OFFSHORE BANKING (Re: Zimmermann legal fund)
Sandy Sandfort
sandfort at crl.com
Mon Jul 31 09:40:18 PDT 1995
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SANDY SANDFORT
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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 and when it is withdrawn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
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