SEC-S15W5: "Foreign Exchange"
This very interesting contest makes me interested in taking part immediately and hopefully it will live up to the expectations in this contest. The theme of this contest is SEC-S15W5: "Foreign Exchange", and this is very challenging to answer some contest tips, let's we start for this contest.
Name 3 main ways your country earns foreign exchange. Briefly explain how each method works
To earn foreign exchange, there are many people who want this, but various countries of course have their own ways of obtaining foreign exchange, so here I want to outline the three main ways my country earns foreign exchange in addition to other methods along with the methods of each of these methods, namely .
1.Export Activities
This is a very important activity in international trade, because this method will be very good for earning foreign exchange, I think all countries use this method to earn foreign exchange,
The way it works is by carrying out as many export activities as possible, the more export activities the more you can earn foreign exchange.
2.Tourism Activities
Tourism activities are also one of the activities that have a source of foreign exchange, this will increase foreign exchange for the country.
The way it works is to collaborate with representatives of countries abroad.
3.Loans from abroad
Sources of foreign exchange income will also be obtained by making loans from abroad, although these loans will be repaid, this is what will affect foreign exchange income.
The way it works is by making loans in the form of capital or needs from other countries.
Which sector contributes the most to your country's foreign exchange earnings? Why?
There are many sectors that can be used to receive foreign exchange from the country, but the biggest among the others is by providing grants from neighboring countries, and even remittances, this is very supportive and is even considered the biggest way of contributing, of course.
Because this will provide a great opportunity for the country itself to maximize foreign exchange.
Do your country's foreign exchange reserves depend on this sector or are there many other sectors that could be used as alternatives?
Yes, it is true that foreign exchange is one of the reserves for a country, including my country. This is also very affected by countries that continue to want to maximize their development. Other alternative methods also depend on each country.
What problems do you think your country will face if this sector collapses?
If this sector collapses, of course many problems will arise in the country, including economic difficulties for the community because development for the country is starting to stall.
So I think that this sector needs to be developed and needs to be paid attention to so that it remains the best in the future.
Thank You
I invite @sahmie @patjewell @harferri to take part in this contest.
regards
@ustazkarim
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
¡Saludos amigo!🤗
El turismo es un sector extraordinario para que una nación tenga accesos a las divisas... De hecho; he leído artículos donde revelan datos estadísticos de cómo se dispara la economía de un país turístico así que, en tu nación se están dando una excelente oportunidad.
Te deseo mucho écito en la dinámica, un fuerte abrazo💚
Hi I hope you are doing great. Its great to see you here. Foreign exchange: where currencies meet, influenced by global events, driving trade and investment. Investors engage in foreign exchange to hedge risks, seek opportunities for profit, and facilitate international trade, contributing to the interconnectedness of the global economy. Best of luck in future.