What is the Kuwaiti Dinar (KWD)?

The Kuwaiti Dinar, denoted by KWD, is the official currency of Kuwait. The KWD, which is divided into 100 units, was introduced to Kuwait in 1960 as a replacement for the Indian Rupee. The currency has maintained a very high exchange rate, making it one of the highest valued currencies in the world.
Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets

Political Structure
The chief of state in Kuwait is the Emir, a semi-hereditary title. The emir appoints the prime minister, who, in the past, was also the crown prince. A council of ministers aids the prime minister in his task as head of government. The parliament known as the Majlis Al-Umma, consists of 50 members who are chosen in elections held every four years. Government ministers, according to the Constitution of the State, are given automatic membership in the parliament.

Prominent
Figures Emir of Kuwait: Jabir al Sabah
Crown Prince of Kuwait: Nawaf al-Ahmad al-Jabir al-Sabah
Prime Minister: Nasir Muhammad al-Ahmad al-Sabah (since 3 April 2007);
Chief of state: Amir Sabah al-Ahmad al-Jabir al-Sabah (since 29 January 2006)

Unique Characteristics
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Kuwait's economy is heavily dependent on oil export revenues. Kuwait has the third largest oil reserves in the world after Saudi Arabia and Iraq. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income.

Key Economic Factors
Economic Overview: Kuwait is a small, rich and relatively open economy with crude oil constituting 10% of the world's oil reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and over 75% of the government's income. The climate in Kuwait is a large obstacle in agricultural development, causing the nation to depend almost wholly on food imports (with the exception of fish). Additionally, approximately 75% of water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.

Industries: Petroleum, petrochemicals, desalination, food processing and construction materials.
Main Export Trading Partners: Japan, South Korea, US, Singapore, Taiwan and Pakistan.
Exports Commodities: Oil, refined products and fertilizers.
Imports Commodities: Food, construction materials, vehicles and parts and clothing.
Main Import Trading Partners: US , Japan, Germany, China, UK, Saudi Arabia, Italy and France.

What is the Bahamian dollar (BSD)?

The Bahamian dollar, often denoted by BSD, is the official currency of the Bahamas. The BSD is pegged to the U.S. dollar (one to one). The Bahamas attained self-government in 1964 and then full independence from Great Britain in 1973. Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

Political Structure The Bahamas is a constitutional parliamentary democracy made up of three different branches: executive, legislative, and judicial. The executive branch is composed of a monarch, governor general, prime minister, deputy prime minister, and the cabinet. Elections do not take place in the Bahamas. Instead, leaders are appointed from within. The monarch is hereditary and appoints the governor general. Then, the governor general appoints the prime minister who then recommends a deputy prime minister. The deputy prime minister on the recommendation of the prime minister appoints the cabinet. The legislative branch is a bicameral Parliament, which consists of a Senate and a House of Assembly. The senate has 16 members who are all appointed by the governor general on the advice of the prime minister and the opposition leader. These 16 members serve a five-year term. The House of Assembly is composed of 40 members who serve a five-year term and are elected by popular vote. In addition, the government of the Bahamas may break up the parliament and call elections at any time. The judicial branch consists of a Supreme Court, Court of Appeal, and a Magistrates Courts.

Prominent Figures Queen: Elizabeth II, since February 6, 1952.

Governor General: Arthur Dion Hanna

Prime Minister: Perry Christie, since May 3, 2002.

Deputy Prime Minister: Cynthia Pratt, since May 7, 2002.

Key Economic Factors

Economic Overview: The Bahamas is an economically stable country with a developed infrastructure, economy, and socio-political atmosphere. It relies heavily on the performance of tourism and offshore banking. More than 50% of the population is in some way involved with tourism and the industry accounts for more than a 60% share of the GDP. The growth in tourism has resulted in an increase in the construction of hotels, resorts and the like, as well as in the creation of news jobs and opportunities in related fields. It has also helped promote a positive GDP growth. In addition, the Bahamas' economy is closely tied with the economy of the United States. Growth developments rely on the tourism sector, which in turn, relies heavily on growth in the Unites States as 80% of visitors to the Bahamas come from the US.

Also, the September 11th attacks on US soil severely dampened the American economy, and stumped Bahamas' economic growth in 2001-03. The government has recently passed new regulations on the financial sector that contributed to many international businesses pulling out of the Bahamas as a place to invest. Because of this, the 15% share that the financial sector shared in the GDP has decreased. Manufacturing and agriculture together accounted for a tenth of the GDP. These sectors seem unlikely to increase, despite government intervention.

GDP-composition by sector: Agriculture-3%, Industry-7%, Services-90%.

