Small Exchange: India, British exchange rates and Australia’s $100 note
The week's currency news rounded up.
India's making a mockery of demonetisation
False rumours, gossip and scandal is being spread throughout India in reference to the country's new currency, according to the BBC.
There are claims the ink on the new 2,000 rupee notes will bleed, that it's toxic or radioactive and that the new money will soon be withdrawn.
OpIndia journalist Rahul Roushan says some of the claims are coming from senior politicians, global media outlets and government opponents.
Indians are still reeling after the Prime Minister Narendra Modi withdrew all 500 and 1,000 rupee banknotes from circulation, sparking a rally in bonds and spawning money-laundering networks.
Currency exchange rates in British airports a "rip-off"
An investigation by British newspaper The Times has found, over the past three months, exchange rates in airports throughout Britain are, on average, 13% higher than market rates.
Responding to the allegations of profiteering, a Gatwick Airport spokesperson said: "Our foreign exchange provider - Moneycorp - incurs higher costs as, unlike high street outlets, they are open and staffed 24 hours a day and hold substantial volumes of more than 50 currencies."
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Aussie crime crackdown to wipe out $100 bill
A new "Black Economy Taskforce" will examine the extent of tax avoidance in Australia, especially by criminals, to determine measures which can be taken to reduce these actions.
One strategy is to eliminate the $100 note, which allows for large sums to be transferred inconspicuously.
Each week Small Exchange sums up currency news from around the globe and looks at how it impacts exchange rates and options.
- Western Union announces new partnership with BP
- Small Exchange: Singapore’s fintech investment return, UK travellers stung at airports and USD lags next to AUD
- Australian dollar hits two-year high
- Small Exchange: South Korea’s biggest monthly fall, Zimbabwe pushes for formal forex trading and Moroccan reserves slip
- Small Exchange: India’s reserves pile higher, Pakistan devalues its currency and Uzbekistan trials new forex system