1. The Eurocurrency Market and International Banking Noer Azam Achsani Moosa (2004)

2. 2 The Eurocurrency Market The market is comprised of banks that accept short-term deposits and make short-term loans in currencies other than that of the country in which they are located. Eurocurrency – US dollar – Euro – Japanese yen – British pound – Swiss franc

3. 3 Eurocurrency Centres Prerequisites – Political stability – Favourable environment for international finance – Good telecommunications system – Favourable time zone – High quality of life Important centres – European centres: London, Luxembourg, Paris, Zurich and Frankfurt – Centres outside developed countries: the Bahamas, Bahrain and Hong Kong – North America and Japan: International Banking Facilities (IBFs) and the Japan Offshore Market (JOM)

4. 4 Evolution and Growth The market started in the 1950s. In 1957, the Bank of England introduced tight controls. In 1958, European currencies were made convertible. The rise of oil prices in the 1970s Efficiency

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