Tuesday, March 24, 2009

SDRs = Unit of Account for Suez Canal

Wall Street Journal -- China's central bank governor, Zhou Xiaochuan, proposed expanding cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 role of "Special Drawing Rights," or SDRs. They were created in 1969 by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 International Monetary Fund to use as a reserve currency as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 dollar tottered.

SDRs are a kind of syncá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365tic currency whose value is determined by a basket of major currencies ($, Yen, Euro and Pound). In cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 early 1970s, some banks took deposits denominated in SDRs and some companies even issued bonds in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 currency. But cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 market always remained small, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 main use of SDRs today is to account for transactions between cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 IMF and its member nations.

The SDR is "basically cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Esperanto, at best, of international currencies," says Jeffrey Frankel, an economist at Harvard University, referring to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 ill-fated attempt to create a common language. "It's not at all used."

MP: There's actually at least one exception. Passage through cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Suez Canal is quoted in SDRs, see current transit rates here. I assume that payment is accepted in dollars (approx. $1.50/SDR), euros (1.135 per SDR), or pounds (1.04 per SDR) based on current ex-rates, but cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 transit rates are quoted in SDRs.

Update: SDRs are also cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 basis for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 international fees of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Universal Postal Union, responsible for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 world-wide postal system. Thanks to ExtremeHobo for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tip.

5 Comments:

At 3/24/2009 9:44 AM, Blogger ExtremeHobo said...

These are also used by cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Universal Postal Union to come up with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir stamp prices.

 
At 3/24/2009 10:46 AM, Blogger misterjosh said...

I must be misunderstanding something on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 web site, because at stated exchange rates, it would cost $20.04 to transport a 20,000 ton oil tanker.

That seems kinda low.

 
At 3/24/2009 11:58 AM, Blogger Mark J. Perry said...

Misterjosh: The rate might be per ton? I read somewhere that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 average cost for passage through cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Suez Canal is $150,000.

 
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At 3/28/2009 3:53 PM, Blogger Autor said...

SDRs is also used to limit carrier liability on international flights (see Montreal Convention, Warsaw Convention), as well as ship owner liability for cargo damages and oil pollution

 

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