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When does an unrealized foreign exchange gain or loss become a realized gain with respect to the foreign currency bank accounts?
When the cash in the bank account is sold at a currency other than its denomination.
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
What factors create a foreign exchange gain on a foreign currency transaction?
An appreciation in a foreign currency creates a foreign exchange gain when the foreign currency is to be received. A decrease in the value of foreign currency creates a foreign exchange gain when the foreign currency is to be paid. (Hoyle, Schaefer, Doupnik, 2009, pp. 328)
What is foreign currency conversion?
its very simple .. the method of converting the foreign currency in local curreny is called foreign currency conversion. for example your local currency is USD and u have a foreign currency GBP n u want to convert the GBP in USD.then u will convert the FCY in ur LCY . it took some bank charges in this conversion.. called conversion charges
What is FCR account?
Foreign Currency account
Are there any US Banks that provide foreign currency denominated deposit accounts if so which?
Yes, EverBank.com provides foreign currency deposit accounts.
What is FCNR?
FCNR stands for Foreign Currency Non Resident.
What types of banks are allowed to operate foreign currency accounts?
Foreign Banks
What is the definition of foreign currency?
Foreign currency is the currency of another country, used for transactions such as international trade and travel. It can be exchanged for the local currency based on the current exchange rate.
What is the full form of FCNR?
foreign currency non resident(banking)
Can I receive foreign remittance?
There is no restriction on the receipt of remittances from abroad either in foreign currency or by debit to non-resident Rupee accounts of banks' overseas branches or correspondents. The best remittance company is Remit Choice Limited.
Does zakat deduct from current accounts?
Foreign currency and current accounts are exempted from this deduction.
When does an unrealized foreign exchange gain or loss become a realized gain with respect to the foreign currency bank accounts?
When the cash in the bank account is sold at a currency other than its denomination.
Why residents would substitute foreign for domestic currencies?
A resident of a country would normally do this if their home currency is worthless.
What is the definition of youth science?
An exchange rate can be quoted in two ways: Direct: The price of the foreign currency in terms and dollars And Indirect the price of dollars in terms of the foreign currency
What exactly is the definition of currency hedging?
Currency hedging is also known as foreign exchange hedging. It involves a method used by companies to eliminate risk resulting from foreign exchange transactions.
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
