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Currency
Money
Eurocurrency
Cash
currency forms: Fiat money. It is the modern currency has value only by government order. The government declare the fiat
money transfer)
Deposit money and currency are money in the sense that both are acceptable as a means of payment.
Early currency occurred by 2000 BC. metals were used to represent stored value
Floating Exchange Currency determined by free market The countries that used this system: Australia, Brazil, Economic and Monetary of the European Union
based upon the governments view of the value of its currency the country that used this system is Republic of China
Currency Fluctuation
Exchange rate Supply and Demand Transaction demand of money Interest rate State of the economy Shock and speculation Political issue
FOREX
(Foreign Exchange Market)
The Foreign Exchange Market is the financial market in which currencies are bought and sold that is a transaction is entered into where a given amount of currency is exchanged for another amount of currency. The roles of the FOREX are: 1.to facilitate International trade where currencies were required to be settled from the country of both the importer and the exporter 2. determines the relative values of different currencies 3. assists international trade and investment by enabling currency conversion.
In Indonesia, based on KEPUTUSAN MENTERI KEUANGAN REPUBLIK INDONESIA NOMOR: 155/KM.1/2012 TENTANG NILAI KURS SEBAGAI DASAR PELUNASAN BEA MASUK, PAJAK PERTAMBAHAN NILAI BARANG DAN JASA ATAS BARANG MEWAH, PAJAK EKSPOR, DAN PAJAK PENGHASILAN YANG BERLAKU UNTUK TANGGAL 20 FEBRUARI 2012 SAMPAI DENGAN 26 FEBRUARI 2012 stated in point two
Pasal 2 Dalam hal kurs valuta asing lainnya tidak tercantum dalam Pasal 1, maka nilai kurs yang digunakan sebagai dasar pelunasan adalah kurs spot harian valuta asing yang bersangkutan di pasar internasional terhadap dolar Amerika Serikat yang berlaku pada penutupan hari kerja sebelumnya dan dikalikan kurs rupiah terhadap dolar Amerika Serikat sebagaimana ditetapkan dalam Keputusan Menteri Keuangan ini.
EXCHANGE RATE
. An exchange rate refers to the ratio at which the unit of currency of one country may be, or is, exchanged for the unit of currency of another country. It is the price of one countrys currency expressed in terms of another countrys currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell the currency.
currency has a code by which it is identified. Each code consists of three letters: the first two letters identify the country the 3rd letter is the first letter of the name of the currency. For example: Indonesia =ID, rupiah = R => IDR United States of America = US, dollar = D => USD An exchange rate is a two-way interpretation that is the price of currency A (for example USD) in terms of currency B (for example rupiah/ IDR). For example, an exchange rate of USD1 = IDR9091 can be interpreted that it will cost you IDR9091 to buy 1 USD, or alternatively, for 1 USD you will receive IDR9091
Because foreign exchange transactions involve the exchange of one currency for another, the exchange rate itself is determined by the conditions surrounding demand and supply for the relevant currencies. The following factors influence exchange rate fluctuations: Balance of Payments (BOP) Interest Rates Political developments Government policy Speculation Market sentiment
The participants of the Foreign Exchange Market are: Companies that export and import Foreign investor and commercial Banks Speculators who wish to engage in market activity Money brokers Corporations Traders
REFERENCES
Vehicle Currency Use in International Trade. Linda S. Goldberg and Cdric Tille. Staff Report no. 200. January 2005 International Trade and Currency Exchange.Hlne Rey and Princeton University and CEPR. May 1999 Foreign Exchange Market Journal by The Standard Bank of South Africa Limited 2009 "CURRENCY MANIPULATION" AND WORLD TRADE. Robert W. Staiger and Alan O. Sykes. National Bureau of Economic Research. 1050 Massachusetts Avenue. December 2008 www.google.com