The dirham is the currency of Morocco. It is issued by the central bank of Morocco, it is subdivided into 100 centimes. Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in falus, silver coins denominated in dirham, gold coins denominated in benduqi. From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial; when most of Morocco became a French protectorate in 1912 it switched to the Moroccan franc. The dirham was reintroduced on 16 October 1960, it replaced the franc as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the santim replaced the franc. In 1960, silver 1 dirham coins were introduced; these were followed by nickel 1 dirham and silver 5 dirham coins in 1965. In 1974, with the introduction of the santim, a new coinage was introduced in denominations of 1, 5, 10, 20 and 50 santimat and 1 dirham; the 1 santim coins were aluminium, the 5 up to 20 santimat were minted in brass, with the highest two denominations in cupro-nickel.
Cupro-nickel 5 dirham coins were added in 1980 and changed to a bi-metal coin in 1987. The bi-metal coins bear two year designations for the issue date—1987 in the Gregorian calendar and the 1407 in the Islamic calendar; the 1 santim was only minted until 1987 when new designs were introduced, with a ½ dirham replacing the 50 santimat without changing the size or composition. The new 5 dirham coin was bimetallic, as was the 10 dirham coin introduced in 1995. Cupro-nickel 2 dirham coins were introduced in 2002. In 2011, a new series of coins has been issued, with the 5 and 10 dirham coin utilizing a latent image as a security feature; the first notes denominated in dirham were overprints on earlier franc notes, in denominations of 50 dirhams and 100 dirhams. In 1965, new notes were issued for 10 and 50 dirhams. 100 dirham notes were introduced in 1970, followed by 200 dirham notes in 1991 and 20 dirham notes in 1996. 5 dirham notes were replaced by coins in 1980, with the same happening to 10 dirham notes in 1995.
In mid-October 2009, Bank Al-Maghrib issued four million 50-dirham banknotes to commemorate the bank's 50th anniversary. The commemorative note measures 147 x 70 mm and features the portraits of Kings Mohammed VI, Hassan II, Mohammed V; the back of the notes features the headquarters of Bank Al-Maghrib in Rabat. The speech delivered in 1959 by Mohammed V at the opening of Bank Al-Maghrib is microprinted on the back. In December 2012, Bank-Al Maghrib issued a 25-dirham banknote to commemorate the 25th anniversary of banknote production at the Moroccan State Printing Works, Dar As-Sikkah, it is the first banknote in the world to be printed on Durasafe, a paper-polymer-paper composite substrate produced by Fortress Paper. The front of the commemorative note features an intaglio vignette and a watermark of King Mohammed VI, a magenta-green color shift security thread; the thread, like the watermark, is embedded inside the banknote yet visible behind a one-sided Viewsafe polymer window. It has a transparent polymer window embossed with the King's royal crest.
The back of the note carries a print vignette commemorating 25 years of banknote printing at the Moroccan State Printing Works, Dar As-Sikkah. The windows in Durasafe are formed by die cutting each side of the three layer composite substrate separately. One-sided Viewsafe windows give a clear view inside the substrate where the thread and the watermark of King Mohammed VI are protected, but visible behind the polymer core; the transparent Thrusafe window is created by die-cutting both the outer paperlayers to reveal only the transparent polymer core. On August 15, 2013, Bank Al-Maghrib has announced a new series of banknotes; the notes feature a portrait of the royal crown. Each of the notes show a Moroccan door to the left of the portrait, demonstrating the richness of the country's architectural heritage, symbolizing the openness of the country. Popular denominations are words used in Morocco to refer to different values of the currency; those include the rial, equivalent to 5 santimat, the franc, equivalent to 1 santim.
When dealing with goods with a value lower than a dirham, it is common to use the rial or santim. For high priced goods, such as cars, it is normative to refer to the price in santimat. However, rial is used when centime when speaking in French. Though not used by the young generation, the denomination 1000, 2000... to 100,000 francs will be used by people who lived during the French colonial period when referring to 10, 20 and 1000 dirham. Rial is used for higher value than portions of the dirham, reaching 5000 dhs; this denomination is used in Moroccan Arabic speaking context in popular milieu such as old medina souks or vegetable markets. Moroccan dirham is accepted in trade markets in Ceuta, despite the prices being displayed in Euro. Economy of Morocco Heiko Otto. "Historical banknotes of Morocco". Retrieved 2017-01-03
A mokorotlo is a type of straw hat used for traditional Sotho clothing, is the national symbol of Lesotho. An image of the Mokorotlo appears on the Lesotho flag, on Lesotho license plates; the design is believed to have been inspired by the conical mountain Mount Qiloane. It is known as "modianyewe", it is manufactured from an indigenous grass known as “mosea” or “lehodi”. The origins of mokorotlo are unclear. A shaped hat has been identified among the descendants of the Cape Malays, former slaves from the East Indies, it is believed that the Sotho may have adopted the mokorotlo through exposure to these slaves; the mokorotlo is the object, used to cast rulings in customary courts, similar to the symbolism of a gavel in western societies. It was designed to resemble the mountains where Moshoeshoe the First lived during his triumphs in battles with the various nations that were attacking the Sotho; the mokorotlo became infamous around the 20th century, when chiefs began to wear the hat and began singing a song known as the ‘Mokorotlo’ to garner support at village “Pitso”, a gathering.
