The dinar is the monetary currency of Algeria and it is subdivided into 100 centimes. Centimes are now obsolete due to their low value; the name "dinar" is derived from the Roman denarius. The santeem come from French "centime", since Algeria was under French occupation from 1830 to 1962 The dinar was introduced on 1 April 1964, replacing the Algerian new franc at par; the masses never use the frank and the doro. In traditional selling places such as the vegetable market or in the case of street vendors, prices are displayed in frank, in more modern shops the prices are displayed in dinars but the frank is used orally. From 1 to 4 centimes, the frank is used, examples: 2 frank. From 5 centimes up to 5 Dinars, the doro is used examples: 5 centimes: 1 doros, 10 centimes: 2 doros, 50 centimes: 10 doros, 1 Dinar: 20 doros, 1.5 Dinar: 30 doros, 2 Dinars: 40 doros. The usage of the doro tends to disappear since coins below 5 dinars are available nowadays. From 10 dinars upward we switch back to the frank, examples: 10 dinars: 1000 franks, 20 dinars: 2000 franks.
From 50 dinars upward, the word frank is omitted. Examples: 50 dinars: 5,000. In 1964, coins in denominations of 1, 2, 5, 10, 20 and 50 santeem, 1 dinar were introduced, with the 1, 2 and 5 santeem struck in aluminium, the 10, 20 and 50 santeem in aluminium bronze and the 1 dinar in cupro-nickel; the obverses showed the emblem of Algeria, while the reverses carried the values in Eastern Arabic numerals. In decades, coins were issued sporadically with various commemorative subjects. However, the 1 and 2 santeem were not struck again, whilst the 5, 10 and 20 santeem were last struck in the 1980s. In 1992, a new series of coins was introduced consisting of 1⁄4, 1⁄2, 1, 2, 5, 10, 20, 50 and 100 dinars. A 200 dinar bi-metallic coin was issued in 2012 to commemorate Algeria's 50th anniversary of independence; the 10, 20, 50, 100, 200 dinar coins are bimetallic. Coins in general circulation are 5 dinars and higher. Following the massive inflation which accompanied the slow transition to a more capitalist economy during the late 1990s, the santeem and fractional dinar coins have dropped out of general circulation, whilst the 1 and 2 dinar coins are used, as prices are rounded to the nearest 5 dinars.
Nonetheless, prices are quoted in santeem in everyday speech. The first series of dinar banknotes issued in 1964 consisted of banknotes in denominations of 5-, 10-, 50- and 100 dinars. In 1970, 500 dinar banknotes were added, followed by 1000 dinars in 1992; the 100 dinar note is being replaced by coins. 200, 500, 1000 dinar notes are in circulation. The 1998 dated 500 and 1000 dinar notes have an additional vertical holographic strip on obverse. Economy of Algeria
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
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
Fixed exchange-rate system
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed against either the value of another single currency, a basket of other currencies, or another measure of value, such as gold. There are risks to using a fixed exchange rate. A fixed exchange rate is used to stabilize the value of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency to which the value is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike flexible exchange regime; this makes trade and investments between the two currency areas easier and more predictable and is useful for small economies that borrow in foreign currency and in which external trade forms a large part of their GDP. A fixed exchange-rate system can be used to control the behavior of a currency, such as by limiting rates of inflation.
However, in doing so, the pegged currency is controlled by its reference value. As such, when the reference value rises or falls, it follows that the value of any currencies pegged to it will rise and fall in relation to other currencies and commodities with which the pegged currency can be traded. In other words, a pegged currency is dependent on its reference value to dictate how its current worth is defined at any given time. In addition, according to the Mundell–Fleming model, with perfect capital mobility, a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability. In a fixed exchange-rate system, a country’s central bank uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, the stable value of its currency in relation to the reference to which it is pegged. To maintain a desired exchange rate, the central bank during the devaluation of the domestic money, sells its foreign money in the reserves and buys back the domestic money.
This creates an artificial demand for the domestic money. In case of an undesired appreciation of the domestic money, the central bank buys back the foreign money and thus flushes the domestic money into the market for decreasing the demand and exchange rate; the central bank from its reserves provides the assets and/or the foreign currency or currencies which are needed in order to finance any imbalance of payments. In the 21st century, the currencies associated with large economies do not fix or peg exchange rates to other currencies; the last large economy to use a fixed exchange rate system was the People's Republic of China, which, in July 2005, adopted a more flexible exchange rate system, called a managed exchange rate. The European Exchange Rate Mechanism is used on a temporary basis to establish a final conversion rate against the euro from the local currencies of countries joining the Eurozone; the gold standard or gold exchange standard of fixed exchange rates prevailed from about 1870 to 1914, before which many countries followed bimetallism.
