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Taking Interest: Difference between revisions
From Halachipedia
→Foreign Currency
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==Foreign Currency== | ==Foreign Currency== | ||
# Rashba respona 4:287 forbids lending money of one currency for another currency since the coins change fixed with respect one to another. | # Rashba respona 4:287 forbids lending money of one currency for another currency since the coins change fixed with respect one to another. | ||
===Expired Currency=== | |||
# If the new currency is the same size and weight as the old currency but its purchasing power is different one can simply repay the loan with the new currency.<ref>Rama 165:1</ref> | |||
# If a person lent someone money in a currency and then that currency become invalidated and was replaced with a new coin, if the new coin is thicker or weightier than the old one, whether or not one can simply repay the loan with the new currency depends on the following factors: | |||
## If the prices of the marketplace reflects the new coin's thickness or weight then one can't repay the loan with the new currency, rather one should pay the amount of the new coins so that the sum total equates to the amount of silver of the old coins borrowed.<ref>Shulchan Aruch 165:1</ref> | |||
## If the prices of the marketplace do not reflect the new coin's thickness or weight and simply changed prices because of changes in supply and demand, one can repay with the new currency unless the new coin is more than 25% larger, in which case one needs to repay the amount of silver borrowed with the old coins.<ref>Shulchan Aruch 165:1</ref> | |||
# If one should have paid the new coins up to the quantity of silver that was borrowed and instead one repaid the loan with the new currency some say that it was a violation of Biblical interest and some say rabbinic.<Ref>Shach 165:2</ref> | |||
# We rely on non-Jewish experts to tell us that the coins are more or less than 25% larger than the old coins. If you are asking a hired professional economist they are trusted and if you're asking someone else you should ask two non-Jews one not in front of the other.<ref>Rama 165:1, Shach 165:7</ref> | |||
# If the government establishes how the old loans should be repaid then one can follow that standard based on [[dina dmalchuta dina]].<ref>Rama 165:1, Shach 165:8</ref> | |||
==Future Contracts of Commodities== | ==Future Contracts of Commodities== | ||
# It is forbidden to pay in advance for the later delivery of a commodity since it is possible that the price of the commodity will rise. The two ways to permit this is if the seller has the commodity already or the marketplace price is already fixed.<ref>Shulchan Aruch Y.D. 163:1</ref> | # It is forbidden to pay in advance for the later delivery of a commodity since it is possible that the price of the commodity will rise. The two ways to permit this is if the seller has the commodity already or the marketplace price is already fixed.<ref>Shulchan Aruch Y.D. 163:1</ref> | ||
