If you do pay in pounds, the merchant will charge you to convert the local currency into sterling and then charge you again to convert back to the local currency.

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Your broker will convert the currency.

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However, it is hard for Myanmar's citizens to convert them into foreign currency and, since last year, imports have been tightly licensed.

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This is also a compelling reason to oppose any plan to simply convert the national monopoly currency to a commodity basket standard.

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The recipient of the LRs could go to another unregulated currency exchanger and convert the LRs back into dollars.

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In the extreme, Cyprus could exit the Eurozone, convert over to a new currency and then Cyprian bank depositors, Cyprian creditors and the Cyprian people en masse will all be trashed when the Cyprian government devalues the new currency.

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This meant that countries holding USDs as reserve currency were under increasing pressure to convert their USDs into gold to protect their own positions.

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Commercial bank holdings of foreign currency dwindled, and the pound became difficult to convert.

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Savings from not having to convert profits earned in different European currencies or to hedge against currency fluctuations amount to more than 10% of De Kuyper's annual profits.

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