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Corecom
Corecom () was a chain of hard-currency stores during the communist rule in Bulgaria. Goods were often priced cheaper than in the West; however, they were still inaccessible for most Bulgarians because the national currency, the lev, was not accepted at the stores. Apart from Western diplomats and visitors, access to hard currency was a privilege of the nomenklatura (small, elite subset of the general population) and a few other people who were authorised to travel abroad or do business with Westerners. Anyone purchasing goods at Corecom but not authorised to possess foreign currency ran the risk of investigation by the authorities. The stores operated on the same principle as East German Intershops, Czechoslovakian Tuzex, or Polish Pewex stores. In addition to major Western currencies, such as US dollars, Corecom stores also accepted foreign exchange certificates. Western consumer goods sold at these stores were not available at regular retail outlets, including imported ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Foreign Exchange Certificate
A foreign exchange certificate (FEC) is a tool for foreign exchange control in countries where the national currency is subject to exchange controls or is not convertible. The arrangements vary significantly case by case. Common types Some of the main types of FEC are: * A certificate for purchasing foreign currency at a specified rate, often for a specified purpose, such as financing imports. This type of certificates were required in many European countries after World War II. * A certificate denominated in local currency, which foreign citizens are required to use for some or all of their purchases. The exchange rate may be more favourable for the visitor than the official commercial rate. The purpose is to channel the foreign exchange to the state coffers instead of the black market. This type of FECs was in use in Germany in 1931–1948 and China in 1980–1994. * A certificate to which local citizens are required to exchange any foreign currency they receive as part of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Tuzex
Tuzex was a series of state-run shops in Czechoslovakia from 1957 to 1992 which did not accept normal Czechoslovak koruna currency but only vouchers (bony) which could be purchased from banks using foreign currency. They supplied luxury items: local goods in short supply and in particular foreign goods. The Tuzex vouchers were effectively an unofficial parallel currency. History The Czechoslovak koruna (crown) was a soft currency, that is, not exchangeable for other currencies outside the country. In 1948, shops were established under the name Darex to sell goods to foreigners for foreign (hard) currency only (based on the earlier Torgsin shops in the Soviet Union). Later, these became open to ordinary citizens, but not for crowns. In 1950, to speed up transactions and limit fraud, foreign currency was first converted into Darex vouchers in values of crowns. In 1957, the PZO (Foreign Trade Enterprise) Tuzex (a contraction of ''tuzemský export'' [domestic export]) was founde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Hard Currency
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank. Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion. Conversely, a weak or soft currency is one which is expected to fluctuate erratically or depreciate against other currencies. Softness is typically the result of weak legal institutions and/or political or fiscal instability. Junk currency is even less trusted than soft currency, and has a very low currency value. Soft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Companies Based In Sofia
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is to generate sales, revenue, and profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporation pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |