1.
Arabic language
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Arabic is a Central Semitic language that was first spoken in Iron Age northwestern Arabia and is now the lingua franca of the Arab world. Arabic is also the language of 1.7 billion Muslims. It is one of six languages of the United Nations. The modern written language is derived from the language of the Quran and it is widely taught in schools and universities, and is used to varying degrees in workplaces, government, and the media. The two formal varieties are grouped together as Literary Arabic, which is the language of 26 states. Modern Standard Arabic largely follows the standards of Quranic Arabic. Much of the new vocabulary is used to denote concepts that have arisen in the post-Quranic era, Arabic has influenced many languages around the globe throughout its history. During the Middle Ages, Literary Arabic was a vehicle of culture in Europe, especially in science, mathematics. As a result, many European languages have borrowed many words from it. Many words of Arabic origin are found in ancient languages like Latin. Balkan languages, including Greek, have acquired a significant number of Arabic words through contact with Ottoman Turkish. Arabic has also borrowed words from languages including Greek and Persian in medieval times. Arabic is a Central Semitic language, closely related to the Northwest Semitic languages, the Ancient South Arabian languages, the Semitic languages changed a great deal between Proto-Semitic and the establishment of the Central Semitic languages, particularly in grammar. Innovations of the Central Semitic languages—all maintained in Arabic—include, The conversion of the suffix-conjugated stative formation into a past tense, the conversion of the prefix-conjugated preterite-tense formation into a present tense. The elimination of other prefix-conjugated mood/aspect forms in favor of new moods formed by endings attached to the prefix-conjugation forms, the development of an internal passive. These features are evidence of descent from a hypothetical ancestor. In the southwest, various Central Semitic languages both belonging to and outside of the Ancient South Arabian family were spoken and it is also believed that the ancestors of the Modern South Arabian languages were also spoken in southern Arabia at this time. To the north, in the oases of northern Hijaz, Dadanitic and Taymanitic held some prestige as inscriptional languages, in Najd and parts of western Arabia, a language known to scholars as Thamudic C is attested
2.
French language
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French is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages, French has evolved from Gallo-Romance, the spoken Latin in Gaul, and more specifically in Northern Gaul. Its closest relatives are the other langues doïl—languages historically spoken in northern France and in southern Belgium, French was also influenced by native Celtic languages of Northern Roman Gaul like Gallia Belgica and by the Frankish language of the post-Roman Frankish invaders. Today, owing to Frances past overseas expansion, there are numerous French-based creole languages, a French-speaking person or nation may be referred to as Francophone in both English and French. French is a language in 29 countries, most of which are members of la francophonie. As of 2015, 40% of the population is in Europe, 35% in sub-Saharan Africa, 15% in North Africa and the Middle East, 8% in the Americas. French is the fourth-most widely spoken mother tongue in the European Union, 1/5 of Europeans who do not have French as a mother tongue speak French as a second language. As a result of French and Belgian colonialism from the 17th and 18th century onward, French was introduced to new territories in the Americas, Africa, most second-language speakers reside in Francophone Africa, in particular Gabon, Algeria, Mauritius, Senegal and Ivory Coast. In 2015, French was estimated to have 77 to 110 million native speakers, approximately 274 million people are able to speak the language. The Organisation internationale de la Francophonie estimates 700 million by 2050, in 2011, Bloomberg Businessweek ranked French the third most useful language for business, after English and Standard Mandarin Chinese. Under the Constitution of France, French has been the language of the Republic since 1992. France mandates the use of French in official government publications, public education except in specific cases, French is one of the four official languages of Switzerland and is spoken in the western part of Switzerland called Romandie, of which Geneva is the largest city. French is the language of about 23% of the Swiss population. French is also a language of Luxembourg, Monaco, and Aosta Valley, while French dialects remain spoken by minorities on the Channel Islands. A plurality of the worlds French-speaking population lives in Africa and this number does not include the people living in non-Francophone African countries who have learned French as a foreign language. Due to the rise of French in Africa, the total French-speaking population worldwide is expected to reach 700 million people in 2050, French is the fastest growing language on the continent. French is mostly a language in Africa, but it has become a first language in some urban areas, such as the region of Abidjan, Ivory Coast and in Libreville. There is not a single African French, but multiple forms that diverged through contact with various indigenous African languages, sub-Saharan Africa is the region where the French language is most likely to expand, because of the expansion of education and rapid population growth
3.
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
4.
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
5.
Lebanon
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Lebanon, officially known as the Lebanese Republic, is a sovereign state in Western Asia. It is bordered by Syria to the north and east and Israel to the south, Lebanons location at the crossroads of the Mediterranean Basin and the Arabian hinterland facilitated its rich history and shaped a cultural identity of religious and ethnic diversity. At just 10,452 km2, it is the smallest recognized country on the entire mainland Asian continent, the earliest evidence of civilization in Lebanon dates back more than seven thousand years, predating recorded history. Lebanon was the home of the Canaanites/Phoenicians and their kingdoms, a culture that flourished for over a thousand years. In 64 BC, the region came under the rule of the Roman Empire, in the Mount Lebanon range a monastic tradition known as the Maronite Church was established. As the Arab Muslims conquered the region, the Maronites held onto their religion, however, a new religious group, the Druze, established themselves in Mount Lebanon as well, generating a religious divide that has lasted for centuries. During the Crusades, the Maronites re-established contact with the Roman Catholic Church, the ties they established with the Latins have influenced the region into the modern era. The region eventually was ruled by the Ottoman Empire from 1516 to 1918, following the collapse of the empire after World War I, the five provinces that constitute modern Lebanon came under the French Mandate of Lebanon. The French expanded the borders of the Mount Lebanon Governorate, which was populated by Maronites and Druze. Lebanon gained independence in 1943, establishing confessionalism, a unique, foreign troops withdrew completely from Lebanon on 31 December 1946. Lebanon has been a member of the Organisation internationale de la francophonie since 1973, despite its small size, the country has developed a well-known culture and has been highly influential in the Arab world. Before the Lebanese Civil War, the experienced a period of relative calm and renowned prosperity, driven by tourism, agriculture, commerce. At the end of the war, there were efforts to revive the economy. In spite of troubles, Lebanon has the highest Human Development Index and GDP per capita in the Arab world. The name of Mount Lebanon originates from the Phoenician root lbn meaning white, occurrences of the name have been found in different Middle Bronze Age texts from the library of Ebla, and three of the twelve tablets of the Epic of Gilgamesh. The name is recorded in Ancient Egyptian as Rmnn, where R stood for Canaanite L, the name occurs nearly 70 times in the Hebrew Bible, as לְבָנוֹן. The borders of contemporary Lebanon are a product of the Treaty of Sèvres of 1920 and its territory was the core of the Bronze Age Phoenician city-states. After the 7th-century Muslim conquest of the Levant, it was part of the Rashidun, Umyayad, Abbasid Seljuk, with the dissolution of the Ottoman Empire, Greater Lebanon fell under French mandate in 1920, and gained independence under president Bechara El Khoury in 1943
6.
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
7.
Banque du Liban
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Bank of Lebanon officially Banque du Liban is the central bank of Lebanon. It was established on August 1,1963 and became operational on April 1,1964. It is currently headed by Riad Salameh, who was named the Middle Easts best central bank governor by Euromoney in 2005, one of the main responsibilities of the bank is issuing Lebanons currency, the Lebanese Pound. Other responsibilities include maintaining monetary stability, regulation of money transfers, Banking is a very important part of Lebanons economy with over 100 different banks, which makes the role of Banque du Liban particularly important. It currently owns 99. 37% of the shares of Lebanons national carrier, however, plans call for it to sell its stake in the airline by 2008 as part of government plans to privatize many institutions. The government has launched an ambitious 5-year economic reform program in hopes to cut the countrys debt. The outcome of the program will largely be dependent on Banque du Liban. Besides the main branch in Beirut, it has branches in Aley, Baalbeck, Bikfaya, Jounieh, Nabatiye, Sidon, Tripoli, Tyre, and Zahlé. Ottoman domination of Lebanon, which lasted for more than four centuries, was brought to an end on October 6,1918, the paper money issued by the Turkish Treasury, with a forced exchange rate, suffered the same fate. In accordance with the convention signed between the French and the British governments on September 15,1919, a new occupying authority started to rule Lebanon, consequently, the use of the Egyptian currency, suitable for the British Treasury, became inappropriate. To obtain Egyptian pounds, France, being the sole occupying power, had to offer increasing amounts of francs, during World War I, the French franc had maintained its status thanks to advances from the British and American Treasuries. In order to replace the Egyptian pound, the French government decided, by Decree N°129 issued by the High Commissioner on March 13,1920, on September 1,1920, the representative of France proclaimed Great Lebanon. In 1920, the Bank of Syria was granted the concession of issuing the Syrian currency, banknotes issued by this bank were reimbursable to the bearer or at sight by checks drawn on Paris, at the rate of FF20 for one Syrian pound. As a consequence, an independent, currency-issuing department was established at the Bank of Syria and it was responsible for putting in circulation and withdrawing banknotes. Issuances were made either on behalf of the Treasury in Paris or on behalf of the Bank itself, the Banque du Liban was established by the Code of Money and Credit promulgated on 1 August 1963, by Decree no.13513. It started to operate effectively on 1 April 1964, BDL is a legal public entity enjoying financial and administrative autonomy. It is not subject to the administrative and management rules and controls applicable to the public sector and its capital is totally appropriated by the State. The BDL is endowed by law, with the prerogatives to fulfill its mission and it can use all measures it deems appropriate to ensure exchange rate stability, specifically the intervention in the foreign exchange market by buying and selling foreign currencies
8.
