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Finans Bank's successful issue testifies to the growing interest among investors in Turkish paper, as well as to the value attributed to the inconvertibility and non-transfer coverage in structuring rated cross-border transactions.
97 27 expropriation, currency inconvertibility or contract abrogation by the government Government to carry out all 1 5 3.
Three alternatives were considered when the two-year inconvertibility term ended.
First, the amount of 1861 Notes outstanding increased steadily throughout the period of convertibility and reached its peak well into the period of inconvertibility.
Currency inconvertibility tends to be the most common type of political risk claim, but in the past 10 years, claims that are due to political violence, including civil disturbances and wars, also have increased.
Political risk insurance, however, only covers a limited range of business risks including inconvertibility, expropriation, and damages caused by war and civil strife.
Experience of the past years proved all bank notes could be redeemed at a trifling cost, so people learned to "offset the vice of inconvertibility against the virtue of security, which to a very large extent it is agreed on all hands our currency possesses.
The agency also provides political risk insurance against the risks of inconvertibility, political violence and expropriation.
This insurance, issued by a US Government agency [Overseas Private Investment Corporation] insures our investment against loss from civil strife, nationalization and currency inconvertibility," he said.
The political risks that MIGA can cover include currency inconvertibility and transfer restrictions; expropriation; war, terrorism, and civil disturbance; breach of contract; and non-honouring of sovereign financial obligations.
Aon ranked the political risk of 209 countries and territories, measuring risk of currency inconvertibility and transfer; strikes, riots and civil commotion; war; terrorism; sovereign non-payment; political interference; supply chain interruption; legal and regulatory risk.
During the seven lean years of inconvertibility, 1996-2003, bureaucratic controls impaired Uzbekistan's economy.