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Serious economic dislocations are emerging due to a 30-percent rate of inflation, a nationwide cash squeeze, shortages in foreign exchange and raw materials (particularly coal), and massive corruption.
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Typically, governments hold cash reserves in their central bank as foreign exchange reserves for the purpose of stabilizing currency and management of liquidity.
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On the other hand, some of Bank Austria's returns have come from such volatile areas as investments in hedge funds and trading cash, foreign exchange and derivatives for the bank's own account.
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They also point out that the country has enough foreign-exchange reserves and cash in hand to survive until after the election, unless there is a wholesale collapse of confidence among Brazilians, leading to large-scale capital flight.
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"The diversion of perhaps tens of millions of dollars or euros in cash would certainly assist Assad's government as its foreign exchange reserves dwindle, " says Kamel.
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