Monetary inflation
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Monetary inflation is a sustained increase in the money supply of a country. There is general agreement among economists that there is a relationship between monetary inflation and price inflation. But there is neither a common view about the exact mechanisms and relationships. This relationship is constantly changing, within a larger complex economic system. Thus there are different views on what could be the best targets, however, there is a general consensus on the importance and responsibility of central banks and monetary authorities in setting public expectations of price inflation and in trying to control it. Keynesian economists believe the bank can sufficiently assess the detailed economic variables and circumstances in real time in order to control monetary policy in detail. These economists favor monetary policies that attempt to out the ups and downs of business cycles. Followers of the monetarist school think that Keynesian style monetary policies produce a lot of overshooting, time-lag errors and other unwanted effects, sometimes making things even worse. They doubt the central banks capacity to analyse economic problems in time and its ability to influence the economy with correct timing. So monetarists advocate less intrusive and complex monetary policies, like inflation targeting or a constant growth rate of money supply. Some followers of Austrian School economics advocate either the return to free markets in money, called free banking, or a 100% gold standard, currently, most central banks follow a monetarist or Keynesian approach, or more often a mix of both. There is a trend of central banks towards the monetarist approach, the mechanisms by which excess money might be translated into inflation are examined below. Individuals can also spend their excess money balances directly on goods and this has a direct impact on inflation by raising aggregate demand. Also, the increase in the demand for labour resulting from higher demands for goods and services will cause a rise in money wages, the more inelastic the aggregate supply in the economy, the greater the impact on inflation. The increase in demand for goods and services may cause a rise in imports, although this leakage from the domestic economy reduces the money supply, it also increases the supply of money on the foreign exchange market thus applying downward pressure on the exchange rate. However, under modern-day monetary systems, the supply of money is largely determined endogenously, but exogenous factors like government surpluses and deficits play a role and allow government to set inflation targets. Given that all major economies currently have a central bank supporting the private banking system, Austrian economists believe that credit growth propagates business cycles
9.
Fixed exchange rate
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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
10.
US dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
11.
Piastres
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The piastre or piaster is any of a number of units of currency. The term originates from the Italian for thin metal plate, the name was applied to Spanish and Hispanic American pieces of eight, or pesos, by Venetian traders in the Levant in the 16th century. These pesos, minted continually for centuries, were accepted by traders in many parts of the world. When the French colonised Indochina, they began issuing the new French Indochinese piastre, in the Ottoman Empire, successive currency reforms had reduced the value of the Ottoman piastre by the late 19th century so as to be worth about two pence sterling. Hence the name referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the values of the piastres in the Middle East. Meanwhile, in Indochina, the piastre continued into the 1950s and was renamed the riel, the kip. The term is still used in Quebec, Acadian, Franco-Manitoban. When used colloquially in this way, the term is pronounced and spelled piasse or pyahs. It was based on 120 units, a quarter of which was 30 sous, piastre was also the original French word for the United States dollar, used for example in the French text of the Louisiana Purchase. Calling the US dollar a piastre is still common among the millions of speakers of Cajun French, modern French uses dollar for this unit of currency as well. The term is used as slang for US dollars in the French-speaking Caribbean islands. Many newcomers to Canada, or Quebec mistakenly pronounce the term as pièce from pièce de monnaie, piastre is another name for kuruş, 1/100 of the Turkish new lira, as well as the old lira. The piastre is still used in Mauritius when bidding in auction sales and it is equivalent to 2 rupees. Piastra Eckfeldt, Jacob Reese, Du Bois, William Ewing, Saxton, a manual of gold and silver coins of all nations, struck within the past century. Showing their history, and legal basis, and their weight, fineness. Assay Office of the Mint. p.132
12.
Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
13.
Second World War
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World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan
14.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
15.
Ottoman lira
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The Ottoman lira was the currency of Ottoman Empire between 1844 and 29 October 1923. It replaced the kuruş as the unit of currency, with the kuruş continuing to circulate as a subdivision of the lira. The para also continued to be used, with 40 para =1 kuruş, until the 1930s, the Arabic script was used on Turkish coins and banknotes, with پاره for para, غروش for kuruş and ليرا for lira. In European languages, the kuruş was known as the piastre, between 1844 and 1881, the lira was on a bimetallic standard, with 1 lira =6.61519 grams pure gold =99.8292 grams pure silver. In 1881, the standard was adopted and continued until 1914. World War I saw Turkey effectively depart from the standard with the gold lira being worth about nine lira in paper money by the early 1920s. Between 1844 and 1855, coins were introduced in denominations of 1,5,10,20 para, 1⁄2,1,2,5,10,20 kuruş and 1⁄4, 1⁄2,1, 2 1⁄2 and 5 lira. The para denominations were struck in copper, the kuruş in silver, the 1 para was discontinued in 1859, with the higher copper denominations ceasing production between 1863 and 1879. In 1899, billon 5 and 10 para were introduced, followed by nickel 5,10,20 and 40 kuruş in 1910. Gold coins continued to be minted after the abolition of the standard, even into the 1920s. The central Ottoman Bank first issued paper currency Kaime in 1862, the notes bore texts in Turkish and French. Notes for 1,2 and 5 lira were introduced in 1873, in 1876, smaller denomination notes were introduced for 1,5,10,20,50 and 100 kuruş. In 1908,50 and 100 lira notes were introduced, from 1912, the Ministry of Finance issued paper money. Initially, notes were produced in denominations of 5 and 20 kuruş, 1⁄4, 1⁄2,1 and 5 lira, followed the year by 1 and 2 1⁄2 kuruş. 1000 lira notes were introduced in 1914, in 1917, postage stamp money was issued in the form of 5 and 10 para stamps affixed to card
16.
Egyptian pound
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The Egyptian pound is the currency of Egypt. It is divided into 100 piastres, or ersh, or 1,000 millimes, the Egyptian pound is frequently abbreviated as LE or L. E. which stands for livre égyptienne. E£ and £E are commonly used on the internet, the name Genēh is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century. In 1834, a Khedival Decree was issued providing for the issuing of an Egyptian currency based on a base, i. e. based on gold. The Egyptian pound, known as the geneih, was introduced, the piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths and these tenths were renamed milliemes in 1916. The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions, eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with E£1 =7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG£0.975 per GB£1. Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar and this peg was changed to 1 pound =2.55555 dollars in 1973 when the dollar was devalued. The pound was devalued in 1978 to a peg of 1 pound =1.42857 dollars. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. The Central Bank of Egypt voted to end the regime and allowed the pound to float freely on 3 November 2016. The Egyptian pound was used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. The National Bank of Egypt issued banknotes for the first time on 3 April 1899, the Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961. Several unofficial popular names are used to refer to different values of Egyptian currency and these include nekla for 2 milliemes, tarifa for 5 milliemes, shelen for 5 piastres, bariza for 10 piastres, and reyal for 20 piastres. Since the piaster and millieme are no legal tender, the smallest denomination currently minted being the 50-piaster coin. A few have survived to refer to pounds, bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note. Different sums of EGP have special nicknames, for example,1,000 EGP baku pack,1,000,000 EGP arnab rabbit,1,000,000,000 EGP feel elephant
17.
Syria
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Syrias capital and largest city is Damascus. Religious groups include Sunnis, Christians, Alawites, Druze, Mandeans, Shiites, Salafis, Sunni Arabs make up the largest religious group in Syria. Its capital Damascus and largest city Aleppo are among the oldest continuously inhabited cities in the world, in the Islamic era, Damascus was the seat of the Umayyad Caliphate and a provincial capital of the Mamluk Sultanate in Egypt. The post-independence period was tumultuous, and a number of military coups. In 1958, Syria entered a union with Egypt called the United Arab Republic. Syria was under Emergency Law from 1963 to 2011, effectively suspending most constitutional protections for citizens, Bashar al-Assad has been president since 2000 and was preceded by his father Hafez al-Assad, who was in office from 1970 to 2000. Mainstream modern academic opinion strongly favours the argument that the Greek word is related to the cognate Ἀσσυρία, Assyria, in the past, others believed that it was derived from Siryon, the name that the Sidonians gave to Mount Hermon. However, the discovery of the inscription in 2000 seems to support the theory that the term Syria derives from Assyria. The area designated by the word has changed over time, since approximately 10,000 BC, Syria was one of centers of Neolithic culture where agriculture and cattle breeding appeared for the first time in the world. The following Neolithic period is represented by houses of Mureybet culture. At the time of the pre-pottery Neolithic, people used vessels made of stone, gyps, finds of obsidian tools from Anatolia are evidences of early trade relations. Cities of Hamoukar and Emar played an important role during the late Neolithic, archaeologists have demonstrated that civilization in Syria was one of the most ancient on earth, perhaps preceded by only those of Mesopotamia. The earliest recorded indigenous civilisation in the region was the Kingdom of Ebla near present-day Idlib, gifts from Pharaohs, found during excavations, confirm Eblas contact with Egypt. One of the earliest written texts from Syria is an agreement between Vizier Ibrium of Ebla and an ambiguous kingdom called Abarsal c.2300 BC. The Northwest Semitic language of the Amorites is the earliest attested of the Canaanite languages, Mari reemerged during this period, and saw renewed prosperity until conquered by Hammurabi of Babylon. Ugarit also arose during this time, circa 1800 BC, close to modern Latakia, Ugaritic was a Semitic language loosely related to the Canaanite languages, and developed the Ugaritic alphabet. The Ugarites kingdom survived until its destruction at the hands of the marauding Indo-European Sea Peoples in the 12th century BC, Yamhad was described in the tablets of Mari as the mightiest state in the near east and as having more vassals than Hammurabi of Babylon. Yamhad imposed its authority over Alalakh, Qatna, the Hurrians states, the army of Yamhad campaigned as far away as Dēr on the border of Elam
18.