Agricultural products: Citrus, vegetables, and poultry. Exports: ($636 million) mineral products and salt, animal products, rum, chemicals, fruit, and vegetables.

Imports: ($1.63 billion) machinery and transport equipment, manufactures, chemicals, mineral fuels, food and live animals.

Import partners: US 22.3%, South Korea 19%, Japan 8.2%, Brazil 8.2%, Italy 8.1%, Venezuela 6.8%.

What is the Australian dollar (AUD)?

The Australian dollar, denoted by AUD or A$, is the official currency of the Commonwealth of Australia (including the Australian Antarctic Territory, Christmas Island, Cocos Islands, Heard Island and Mc Donald Islands as well as the independent Pacific island states of Kiribati, Nauru and Tuvalu). The AUD is sometimes called the "Aussie" and locally, the "Pacific Peso."

The AUD is the sixth most traded currency in the foreign exchange markets, trailing behind the United States dollar, Japanese yen, euro, British pound sterling and Canadian dollar. Accounting for approximately 5% of worldwide foreign exchange transactions, the AUD is popular among currency traders because of the nation's relative lack of government intervention in the FX market. Additionally, the economy and government are rather stable and the AUD seems to offer diversification benefits in a portfolio containing the major world currencies (for reasons such as greater exposure to Asian economies and the commodities cycle, for example).Each Australian dollar can be broken down into 100 cents.

The smallest coin circulating (as of mid-2005) is equal to five cents; one and two cent coins were discontinued in the early 90s and withdrawn from circulation. Cash transactions are rounded up or down to the nearest multiple of five cents.

History

The Australian dollar was first introduced in 1966 when it replaced the Australian pound and introduced a decimal system to the nation. Robert Menzies, Australian Prime Minister at the time, wished to name the currency "the Royal" other names such as "the Austral" and "the Koala" were suggested as well. While the name "Royal" was settled upon initially, it proved extremely unpopular amongst the crowds and thus the unusual name was removed and replaced with the "Dollar." For much of its history, Australia maintained a peg to the British pound reflecting its historical ties as well as a view about the stability in value of the British pound. From 1946 to 1971, Australia maintained a peg to the US dollar under the Bretton Woods System.

With the breakdown of the Bretton Woods system in 1971, Australia replaced the mostly fixed peg to a moving peg against the US dollar. In September 1974, Australia moved to a peg against a basket of currencies called the TWI (trade weighted index) in an effort to reduce fluctuations associated with its peg to the US dollar. The peg to the TWI was changed to a moving peg in November 1976 where the actual value of the peg was periodically adjusted. In December 1983, the Australian government "floated" the Australian dollar, meaning that it no longer managed its value by reference to any foreign currency.
Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

Political Structure

The Commonwealth of Australia is a constitutional monarchy with a parliamentary system of government. The government has three main arms: the executive, legislative and judiciary. The executive branch is called the Federal Executive Council and is comprised of the Governor-General and executive councilors. The councilors, in practice, are the prime minister and ministers of state, who advise the Governor-General. The Queen is nominally represented by the Governor-General, who is given extensive powers by the Constitution.

The legislative branch is the bicameral Commonwealth Parliament which is made up of the Senate, the upper house (76 members), and the House of Representatives, the lower house (150 members). Members of the lower house are elected from single-member constituencies that are often known as "electorates" or "seats." The more populous a state, the more members it returns to the lower house, with a minimum of five members per state. In the Senate, each state, regardless of population, is represented by 12 senators, and each mainland territory by two. Elections for both chambers are held every three years; typically only half of the Senate seats are put to each election, because senators have overlapping six-year terms.

The Government is formed in the lower house, and the leader of the majority party or coalition in the House of Representatives is the Prime Minister. The judiciary branch is made up of the High Court of Australia and other federal courts. The judiciary became officially independent from that of the United Kingdom in 1986, due to the Australia Act.

Prominent Figures

Governor General: Michael Jeffery, Maj. Gen. (Ret.)

Prime Minister: John Howard

Deputy Prime Minister: Mark Vale

Treasurer: Peter Costello

Special Minister of State: Gary Nairn

Attorney General: Philip Ruddock

Chairman, Reserve Bank: Glenn Stevens

Ambassador to the US: Dennis Richardson

Key Economic Factors

Economic Overview: Australia's economy is a Westernized, capitalist one, with a GDP per capita on part with the four dominant economies of Western Europe. The economy is fueled the most by rising output in the domestic economy as well as robust business and consume confidence and rising exports of raw and agricultural goods. The nation puts great emphasis on reforms, low inflation and growing ties with China, all of which have proven helpful in strengthening the economy. Over the past few years, Australia's trade deficit has suffered due to drought, weak foreign demand, and strong import demand. Another large concern of the nation is the rapid increase in domestic housing prices, which have raised the prospects that interest rates will need to be raised to prevent a speculative bubble from forming.

