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Ukraine's temporary currency, the karbovanets, plunged against the dollar, from 47,000 in May to around 140,000 in early December.
The principality of Liechtenstein has decided to make itself available to private clients, from $70,000£43,00000) a night, complete with customised street signs and temporary currency.
Sam Dillon (NYT ASIAA EAST TIMOR: DOLLAR INTRODUCED The United Nations transitional administration decided to make the American dollar the territory's temporary currency as it moves toward independence.
People plan their vacation now around treehouse availability!" In 2011, Prince Hans-Adam II offered his entire principality of Liechtenstein for rent on Airbnb ($70,000 a night), "complete with customized street signs and temporary currency," The Guardian reported.
One of the most provocative ideas was put on the table by Lars E. O. Svensson of Princeton, who proposed what amounted to a big but temporary currency devaluation as a way to encourage prices and demand to rise.
What the central bank has not done for the new members yet to adopt the euro is to provide temporary currency swaps — along the lines of what the Federal Reserve did for Brazil, Mexico, Singapore and South Korea last October to enable those countries to convert their currencies more easily to dollars.
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The government had made contingency plans for a temporary alternative currency, in the form of electronic I.O.U.s.
In a statement released at 3 a.m. in Washington, just as the markets opened in Europe, the Fed said that it had authorized a $180 billion expansion of its temporary reciprocal currency arrangements, known as swap lines, to allow banks to borrow more dollars in money markets at a lower rates.
There would probably be an interim period - those four months - during which a temporary national currency would be used.
In addition, the Federal Open Market Committee has authorized increases in its existing temporary reciprocal currency arrangements with the European Central Bank and the Swiss National Bank.
On Wednesday, the Fed also announced it has arranged temporary reciprocal currency swap lines with with the European Central Bank and the Swiss National Bank.
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