France
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France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
19.
Syrian pound
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The Syrian pound or Syrian Lira is the currency of Syria and is issued by the Central Bank of Syria. The pound is subdivided into 100 qirsh, although coins in qirsh are no longer issued, before 1947, the word qirsh was spelled with the initial Arabic letter غ, after which the word began with ق. Until 1958, banknotes were issued with Arabic on the obverse, after 1958, English has been used on the reverses, hence the three different names for this currency. Coins used both Arabic and French until Syrian independence, then only Arabic, the standard abbreviation for the Syrian pound is SYP. On 5 December 2005, the rate quoted by the Commercial Bank of Syria was 58.4 SYP to the US dollar. A rate of about 50 pounds to one dollar has been usual in the early 2000s, the maximum amount that is allowed to be taken out with the Syrian traveler is US$3,000 per flight per year. Any amount in excess of US$3,000 is confiscated by the authorities, the Syrian pound is not a hard currency, and there are restrictions on its export. During the period when Syria was a part of the Ottoman Empire—which lasted about 400 years—the Ottoman lira was the currency, the pound was introduced in 1919 and was pegged at a value of 20 French francs. As the political status of Lebanon evolved, the Banque de Syrie, the BSL issued the Lebanese-Syrian currency for 15 years, starting in 1924. Two years before the expiration of the 15-year period, the BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state, in 1939, the bank was renamed the Banque de Syrie et du Liban. This rate was based on the conversion rate between the franc and sterling. In 1946, following devaluation of the franc, the Syrian pound was pegged once again to the franc at a rate of 1 pound =54.35 francs. In 1947, the U. S. dollar was adopted as the peg for the Syrian currency, with 2.19148 pounds =1 dollar, the Lebanese and Syrian currencies split in 1948. The market was allowed to flourish because everybody, including government and public sector companies, the black market rate diverged dramatically from the official rate in the 1980s. During the Syrian Civil War, Syrian Pound value decreased dramatically, affected by migration to the nearby countries such as Lebanon, Jordan, Egypt. In addition to the sanctions imposed by United States and European Union. The official exchange rate of USD against SYP was 46.98 at the beginning of 2011, in 1921, cupro-nickel 1⁄2 qirsh coins were introduced, followed in 1926 by aluminium bronze 2 and 5 qirsh. In 1929, holed, nickel-brass 1 qirsh and silver 10,25 and 50 qirsha were introduced, nickel-brass 1⁄2 qirsh were introduced 1935, followed by zinc 1 qirsh and aluminium-bronze 2½ qirsh in 1940
20.
French franc
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The franc, also commonly distinguished as the French franc, was a currency of France. Between 1450 and 1999, it was the name of coins worth 1 livre tournois and it was revalued in 1960, with each new franc being worth 100 old francs. The French franc was a commonly held reserve currency of reference in the 19th and 20th centuries. The first franc was a gold coin introduced in 1360 to pay the Ransom of King John II of France and this coin secured the kings freedom and showed him on a richly decorated horse earning it the name franc à cheval. The obverse legend, like other French coins, gives the title as Francorum Rex. Its value was set as one livre tournois, john’s son, Charles V, continued this type. It was copied exactly at Brabant and Cambrai and, with the arms on the horse cloth changed, conquests led by Joan of Arc allowed Charles VII to return to sound coinage and he revived the franc à cheval. John II, however, was not able to strike enough francs to pay his ransom, John II died as a prisoner in England and his son, Charles V was left to pick up the pieces. Charles V pursued a policy of reform, including stable coinage, an edict dated 20 April 1365 established the centerpiece of this policy, a gold coin officially called the denier d’or aux fleurs de lis which had a standing figure of the king on its obverse. Its value in money of account was one livre tournois, just like the franc à cheval, in accordance with the theories of the mathematician, economist and royal advisor Nicolas Oresme, Charles struck fewer coins of better gold than his predecessors. In the accompanying deflation both prices and wages fell, but wages fell faster and debtors had to settle up in better money than they had borrowed, the Mayor of Paris, Etienne Marcel, exploited their discontent to lead a revolt which forced Charles V out of the city. The States General which met at Blois in 1577 added to the pressure to stop currency manipulation. Henry III agreed to do this and he revived the franc and this coin and its fractions circulated until 1641 when Louis XIII of France replaced it with the silver Écu. Nevertheless, the franc continued in accounting as a synonym for the livre tournois. The decimal franc was established as the currency by the French Revolutionary Convention in 1795 as a decimal unit of 4.5 g of fine silver. This was slightly less than the livre of 4.505 g, silver coins now had their denomination clearly marked as “5 FRANCS” and it was made obligatory to quote prices in francs. e. Coinage with explicit denominations in decimal fractions of the franc also began in 1795, decimalization of the franc was mandated by an act of 7 April 1795, which also dealt with of weights and measures. France’s first decimal coinage used allegorical figures symbolizing revolutionary principles, like the designs the United States had adopted in 1793
21.
Nazi Germany
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Nazi Germany is the common English name for the period in German history from 1933 to 1945, when Germany was governed by a dictatorship under the control of Adolf Hitler and the Nazi Party. Under Hitlers rule, Germany was transformed into a fascist state in which the Nazi Party took totalitarian control over all aspects of life. The official name of the state was Deutsches Reich from 1933 to 1943, the period is also known under the names the Third Reich and the National Socialist Period. The Nazi regime came to an end after the Allied Powers defeated Germany in May 1945, Hitler was appointed Chancellor of Germany by the President of the Weimar Republic Paul von Hindenburg on 30 January 1933. The Nazi Party then began to eliminate all opposition and consolidate its power. Hindenburg died on 2 August 1934, and Hitler became dictator of Germany by merging the powers and offices of the Chancellery, a national referendum held 19 August 1934 confirmed Hitler as sole Führer of Germany. All power was centralised in Hitlers person, and his word became above all laws, the government was not a coordinated, co-operating body, but a collection of factions struggling for power and Hitlers favour. In the midst of the Great Depression, the Nazis restored economic stability and ended mass unemployment using heavy military spending, extensive public works were undertaken, including the construction of Autobahnen. The return to economic stability boosted the regimes popularity, racism, especially antisemitism, was a central feature of the regime. The Germanic peoples were considered by the Nazis to be the purest branch of the Aryan race, millions of Jews and other peoples deemed undesirable by the state were murdered in the Holocaust. Opposition to Hitlers rule was ruthlessly suppressed, members of the liberal, socialist, and communist opposition were killed, imprisoned, or exiled. The Christian churches were also oppressed, with many leaders imprisoned, education focused on racial biology, population policy, and fitness for military service. Career and educational opportunities for women were curtailed, recreation and tourism were organised via the Strength Through Joy program, and the 1936 Summer Olympics showcased the Third Reich on the international stage. Propaganda minister Joseph Goebbels made effective use of film, mass rallies, the government controlled artistic expression, promoting specific art forms and banning or discouraging others. Beginning in the late 1930s, Nazi Germany made increasingly aggressive territorial demands and it seized Austria and Czechoslovakia in 1938 and 1939. Hitler made a pact with Joseph Stalin and invaded Poland in September 1939. In alliance with Italy and smaller Axis powers, Germany conquered most of Europe by 1940, reichskommissariats took control of conquered areas, and a German administration was established in what was left of Poland. Jews and others deemed undesirable were imprisoned, murdered in Nazi concentration camps and extermination camps, following the German invasion of the Soviet Union in 1941, the tide gradually turned against the Nazis, who suffered major military defeats in 1943
22.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
23.
Lebanese Civil War
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The Lebanese Civil War was a multifaceted civil war in Lebanon, lasting from 1975 to 1990 and resulting in an estimated 120,000 fatalities. As of 2012, approximately 76,000 people remain displaced within Lebanon, there was also an exodus of almost one million people from Lebanon as a result of the war. The government of Lebanon had been run under a significant influence of the elites among the Maronite Christians, however, the country had a large Muslim population and many pan-Arabist and left-wing groups opposed the pro-western government. Fighting between Maronite and Palestinian forces began in 1975, then Leftist, pan-Arabist and Muslim Lebanese groups formed an alliance with the Palestinians, during the course of the fighting, alliances shifted rapidly and unpredictably. Furthermore, foreign powers, such as Israel and Syria, became involved in the war, Peace keeping forces, such as the Multinational Force in Lebanon & UNIFIL, were also stationed in Lebanon. The 1989 Taif Agreement marked the beginning of the end of the fighting, in January 1989, a committee appointed by the Arab League began to formulate solutions to the conflict. In March 1991, parliament passed an amnesty law that all political crimes prior to its enactment. In May 1991, the militias were dissolved, with the exception of Hezbollah, religious tensions between Sunnis and Shias remained after the war. An 1860 civil war between Druze and Maronites erupted in the Ottoman Mutasarrifate of Mount Lebanon, which had been divided between them in 1842 and it resulted in the massacre of about 10,000 Christians and at least 6,000 Druzes. The 1860 war was considered by the Druze as a military victory, World War I was hard for the Lebanese. While the rest of the world was occupied with the World War, with the defeat and dissolution of the Ottoman Empire, Turkish rule ended. France took control of the area under the French Mandate for Syria, the French created the state of Greater Lebanon as a safe haven for the Maronites, but included a large Muslim population within the borders. In 1926, Lebanon was declared a republic, and a constitution was adopted, however, the constitution was suspended in 1932. Various factions sought unity with Syria, or independence from the French, in 1934, the countrys first census was conducted. In 1936, the Maronite Phalange party was founded by Pierre Gemayel, World War II and the 1940s brought great change to Lebanon and the Middle East. Lebanon was promised independence and on 22 November 1943, during World War II, Free French troops, who had invaded Lebanon in 1941 to rid Beirut of the Vichy French forces, left the country in 1946. The Maronites assumed power over the country and economy, a parliament was created, in which both Muslims and Christians each had a set quota of seats. Accordingly, the President was to be a Maronite, the Prime Minister a Sunni Muslim, the United Nations Partition Plan for Palestine in late 1947 led to civil war in Palestine, the end of Mandatory Palestine, and the Israeli Declaration of Independence on 14 May 1948
24.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
25.