In its original form, it was worn by males to gatherings. However, in the 1950s, new designs were developed to cater to women; the Sotho display the mokorotlo in their homes, indicating that they uphold the customs and acknowledge their bonds with their Badimo. It serves to protect the home against danger and other evil influences; the hat is an important part of Sotho cultural attire, worn to reflect national identity and pride. Other warfare rituals and poems go by the generic name of mokorotlo, it is noted that mokorotlo refers to the traditional male dance performed by male initiates and elders
The Sahrawi peseta is the currency of the recognized Sahrawi Arab Democratic Republic. It is divided in 100 céntimos, although coins with this denomination have never been minted, nor have banknotes been printed; the official international currency code is EHP. The first Sahrawi pesetas were minted in 1990, but they were not adopted as the national coin of Western Sahara until 1997; as this territory is controlled by Morocco, the circulating currency in that part of the country is the Moroccan dirham, with Algerian dinars and Mauritanian ouguiyas circulating alongside the Sahrawi peseta in the Sahrawi refugee camps and the SADR-controlled part of Western Sahara. As it is not an official currency and not circulating, the exchange rate is not realistic. Despite this, the Sahrawi peseta was pegged at par to the Spanish peseta and, when the latter was phased out for the euro, the rate became €1 for 166.386 Pts. Non-commemorative coins are designated for circulation, they are made from cupronickel.
The denominations are: 2, 5, 50, 100, 200 and 500 pesetas. There have been commemorative issues in copper and gold, as some of those shown here: Spanish peseta Moroccan dirham Algerian dinar Mauritanian ouguiya
Consumer price index
A Consumer Price Index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices are computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index, it is one of several price indices calculated by most national statistical agencies. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index the real value of wages, pensions, for regulating prices and for deflating monetary magnitudes to show changes in real values. In most countries, the CPI, along with the population census, is one of the most watched national economic statistics; the index is computed monthly, or quarterly in some countries, as a weighted average of sub-indices for different components of consumer expenditure, such as food, shoes, each of, in turn a weighted average of sub-sub-indices.
At the most detailed level, the elementary aggregate level, detailed weighting information is unavailable, so indices are computed using an unweighted arithmetic or geometric mean of the prices of the sampled product offers. These indices compare prices each month with prices in the price-reference month; the weights used to combine them into the higher-level aggregates, into the overall index, relate to the estimated expenditures during a preceding whole year of the consumers covered by the index on the products within its scope in the area covered. Thus the index is a fixed-weight index, but a true Laspeyres index, since the weight-reference period of a year and the price-reference period a more recent single month, do not coincide. Ideally, the weights would relate to the composition of expenditure during the time between the price-reference month and the current month. There is a large technical economics literature on index formulas which would approximate this and which can be shown to approximate what economic theorists call a true cost-of-living index.
Such an index would show how consumer expenditure would have to move to compensate for price changes so as to allow consumers to maintain a constant standard of living. Approximations can only be computed retrospectively, whereas the index has to appear monthly and, quite soon. In some countries, notably in the United States and Sweden, the philosophy of the index is that it is inspired by and approximates the notion of a true cost of living index, whereas in most of Europe it is regarded more pragmatically; the coverage of the index may be limited. Consumers' expenditure abroad is excluded. Saving and investment are always excluded, though the prices paid for financial services provided by financial intermediaries may be included along with insurance; the index reference period called the base year differs both from the weight-reference period and the price-reference period. This is just a matter of rescaling the whole time-series to make the value for the index reference-period equal to 100.
