~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SANDY SANDFORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C'punks, On Mon, 31 Jul 1995, Mike Bailey wrote:
I open an account with U.S. $$ in a foreign bank who uses francs ... a month later the franc loses 20 % of it's value as compared to the U.S. dollar. If I close out my account would I not lose 20% of my money because when the money was deposited it was credited to the account in francs ... and when it is withdrawn it converted back to $$ at the current conversion rate ?
If the account is denominated in francs, you take the hit. If it is denominated in dollars, you don't. S a n d y ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~