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As old contracts in marks, francs and lire expire and are replaced by euro contracts, individuals and enterprises are running down their old currency balances.
It's the bank managing General Electric 's local currency balances in China; not a bad character reference at that.
Publishers can even tie in the bar to their back-end via API and prompt offers based on virtual currency balances.
For example, Monese, allows new arrivals to have a current account in the U.K. regardless of citizenship and to hold multiple currency balances, which help to avoid foreign exchange fees for trips.
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So even with relatively weak dollars or yen to convert into euros, shoppers are still likely to find a better deal in Paris than in Tokyo -- if only slightly better now that the currency balance has shifted to the shoppers' disadvantage.
Currency balance.
These were allowed to reopen on March 15th, but only partially: limits on withdrawals have frozen a good part of local-currency balances and almost all in dollars, for up to a year.
Instead of devaluing the CUC, which would have pushed up inflation, in January 2009 the government seized about $1 billion in hard-currency balances held by state-owned enterprises (SOEs) and foreign joint ventures.
It follows from this that if the Chinese government would only revalue its currency, the balance would be restored.
The next managing director will have to deal with a faltering and unbalanced global economic recovery, Europe's worsening sovereign debt and banking crisis, and, almost certainly, currency and balance-of-payments crises.
In this day of unbacked currency and electronic balances, the whole concept requires a leap of collective faith.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com