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It can be called a kind of currency which is often used by the government as the surrogated currency of the country. But it is applicable only in those countries that have complied to subject their national currencies to exchange controls. National currency cannot be treated as forex certificates if it is convertible. The countries like USSR, Myanmar, China, North Korea, East Germany, Ghana, Poland, Czechoslovakia and Cuba are some of the countries to have employed forex certificates in the past.
Foreign Exchange Certificates system has been introduced because in many countries it was illegal for the foreigners to keep the currency of that country. Forex certificates could be bought from the tourists' origin country like one does for traveler's cheques. In most of the cases, the exchange rate of the forex certificates is higher than the currency of the country itself.
This rate is determined by the central bank of that country. The old forex certificates are bought and sold as collectibles. You can visit shopping websites like www. One of these, of course, is studying for, and clearing, the Forex certification exam, without which you cannot become a licensed Forex trader, anywhere in the country. There is not, as yet, any single standardised test for all Forex traders.
The ACI Association Cambiste Internationale offers Forex course that might be closest to an international certification. There are also various certification courses implemented by different countries - the FSA in the U. It should be noted, however, that personal trading on the foreign exchange market requires no qualifications, or certifications.
This is not to say, however, that proper qualifications go amiss. Forex trading certificate chain aspiring Indian would-be brokers, the best bet is to write the examinations offered by the IBS University, or take the Forex and Treasury Management Course offered by the ICAI Institute of Chartered Accountants of Forex trading certificate chain : the degree offered would serve as Forex certification, and aid in getting a good position in a prestigious brokerage.
The FTM course at ICAI, therefore, is probably the best Indian aspirants can hope for. Not only does it give the forex trading certificate chain a solid theoretical base - among the papers are the features, development and importance of the Forex market - but it also imparts practical skills which every player on joptionpane show input message not sent foreign exchange market requires, be he someone playing with their own funds for their own profit, or a certified broker, high-up on the employment ladder, gambling millions on the market.
FEC is a very popular concept in countries like Myanmar, China and Hong Kong. Sometimes, owing to certain factors, the price of FEC crosses the value of US Dollar. In Myanmar, this happened in January when Rangoon Foreign Exchange Market marked one US Dollar was equivalent to 1, Kyat while existing price of FEC was Kyat 1, Difference of 15 units of Kyat was something unprecedented.
One of the reason speculated for this was its high demand in current market. The commodities that need extensive payments like petroleum or any other fuel, SIM cards for the cell phones or tickets of airlines have been made in FEC. FEC of Kyat is useless in foreign countries hence price of FEC had been increased so that people keep it. According to the military regime of Myanmar, there are four denominations of USD is available in FEC-1, 5, 10 and It is also guaranteed that face value of both will be same.
Yet, in most of the cases, value of USD remains higher than the forex certificates. Forex trading certificate chain of Communication, Postal and Telegraph of Myanmar have ordered to sell the products like GSM mobile SIM cards and CDMA telephones for coastal-use in FEC. Forex certificates play an important role in tourism industry. In China, there is no limit to the amount of foreign currency or exchange bills a tourist can bring into the country, provided the amount is declared.
But while returning RMB or Renmibi, that is as the Chinese currency is known in China, must be converted back to its original currency. Tourist may required to show the converted amount along with proper forex certificates because a foreigner cannot take more than RMB with him or her back to the country. Forex Certificates: for the foreigners to be legal.
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