Page 253 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY
P. 253

³7KH\ DUH IDNH PRQH\  EXW WKH\ DUH D NLQG RI IDNH PRQH\ WKDW FDQ EH UHDO PRQH\ ´ 7KH
                        ,0) LV WUDQVSDUHQW ZKHQ LW FRPHV WR WKH SXUSRVH RI 6'5 LVVXDQFH  7KH HQWLUH %UHWWRQ
                        :RRGV  DUFKLWHFWXUH   ZKLFK  JDYH  ULVH  WR  WKH  ,0)   ZDV  D  UHDFWLRQ  WR  WKH      V
                        'HSUHVVLRQ DQG GHIODWLRQ  7KH ,0) $UWLFOHV RI $JUHHPHQW DGGUHVV WKLV LVVXH H[SOLFLWO\
                           ,Q DOO LWV GHFLVLRQV ZLWK UHVSHFW WR WKH DOORFDWLRQ  RI VSHFLDO GUDZLQJ ULJKWV WKH )XQG
                        VKDOO  VHHN  WR  PHHW  WKH  ORQJ WHUP  JOREDO  QHHG   DV  DQG  ZKHQ  LW  DULVHV   WR  VXSSOHPHQW
                        H[LVWLQJ  UHVHUYH  DVVHWV  LQ  VXFK  PDQQHU  DV  ZLOO  DYRLG  GHIODWLRQ   'HIODWLRQ  LV  HYHU\
                        FHQWUDO EDQN¶V QHPHVLV EHFDXVH LW LV GLIILFXOW WR UHYHUVH  LPSRVVLEOH WR WD[  DQG PDNHV
                        VRYHUHLJQ  GHEW  XQSD\DEOH  E\  LQFUHDVLQJ  WKH  UHDO  YDOXH  RI  GHEW   %\  H[SOLFLWO\
                        DFNQRZOHGJLQJ LWV PLVVLRQ WR SUHYHQW GHIODWLRQ  WKH ,0)¶V DFWLRQV DUH FRQVLVWHQW ZLWK
                        WKH DLPV RI RWKHU FHQWUDO EDQNV  :LWK LWV GLYHUVH OHDGHUVKLS  OHYHUDJHG EDODQFH VKHHW
                        DQG  WKH  6'5   WKH  ,0)  LV  SRLVHG  WR  UHDOL]H  LWV  RQH ZRUOG   RQH EDQN   RQH FXUUHQF\
                        YLVLRQ DQG H[HUFLVH LWV LQWHQGHG UROH DV &HQWUDO %DQN RI WKH :RUOG  7KH QH[W JOREDO
                        OLTXLGLW\ FULVLV ZLOO VKDNH WKH VWDELOLW\ RI WKH LQWHUQDWLRQDO PRQHWDU\ V\VWHP WR LWV FRUH
                        LW  PD\  DOVR  EH  WKH  FDWDO\VW  IRU  WKH  UHDOL]DWLRQ RI  WKH ,0)¶V  YLVLRQ   7KH  6'5  LV  WKH
                        SUHIHUUHG SUHWHQGHU WR WKH GROODU¶V WKURQH

                           :KDW KDSSHQV WRGD\"

