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the ink on the new 2,000 rupee notes will bleed, that it's toxic or radioactive and that the new money will soon be withdrawn.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.
- Small Exchange: China’s net forex sales plummet, Oman commits to currency peg and India’s rupee expected to strengthen
- Small Exchange: China eases currency controls, crackdown on crypto-trading and India’s forex reserves remain high
- Blockchain to be used for international money transfers
- Small Exchange: South Korea to regulate cryptocurrencies, India’s demonetisation status and UK airport exchange rates fall
- Small Exchange: Philippines central bank seeks forex data, Fed boosts liquidity for foreign banks and Tunisia’s forex recovery