Key Industries:Mining, industrial and transportation equipment, food processing, chemicals and steel.

Agricultural Products: Wheat, barley, sugarcane, fruit, cattle, sheep and poultry.

Export Commodities: Coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment. Import Commodities: Machinery and transport equipment, computers and office machines, telecommunication equipment and parts and crude oil and petroleum products.

What is the Bermuda dollar (BMD)?

The Bermuda dollar, often denoted by BMD, is the official currency of Bermuda. Though pegged to the US Dollar at a 1:1 rate, the Bermuda dollar is still considered a domestic currency. Bermuda's currency is neither traded nor used outside of Bermuda. Circulating in Bermuda since 1970, the BMD was preceded by the British pound. Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

Political Structure
Bermuda is a parliamentary British overseas territory with an internal self-government. This government consists of three branches: the executive, legislative, and judicial. The executive branch is composed of a monarch, governor, premier, deputy premier and a cabinet. There are no elections in Bermuda. The monarch is hereditary and appoints the governor. The leader of the majority party or coalition usually becomes the premier by getting appointed by the governor. The premier then nominates the cabinet members. The legislative branch is a bicameral Parliament, which consists of the Senate and the House of Assembly. The Senate is composed of 11 members who are appointed by the governor, premier and the opposition. The House of Assembly has 36 members who are elected by popular vote and serve five-year terms. The judicial branch consists of a Supreme Court, Court of Appeal, and Magistrate Courts.

Prominent Figures: Queen: Elizabeth II, since February 6, 1952
Governor: Sir John Vereker, since April 2002
Premier: Alex Scott, since July 24, 2003
Deputy Premier: Ewart Brown, since July 24, 2003
Chairman of Bermuda Monetary Authority: Cheryl-Ann Lister

Key Economic Factors
Tourism and International Business: These two industries are Bermuda's most important sources of revenue. The bulk (about 80%) of the tourists come from North America, over about 400,000 annually.
The September 11th , 2001 terrorist attacks had both positive and negative effects on Bermuda. A negative consequence was that tourism declined because American tourists were more hesitant to travel. However, tourism rebounded after 2002. On the positive side, many new reinsurance companies appeared on the island, helping the already booming international business sector. There has been continued growth of the international business sector over tourism, which is said to be a stabilizing factor for the economy of Bermuda.

What is the Brunei dollar (BND)?

The dollar, denoted by BND, is the official currency of Brunei. As Singapore is one of Brunei's major trading partners, the BND is pegged to the Singapore dollar at a 1:1 ratio. The Brunei dollar is also known as "ringgit" locally in Malay, and this can be seen printed on the banknote itself. Polymer banknotes of the currency were introduced in 2004, due to high cases of banknote forgery.
Sovereign Ratings for Brunei Brunei is not rated.

Political Structure

The government of Brunei is a constitutional sultanate, containing executive, judicial and legislative branches. Both the head of state and the head of government are the Sultan. The Sultan is in charge of appointing the Council of Cabinet Ministers who advises him. This ministerial setup of the Brunei government has been in use since January 1984, the time when Brunei first gained full independence.

Prominent Figures

Sultan and Prime Minister: Sir Hassanal Bolkiah, since 1967. (Note: he serves as both the chief of state and head of government.)

Head of the Central Bank: Brunei Currency Board (which is led by the Sultan)

Key Economic Factors Overview: Though rather small, Brunei's economy is a successful and diversified one (encompassing a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures and more). Brunei's economy is largely characterized by crude oil and gas production which account for approximately 53% of GDP and 90% of exports. Brunei's GDP per capita is far beyond that of most other Third World countries, and is the third largest oil producer in all of South Asia. The government of Brunei provides all medical services for its citizens, as well as free education through the university level (another great perk is that rice and housing are subsidized). Political leaders' main concern is that increased global integration will have a detrimental effect on social cohesion within Brunei. The government's main future plans include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, and further widening the economic base so it encompasses more than oil and gas.

GDP Composition by Sector:

Agriculture: 5%, Industry: 45%, Services: 50% (2001).

Key Industries:

Petroleum, petroleum refining, liquefied natural gas, and construction. Agricultural Products: Rice, vegetables, fruits, chickens and water buffalo.

Export Commodities: Crude oil, natural gas, and refined products.

Import Commodities: Machinery and transport equipment, manufactured goods, food and chemicals.