1.
ISO 4217
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
2.
Currency symbol
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A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
3.
Bhutan
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Bhutan, officially the Kingdom of Bhutan, is a landlocked country in Asia and the smallest state located entirely within the Himalaya mountain range. Located in the Eastern Himalayas, it is bordered by China in the north, Bhutan lacks a border with nearby Nepal due to the Indian state of Sikkim and with Bangladesh due to the Indian states of West Bengal and Assam. Bhutan is geopolitically in South Asia and is the second least populous nation after the Maldives. Thimphu is its capital and largest city, while Phuntsholing is its financial center, the independence of Bhutan has endured for centuries and the territory was never colonized in its history. Situated on the ancient Silk Road between Tibet, the Indian subcontinent and Southeast Asia, the Bhutanese state developed a national identity based on Buddhism. Headed by a leader known as the Zhabdrung Rinpoche, the territory was composed of many fiefdoms. Following a civil war in the 19th century, the House of Wangchuck reunited the country, Bhutan fostered a strategic partnership with India during the rise of Chinese communism and has a disputed border with the Peoples Republic of China. The King of Bhutan is known as the Dragon King, Bhutan is also notable for pioneering the concept of gross national happiness. The countrys landscape ranges from subtropical plains in the south to the sub-alpine Himalayan mountains in the north. The highest mountain in Bhutan is the Gangkhar Puensum, which is also a candidate for the highest unclimbed mountain in the world. There is also diverse wildlife in Bhutan, in South Asia, Bhutan ranks first in economic freedom, ease of doing business and peace, second in per capita income and is the least corrupt country, as of 2016. However, Bhutan continues to be a least developed country, hydroelectricity accounts for the major share of its exports. The government is a parliamentary democracy, Bhutan maintains diplomatic relations with 52 countries and the European Union, but does not have formal ties with the five permanent members of the United Nations Security Council. It is a member of the United Nations, SAARC, BIMSTEC, the Royal Bhutan Army maintains extensive military relations with the Indian Armed Forces. The precise etymology of Bhutan is unknown, although it is likely to derive from the Tibetan endonym Bod used for Tibet. Traditionally, it is taken to be a transcription of the Sanskrit Bhoṭa-anta end of Tibet, since the 17th century the official name of Bhutan has been Druk yul and Bhutan only appears in English-language official correspondence. Names similar to Bhutan — including Bohtan, Buhtan, Bottanthis, Bottan, jean-Baptiste Taverniers 1676 Six Voyages is the first to record the name Boutan. However, in case, these seem to have been describing not modern Bhutan
4.
Indian rupee
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The Indian rupee, is the official currency of the Republic of India. The rupee is subdivided into 100 paise, though as of 2011,25 paise is no more a legal tender, the issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in management on the basis of the Reserve Bank of India Act,1934. The rupee is named after the coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century. In 2010, a new symbol ₹, was officially adopted and it was derived from the combination of the Devanagari consonant र and the Latin capital letter R without its vertical bar. The parallel lines at the top are said to make an allusion to the tricolour Indian flag, the first series of coins with the new rupee symbol started in circulation on 8 July 2011. On 8 November 2016 the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, a newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016. The new redesigned series is expected to be enlarged with banknotes in the denominations of ₹1000, ₹100. The word rupee was derived from the Sanskrit word रूप्यकम् or rupaya, the modern Indian rupee has a direct lineage from the rupiya, the silver coin, issued by Sher Shah Suri, continued by the Mughal rulers. Rūpa means to form or shape, example, Rūpyarūpa, rūpya — wrought silver, however, in the region of Bengal, the term taka has always been used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold, today, the currency of Bangladesh is officially known as taka. The word taka in Bengali is also used generically to mean any money, currency. Thus, colloquially, a person speaking in Bengali may use taka to refer to money regardless of what currency it is denominated in, thus, in the states of West Bengal and Tripura the Indian rupee is officially known টাকা. Whereas, in the states of Assam and Odisha, the Indian rupee is known by names derived from the Sanskrit word ṭaṅka, টকা in Assamese. During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains, the silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include, the Bank of Hindustan, the General Bank of Bengal and Bihar, historically, the rupee was a silver coin. This had severe consequences in the century when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of relative to gold
5.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
6.
Fixed exchange-rate system
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There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can also be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is then controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is also used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone. The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
7.