World War II
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World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan
26.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
27.
Economy of Lebanon
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The economy of Lebanon is a developing economy, with a private sector that contributes to 75% of aggregate demand and a large banking sector that supports this demand. The IMF forecast a growth of 7% for Lebanons real GDP in 2010 and 2011 following 9% growth in 2009 and 8. 5% in 2008. It has the 54th richest GDP per capita in the world, however, the Lebanese economy was badly affected by the Syrian civil war. The institute of international finance forecasted a GDP growth of 0. 7% for 2013, the major industrial sectors include metal products, banking, agriculture, chemicals, and transport equipment. Lebanon has a competitive and free market regime and a strong laissez-faire commercial tradition, the Lebanese economy is service-oriented, main growth sectors include banking and tourism. There are no restrictions on foreign exchange or capital movement and this is a chart of trend of gross domestic product of Lebanon at market prices estimated by the International Monetary Fund with figures in millions of Lebanese Pounds. For purchasing power parity comparisons, the US Dollar is exchanged at 1,403.29 Lebanese Pounds only, mean wages were $8.95 per man-hour in 2009. After the war, the government regained its ability to collect taxes and control over key port. As a result, GDP per capita expanded 353% in the 1990s, Lebanons economy has made impressive gains since the launch of Horizon 2000, the governments $20 billion reconstruction program in 1993. Real GDP grew 8% in 1994 and 7% in 1995 before Israels Operation Grapes of Wrath in April 1996 stunted economic activity, real GDP grew at an average annual rate of less than 3% per year for 1997 and 1998 and only 1% in 1999. During 1992-98, annual inflation fell from more than 100% to 5%, burgeoning capital inflows have generated foreign payments surpluses, and the Lebanese pound has remained relatively stable. Progress also has made in rebuilding Lebanons war-torn physical and financial infrastructure. The government nonetheless faces serious challenges in the economic arena and it has had to fund reconstruction by tapping foreign exchange reserves and boosting borrowing. Reducing the government budget deficit is a goal of the current government. After the end of the war, Lebanon enjoyed considerable stability, Beiruts reconstruction was almost complete. The month-long 2006 war severely damaged Lebanons economy, especially the tourism sector, over the course of 2008 Lebanon rebuilt its infrastructure mainly in the real estate and tourism sectors, resulting in a comparatively robust post war economy. Major contributors to the reconstruction of Lebanon include Saudi Arabia, the European Union and these regulations have generally left Lebanese banks unscathed by the Financial crisis of 2007–2010. Lebanese banks remain, under the current circumstances, high on liquidity, in late 2008, Moodys shifted Lebanons sovereign rankings from stable to positive, acknowledging its financial security
28.
Standard Catalog of World Coins
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The Standard Catalog of World Coins is a series of numismatic catalogs, commonly known as the Krause catalogs. They are published by Krause Publications, a division of F+W Media, the by-century volumes list by date virtually every coin type, most of which are photographed, with mintage and other information, plus market valuations in up to 5 grades. Listings are by denomination rather than series, as in earlier World coin catalogs, the proprietary Krause-Mishler numbers are widely used, for just a few countries earlier systems such as Y and C numbers are given instead. The century format is considered inconvenient and expensive for those who collect geographically. Originally covering 1835 or so to date, the main catalog evolved into an annual 20th century-only work, plus separate 17th, 18th, beginning with the 34th ed, listings covering 2001 to date are included in a separate 21st Century catalog. Data from the volumes are collated together in special editions for Crowns, Gold, German. Fantasies and medallion issues, which do not appear in the catalogs, are covered in a publication called Unusual World Coins. There is also a publication called Collecting World Coins that includes only 20th-, list priced at $73 to $85 they are often discounted, and can be found in many public libraries. Older editions are steeply discounted even though revisions between editions in many areas are minimal, following the appearance of unlicensed DVD versions, DVDs were included with the 1601-1700 4th edition, the 1901-2000 36th edition, and possibly others, but are now sold as a separate product. George S. Cuhaj is the current editor, with Thomas Michael credited as market analyst, although Krause collate contributions from many collecting experts, coin catalog Standard Catalog of World Paper Money A Guide Book of United States Coins Piedfort Vcoins. com Krause Publications Numismaster. com
29.
International Standard Book Number
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The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay. The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a 10-digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
30.
Kazakhstani tenge
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The tenge is the currency of Kazakhstan. It is divided into 100 tïın, after the collapse of the Soviet Union, attempts were made by most republics to maintain a common currency. Some politicians were hoping to at least maintain special relations among former Soviet republics, other reasons were the economic considerations for maintaining the ruble zone. The wish to preserve strong trade relations between former Soviet republics was considered the most important goal, the break-up of the Soviet Union was not accompanied by any formal changes in monetary arrangements. The Central Bank of Russia was authorized to take over the State Bank of the USSR on 1 January 1992. It continued to ship USSR ruble notes and coins to the banks of the fourteen newly independent countries. The political situation, however, was not favorable for maintaining a common currency and these conditions were far from being met amidst the turbulent economic and political situation. During the first half of 1992, a union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them was using its position as free-riders to issue huge amounts of money in the form of credit. As a result, some countries were issuing coupons in order to protect their markets from buyers from other states, the Russian central bank responded in July 1992 by setting up restrictions to the flow of credit between Russia and other states. The final collapse of the zone began when Russia pulled out with the exchange of banknotes by the Central bank of Russia on Russian territory at the end of July 1993. As a result, Kazakhstan and other still in the ruble zone were pushed out. On November 12,1993, a decree of the President of Kazakhstan, the tenge was introduced on 15 November 1993 to replace the Soviet ruble at a rate of 1 tenge =500 rubles. In 1991 a special group of designers was created, Mendybay Alin, Timur Suleymenov, Asimsaly Duzelkhanov, as such, November 15 is celebrated as the Day of National Currency of Republic of Kazakhstan. In 1995, a printing factory was opened in Kazakhstan. The first consignment of tenge was printed abroad, in the UK, the first coins were minted in Germany. The word tenge in the Kazakh and most other Turkic languages means a set of scales, the origin of the word is the Turkic teŋ- which means being equal, balance. The name of currency is thus similar to the lira, pound
31.
Kyrgyzstani som
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The som is the currency of the Kyrgyz Republic. The ISO4217 currency code is KGS, the som is sub-divided into 100 tyiyn. After the collapse of the Soviet Union attempts were made by most republics to maintain a common currency, certain politicians were hoping to at the very least maintain special relations among former Soviet republics, or the near abroad. Another reason were the economic considerations for maintaining the ruble zone, the wish to preserve the strong trade relations between former Soviet republics was considered the most important goal. The break-up of the Soviet Union was not accompanied by any changes in monetary arrangements. The Central Bank of Russia was authorized to take over the State Bank of the USSR on 1 January 1992. It continued to ship USSR ruble notes and coins to the banks of the fourteen newly independent countries. The political situation, however, was not favorable for maintaining a common currency and these conditions were far from being met amidst the turbulent economic and political situation. During the first half of 1992, a union with 15 independent states all using the ruble existed. Since it was clear that the situation would not last, each of them was using its position as free-riders to issue huge amounts of money in the form of credit. As a result, some countries were issuing coupons in order to protect their markets from buyers from other states, the Russian central bank responded in July 1992 by setting up restrictions to the flow of credit between Russia and other states. The final collapse of the zone began when Russia pulled out with the exchange of banknotes by the Central Bank of Russia on Russian territory at the end of July 1993. The som was introduced on May 10,1993, replacing the Soviet ruble at a rate of 1 som =200 rubles, initially only banknotes were issued, coins were not introduced until 2008. The word som means pure in Kazakh, Kyrgyz, Uyghur and Uzbek, circulation coins were first introduced in January 2008, making Kyrgyzstan second to last of the former Soviet republics to issue them. Belarus became the last of the former Soviet republics that did not issue coins for circulation until the July 1,2016 revaluation of their currency. This move came with growing demand from vendors for coins, especially from slot machine industries, the coins were issued in denominations of 10 and 50 tiyin made of brass-plated steel, and 1,3 and 5 som, made of nickel-plated steel. A nickel-plated steel 10 som coin was issued a year later for 2009, all coins are minted by the Kazakhstan mint in Ust-Kamenogorsk and bear some resemblance to coins of the Russian Federation in their design. There are several commemorative non circulation coins made of silver and gold, on 10 May 1993, the government issued 1,10 and 50 tyiyn notes and the Kyrgyzstan Bank issued notes for 1,5 and 20 som
32.
