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Suppose we have two freely traded currencies, the zloty and the peno, currently trading at an exchange rate of 1 zloty for 2 peno and the following conditions exist: Or we can convert the zloty into peno at spot and deposit the P200 000 proceeds in a peno deposit while simultaneously entering into a forward contract to convert our penos back into zloty in one year's time. These two alternatives must have the same present value or a profit could be made by buying in the undervalued market and selling in the overvalued market. Payday Loan Services. This is a negotiable instrument and the seller (exporter) can sell this at a discount to its face or redemption value in a secondary money market in order to get paid sooner. A currency board is a system where the local currency is based on that of another currency, usually the US dollar. Payday Loan Services. Estimating VARs for equity positions has one fundamental difference compared with estimating VARs for interest rate and foreign exchange positions in that there is no underlying risk factor that can be simply used for aggregation purposes. These calls come from investors blaming short sellers for pushing prices down. Payday Loan Services.