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Major International Organizations:
The following are covered by the "Global Economic Institutions" presentation and presentation notes
Internatonal Monetary Fund
World Bank
World Trade Organization
Bank for International Settlements
G7 and G20
NAFTA
Mercosur and Andean Community
Asean
European Union
Organization of the Petroleum Exporting Countries (OPEC)
Largest cartel in the world, but protected under international law
Membership consists of fifteen conturies, seven in Africa, six in in the Middle East, and two in South America
OPEC countries are responsible for estimated 44% of global oil production (2018)
United Nations Conference on Trade and Development (UNCTAD)
Helps developing countries by elimating trade barriers, negotiating international trade agrements, providing economic assistance, etc.
Created in 1964, located in Geneva, Switzerland
Has 193 member countries
Currencies and Exchange Rates:
The US Dollar is the most powerful currency in the world. It is used internationally as reserve currency, making up 64% of known central bank foreign exchange reserves. The dollar also plays a prominent role in international trade. Around 85% of forex trading involves the dollar. Many countries, such as China and Singapore, peg their currency values to the dollar in order to promote exports to the US.
Strongest currency is the Kuwaiti Dinar at $3.30 (July 2018)
Weakest currency is the Iranian Rial at an exchange rate of 1 US dollar to 42515 Iranian Rials (April 2018)