Tajikistani somoni
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The somoni is the currency of Tajikistan. It is subdivided into 100 diram, the currency is named after the father of the Tajik nation, Ismail Samani. The somoni was introduced on 30 October 2000, it replaced the Tajikistani ruble, the currency is divided into 100 diram for one somoni. This was also the first time circulating coins were introduced in Tajikistan. Circulation coins, first issued in 2001 were struck in denominations of 5,10,20,25,50 diram composed of brass clad steel and 1,3, bimetallic 3 and 5 somoni coins were first released in 2003. The reverse of all coins are changed annually and commemorate various events. A second issue dated 2011 was issued in June 2012, Tajikistan coins are struck by Goznak at the Saint Petersburg Mint in Russia. Economy of Tajikistan Notes Sources Coins of Tajikistan at CISCoins. net
33.
Turkmenistan manat
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The manat is the currency of Turkmenistan. It was introduced on 1 November 1993, replacing the Russian ruble at a rate of 1 manat =500 rubles, the ISO4217 code was TMM, and the manat was subdivided into 100 tenge. The abbreviation m is used, e. g.25000 m is twenty-five thousand manat. On January 1,2009, the new manat was introduced with ISO4217 code TMT at the rate of 5000 old manat to 1 new manat, the word manat is borrowed from the Russian word монета moneta meaning coin. Likewise, manat was the name of the Soviet ruble in both Azeri and Turkmen, in 1993, coins were introduced in denominations of 1,5,10,20 and 50 tenge. The 1,5 and 10 tenge were struck in copper-plated-steel and this first series of coins was short lived as their metal value soon became worth more than their actual face value. After a period of inflation, new coins of 500 and 1,000 manat were introduced in 1999. All coins of this period had to depict a picture of the president by law, during the monetary reform of 2009, new coins of 1,2,5,10,20 and 50 tenge were issued with bimetallic 1 and 2 manats following in 2010. The 1,2, and 5 tenge are nickel-plated steel while the 10,20, instead of depicting the current head of state the coins feature a map of Turkmenistan with the Independence Tower superimposed in front of it. All circulating coins of Turkmenistan have been minted by the Royal Mint, in 1993, manat notes were introduced in denominations of 1,5,10,20,50,100 and 500 manat, replacing the Soviet ruble. These were followed by notes for 1,000 manat in 1995 and 5,000 and 10,000 manat in 1996. In 2005, a new series of notes was introduced in denominations of 50,100,500,1,000,5,000 and 10,000 manat. All notes, with exception to only the 1 and 5 manats bear a portrait of former president Saparmurat Niyazov, all Turkmen banknotes are produced by the De La Rue printing and banknote company. In 2005, a new series of banknotes was introduced. The series of notes was introduced in denominations of 50,100,500,1,000,5,000 and 10,000 manat, two new coins were also introduced in only two denominations,500 and 1,000 manat. Both the first and second issue manat banknotes circulated in tandem until the issue of the Second Manat issue in 2009. After hyperinflation significantly devalued the currency, a new manat with an exchange rate was introduced. The banknotes are printed in denominations of 1,5,10,20,50,100, the 500 manat notes have not yet been released into circulation
34.
Renminbi
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The renminbi /ˌrɛnmɪnˈbiː/ is the official currency of the Peoples Republic of China. The yuan is the unit of the renminbi, but is also used to refer to the Chinese currency in general. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao, and a jiao in turn is subdivided into 10 fen, the ISO code for renminbi is CNY, or also CNH when traded in off-shore markets such as Hong Kong. The currency is often abbreviated RMB, or indicated by the yuan sign ¥, in Chinese texts the currency may also be indicated with the Chinese character for the yuan, 圆. The renminbi is legal tender in mainland China, but not in Hong Kong or Macau, renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the Peoples Bank of China, the authority of China. Until 2005, the value of the renminbi was pegged to the US dollar and it has previously been claimed that the renminbis official exchange rate was undervalued by as much as 37. 5% against its purchasing power parity. Since 2006, the exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi, it became the worlds 8th most traded currency in 2013, and 5th in 2015. On 1 October 2016, the RMB became the first emerging market currency to be included in the IMFs special drawing rights basket, a variety of currencies circulated in China during the Republic of China era, most of which were denominated in the unit yuán. Each was distinguished by a name, such as the fabi, the gold yuan. During the era of the economy, the value of the renminbi was set to unrealistic values in exchange with western currency. The unrealistic levels at which exchange rates were pegged led to a black market in currency transactions. In the late 1980s and early 1990s, China worked to make the RMB more convertible, through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished. As of 2013, the renminbi is convertible on current accounts, the ultimate goal has been to make the RMB fully convertible. From 1949 until the late 1970s, the state fixed Chinas exchange rate at a highly overvalued level as part of the countrys import -substitution strategy
35.
Hong Kong dollar
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The Hong Kong dollar is the currency of Hong Kong. It is the thirteenth most traded currency in the world, the Hong Kong dollar is subdivided into 100 cents. It is also used in nearby Macau, where the official currency, in formal Cantonese, the 圓 or 元 character is used. In spoken Cantonese, 蚊 is used, perhaps a transliteration of the first syllable of “money”, the dollar is divided into 100 cents, with the character 仙 used on coins and in spoken Cantonese. However, 仙 is now used in the stock market, as now it no longer has a note or coin form due to its small value. The amount of 10 cents is called 1 houh in Cantonese, the mil was known as the man or tsin in Cantonese. To express prices in spoken Cantonese, for example $7.80, the phrase is 七個八, in terms, where integer values in cents exist, e. g. $6.75. A slang term in English sometimes used for the Hong Kong dollar is Honkie, when Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees, Spanish and Mexican 8 reales, the Chinese did not however receive these new Hong Kong dollars well, and in 1868 the Hong Kong Mint was closed down with a loss of $440,000. The machinery at the Hong Kong mint was sold first to Jardine Matheson and in turn to the Japanese, in 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. London eventually acquiesced and legislation was enacted in attempts to regulate the coinage, new British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and the Straits Settlements. In 1906, the Straits Settlements issued their own silver dollar coin and this was the point of departure as between the Hong Kong unit and the Straits unit. By 1935, only Hong Kong and China remained on the silver standard, in that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = $15.36 to $16.45. It was from this point in time that the concept of a Hong Kong dollar as a unit of currency came into existence. The One-Dollar Currency Note Ordinance of that led to the introduction of one-dollar notes by the government. It was not until 1937 that the tender of Hong Kong was finally unified. In 1939, the Hong Kong dollar was put on a peg of $16 = £1. During the Japanese occupation, the Japanese military yen were the means of everyday exchange in Hong Kong
36.
Japanese yen
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The yen is the official currency of Japan. It is the third most traded currency in the exchange market after the United States dollar. It is also used as a reserve currency after the U. S. dollar, the euro. Before the Meiji Restoration, Japans feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations. The New Currency Act of 1871 did away with these and established the yen, the former han became prefectures and their mints private chartered banks, which initially retained the right to print money. To bring an end to this situation the Bank of Japan was founded in 1882, following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system, when that system was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973, then underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980. Since 1973, the Japanese government has maintained a policy of intervention. The Japanese government focuses on an export market, and tries to ensure a low yen value through a trade surplus. Since that time, however, the yen has greatly decreased in value, the Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has an extreme anti-inflation policy. Yen derives from the Japanese word 圓, which is cognate with the Chinese yuan, originally, the Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them silver rounds for their circular shapes. The coins and the name appeared in Japan. While the Chinese eventually replaced 圓 with 元, the Japanese continued to use the same word, the spelling and pronunciation yen is standard in English. This is because mainly English speakers who visited Japan at the end of the Edo period to the early Meiji period spelled words this way, ゑん /wen/ in historical kana orthography. In the 16th century, Japanese /e/ and /we/ both had been pronounced and Portuguese missionaries had spelled them ye, some time thereafter, by the middle of the 18th century, /e/ and /we/ came to be pronounced as in modern Japanese, although some regions retain the pronunciation. In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all es as ye in his A Japanese and that was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling yen. Hepburn revised most of yes to e in the 3rd edition in order to mirror the contemporary pronunciation and this was probably already fixed and has remained so ever since
37.
North Korean won
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The won or Korean Peoples Won is the official currency of North Korea. It is subdivided into 100 chon, the won is issued by the Central Bank of the Democratic Peoples Republic of Korea, based in the capital city, Pyongyang. Won is a cognate of the Chinese yuan and Japanese yen, all three names derive from the Chinese word written 圓, which means round shape. The won is subdivided into 100 chon, the won became the currency of North Korea on December 6,1947, replacing the Korean yen that was still in circulation. North Korean won are intended exclusively for North Korean citizens, fECs were used until 1999, then officially abolished in 2002, in favor of visitors paying directly with hard currency, especially the euro. Since at least 2012 foreigners can buy goods priced in tied won using a debit card. One euro would provide a credit of 130 won and this card can be used for instance at the famous Pyongyang Store or at the different stores at the international hotels, where the goods are priced at the tied won rate. This tied won does not exist in the form of bank notes, in normal stores and markets goods are priced in what has been called the untied won or free market rate and regular banknotes can be used here. However, the prices in the normal shops outside the tied won, since 2001, the North Korean government has abandoned the iconic rate of 2.16 won to the dollar and banks in the country now issue at rates closer to the black market rate. More recent official rates have shown the North Korean won to be ₩129.559 to the US dollar, however, rampant inflation has been eroding the North Korean wons value. A report by defectors from North Korea claimed that the market rate was ₩570 to the Chinese yuan in June 2009. The won was revalued in November 2009 for the first time in 50 years, the official exchange rate at this time was around $740 but black market value of the ₩150,000 was estimated to be near $30. The revaluation, seen as a move against private market activity, the Times speculated that the move may have been an attempt by the North Korean government to control price inflation and destroy the fortunes of local black market money traders. The announcement was made to foreign embassies but not in North Korean state media, information was later carried via a wire-based radio service only available within North Korea. As part of the process, the old notes ceased to be legal tender on November 30,2009, with notes valued in the new won not being distributed until December 7,2009. This meant that North Koreans would not be able to exchange any money for goods or services until that date and most shops, restaurants, the only services that remained open were those catering to the political elite and foreigners which continued to trade exclusively in foreign currency. The measure had led to concerns amongst North Korean officials that it would result in civil unrest, authorities threatened merciless punishment for any person who violated the rules of the currency change. Pictures of the new notes were published on December 4,2009, in the Chosun Shinbo, the paper claimed that the measure would weaken the free market and strengthen the countrys socialist system
38.
