Discuss about the capital city of states

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Reference no: EM131768612

Question: The State of Q forbids its citizens to take more than 1,000 units of its currency out of the country in any one-month period. To avoid this limitation, Ms. Ecks, a State Q citizen who lives abroad in State X, engages in the following scheme with a friend, Mr. Zed, a travel agent in Tokyo, Japan. Ms. Ecks buys yen from Mr. Zed at a sizable premium. She pays for the yen with checks, made out to Mr. Zed, that she draws on her account with QueBank, located in the capital city of State Q. Mr. Zed regularly accompanies tour groups to State Q, and when he is there, he cashes Ms. Ecks's check at QueBank. Mr. Zed, accordingly, makes a nice profit from selling yen to Ms. Ecks, and Ms. Ecks is able to get as much money as she wants out of State Q. Somehow the government of State Q learned of this transaction, and it ordered QueBank to freeze Ms. Ecks's account so long as she is abroad. Mr. Zed, unable to cash Ms. Ecks's latest checks, sues Ms. Ecks in State X to get back the money he had already advanced her. Both State Q and State X, as well as Japan, are members of the IMF. Will Mr. Zed succeed? Explain.

Reference no: EM131768612

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