Definitions for Foreign Currency Denominated Account
for·eign cur·rency de·nom·i·nated ac·count

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1. foreign currency denominated account

   Eurocurrency is currency held on deposit outside its home market, i.e., held in banks located outside of the country which issues the currency. For example, a deposit of US dollars held in a bank in London, would be considered eurocurrency, as the US dollar is deposited outside of its home market. The Euro- prefix does not refer exclusively to the "euro" currency or the "eurozone", as the term predates the creation of the euro. Instead, it can be applied to any combination of deposits in a foreign bank outside of its home market e.g. a deposit denominated in Japanese yen held in a Swiss bank is a Euroyen deposit. Eurocurrency is used for short-to-medium term financing by banks, multinational corporations, mutual funds, and hedge funds. Eurocurrency is generally seen as an attractive source of global funding due to its ease of convertibility between currencies as well as typically lower regulatory measures compared to sources of funding in domestic markets. Eurocurrency and Eurobond markets avoid domestic interest rate regulations, reserve requirements and other barriers to the free flow of capital.The relevance of eurocurrency deposits has been disputed ever since its inception in the 1950s by notable economists including Ronald McKinnon, yet it remains a prevalent aspect of the global financial system.

WikidataRate this definition:1.0 / 1 vote

1. Foreign currency denominated account

   Eurocurrency is any deposits residing in banks that are located outside the borders of the country that issues the currency the deposit is denominated in. For example a deposit denominated in US dollars residing in a European bank is a Eurocurrency deposit, or more specifically a Eurodollar deposit. The origin of the Eurocurrency market can be traced back to the 1950s and early 1960s, when the former Soviet Union and Soviet-bloc countries sold gold and commodities to raise hard currency. Because of anti-Soviet sentiment, these Communist countries were afraid of depositing their U.S. Dollar in U.S. Bank for fear that the deposits could be frozen or taken. Instead they deposited their dollars in a French bank whose telex address was EURO-BANK. Since that time, dollar deposits outside the U.S. have been called Eurodollar and banks accepting Eurocurrency deposits have been called Eurobanks. Key points are the location of the bank and the denomination of the currency, not the nationality of the bank or the owner of the deposit/loan. The four main Eurocurrencies are the US dollar, the Eurozone euro, the British pound and the Japanese yen; the currencies of the major economies of the world.

How to pronounce Foreign Currency Denominated Account?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Foreign Currency Denominated Account in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Foreign Currency Denominated Account in Chaldean Numerology is: 6

2. Pythagorean Numerology

   The numerical value of Foreign Currency Denominated Account in Pythagorean Numerology is: 2

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Foreign_Currency_Denominated_Account
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Foreign Currency Denominated Account