South Korean won
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The won or the Korean Republic Won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit, the jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city, the old won was a cognate of the Chinese yuan and Japanese yen. It is derived from the hanja 圓, meaning currency or coin, the won was subdivided into 100 jeon, itself a cognate of the Chinese character 錢 which means money and also used as a unit of money in ancient times. The current won is written in hangul only. During the Colonial era, the won was replaced at par by the yen, in 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par, the first South Korean won was subdivided into 100 jeon. The South Korean won was pegged to the U. S. dollar at a rate of 15 won =1 dollar. A series of devaluations followed, the ones in part due to the Korean War. The pegs were, The first South Korean won was replaced by the hwan on February 15,1953 at a rate of 1 hwan =100 won, Republic of Korea Banknotes 5th Edition In 1946, the Bank of Joseon introduced 10- and 100-won notes. These were followed in 1949 by 5- and 1, 000-won notes, a new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of Bank of Joseon. Notes were introduced in denominations of 5,10 and 50 jeon, the 500-won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the won was reintroduced on June 10,1962, at a rate of 1 won =10 hwan. It became the legal tender on March 22,1975. Its ISO4217 code is KRW, at the reintroduction of the won in 1962, its value was pegged at 125 won = $US1. The following pegs operated between 1962 and 1980, On February 27,1980, efforts were initiated to lead to an exchange rate. The won was allowed to float on December 24,1997. Shortly after, the won was devalued to almost half of its value, until 1966, 10- and 50-hwan coins, revalued as 1 and 5 won, were the only coins in circulation
39.
Macanese pataca
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The Macao pataca, Macau pataca, or Macanese pataca is the currency of Macau. It is subdivided into 100 avos, with 10 avos called ho in Cantonese, the abbreviation MOP$ is commonly used. Macau has a currency board system under which the tender, Macau pataca, is 100 percent backed by foreign exchange reserves. Moreover, the board, Monetary Authority of Macau, has a statutory obligation to issue and redeem pataca on demand against the Hong Kong dollar at a fixed exchange rate. The pataca was introduced in Portuguese Macau and Portuguese Timor in the year 1894, the unit initially corresponded to the Mexican dollar, and it replaced the Portuguese real at a rate of 1 pataca =450 reais. The name pataca derives from the fact that the Portuguese always referred to the Mexican dollar as the pataca mexicana.5 escudos. This meant that the Macau pataca was worth only 1 shilling sterling and was therefore at a discount of 3 pence sterling in relation to the Hong Kong unit. The first exclusively Macau coinage was not introduced until the year 1952, in that year in Macau, denominations below 10 patacas were replaced by coins. In 1980, the Macau government set up the Issuing Institute of Macau, the BNU became the IEMs agent bank and continued to issue banknotes. On agreement with the BNU on October 16,1995, the Macau branch of Bank of China became the second note-issuing bank, the authority to issue patacas was transferred to the Monetary Authority of Macau. Coins were not issued for use in Macau until 1952, with the 20 cent coin of Canton Province circulating, in 1952, bronze 5 and 10 avos, cupro-nickel 50 avos and.720 fineness silver 1 and 5 patacas were introduced. Nickel-brass replaced bronze in 1967, including the last issue of 5 avos, nickel replaced silver in the 1 pataca in 1968. In 1971, a final issue of 5 patacas was produced. Brass 10,20 and 50 avos and cupro-nickel 1 and 5 patacas were introduced in 1982, the 20 avos and 5 patacas became dodecagonal in 1993 and 1992, respectively, whilst a bimetallic 10 patacas was introduced in 1997 and a cupronickel 2 patacas in 1998. Coins are issued by the Monetary Authority of Macau, owing to Macaus Portuguese colonial past, banknotes are printed in Portuguese as well as Chinese, including the name of the Bank of China which is written as both Banco da China and 中國銀行. Following the initial issues of banknotes in 1906, the new currency was supplemented the following year by 10 and 25 pataca notes. In 1923, the Banco Vui Hang introduced 10 pataca notes which stated that they were backed by Cantonese 20 cent coins. These notes were followed until 1934 by cashiers cheques issued by banks in denominations of 1,5,10,50,100,200,400,800 and 1000 dollars
40.
New Taiwan dollar
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The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar. Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of the Republic of China since 2000, the currency code is TWD, and its common abbreviation is NT$. The Chinese term equivalent to New Taiwan dollar, 新臺幣 or 新台幣, is used only in contexts where it is necessary to avoid any ambiguity, such as banking, contracts, in common usage, the unit is typically referred to as yuán. In Taiwan, the character for yuan can be written in either of two forms, an informal 元 or a formal 圓, which are interchangeable, colloquial alternatives for the currency unit include the Mandarin kuài, meaning piece, and the Taiwanese Hokkien kho͘. In English usage the new Taiwan dollar is often abbreviated as NT, NT$, NT Dollar or NTD, subdivisions of a new Taiwan dollar are rarely used, since practically all products on the consumer market are sold in whole dollars. The New Taiwan dollar was first issued by the Bank of Taiwan on June 15,1949, the first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Nationalist China due to the Chinese Civil War. After the communists captured Beijing in January 1949, the Nationalists began to retreat to Taiwan, chinas gold reserve was moved to Taiwan in February. The government then declared in the Temporary Provisions Effective During the Period of Communist Rebellion that dollars issued by the Bank of Taiwan would become the new currency in circulation. Even though the New Taiwan dollar was the de facto currency of Taiwan, the value of the silver yuan was decoupled from the value of silver during World War II. Many older statutes have fines and fees given in this currency, according to statute, one silver yuan is worth three New Taiwan dollars. Despite decades of inflation, this ratio has not been adjusted and this made the silver yuan a purely notational currency long ago, nearly impossible to buy, sell, or use. In July 2000, the New Taiwan dollar became Taiwans legal currency and it is no longer secondary to the silver yuan. At this time, the bank began issuing New Taiwan dollar banknotes. The exchange rate compared to the United States dollar has varied from less than ten to one in the mid-1950s, more than forty to one in the 1960s, the exchange rate as of March 2017 is 30.2 to one. The denominations of the Taiwan dollar in circulation are, Coins are minted by the Central Mint of China, both are run by the Central Bank. The NT$ 1⁄2 coin is rare because of its low value, while the NT$20 coin is rare because of the lack of willingness to promote it. As of 2010, the cost of the raw materials in a NT$ 1⁄2 coin was more than the value of the coin. 中華民國XX年 = Minguo XX. 中華民國 is also the state title Republic of China, 莫那魯道 = Mona Rudao, anti-Japanese leader at the Wushe Incident
41.
Russian ruble
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The Russian ruble is the currency of the Russian Federation, the two partially recognized republics of Abkhazia and South Ossetia, and the two unrecognized republics of Donetsk and Luhansk. The ruble is subdivided into 100 kopeks, the ruble was the currency of the Russian Empire and of the Soviet Union. Today apart from Russia, Belarus and Transnistria uses currencies with the same name, the ruble was the worlds first decimal currency, it was decimalised in 1704 when the ruble became legally equal to 100 kopeks. In 1992 the Soviet ruble was replaced with the Russian ruble at the rate 1 SUR =1 RUR. In 1998 following the crisis, the Russian ruble was redenominated with the new code RUB. Today, although RUB being the code of the Russian ruble. The ruble is the oldest national currency after the Pound sterling in the world, the ruble has been used on the Russian territories since the 13th century. The modern Russian ruble actually appeared in December 1991 in parallel with the Soviet ruble, following the breakup of the Soviet Union in 1991, the Soviet ruble remained the currency of the Russian Federation until 1992. A new set of coins was issued in 1992 and a new set of banknotes was issued in the name of Bank of Russia in 1993. The Russian ruble with the ISO4217 code is RUR and number 810 replaced the Soviet ruble at the rate 1 SUR =1 RUR. After the fall of the Soviet Union, the Russian Federation introduced new coins in 1992 in denominations of 1,5,10,20,50 and 100 rubles, the coins depict the double-headed eagle without a crown, sceptre and globus cruciger above the legend Банк России. It is exactly the same eagle, that the artist Ivan Bilibin painted after the February Revolution as a coat of arms for the Russian Republic. The 1 and 5 ruble coins were minted in brass-clad steel, the 10 and 20 ruble coins in cupro-nickel, in 1993, aluminium-bronze 50 ruble coins and cupro-nickel-zinc 100 ruble coins were issued, and the material of 10 and 20 ruble coins s was changed to nickel-plated steel. In 1995 the material of 50 ruble coins was changed to brass-plated steel, as high inflation persisted, the lowest denominations disappeared from circulation and the other denominations became rarely used. During this period the commemorative one ruble coin was regularly issued and it was practically identical in size and weight to a 5 Swiss franc coin. For this reason, there have been instances of ruble coins being used on a large scale to defraud automated vending machines in Switzerland. In 1961, new State Treasury notes were introduced for 1,3 and 5 rubles, along with new State Bank notes for 10,25,50 and 100 rubles. In 1991, the State Bank took over production of 1,3 and 5 ruble notes and also introduced 200,500 and 1,000 ruble notes, although the 25 ruble note was no longer issued
42.
