Bouvet Island

Bouvet Island

Botswana

Botswana

The Botswana pula has traditionally had a similar exchange rate to the

South African rand, which meant that goods sold for almost the same price

in both countries.

Exchange rates: Botswana

pulas per US$1

Jan 2001 5.4585

2000 5.1018

1999 4.6244

1998 4.2259

1997 3.6508

1996 3.3242

SOURCE : CIA World Factbook 2001 [ONLINE].

During the late 1990s the pula was much stronger than the rand, resulting in

South African products becoming relatively cheaper when purchased in pula.

Botswana could afford to import more South African products. The stronger

pula relative to the rand also meant that foreign investors found Botswana

a more attractive place to invest money. However, during the same time period

the pula gradually lost its value against the U.S. dollar, meaning that imports

valued in U.S. dollars, such as those from the United States it

self as well as from

many other countries, were more expensive. But Botswana's exports, especially diamonds,

were cheaper for American and European buyers.

The Botswana Stock Exchange, established in 1995, had 22 companies listed in 2001,

including 6 South African companies.

Bosnia and Herzegovina

Bosnia and Herzegovina

After the ethnic leaders failed to agree on a new currency, the UN introduced in 1998 a

new currency, the

Exchange rates: Bosnia

marka per US$1

Jan 2001 2.086

2000 2.124

1999 1.837

1998 1.760

1997 1.734

1996 0.015

SOURCE: CIA World Factbook 2001 [ONLINE].

convertible mark. The convertible mark was fixed to the German mark. It gained acceptance,

and the Central Bank of Bosnia and Herzegovina increased its reserves. Yugoslav dinars still

circulate in the Serb Republic, and the Croatian kuna is used in the Croat areas of the Federation.

The government is still hoping to increase its capitalization by pressing for the privatization

of the numerous small commercial banks. Raiffeisen Zentralbank Oesterreich, an Aus

trian bank,

recently acquired many banks, including the Market Banka. The Austrian bank has also submitted

privatization papers to the government bank privatization unit. It is not clear whether this will

attract foreign attention, because the banking sector is weak and the economy is being reconstructed

slowly.

Bolivia

Bolivia

The Bolivian currency has had severe fluctuations as a consequence of the Chaco

War (1932-35); the 1952 revolution with its drastic economic, political, and

social reforms; and the collapse of much of the mining industry, especially tin

extraction and export. In 1975, the boliviano was devalued by 66 percent (US$1=Bs20.40).

In 1979, there was a further 25 percent devaluation. By 1982, the Bolivian currency had

totally collapsed, and until 1985 Bolivia suffered hyperinflation, one of the worst cases

in recent world history. Inflation reached 23,000 percent with US$1 traded at Bs1,055,000.

In 1985, strong economic measures were undertaken to reconstruct the Bolivian economy and

its currency. Currently it is one of the most stable currencies in Latin America, with a free

floating exchange rate and pegged to the U.S. dollar. Inflation has declined from 13 percent to

3 percent in 1999. In March 2001, US$1=Bs6.48. (In 1995, it was Bs4.86.) The U.S. dollar circulates

freely and is generally accepted as payment, mainly in urban areas.

Bolivia has about 18 private banks, some with links to foreign banks such as Citibank.

The Banco Central (Central Bank), established in 1929 but with roots going back to 1871,

is a semi-independent government agency. Its mandate is to implement the Bolivian government's

fiscal and monetary policies, including issuing the currency. Its governing board is nominated

by the president of the Republic, and it needs the approval of two-thirds

Exchange rates: Bolivia

bolivianos per US$1

Jan 2001 6.4071

2000 6.1835

1999 5.8124

1998 5.5101

1997 5.2543

1996 5.0746

SOURCE: CIA World Factbook 2001 [ONLINE].

of the elected representatives of the lower chamber. Terms are staggered, and the term of

the president of bank cannot coincide with the term of the president of the Republic. The

Banco Central and some private banks have recently received praise from international agencies

for their stability and fiscal soundness.

There is a small Bolivian Stock Exchange which was started in 1989, but there is no

published index of stock prices. In 1989, the exchange's transactions came to Bs4.3

billion but only to Bs3.9 billion in 1999. The exchange deals mostly with fixed-income

securities. It is expected that the stock exchange will grow and become more important and visible.

Bhutan

Bhutan

The widespread use of money in Bhutan only began in the early 1960s with the growth of trade

with India and the initiation of bilateral development aid from India to Bhutan. Even though

Bhutan's economy is highly

Trade (expressed in billions of US$): Bhutan

Exports Imports

1975 N/A N/A

1980 .017 .050

1985 .022 .084

1990 .068 .078

1995 .103 .112

1998 N/A N/A

SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999.

Exchange rates: Bhutan

ngultrum (Nu) per US$1

Jan 2001 46.540

2000 44.942

1999 43.055

1998 41.259

1997 36.313

1996 35.433

Note: The Bhutanese ngultrum is at par with the Indian rupee which is also legal tender.

SOURCE: CIA World Factbook 2001 [ONLINE].

underdeveloped the price of consumer goods has remained fairly stable. The average percentage

change of prices each year was only 10 percent between 1990 and 1998. Total international

currency reserves by major Bhutanese holders (mainly the Royal Monetary Authority, Bank of

Bhutan, and Bhutan National Bank) rose dramatically in value from US$106.9 million in 1993-94

to US$218.2 million in 1997-98.

Two banks operate in the country: the Bhutan National Bank has offices in Thimpu and a branch

in Phuentsholing, and the Bank of Bhutan has branches in the country's main centers. No restrictions

are placed on the quantity of currencies that can be taken into Bhutan although they are limited to

the main international currencies. In the late 1990s Bhutan National Bank was partly privatized when

the government sold 40 percent of its shares to Citibank and the Asian Development Bank; the

government now owns only 27 percent of the bank. Bhutan has a stock exchange but it is not open

to external investment.

Bermuda

Bermuda

The currency of Bermuda is the Bermuda dollar. There are 100 cents to

the dollar. The Bermuda dollar is pegged to the US dollar on a 1-to-1 basis.

Both currencies are equally acceptable at all establishments. The US dollar

is therefore the currency of choice since any remaining cash is exchangeable

almost anywhere in the world; a situation which is not true for the Bermuda dollar.

Ensure you change all Bermuda currency, other than that required for novelty purposes,

into US dollars before you leave Bermuda. There are no currency restrictions

in force when

leaving Bermuda.

Benin

Benin

Benin is part of the 8-member UEMOA, and the currency is the CFA franc. The Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) issues currency notes and regulates credit expansion. The CFA franc was pegged at a fixed exchange rate to the French franc at 50:1 from 1948 but was overvalued in the late 1980s and subsequently devalued to CFA Fr 100 to 1 French franc in 1994. Since France joined European Monetary Union, the CFA franc is tied to the euro at CFA Fr655.959:Euro 1.

Benin is burdened with a huge foreign debt of more than US$1.6 billion, although the country's major creditors are working with the Paris Club (an informal organization made of various creditor companies and countries), the IMF, and the World Bank to help it manage its obligations.

Exchange rates: Benin
Communaute Financiere Africaine francs (CFA Fr) per US$1
Jan 2001	699.21
2000	711.98
1999	615.70
1998	589.95
1997	583.67
1996	511.55
Note: From January 1, 1999, the CFA Fr is pegged to the euro at a rate of 655.957 CFA Fr per euro.
SOURCE : CIA World Factbook 2001 [ONLINE].