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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Best Currency for NRFC Account Holders

Best Currency for NRFC Account Holders

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1Best Currency for NRFC Account Holders Empty Best Currency for NRFC Account Holders Tue Mar 26, 2013 11:48 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics


Considering the current global economic events, what would be the most favorable & appreciable currency for Sri Lankan expatriates NRFC deposit accounts in the future.
US$, Euro, Yen, Yuan, Sterling Pound, AUS$, Sin$ etc..Please support the reason for your choice.

2Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Wed Mar 27, 2013 12:05 am

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
The USD will remain strong. But I will go with the Chinese currency (RMB) because the US will persuade China to strengthen the renminbi against USD.

Just check whether you will lose due to the higher spread between the bank's Buy and Sell rates, in the case of RMB.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Australian$, canadian$ and swissfrank (chf)

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@antonym,TAH
Thanks for your contribution. It is the good point to see the spread flows between buying & selling prices. Bankers say very few attract on chinese currency. Banks prefer to offer higher rates on demand for popular currency.

5Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Wed Mar 27, 2013 10:07 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
AUs$ and CAn$ actually went up a lot during last few years. Think the US$ is rather stable. Yen is also something yo look at but we need to look at how world economy is heading.

In Sri Lanka am not sure the demand for currencies as the Chinese. So it is best to look at the buy sell speared as if you want to dispose in a hurry. Means look for liquidity also, US$ fits the bill.





@worthiness wrote:@antonym,TAH
Thanks for your contribution. It is the good point to see the spread flows between buying & selling prices. Bankers say very few attract on chinese currency. Banks prefer to offer higher rates on demand for popular currency.



Last edited by slstock on Fri Mar 29, 2013 10:57 am; edited 1 time in total

6Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Wed Mar 27, 2013 10:16 am

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Best is USD if you are looking for 3-5 years
AUD & CAD has run up in commodity booms, they are in decline stage, migt fall even sharply
no Chance for CAD as they have openly capped at EUR 1.2
CNY will be fully convertible within 5 years, might appreciate, but system is not fully transparent
JPY is suing deliberate policy of weakening its currency
USD has gone up in the recent past, it might fall slightly if situation in Euro strengthen. but, will keep head above with LKR

7Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Wed Mar 27, 2013 10:57 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
for all the uncertainties in the world .......

ath dutui pratyakshai GOLD......

oong kiwwa....

So all AUD/CAD & CHF should do well know Smile

8Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Wed Mar 27, 2013 10:59 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
On the weekly chart below 1550 a sell may trigger thats not good .......

lets see

Dileepa


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
If you are working abroad, It is best to keep NRFC in another currency.
I get my salary in YEN and I have my NRFC in USD.
That way I can take the full advantage of currency fluctuations.
When YEN/USD rate goes down I transfer money to NRFC(USD)
and when RS/USD rate goes up I transfer cash to RS(CSE Very Happy )

10Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 6:37 am

thighrokker


Manager - Equity Analytics
Manager - Equity Analytics
An NRFC gives around 2% for USD. If you put in a NRFC FD you get 4%/Year. But if you put in a LKR FD you can get around 15%.
Also once you put in a sri lankan NRFC, you can only take it out as Rupee. So though you think you have $, in reality you are only able to get rupees out.
So i think its better to put in a LKR FD and get a higher return on interest, rather than keep waiting for a uncertain exchange-rate gain.

11Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 10:46 am

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@thighrokker wrote:An NRFC gives around 2% for USD. If you put in a NRFC FD you get 4%/Year. But if you put in a LKR FD you can get around 15%.
Also once you put in a sri lankan NRFC, you can only take it out as Rupee. So though you think you have $, in reality you are only able to get rupees out.
So i think its better to put in a LKR FD and get a higher return on interest, rather than keep waiting for a uncertain exchange-rate gain.

SLR is good only for the short term. In the long term (couple of years or more) the SLR will depreciate. This is the risk if you hold SLR. Also if you are a taxpayer, SLR accounts attract 8% tax on interest. There is no tax on interest on foreign currency accounts.

About which currency to invest in- its a very tough call. The currency market is one of the most unpredictable markets with a large number of variables. Even professionals who work full time on the currency markets often get it wrong.

However there is one prediction I can make with certainty- Given Sri Lanka's budget deficits and inflation, the Sri Lanka Rupee will- with time- definitely head south.

12Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 10:54 am

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@kukumarx wrote:
SLR is good only for the short term. In the long term (couple of years or more) the SLR will depreciate. This is the risk if you hold SLR. Also if you are a taxpayer, SLR accounts attract 8% tax on interest. There is no tax on interest on foreign currency accounts.

About which currency to invest in- its a very tough call. The currency market is one of the most unpredictable markets with a large number of variables. Even professionals who work full time on the currency markets often get it wrong.

However there is one prediction I can make with certainty- Given Sri Lanka's budget deficits and inflation, the Sri Lanka Rupee will- with time- definitely head south.
@kukumarx: Some good inputs there.
My advice would be: If you want to keep your money in foreign currency, go for US Dollars; it's relatively safer.

13Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 11:28 am

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The United States Dollar is the currency of choice in the business world
Holding the USD enables one to purchase US sovereign securities

Even though the interest rate may not be high, by presenting a US Bond one can borrow funds in a similar fashion to LKR t bills/bonds

If you take the letter you get from the SL Public Debt Office to BOC/NSB/Peoples, they will give you immediate funds and will secure the govt certificate as security

14Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 12:02 pm

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
i prefer GOLD Very Happy

pratyakshai...atdutui cheers

TAH

15Best Currency for NRFC Account Holders Empty Re: Best Currency for NRFC Account Holders Fri Mar 29, 2013 12:34 pm

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@traderathome wrote:i prefer GOLD Very Happy

pratyakshai...atdutui cheers

TAH

So Do I- but the problem is gold fluctuates a lot. For instance in 2011 it was US$ 1850/- per ounce. Currently it is US$ 1620 per ounce.

By the way is holding gold as an investment accepted by Inland Revenue? Holding it for personal use as jewellery is allowed but as an investment?

For an investment, one has to buy 24 karat sovereigns or bars. (Forget jewellery which involves making charges and wastage) Some time ago one could go to a bank and officially buy gold and get a receipt. (1995/96). Is it still possible to do so?

Otherwise, can I for instance buy so many sovereigns form a jeweller (without a receipt) and show it on my wealth declaration. And when the price moves up sell it and show the profit?

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