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