The period between the two world 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 and infrastructure loans; the early 1970's saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the fixed exchange rate system: The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852 and Canada in 1853. Under this system, the external value of all currencies was denominated in terms of gold with central banks ready to buy and sell unlimited quantities of gold at the fixed price; 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 official 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. The system was a monetary order intended to govern currency relations among sovereign states, with the 44 member countries required to establish a parity of their national currencies in terms of the U. S. dollar and to maintain exchange rates within 1% of parity by intervening in their foreign exchange markets. The U. S. dollar was the only currency strong enough to meet the rising demands for international currency transactions, so the United States agreed both to link the dollar to gold at the rate of $35 per ounce of gold and to convert dollars into gold at that price. Due to concerns about America's deteriorating payments situation and massive flight of liquid capital from the U.
S. President Richard Nixon suspended the convertibility of the dollar into gold on 15 August 1971. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the dollar price of gold from US$35.50 to US$38 an ounce. Speculation against the dollar in March 1973 led to the birth of the independent float, thus terminating the Bretton Woods system. Since March 1973, the floating exchange rate has been followed and formally recognize
The franc is the currency of Burundi. It is nominally subdivided into 100 centimes, although coins have never been issued in centimes since Burundi began issuing its own currency. Only during the period when Burundi used the Belgian Congo franc were centime coins issued; the franc became the currency of Burundi in 1916, when Belgium occupied the former German colony and replaced the German East African rupie with the Belgian Congo franc. Burundi used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Burundi began issuing its own francs in 1964. There were plans to introduce a common currency, a new East African shilling, for the five member states of the East African Community by the end of 2015; as of November 2017, these plans have not yet materialized. In 1965, the Bank of the Kingdom of Burundi issued brass 1 franc coins. In 1968, Bank of the Republic of Burundi took over the issuance of coins and introduced aluminum 1 and 5 francs and cupro-nickel 10 francs.
The 5 and 10 francs have continuous milled edges. Second types of the 1 and 5 franc coins were introduced in 1976, featuring the coat of arms. In 2011 new 10 and 50 franc coins were introduced. In 2015 a 100 franc coin was introduced to replace the 100 franc banknote. From February 1964 until 31 December 1965, notes of the Banque d’Emission du Rwanda et du Burundi, in denominations of 5, 10, 20, 50, 100, 500 and 1,000 francs, were overprinted with a diagonal hollow "BURUNDI" for use in the country; these were followed in 1964 and 1965 by regular issues in the same denominations by the Banque du Royaume du Burundi. In 1966, notes for 20 francs and above were overprinted by the Bank of the Republic of Burundi, replacing the word "Kingdom" with "Republic". Regular issues of this bank began in denominations of 20, 50, 100, 500, 1,000 and 5,000 francs. 10 francs were replaced by coins in 1968. 2,000 franc notes were introduced in 2001, followed by 10,000 francs in 2004. Photographer Kelly Fajack's image of school kids in Burundi was used on the back of the Burundian 10,000 franc note.
In 2015 Burundi launched a new series of banknotes. The 10, 20, 50 franc banknotes have lost their legal tender status and the 100 franc banknote has been replaced by a coin during the launch of the new series. On 3 January 2006, the franc was valued at 925 per $1. On January 1, 2008, the franc was valued at 1,129.40 per US dollar. On January 1, 2009, the franc was valued at 1,234.33 per U. S. dollar. On 10 July, the franc was valued at 1,587.60 per US dollar Economy of Burundi
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
The Sudanese pound (Arabic: جنيه سوداني is the basic unit of the Sudanese currency. The pound consists of 100 piasters; the pound is issued by the Central Bank of Sudan. Its value is linked to gold and convertible into foreign currencies. There are no restrictions on money transfers to and from Sudan; the Sudanese pound is equivalent to $0.021. It has been pegged to the United States dollar since around 1984; the pound fell for the first time since 1997 after the United States imposed economic sanctions on Sudan. The Sudanese pound continued its decline to an unprecedented number, falling to 53 pounds against the dollar; this situation, which drained all economic measures, led to heavy losses in the external repercussions of the Sudan as a whole, in the light of the government cut, interrupted by some of the failed actions announced by the Central Bank of Sudan, a severe shortage of liquidity. The Sudanese pound fell against the US dollar after the Central Bank of Sudan announced the lifting of the cash reserve to counter inflation.
