Foreign Currency

Bangladesh is a fresh tourism destination. She  has  a vast  prospective  to  develop  tourism  primarily because  of  its  attractive unadulterated natural beauty, heroic historical background and archeological resources, which can be experienced all throughout the land. Tourism sector can play positive impact towards enhancing Gross Domestic Product (GDP).Many countries are now dependent on this sector for foreign currency earnings. Every destination country is trying to achieve more gain by developing this industry. The expansion of the tourism throughout the world has increased. Countries are trying to attract more tourists by adopting appropriate marketing techniques and strategies. A research revealed that the country has a positive trend in arrivals and earnings, and it can be increased to a significant level if the country can undertake appropriate promotion measures by increasing the allocation for this purpose. The country also needs to employ creative people for this purpose, and the quality of the promotional materials also needs to be developed. The paper has been undertaken to investigate how the use of promotional activities can help to develop the tourism industry by giving a special concentration in the case of Bangladesh by observing the current scenario, opportunity, and challenges. The study has intended to evaluate the effective & sustainable tourism marketing for this country.

Foreign currency loans (FCL) have been commonly used in many developing countries in Europe since 2005-2006. In particular, they were granted to retail clients to finance purchasing of real estate. As interest rates in many Central and Eastern European countries were permanently higher than in Switzerland and the Eurozone, the domestic as well as foreign owned banks had started to sell mortgages in foreign currencies, predominately in Swiss francs and euros. Due to reduced interest such loans turned out to be substantially cheaper and easier to get than loans denominated in domestic currencies. In fact within 2-3 years they gained a substantial and in some cases dominant share in domestic credit markets of CEE. Because repayment of FCL is strictly dependent on the exchange rate of foreign currencies, the considered loans had exposed a large group of domestic borrowers to fx risk which they could not effectively hedge. Such risk became very serious in countries like Poland and Hungary with a clear floating exchange rate regime and substantial share of FCL among bank assets. As far back as 2008, and then in 2011 the fx risk related to such loans strongly materialised due to an unexpected rise of the valuation of the CHF and to a lesser extent the EUR.

The goal of this paper is to present the phenomenon of using foreign currency loans in Poland and Hungary for purchasing real estate where such loans concentrate a substantial share of banking assets. The authors will present the nature, conditions and premises of taking such loans and will use a comparative analysis between Poland and Hungary. The paper will also contain an analysis of the influence of such loans on borrowers, banking sectors and systemic risk in both countries. The authors will provide statistical analysis of the exchange rate of PLN and HUF to present the potential of fx risk of FCL. Finally the paper will describe legal and financial supervision solutions applied in both countries to diminish the risks related to the loans.

El presente artículo centra la atención en identificar los elementos que deben ser objeto de perfeccionamiento en las Normas Cubanas de Contabilidad relacionadas con las operaciones en moneda extranjera, como parte del proceso de armonización con las Normas Internacionales de Información Financiera (NIIF). Se realiza una sistematización de las teorías y normativas de alcance internacional y un análisis comparativo de la norma cubana con la norma internacional. Se concluye que las operaciones económicas internacionales constituyen una práctica extendida a la que la profesión contable ha brindado atención; se demuestra que, aunque el proceso de armonización con las NIIF está en desarrollo con significativos avances, es aún bajo; y se identifican los principales elementos de la norma que deberán perfeccionarse.

El presente artículo centra la atención en identificar los elementos que deben ser objeto de perfeccionamiento en las Normas Cubanas de Contabilidad relacionadas con las operaciones en moneda extranjera, como parte del proceso de armonización con las Normas Internacionales de Información Financiera (NIIF). Se realiza una sistematización de las teorías y normativas de alcance internacional y un análisis comparativo de la norma cubana con la norma internacional. Se concluye que las operaciones económicas internacionales constituyen una práctica extendida a la que la profesión contable ha brindado atención; se demuestra que, aunque el proceso de armonización con las NIIF está en desarrollo con significativos avances, es aún bajo; y se identifican los principales elementos de la norma que deberán perfeccionarse.