Afghan afghani
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The afghani is the currency of Afghanistan. It is nominally subdivided into 100 pul, although there are no pul coins currently in circulation, the first afghani was introduced in 1925. In addition to being subdivided into 100 pul,20 afghani were equal to one amani, the rate of conversion from the rupee is sometimes quoted as 1 afghani =1 rupee 6 paisa, based on the silver contents of the last rupee coins and the first Afghani coins. The Afghani initially contained 9 grams of silver, except during World War I Afghanistans foreign exchange rate has been freely determined by market forces. Bank-e Milli agreed to exchange afghanis at 4 Afs against 1 Indian rupee in 1935, after the establishment of Da Afghanistan Bank as the Central Bank of Afghanistan, such a preferential official fixed exchange rate continued to be practiced. Since 2002, Da Afghanistan Bank has adopted a floating exchange rate regime and has let the exchange rate to be determined freely by market forces, ehsan accused the firm of sending new shipments of Afghani notes to ousted president Burhanuddin Rabbani in northern Takhar province. In April,2000, the afghani traded at 6400 AFA per USD, by 2002, the afghani was valued at 43,000 AFA per USD. In 1930, bronze and brass 1 and 25 pul were added, along with bronze 3 pul, in 1952, aluminium 25 pul and nickel-clad steel 50 pul were introduced, followed by aluminium 2 and 5 afghani in 1958. In 1961 nickel-clad steel 1,2 and 5 afghani were minted, the 1 and 2 afghani coins show years of SH1340, in 1973, the Republic of Afghanistan issued brass-clad-steel 25 pul, copper-clad steel 50 pul and cupro-nickel-clad steel 5 afghani coins. These were followed, between 1978 and 1980, by issues of the Democratic Republic of Afghanistan consisting of aluminium-bronze 25 and 50 pul, a number of commemorative coins were also issued by the Islamic State of Afghanistan between 1995 and 2001. Between 1925 and 1928, Treasury notes were introduced in denominations of 5,10 and 50 afghanis, in 1936,2,20 and 100 afghani notes were added. The Bank of Afghanistan took over paper money production in 1939, the 2 and 5 afghani notes were replaced by coins in 1958. In 1993,5000 and 10,000 afghani notes were introduced. A pothole cave or mouth of a shaft is said to be visible on the 10,000 afghanis banknote as a dark area in the hillside above the ancient pol or gateway at the ruins near Lashkar Gah. This is possibly the entrance to one of the man-made undergrounds at Qala-i-Bost, between October 7,2002, and January 2,2003, a new afghani was introduced with the ISO4217 code AFN. It replaced the previous afghani at two distinct rates. S. dollar, prior to the reissue, there were more than 15 trillion afghani in circulation after unrestrained printing under Taliban rule and during wars and occupation. This was in preparation for October 8 when all prices in the Afghan marketplace were to be specified in afghani. After depreciating during the last quarter of 2003/04, the afghani has been appreciating steadily and this appreciation, at a time of increasing inflation, appears to reflect a greater willingness by the population to use the afghani as a medium of exchange and as a store of value
43.
Bangladeshi taka
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The Bangladeshi taka is the currency of the Peoples Republic of Bangladesh. Issuance of banknotes ৳10 and larger is controlled by Bangladesh Bank, and for the ৳1, ৳2 and ৳5 banknotes, the most commonly used symbol for the taka is ৳ and Tk, used on receipts while purchasing goods and services. ৳1 is subdivided into 100 poisha, the word taka is derived from the Sanskrit term tangka, which was an ancient denomination for silver coins. In the region of Bengal, the term has always used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold, the word taka in Bangla is also commonly used generically to mean any money, currency, or notes. Thus, colloquially, a person speaking in Bangla may use taka to refer to money regardless of what currency it is denominated in and this is also common in the Indian states of West Bengal and Tripura, where the official name of the Indian rupees is taka as well. Bangla was one of the two languages of the Pakistan union between 1956 and 1971. The Bangladeshi taka came into existence since 1972, a year after the independence of the wing of the union. During the war, it was a practice of some Bengali nationalists to protest Pakistani rule by stamping banknotes with বাংলা দেশ. On 8 June 1971, the Pakistani government declared that all banknotes bearing such stamps ceased to be legal tender, furthermore, to prevent looted high-denomination notes from disrupting the Pakistani economy, the government also withdrew the legal tender status of all 100- and 500-rupee notes. Some foreign publications mention that there were rubber stamp BANGLA DESH overprints on different denominations of Pakistani bank notes during the a. m. period, the first treasury notes in 1972 for ৳1 and notes of the Bangladesh Bank for ৳5, ৳10 and ৳100. In 1975, banknotes for ৳50 were introduced, followed by ৳500 in 1977, ৳1 treasury notes were issued until 1993, with ৳2 treasury notes introduced in 1989. ৳5 banknotes, previously issued by Bangladesh Bank, is now issued by the Government of Bangladesh, in 2000, the government issued polymer ৳10 notes as an experiment. They proved unpopular, however, and were withdrawn later, at present, the ৳1 and ৳5 notes are gradually being replaced with coins, and in 2008, the government issued ৳1,000 notes. In 2011, Bangladesh Bank began issuing a new series of banknotes denominated in ৳2, ৳5, ৳100, ৳500, and ৳1000. All are dated 2011 and feature a portrait and watermark of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, from 2011, the Bangladesh Bank introduced new notes denominated in ৳10, ৳20, and ৳50 on 7 March 2012. The notes bear the portrait of Bangabandhu Sheikh Mujibur Rahman and the National Martyrs Monument in Savar on the front, in 2011, Bangladesh Bank also introduced a ৳40 note to commemorate the 40th Victory Anniversary of Bangladesh. The commemorative note features a portrait of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman and the National Martyrs Monument in Savar on front, curiously, this note has an electrotype 10 in the watermark, indicating it was likely printed on extra ৳10 banknote paper
44.
Bhutanese ngultrum
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The ngultrum is the currency of the Kingdom of Bhutan. It is subdivided into 100 chhertum, the Royal Monetary Authority of Bhutan is the minting authority of the Ngultrum banknotes and coins. The Ngultrum is currently pegged to the Indian rupee at par, until 1789, the coins of the Cooch Behar mint circulated in Bhutan. Following this, Bhutan began issuing its own known as chetrum. Hammered silver and copper coins were the only issued until 1929. Nickel ½ rupee coins were introduced in 1950, while the Cooch Behar mint coins circulated alongside Bhutans own coins, decimalization was introduced in 1957, when Bhutans first issue of coins denominated in naya paisa. The 1966 issues were 25 naya paisa,50 naya paisa and 1 rupee coins, while the Bhutanese government developed its economy in the early 1960s, monetization in 1968 led to the establishment of the Bank of Bhutan. As monetary reforms took place in 1974, the Ngultrum was officially introduced as 100 Chhetrum equal to 1 Ngultrum, the Ngultrum retained the peg to the Indian rupee at par, which the Bhutanese coins had maintained. The Ministry of Finance issued the first banknotes in 1974 denominated Nu.1, Nu.5, Nu,10, in 1974, aluminium Ch.5 and Ch.10, aluminium-bronze Ch.20 and cupro-nickel Ch.25 and Nu.1 were introduced. The Ch.5 was square and the Ch.10 was scallop-shaped, a new coinage was introduced in 1979, consisting of bronze Ch.5 and Ch.10, and cupro-nickel Ch.25 and Ch.50 and Nu.1 and Nu.3. Aluminium-bronze Ch.25 were also issued dated 1979, the Ch.5 and Ch.10 have largely ceased circulating. Currently coins are available in denominations of Ch20, Ch.25, Ch.50 and Nu.1. On June 2,1974, Nu.1, Nu.5 and Nu.10 notes were introduced by the Royal Government of Bhutan, followed by Nu.2, Nu.20, Nu.50, and Nu.100 in 1978. On August 4,1982, the Royal Monetary Authority of Bhutan Act was enacted, although the RMA didnt began actual operations until November 1,1983, and did not issue its own family of notes until 1986. In 2006, the Monetary Authority introduced its latest series of notes, with denominations of Nu.1, Nu.5, Nu.10, Nu.20, Nu.50, Nu.100, Nu.500, and Nu.1000. Royal Monetary Authority of Bhutan Economy of Bhutan Panish, Charles K, the American Numismatic Society, Museum Notes 17, New York 1971, p. 247-254 and plates XLVII-XLVIII. Oriental Numismatic Society, Information Sheet no 16, January 1977, rhodes, Nicholas, Coinage in Bhutan. Journal of Bhutan Studies. The Centre of Bhutan Studies, vol,1, Thimphu, Autumn,1999, p. 84-113
45.
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
46.