                        2Q    $SULO       &KLQD ZDV UROOLQJ RXW LWV QHZ JROG EDFNHG \XDQ  5XVVLD¶V UXEOH KDV
                        EHHQ IXOO\ VXSSRUWHG E\ JROG IRU WKH ODVW FRXSOH RI \HDUV  1RERG\ LQ WKH ZHVWHUQ PHGLD
                        WDONV DERXW LW  :K\ ZRXOG WKH\" ± $ ZHVWHUQ UHDGHU PD\ VWDUW ZRQGHULQJ ZK\ KH LV
                        FRQVWDQWO\ VWUHVVHG E\ D 86 GROODU EDVHG ILDW PRQHWDU\ V\VWHPV WKDW LV PDQLSXODWHG DW
                        ZLOO E\ D VPDOO HOLWH RI ILQDQFLDO ROLJDUFKV IRU WKHLU EHQHILW DQG WR WKH GHWULPHQW RI WKH
                        FRPPRQ SHRSOH
                           ,Q DGGLWLRQ WR D ILQDQFLDO DOOLDQFH  5XVVLD DQG &KLQD DOVR KDYH GHYHORSHG LQ WKH
                        SDVW  FRXSOH  RI  \HDUV  WKHLU  RZQ  PRQH\  WUDQVIHU  V\VWHP   WKH  &KLQD  ,QWHUQDWLRQDO
                        3D\PHQW  6\VWHP   RU  WKH  &,36  QHWZRUN  ZKLFK  UHSODFHV  WKH  ZHVWHUQ WUDQVIHU  V\VWHP
                        6:,)7   IRU  5XVVLDQ &KLQHVH  LQWHUQDO  WUDGLQJ   6:,)7   VWDQGV  IRU  WKH  6RFLHW\  IRU
                        :RUOGZLGH  ,QWHUEDQN  )LQDQFLDO  7HOHFRPPXQLFDWLRQ   D  QHWZRUN  RSHUDWLQJ  LQ
                        FRXQWULHV  DQG  WHUULWRULHV  DQG  XVHG  E\  RYHU          ILQDQFLDO  LQVWLWXWLRQV   8S  XQWLO
                        UHFHQWO\ DOPRVW HYHU\ LQWHUQDWLRQDO PRQHWDU\ WUDQVDFWLRQ KDG WR XVH 6:,)7  D SULYDWH
                        LQVWLWXWLRQ  EDVHG LQ %HOJLXP  µ3ULYDWH¶ OLNH LQ WKH 86 )HGHUDO 5HVHUYH %DQN  )('
                        :DOO 6WUHHW EDQNV DQG WKH %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV  %,6   DOO DUH LQYROYHG LQ
                        LQWHUQDWLRQDO PRQHWDU\ WUDQVIHUV DQG KHDYLO\ LQIOXHQFHG E\ WKH 5RWKVFKLOG IDPLO\  1R
                        ZRQGHU WKDW WKH µLQGHSHQGHQW¶ 6:,)7 SOD\V DORQJ ZLWK :DVKLQJWRQ¶V VDQFWLRQV  IRU
                        H[DPSOH   FXWWLQJ  RII  ,UDQ  IURP  WKH  LQWHUQDWLRQDO  WUDQVIHU  V\VWHP   6LPLODUO\
                        :DVKLQJWRQ  XVHG  LWV  DUP WZLVWLQJ  ZLWK  6:,)7  WR  KHOS  3DXO  6LQJHU¶V  1HZ  <RUN
                        9XOWXUH  )XQG  WR  H[WRUW  PRUH  WKDQ     ELOOLRQ  GROODUV  IURP  $UJHQWLQD   E\  ZLWKKROGLQJ
                        $UJHQWLQD¶V UHJXODU GHEW SD\PHQWV DV ZDV DJUHHG ZLWK     RI DOO FUHGLWRUV  (YHQWXDOO\
                        $UJHQWLQD  IRXQG  RWKHU  ZD\V  RI  PDNLQJ  LWV  SD\PHQWV   QRW  WR  IDOO LQWR  GLVUHSXWH  DQG
                        LQVROYHQF\
                           ,Q WKH FDVH RI $UJHQWLQD  WKH YXOWXUH ORUG ERXJKW WKH FRXQWU\¶V GHIDXOW GHEW IRU D
                        SLWWDQFH DQG QRZ WKDW WKH QDWLRQ¶V HFRQRP\ KDG UHFRYHUHG KH ZDQWV WR PDNH D IRUWXQH
                        RQ WKH EDFN RI WKH SRSXODWLRQ  7KLV LV KRZ RXU ZHVWHUQ IUDXGXOHQW PRQHWDU\ V\VWHP
                        IXQFWLRQV
                           &KLQD¶V  HFRQRP\  KDV  VXUSDVVHG  WKDW  RI  WKH  8QLWHG  6WDWHV  DQG  WKLV  QHZ  HDVWHUQ
                        DOOLDQFH LV FRQVLGHUHG DQ H[LVWHQWLDO WKUHDW WR WKH IDNH ZHVWHUQ HFRQRP\  &,36  DOUHDG\
                        XVHG IRU WUDGLQJ DQG PRQHWDU\ H[FKDQJH ZLWKLQ &KLQD DQG 5XVVLD  LV DOVR DSSOLHG E\



                                                             Ϯϰϲ
   248   249   250   251   252   253   254   255   256   257   258