Capitals & Currencies - Current Affairs Questions and Answers
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1) Which country has announced the plan to adopt Chinese yuan as legal tender?
- Published on 24 Dec 15
a. Ethiopia
b. Liberia
c. Nigeria
d. Zimbabwe
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Answer
Explanation
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ANSWER: Zimbabwe
Explanation:
Zimbabwe FM Patrick Chinamasa on 21st December 2015 announced the country has planned to adopt the Chinese Yuan as legal tender in return for debt cancellation worth USD 40 million dollars. As per the decision, Yuan will be a function of trade between China and Zimbabwe and acceptable with customers in Zimbabwe. China is currently the largest investor in Zimbabwe.
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2) Executive Board of IMF on Monday decided to include which currency into basket of currencies that make up its SDR or Special Drawing Right?
- Published on 01 Dec 15
a. Australian dollar
b. Chinese yuan
c. Swiss francs
d. None of the above
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ANSWER: Chinese yuan
Explanation:
Executive Board of IMF has decided to include the renminbi (yuan), into its basket of currencies that make up the IMF’s Special Drawing Right (SDR). The decision was taken during the IMF’s five-yearly review of the basket of currencies. SDR was created by IMF in the late 1960s and allows members to draw upon reserve currencies in the basket. Currently, these include dollar, euro, yen and pound sterling. Yuan will now be included from October 1, 2016.
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3) The US Internal Revenue Service thinks bitcoin is property; a federal judge thinks it's a currency. What has the Commodity Futures Trading Commission decreed it as?
- Published on 22 Sep 15
a. Property
b. Currency
c. Commodity
d. Futures
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ANSWER: Commodity
Explanation:
Commodity Futures Trading Commission has decreed Bitcoin is a commodity meaning regulator can now bring charges against any wrongdoers trading cryptocurrency futures and options. Ring will open up financial innovation in the state. This is consequent to the US based Bitcoin future trading platforms. Bitcoin refers to a kind of digital currency where encryption techniques are used for regulation of generation of units of currency and verification of the transfer of funds, operating independently of a central bank.
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4) Lenders will not require prior central bank approval for equity investments if they have a capital risk weighted asset ratio of how much?
- Published on 18 Sep 15
a. 10% or more
b. 10% or less
c. 8% or more
d. 8% or less
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ANSWER: 10% or more
Explanation:
Lenders will not require prior approval by the central bank for making equity investments if they have capital risk weighted asset ration of 10% or higher and have made profits in the previous financial year, according to notification by RBI. Equity investments without prior approval would have to equal around less than 10% of the company’s paid up capital or lower than one fifth of the paid up capital if including subsidiaries or JVs.
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5) In the memory of which personality, Prime Minister Narendra Modi on 4th Sep’15 released two commemorative coins of Rs 125 and Rs 10?
- Published on 07 Sep 15
a. Dr. Sarvepalli Radhakrishnan
b. Dr. APJ Abdul Kalam
c. Pt. Jawahar Lal Nehru
d. Sarojni Naidu
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ANSWER: Dr. Sarvepalli Radhakrishnan
Explanation:
On 4th Sep’15 Prime Minister Narendra Modi released two commemorative coins of Rs 125 and Rs 10 in the memory of former President Sarvepalli Radhakrishnan.
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6) On 17th July’15 with which country’s central bank, the Reserve Bank of India signed a Special Currency Swap Agreement?
- Published on 24 Jul 15
a. Brazil
b. Nepal
c. Bangladesh
d. Sri Lanka
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ANSWER: Sri Lanka
Explanation:
Under the arrangement, the Central Bank of Sri Lanka can draw up to 1.1 billion US dollar for a maximum period of six months. This special arrangement is in addition to the existing Framework on Currency Swap Arrangement for the SAARC Member Countries.
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7) As per the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which currency has recently topped the chart of Most-Used Currency in the world?
- Published on 23 Jan 15
a. Canadian Dollar
b. Australian Dollar
c. Chinese Yuan
d. U.S. Dollar
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Explanation
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ANSWER: U.S. Dollar
Explanation:
U.S. Dollar topped the chart with 44.6%, followed by the Euro and the British Pound with 28.3% and 7.92%, respectively. Whereas Chinese Yuan accounted for a record 2.17% of global payments in December 2014, up from 1.59% in October 2014.
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