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Hard Currencies

Those currencies whose value is sound and steady and is generally acceptable at face value (e.g. U.S. dollar, Euro, British Pound Sterling, etc.).


Harmonized Code

An international goods classification system for describing cargo in international trade under a single commodity-coding scheme that assigns identification numbers to specific products and ensures all parties use a consistent classification for purposes of documentation, statistical control and duty assessment.



Reducing one’s risk of loss by compensating transactions on the other side. For example, buy goods for future delivery priced in a foreign currency. Hedge by buying the foreign exchange needed at the rate then in effect. Or, another way of hedging is to buy a forward exchange contract. In both cases the buyer will have a known cost in its own currency. This is a hedge against the risk of foreign exchange fluctuation; it is not a hedge against a change in the price of the goods.



Heavy Fuel Oil


Honor (a Draft)

To pay or accept, as the case may be, upon presentation.


Householder Protest

Protest that is carried out by a property owner (in practice usually a bank official) when a notary public is not available.



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