|| || |
A currency refers to the unit of exchange and this includes polymer or paper banknotes as well as metal coins. Generally, countries have monopoly on issuing currency, but some countries share their currencies with others. Currencies are today the dominant means of exchange and though different countries refer the same term their respective currencies vary. Even a place that is a part of another country technically uses different currency from the parent country.
World currencies have a major role in the foreign exchange market as well as the international finance. The economy is based on the revenue generated and this is done with consideration of global currency.
World currencies are based on type of issuance, issuer and backing. The pros and cons of each currency influence the country.
World currencies list includes all the countries, small and big. The ISO 4217 has given each country code and numeric code, besides the currency helps in knowing the country. For instance, the world currencies list shows USD 840 representing US dollar and FJD 242 represents Fiji Dollar, and so on. Businesses done on international levels must know the currency list as it helps in knowing the value of the currency and its demand.
The world currencies symbol is different for each country, though some countries share the same symbol. However, even if they share the same symbol they differentiate it by adding codes of their country name of change the banknotes and coin colors.
The world currencies symbol gives identification for the
currency and helps in knowing its value immediately. For instance,
USA, Australia, Argentina, Bahamas and Barbados all share
the same symbol ‘$’ but are identified by their
currency codes such as USD, AUD, ARS, BSD and BB.
However, majority countries have different symbols and this
is of immense use. Similarly, the world currencies exchange
rates have a great role for people doing international businesses
or dealing with trade.
The world currencies exchange rates also vary for each country.
For instance, the same US dollar for Brazilian Real is 0.59006,
for India it is 0.02256, while the euro for Brazilian Real
is 0.42316 and for India it is 0.01620. Likewise the currencies
exchange rates vary with each currency.