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Under a currency board, no local money is issued unless it is backed by a sound foreign currency, usually the dollar.
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"Given that most of the individual shops that will actually take the euro already accept foreign currency, this really sounds like a non-story," said a spokesman.
The first would make base money sound by installing currency boards with liabilities (high-powered money) that are fully backed by a foreign reserve currency or by simply replacing national money with sound foreign money or monies.
Foreign currency is drying up.
Foreign currency is running out.
Foreign currency requirements for financing.
Foreign currency movement is severely restricted.
Our main foreign currency earner is tobacco.
B. selling foreign currency holdings.
Refer to the Foreign Currency section above.
DR. SAUTER: Gold, foreign currency, silver, jewelry..
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