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Noer Azam Achsani IPB

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					      The Eurocurrency Market and
          International Banking


               Noer Azam Achsani



Moosa (2004)
        The Eurocurrency Market
• The market is comprised of banks that accept
  short-term deposits and make short-term loans in
  currencies other than that of the country in
  which they are located.

• Eurocurrency
  –   US dollar
  –   Euro
  –   Japanese yen
  –   British pound
  –   Swiss franc

                        2
              Eurocurrency Centres
Prerequisites
   –   Political stability
   –   Favourable environment for international finance
   –   Good telecommunications system
   –   Favourable time zone
   –   High quality of life

• Important centres
   – European centres: London, Luxembourg, Paris, Zurich and
     Frankfurt
   – Centres outside developed countries: the Bahamas, Bahrain and
     Hong Kong
   – North America and Japan: International Banking Facilities (IBFs)
     and the Japan Offshore Market (JOM)

                                  3
         Evolution and Growth
• The market started in the 1950s.
• In 1957, the Bank of England introduced tight
  controls.
• In 1958, European currencies were made
  convertible.
• The rise of oil prices in the 1970s
• Efficiency


                       4
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