Since the Secession of South Sudan in 2011, Sudan has suffered from a scarcity of foreign exchange for the loss of three quarters of its oil resources and 80% of foreign exchange resources. The Sudanese government quoted the official price of the dollar from 6.09 pounds to 18.07 pounds in the budget of 2018. The first pound to circulate in Sudan was the Egyptian pound; the late 19th century rebels Muhammad ibn Abdalla and Abdallahi ibn Muhammad both issued coins which circulated alongside the Egyptian currency. When Anglo-Egyptian rule in Sudan ceased on January 1, 1956 and Sudan became an independent country, a distinct Sudanese currency was created, replacing the Egyptian pound at par; the Egyptian pound was subdivided into 100 qirush. The qirsh used to be subdivided into 40 para, but decimalisation following the 1886 Egyptian currency reform established a 1/10 qirsh, which came to be known as a millim. Due to this legacy, the post 1956 Sudanese pound was divided into 100 qirush, subdivided into 10 millims.
During 1958-1978 the pound was pegged to the U. S. dollar at a rate of $2.87156 per Sudanese pound. Thereafter, the pound underwent successive devaluations; the pound was replaced in 1992 by the dinar at a rate of 1 dinar. While the dinar circulated in northern Sudan, in Southern Sudan, prices were still negotiated in pounds, whilst in Rumbek and Yei, the Kenyan shilling was used and accepted more within the transport sectors as well as for hotels/accommodation. According to the Comprehensive Peace Agreement between the government of the Republic of the Sudan and the Sudan People's Liberation Movement, the Central Bank of Sudan shall adopt a program to issue a new currency as soon as is practical during the Interim Period; the design of the new currency shall reflect the cultural diversity of Sudan. Until a new currency has been issued with the approval of the Parties on the recommendations of the CBOS, the circulating currencies in Southern Sudan shall be recognised; the second pound began introduction on 9 or 10 January 2007, became the only legal tender as of July 1, 2007.
It replaced the dinar at a rate of 1 pound = 1000 pounds. The third edition of the Sudanese pound was established on 24 July 2011 following the secession of South Sudan from the Republic of Sudan. For a wider history surrounding currency in the region, see The History of British Currency in the Middle East. In 1885, the Mahdi issued 20 qirush and gold 100 qirush; these were followed by issues of the Khalifa in denominations of 10 para, 1, 2, 2½, 4, 5, 10 and 20 qirush. These coins were minted in silver in 1885. Over the following eleven years, severe debasement occurred, leading to billon silver-washed copper and copper coins being issued; the coinage ceased in 1897. During 1908-1914, a local coinage was issued in Darfur in western Sudan; these were issued under the authority of resembled contemporary Egyptian coins. In 1956, coins were introduced in denominations of 2, 5 and 10 millim, 2, 5 and 10 qirush; the millim denominations were struck in bronze, whilst the qirush denominations were in cupro-nickel.
The 2, 5 and 10 millim were scallop shaped, although a round 5 millim was introduced in 1971. The 1 and 2 millim were last struck in 1969, the last 5 millim in 1978. In 1983, brass 1, 2 and 5 qirush, a reduced size 10 qirush and a cupro-nickel 20 qirush were introduced. In 1987, aluminium-bronze 1, 5, 10, 20, 25 and 50 qirush and 1 pound were introduced, with the 25 and 50 qirush square and octagonal in shape, respectively. In 1989, stainless-steel 25 and 50 qirush and 1 pound were issued; this is the general pattern, in addition to these coins there are collector-oriented issues and various oddities. See popular coin catalogues for details. See Sudanese dinar. Coins in denominations of 1, 5, 10, 20 and 50 qirush were introduced alongside the circulating dinar coins; the Central Bank of Sudan states that the 5 qirush coins are yellow coloured and the 10 qirush is silver coloured. The 20 and 50 qirush coins are bi-metallic, with the 20 qirush yellow ringed with a silver coloured centre and the 50 qirush the opposite.
This is thought to be in development. In April 1957, the Sudan Currency Board introduced notes for 1, 5 and 10 pounds. Note production was taken over by the Bank of Sudan in 1961. 20-pound notes were introduced in 1981, followed by 50 pounds in 1984 and 100 pounds in 1988.. When introduced on 8 June 1992, the Sudanese dinar replaced the first Sudanese pound at a rate of 1:10. In 2005, the National Public Rad