OFFSHORE BANKING (Re: Zimmermann legal fund)

[Sandy Sandfort <sandfort@crl.com>]

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                          SANDY SANDFORT
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C'punks,

On Mon, 31 Jul 1995, Mike Bailey wrote:

> I open an account with U.S. $$ in a foreign bank who uses francs ... a month 
> later the franc loses 20 % of it's value as compared to the U.S. dollar. If I 
> close out my account would I not lose 20% of my money because when the money was 
> deposited it was credited to the account in francs ... and when it is withdrawn 
> it converted back to $$ at the current conversion rate ?

If the account is denominated in francs, you take the hit.  If
it is denominated in dollars, you don't.


 S a n d y

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