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Write short notes on each of the following: a. What are the main functions of foreign exchange markets? (4 marks) b. What is arbitrage and

Write short notes on each of the following:

a. What are the main functions of foreign exchange markets? (4 marks) b. What is arbitrage and what important role does it play in the foreign exchange market? (1 mark) c. What are cross rates of exchange? (1 mark) d. What factors could trigger an exchange rate crisis? (4 marks)

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