Tibetan alphabet
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The Tibetan alphabet is an abugida used to write the Tibetic languages such as Tibetan, as well as Dzongkha, Sikkimese, Ladakhi, and sometimes Balti. The printed form of the alphabet is called uchen script while the cursive form used in everyday writing is called umê script. The alphabet is closely linked to a broad ethnic Tibetan identity, spanning across areas in Tibet, Bhutan, India. The Tibetan alphabet is of Indic origin and it is ancestral to the Limbu alphabet, the Lepcha alphabet, the creation of the Tibetan alphabet is attributed to Thonmi Sambhota of the mid-7th century. Tradition holds that Thonmi Sambhota, a minister of Songtsen Gampo, was sent to India to study the art of writing, the form of the letters is based on an Indic alphabet of that period. The most important, an official orthography aimed to facilitate the translation of Buddhist scriptures, Standard orthography has not altered since then, while the spoken language has changed by, for example, losing complex consonant clusters. As a result, in all modern Tibetan dialects, in particular in the Standard Tibetan of Lhasa and this divergence is the basis of an argument in favour of spelling reform, to write Tibetan as it is pronounced, for example, writing Kagyu instead of Bka-rgyud. In contrast, the pronunciation of the Balti, Ladakhi and Burig languages adheres more closely to the archaic spelling, in the Tibetan script, the syllables are written from left to right. Syllables are separated by a tsek, since many Tibetan words are monosyllabic, spaces are not used to divide words. The Tibetan alphabet has thirty basic letters, sometimes known as radicals, as in other Indic scripts, each consonant letter assumes an inherent vowel, in the Tibetan script its ཨ /a/. The alphabet ཨ /a/ is also the base for dependent vowels marks, although some Tibetan dialects are tonal, the language had no tone at the time of the scripts invention, and there are no dedicated symbols for tone. However, since tones developed from segmental features they can usually be predicted by the archaic spelling of Tibetan words. The unique aspect of the Tibetan script is that the consonants can be either as radicals, or they can be written in other forms. To understand how this works, one can look at the radical ཀ /ka/, in both cases, the symbol for ཀ /ka/ is used, but when the ར /ra/ is in the middle of the consonant and vowel, it is added as a subscript. On the other hand, when the ར /ra/ comes before the consonant and vowel, ར /ra/ actually changes form when it is above most other consonants, thus རྐ rka. However, an exception to this is the cluster རྙ /rnya/, similarly, the consonants ཝ /wa/, ར /ra/, and ཡ /ja/ change form when they are beneath other consonants, thus ཀྭ /kwa/, ཀྲ /kra/, ཀྱ /kja/. Besides being written as subscripts and superscripts, some consonants can also be placed in prescript, postscript, the third position, the post-postscript position is solely for the consonants ད /tʰa/ and ས /sa/. The superscript position above a radical is reserved for the consonants ར /ra/, ལ /la/, the vowels used in the alphabet are ཨ /a/, ཨི /i/, ཨུ /u/, ཨེ /e/, and ཨོ /o/
8.
Dzongkha
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Dzongkha, or Bhutanese, is a Sino-Tibetan language spoken by over half a million people in Bhutan, it is the sole official and national language of the Kingdom of Bhutan. The Tibetan alphabet is used to write Dzongkha, the word dzongkha means the language of the district, kha is language, and dzong is district. District-like dzong architecture characterises monasteries, established throughout Bhutan by its unifier, Ngawang Namgyal, 1st Zhabdrung Rinpoche, as of 2013, Dzongkha had 171,080 native speakers and about 640,000 total speakers. Dzongkha and its dialects are the native tongue of eight districts of Bhutan. There are also some speakers found near the Indian town of Kalimpong, once part of Bhutan, Dzongkha was declared as the national language of Bhutan in 1971. Dzongkha study is mandatory in all schools in Bhutan, and the language is the lingua franca in the districts to the south, the 2003 Bhutanese film Travellers and Magicians is entirely in Dzongkha. The Tibetan alphabet used to write Dzongkha has thirty basic letters, sometimes known as radicals, Dzongkha is usually written in Bhutanese forms of the Uchen script, forms of the Tibetan alphabet known as Jôyi cursive longhand and Jôtshum formal longhand. The print form is simply as Tshûm. There are various ways of Romanization and transliteration systems for Dzongkha, the phonetic transliteration was developed by the linguist George van Driem. Dzongkha is usually described as having three tones, high, medium and low, however, in monosyllabic words, each tone can occur with two distinct contours. The unaspirated stops /p/, /t/, /c/, and /k/ typically become voiced in the low tone and are pronounced, the sounds are regarded as allophones. Similarly, the stops, and are typically lightly aspirated in the low tone. The dialect of the social strata in Lhasa does not use voiced stops in the low tone. The alveolar trill is in distribution of the alveolar approximant, therefore. The voiceless alveolar lateral approximant resembles the voiceless lateral fricative found in languages such as Welsh. The consonants /m/, /ŋ/, /p/, /r/, /l/, the Classical Tibetan final /n/ is still present, but its modern pronunciation is normally realized as a nasalisation of the preceding vowel, rather than as a discrete consonant. However, /k/ is not pronounced in the position of a word except in very formal speech. Also, syllable-final /r/ and /l/ are often not clearly pronounced but realized as a lengthening of the preceding vowel
Bhutan (alongside Indian Rupee)
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