Eurocurrency is deposits in banks that are located outside the borders of the country that issue the currency the deposit is denominated in. For example a deposit denominated in Japanese Yen held in a Brazilian bank is a Eurocurrency deposit. Likewise a deposit denominated in US dollars held in a Singapore bank is a Eurocurrency deposit, or more specifically or more clearly a Eurodollar deposit.
The four main Eurocurrencies are the US dollar, the eurozone euro, the British pound and the Japanese yen; the currencies of the major economies of the world.
A eurobank is a financial institution anywhere in the world which accepts deposits or makes loans in any foreign currency.
- Butler, Kirt (2008) Multinational Finance (4th ed). South Western, Tompson.
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