Thursday, March 21, 2013

Cyprus Crisis and the Realisation that we are Poorer

A tax on bank account savings seemed so strange that I was wondering who could have thought of it.

I then had the opportunity to send a gift to New Zealand. I would not have noticed the exchange rate except that we had received a gift from New Zealand just a year ago. And how I wish the sequence of events was inverted. The New Zealand dollar was worth about Rs. 35 then and about Rs. 45 now :(

So, effectively, I am poorer by almost 30% and I wish I could swap places with Cypriots and pay 10% but only  of my bank deposits! But I am sure that paying the 10% would have hurt a lot more than the Indian rupee going downhill :(

No comments:

Post a Comment