Annually revised weights are a desirable but expensive feature of an index, for the older the weights the greater is the divergence between the current expenditure pattern and that of the weight reference-period. Consumer Price Index = Market Basket of Desired Year Market Basket of Base Year × 100 or CPI 2 CPI 1 = Price 2 Price 1 Where 1 is the comparison year and CPI1 is an index of 100. Alternatively, the CPI can be performed as CPI = updated cost base period cost × 100; the "updated cost" is divided by that of the initial year multiplied by one hundred. Many but not all price indices are weighted averages using weights that sum to 1 or 100. Example: The prices of 85,000 items from 22,000 stores, 35,000 rental units are added together and averaged, they are weighted this way: Housing: 41.4%, Food and Beverage: 17.4%, Transport: 17.0%, Medical Care: 6.9%, Other: 6.9%, Apparel: 6.0%, Entertainment: 4.4%. Taxes are not included in CPI computation. C P I = ∑ i = 1 n C P I i × w e i g h t i ∑
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were 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 market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are 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. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; 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.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; 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 and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. 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 travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
In many national currencies, the cent represented by the cent sign is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent refers to a coin worth one cent. In the United States, the 1¢ coin is known by the nickname penny, alluding to the British coin and unit of that name. In the European Union, coins designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank. In Canada, production of the 1¢ coin was ended in 2012. A cent is represented by the cent sign, a minuscule letter "c" crossed by a diagonal stroke or a vertical line: ¢. Cent amounts from 1 cent to 99 cents can be represented as one or two digits followed by the appropriate abbreviation, or as a subdivision of the base unit. Back in the days of typewriters, the cent sign appeared as the shift of the 6 key; the cent sign has not survived the changeover from typewriters to computer keyboards.
There are alternative ways, however, to create the character in most common code pages, including Unicode and Windows-1252: On DOS- or Windows-based computers, hold Alt while typing 0162 or 155 on the numeric keypad. If there is no numeric keypad, as on many laptops, type A2 in Windows Wordpad followed by Alt+X and copy/paste the resulting ¢ into the target document. For the US International keyboard: <Right Alt> <Shift> c. On Macintosh systems, hold ⌥ Option and press 4 on the number row. On Unix/Linux systems with a compose key, Compose+|+C and Compose+/+C are typical sequences; the cent sign has Unicode code point: U+00A2 ¢ CENT SIGN, U+FFE0 ￠ FULLWIDTH CENT SIGN. When written in English, the cent sign follows the amount, in contrast with a larger currency symbol, placed before the amount. For example, 2¢ and $0.02, or 2c and €0.02. Examples of currencies around the world featuring centesimal units called cent, or related words from the same root such as céntimo, centésimo, centavo or sen, are: Argentine peso Aruban florin Australian dollar Barbadian dollar Bahamian dollar Belize dollar Bermudian dollar Bolivian boliviano Brazilian real Brunei dollar Canadian dollar Cayman Islands dollar Chilean peso.
Centavos exist and are considered in financial transactions. Cook Islands dollar Cuban peso East Caribbean dollar Eritrean nakfa Estonian kroon European Union's euro – the coins bear the text "EURO CENT". Greek coins have ΛΕΠΤΑ on the obverse of the others; the actual usage varies depending on the language. Fijian dollar Guyanese dollar Indonesian rupiah Jamaican dollar Kenyan shilling Lesotho loti Liberian dollar Malaysian ringgit Mauritian rupee Mexican peso Moroccan dirham Namibian dollar Netherlands Antillean gulden New Zealand dollar Panamanian balboa Peruvian nuevo sol Philippine peso Seychellois rupee Sierra Leonean leone Singapore dollar South African rand Sri Lankan rupee Surinamese dollar Swazi lilangeni New Taiwan dollar Tanzanian shilling Tongan paʻanga Trinidad and Tobago dollar Ugandan shilling United States dollar Uruguayan peso Zimbabwean dollarExamples of currencies featuring centesimal units not called cent British pound – divided into 100 pence since 1971 Bulgarian lev (as stotinka, Bulgarian: стотинка Chinese Yuan/Renminbi – divided into 100 fēn.
Croatian kuna – divided into 100 lipa Danish krone – divided into 100 øre Estonian mark – divided into 100 penni Indian rupee – divided into 100 paise Israeli new shekel – divided into 100 agorot Macao pataca – divided into 100 avos Macedonian denar – divided into 100 deni Norwegian krone – divided into 100 øre Pakistani rupee – divided into 100 paise Polish złoty – divided into 100 groszy Romanian and Moldovan leu – divided into 100 bani Russian ruble – divided into 100 kopeks Saudi riyal. Examples of currencies which do not feature centesimal units: Costa Rican colón – no fractional denomination in circulation since the 1980s divided into 100 céntimos. Czech koruna – no fractional denomination in circulation divided into 100 hellers Japanese yen – no fractional denomination in circulation divided into 100 sen and 1000 rin. South Korean Won no fractional denomination in circulation divided into 100 jeon. Icelandic króna – no fractional denomination in circulation divided into 100 eyrir. Kuwaiti dinar – divided into 1000 fils Omani rial – divided into 1000 baisa Mauritanian ouguiya – divided into 5 khoums Malagasy ariary – divided into 5 iraimbilanjaExamples of currencies which use the cent symbol for other purpose: Costa Rican colón – The common symbol'¢' is used locally to represent'₡', the proper