging economies. Due to lower labor and production costs, many companies also cite BRIC as a source of foreign expansion opportunity.
Purchasing and selling the same security at the same time in different markets to take advantage of a price difference between the two separate markets. An arbitrageur would short sell the higher priced stock and buy the lower priced one. The profit is the spread between the two assets.
A banking service offered to customers that has both a general and specific meaning. On a general level, it can mean any automatic transfer of funds between customer accounts. For example, a regular transfer from a checking account to pay off a bank loan, or a monthly transfer from a checking account to a savings account. More specifically, it describes the overdraft protection provided when there is an automatic transfer of funds from a customer's savings account to his or her checking account when there are insufficient funds to cover unpaid checks or maintain a minumum balance. Ordinarily, the bank will transfer the exact amount of funds required to cover unpaid checks. The customer avoids any overdraft fees and all the hassle associated with returned checks. |||ATS accounts were first introduced by savings and loans and mutual savings banks in the 1970s to compete with traditional commercial banks. According to the Federal Reserve, in defining the money stock ATS accounts are included in M1, which also includes travelers' checks, demand deposits and other checkable deposits (i.e., negotiable order of withdrawal (NOW) accounts and credit union share drafts). Given the low rates of interest paid on checking accounts, these arrangements are the norm rather the exception, particularly for checking accounts at brokerage firms. Automatic transfer accounts are available to individuals and sole proprietors; organizations, units of government and other entities are not eligible for these accounts.
A slang term for a significant emigration of educated or talented individuals. A brain drain can result from turmoil within a nation, from there being better professional opportunities in other countries or from people seeking a better standard of living. Brain drains cause countries to lose valuable professionals. The term is usually used to describe the departure of doctors, scientists, engineers or financial professionals. When these people leave, their country is harmed in two ways. First, expertise is lost with each emigrant, diminishing the supply of that profession. Second, the country's economy is harmed as each professional represents surplus spending units. Professionals often earn large salaries, so their departure removes significant consumer spending from the country.
An investment program that allows investors to contribute small amounts of money, such as $20 a month in regular intervals. Funds are automatically deducted from the investor's checking/savings account or paycheck and invested in a retirement account or mutual fund. |||This is one of the best ways to save money. By "paying themselves first" many people find they invest more in the long run. Their investments are treated as another part of their regular budget. It also forces a person to pay for investments automatically, which prevents them from being able to spend all of their disposable income.
The currency abbreviation for the Libyan dinar (LYD), the currency for Libya. The Libyan dinar is made up of 1000 dirham and is often presented with the symbol LD. In Libya, the dinar is often called jni or jneh. The word dirham is never used in everyday language, "garsh" is used instead, which equals 10 dirhams. |||In 1951, Libya gained independence and introduced its own currency, the Libyan pound. The Libyan dinar replaced the Libyan pound in 1971 at par. Prior its independence, many currencies had been used in Libya, and at one point the Italian lira, the Algerian franc and the Egyptian pound were all used across the nation.
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