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Economic Glossary

    Foreign-exchange reserves

Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by central banks and monetary authorities, usually in different reserve currencies, mostly the United States dollar, used to back its liabilities, e.g., the local currency issued, and the various bank reserves deposited with the central bank, by the government or financial institutions

 


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Banker's Algo Daily Dose

Word of the day

Abnegation(n)

Meaning:

The act or an instance of abnegating, or denying oneself some rights, conveniences.

Synonyms: abandonment, abstinence, eschewal, forbearance, giving up

Antonyms: acquiescence, admittance, surrenders, yielding

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A group of workers can do a task in 24 days. However as 7 of them were absent it taken 30 days to complete the work. How many people actually worked on the job to complete it?

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