Maldivian rufiyaa
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The Maldivian rufiyaa is the currency of the Maldives. The issuance of the currency is controlled by the Maldives Monetary Authority, the most commonly used symbols for the rufiyaa are MRF and Rf. The ISO4217 code for Maldivian rufiyaa is MVR, the rufiyaa is subdivided into 100 laari. The name rufiyaa is derived from the Sanskrit rupya. The midpoint of exchange rate is 12.85 rufiyaa per US dollar, the earliest form of currency used in the Maldives was cowry shells and historical accounts of travellers indicate that they were traded in this manner even during the 13th century. As late as 1344, Ibn Batuta observed that more than 40 ships loaded with cowry shells were exported each year, a single gold dinar was worth 400,000 shells. During the 17th and 18th centuries, lārin were imported and traded as currency and this form of currency was used in the Persian Gulf, India, Ceylon and the Far East during this time. Historians agree that this new form of currency was most probably exchanged for cowry shells, the first Sultan to imprint his own seal onto this currency was Ghaazee Mohamed Thakurufaanu Al Auzam. The seal was much broader than the wires hence it was barely legible, the first known of coins were introduced by Sultan Ibrahim Iskandar. Compared to the forms of money, these coins were much neater. The coins were minted in the city of Malé, a fact which it acknowledged on the reverse. The legend King of Land and Sea, Iskandhar the Great is found on the edge, after this period, gold coins replaced the existing silver ones during the reign of Sultan Hassan Nooruddin in 1787. He used two different qualities of gold in his coins, one was called Mohoree and the other Baimohoree, how this gold was obtained is uncertain. Throughout the nineteenth and early centuries, bronze coins were issued denominated in laari. Sultan Mohamed Imaadhudheen IV introduced what historians believe to be the first machine struck coins and his successor Sultan Mohamed Shamshudeen III made the last of these coins,1 and 4 laari denominations, which were struck in the United Kingdom by Heatons Mint, Birmingham, England in 1913. Following the end of coin production specifically for the Maldives, the Sultanate came to use the Ceylonese rupee and this was supplemented in 1947 by issues of banknotes denominated in rufiyaa, equal in value to the rupee. In 1960, coins denominated in laari, now worth one hundredth of the rufiyaa, were introduced, in 1960, Sultan Mohamed Fareed I ordered coins from the Royal Mint in England. The new issue consisted of denominations of 1,2,5,10,25 and 50 laari
47.
Nepalese rupee
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The Nepalese rupee is the official currency of Nepal. The Nepalese rupee was introduced in 1932 and it replaced the Nepalese mohar at 2,1, Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the Nepalese rupee is pegged to the Indian rupee at 1.6,1. The rupee was introduced in 1932, replacing the silver mohar at a rate of 2 mohar =1 rupee, at first, the rupee was called the mohru in Nepali. Its value was pegged to the Indian rupee in 1993 at a rate of 1.6 Nepalese rupees =1 Indian rupee. The early banknotes which were issued between 1945 and 1955 during the rule of King Tribhuvan were not put into circulation by a Central Bank which did not exist in Nepal at that time, the issuing authority was the treasury which had the name Sadar Muluki Khana. Therefore, the notes of king Tribhuvan were not signed by a bank governor, nepal’s early paper currency probably includes the only notes of the world which were signed by a high priest. These early notes were printed by the Indian Security Press in Nashik and do not have any security features, except for the water marks and the special paper on which they are printed. Starting with King Mahendra who succeeded to his father Tribhuvan in 1955, the signature of the governors of this institution is found on the banknotes which were issued after this date. Under King Mahendra the Nepalese Government became “His Majesty’s Government” and remained this way during the rule of Birendra and Gyanendra, the second series comprised for the first time notes of the high value of 500 and 1000 rupees. During King Birendra’s rule one can distinguish between two major series of banknotes. The first series features the king wearing military uniform while on the notes of the series the king is wearing the traditional Nepalese crown adorned with feathers of the bird of paradise. During this period regular banknotes of 2 and 20 rupees and special banknotes of 25 and 250 rupees were issued for the first time, the legends found on the last issues of Gyanendra revert to Nepal sarakar, thus omitting the reference to the king. In October 2007, a 500 rupee note was issued on which the portrait was replaced by Mt. Everest. This reflects the change from a kingdom to a republic which took place in May 2008 in Nepal. Further notes of 5,10,20,50,100 and 1000 rupees with Mt. Everest and without reference to the king in their legends followed in 2008. The first issues of the 500 and 1000 rupee notes were printed on paper which still had the kings crowned portrait as watermark in the window on the part of the face of the notes. It was decided to print a red Rhododendron flower on top of the watermark, on 17 September 1945, the government introduced notes for 5,10 and 100 rupees, with the name mohru used in Nepalese
48.
Pakistani rupee
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The Pakistani rupee is the currency of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan, the most commonly used symbol for the rupee is Rs, used on receipts when purchasing goods and services. In Pakistan, the rupee is also spelled as rupees, rupaya or rupaye, as standard in Pakistani English, large values of rupees are counted in terms of thousands, lakh and crore,1 Arab,1 Kharab. It is derived from the noun rūpa shape, likeness, image, rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The Pakistani rupee was put into circulation in Pakistan after the dissolution of the British Raj in 1947, initially, Pakistan used British Indian coins and notes simply over-stamped with Pakistan. New coins and banknotes were issued in 1948, like the Indian rupee, it was originally divided into 16 annas, each of 4 pice or 12 pie. The currency was decimalised on 1 January 1961, with the rupee subdivided into 100 pice, however, coins denominated in paise have not been issued since 1994. = In 1948, coins were introduced in denominations of 1 pice, 1⁄2,1 and 2 annas, 1⁄4,1 pie coins were added in 1951. In 1961, coins for 1,5 and 10 pice were issued, followed later the year by 1 paisa,5 and 10 paise coins. In 1963,10 and 25 paise coins were introduced, followed by 2 paise the next year,1 rupee coins were reintroduced in 1979, followed by 2 rupees in 1998 and 5 rupees in 2002. 2 paise coins were last minted in 1976, with 1 paisa coins ceasing production in 1979, the 5,10,25 and 50 paise all ceased production in 1996. There are two variations of 2 rupee coins, most have clouds above the Badshahi Masjid but many dont, the one and two rupee coins were changed to aluminium in 2007. Paisa coins ceased to be legal tender in 2013, leaving Rs.1 coin as the legal tender.10 coin was introduced in circulation. Regular government issues commenced in 1948 in denominations of 1,5,10 and 100 rupees. The government continued to issue 1 rupee notes until the 1980s but other note issuing was taken over by the State Bank of Pakistan in 1953, only a few 2 rupees notes were issued. 50 rupees notes were added in 1957, with 2 rupees notes reintroduced in 1985, in 1986,500 rupees notes were introduced, followed by 1000 rupees the next year. 2 and 5 rupees notes were replaced by coins in 1998 and 2002,20 rupee notes were added in 2005, followed by 5000 rupees in 2006. Until 1971, Pakistani banknotes were bilingual, featuring Bengali translation of the Urdu text, all banknotes other than the 1 and 2 rupees feature a portrait of Muhammad Ali Jinnah on the obverse along with writing in Urdu
49.
Sri Lankan rupee
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The rupee is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka, the abbreviation is generally Rs. but SLRs. is occasionally used to distinguish it from other currencies also called rupee. The British pound became Ceylons official money of account in 1825, replacing the Ceylonese rixdollar at a rate of 1 pound = 13 1⁄3 rixdollars, Treasury notes denominated in pounds were issued in 1827, replacing the earlier rixdollar notes. Rixdollar notes not presented for exchange were demonetized in June 1831, the Indian rupee was made Ceylons standard coin on 26 September 1836, and Ceylon reverted to the Indian currency area. Pound-denominated treasury notes continued to circulate after 1836, along with the rupee, the legal currency remained British silver and accounts were kept in pounds, shillings and pence. However, payments were made in rupees and annas at the par of 2 shillings per rupee. The Bank of Ceylon was the first private bank to issue banknotes on the island, the Indian rupee was formally established as the unlimited legal tender 18 June 1869. The rupee was decimalized 23 August 1871, thus, the rupee of 100 cents became Ceylons money of account and sole legal tender effective 1 January 1872, replacing British currency at a rate of 1 rupee =2 shillings 3 pence. In 1872, copper 1⁄4, 1⁄2,1 and 5 cents coins dated 1870 were introduced, followed in 1892 by silver 10,25 and 50 cents, production of the 1⁄4 cent ceased in 1904. The large, copper 5 cents coin was replaced in 1909 by a much smaller cupro-nickel coin which was square with rounded corners, in 1919, the fineness of silver used was reduced from.800 to.550. Between 1940 and 1944, a change in the coinage was carried out. Production of the 1⁄2 cent ceased in 1940, with bronze 1 cent introduced in 1942 with reduced weight, nickel-brass replaced cupro-nickel in the 5 cents in the same year and replaced silver in the 25 and 50 cents in 1943. In 1944, nickel-brass, scalloped shaped 2 and 10 cents coins were introduced, the scalloped 10 cents coin replaced the silver 10 cents coin. Later 2 cent coins issued in 1957 were the coins from this period to ever depict Queen Elizabeth II. Coins with the portrait of King George VI continued to be issued despite his death, in 1957, cupro-nickel 1 rupee coins and.925 silver 5 rupee coins commemorating 2500 years of Buddhism were issued. In 1963, a new coinage was introduced which omitted the British monarchs portrait, coins issued were aluminium 1 and 2 cents, nickel brass 5 and 10 cents and cupro-nickel 25 and 50 cents and 1 rupee. These coins had the shapes and sizes of the previous series but were composed of different materials. In 1976, commemorative seven-sided 2 rupee and ten-sided 5 rupee coins were introduced in limited numbers, in 1978, devaluation prompted aluminum to be the replacement of nickel-brass in the 5 and 10 cents, while shortly after 1 and 2 cents were discontinued
Lebanon
