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
West Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Guinea, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Sierra Leone and Togo, as well as the United Kingdom Overseas Territory of Saint Helena and Tristan da Cunha; the population of West Africa is estimated at about 362 million people as of 2016, at 381,981,000 as of 2017, to which 189,672,000 are female, 192,309,000 male. Studies of human mitochondrial DNA suggest that all humans share common ancestors from Africa, originated in the southwestern regions near the coastal border of Namibia and Angola at the approximate coordinates 12.5° E, 17.5°S with a divergence in the migration path around 37.5°E, 22.5°N near the Red Sea. A particular haplogroup of DNA, haplogroup L2, evolved between 87,000 and 107,000 years ago or approx. 90,000 YBP. Its age and widespread distribution and diversity across the continent makes its exact origin point within Africa difficult to trace with any confidence, however an origin for several L2 groups in West or Central Africa seems with the highest diversity in West Africa.
Most of its subclades are confined to West and western-Central Africa. Because of the large numbers of West Africans enslaved in the Atlantic slave trade, most African Americans are to have mixed ancestry from different regions of western Africa; the history of West Africa can be divided into five major periods: first, its prehistory, in which the first human settlers arrived, developed agriculture, made contact with peoples to the north. Early human settlers from northern Holocene societies arrived in West Africa around 12,000 B. C. At Gobero, the Kiffian, who were hunters of tall stature, lived during the green Sahara between 10,000 and 8,000 years ago; the Tenerian, who were a more built people that hunted and herded cattle, lived during the latter part of the green Sahara 7,000 to 4,500 years ago. Sedentary farming began in, or around the fifth millennium B. C, as well as the domestication of cattle. By 1500 B. C, ironworking technology allowed an expansion of agricultural productivity, the first city-states formed.
Northern tribes developed walled settlements and non-walled settlements that numbered at 400. In the forest region, Iron Age cultures began to flourish, an inter-region trade began to appear; the desertification of the Sahara and the climatic change of the coast cause trade with upper Mediterranean peoples to be seen. The domestication of the camel allowed the development of a trans-Saharan trade with cultures across the Sahara, including Carthage and the Berbers. Local leather and gold contributed to the abundance of prosperity for many of the following empires; the development of the region's economy allowed more centralized states and civilizations to form, beginning with Dhar Tichitt that began in 1600 B. C. followed by Djenné-Djenno beginning in 300 B. C; this was succeeded by the Ghana Empire that first flourished between the 9th and 12th centuries, which gave way to the Mali Empire. In current-day Mauritania, there exist archaeological sites in the towns of Tichit and Oualata that were constructed around 2000 B.
C. and were found to have originated from the Soninke branch of the Mandé peoples, according to their tradition, originate from Aswan, Egypt. Based on the archaeology of city of Kumbi Saleh in modern-day Mauritania, the Mali empire came to dominate much of the region until its defeat by Almoravid invaders in 1052. Three great kingdoms were identified in Bilad al-Sudan by the ninth century, they included Ghana and Kanem. The Sosso Empire sought to fill the void, but was defeated by the Mandinka forces of Sundiata Keita, founder of the new Mali Empire; the Mali Empire continued to flourish for several centuries, most under Sundiata's grandnephew Musa I, before a succession of weak rulers led to its collapse under Mossi and Songhai invaders. In the 15th century, the Songhai would form a new dominant state based on Gao, in the Songhai Empire, under the leadership of Sonni Ali and Askia Mohammed. Meanwhile, south of the Sudan, strong city states arose in Igboland, such as the 10th-century Kingdom of Nri, which helped birth the arts and customs of the Igbo people, Bono in the 12th century, which culminated in the formation the all-powerful Akan Empire of Ashanti, while Ife rose to prominence around the 14th century.
Further east, Oyo arose as the dominant Yoruba state and the Aro Confederacy as a dominant Igbo state in modern-day Nigeria. The Kingdom of Nri was a West African medieval state in the present-day southeastern Nigeria and a subgroup of the Igbo people; the Kingdom of Nri was unusual in the history of world government in that its leader exercised no military power over his subjects. The kingdom existed as a sphere of religious and political influence over a third of Igboland and was administered by a priest-king called as an Eze Nri; the Eze Nri managed trade and diplomacy on behalf of the Nri people and possessed divine authority in religious matters. The Oyo Empire was a Yoruba empire of what is today Western and North c
Benin the Republic of Benin and Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso and Niger to the north; the majority of its population lives on the small southern coastline of the Bight of Benin, part of the Gulf of Guinea in the northernmost tropical portion of the Atlantic Ocean. The capital of Benin is Porto-Novo, but the seat of government is in Cotonou, the country's largest city and economic capital. Benin covers an area of 114,763 square kilometres and its population in 2016 was estimated to be 10.87 million. Benin is a tropical nation dependent on agriculture. Benin is a big exporter of palm oil; the substantial employment and income arise from subsistence farming. The official language of Benin is French. However, indigenous languages such as Fon and Yoruba are spoken; the largest religious group in Benin is Roman Catholicism, followed by Islam and Protestantism. Benin is a member of the United Nations, the African Union, the Organisation of Islamic Cooperation, the South Atlantic Peace and Cooperation Zone, La Francophonie, the Community of Sahel-Saharan States, the African Petroleum Producers Association and the Niger Basin Authority.
From the 17th to the 19th century, the main political entities in the area were the Kingdom of Dahomey, along with the city-state of Porto-Novo, a large area with many different nations to the north. This region was referred to as the Slave Coast from as early as the 17th century due to the large number of enslaved people who were shipped to the New World during the Trans-Atlantic slave trade. After enslavement was abolished, France renamed it French Dahomey. In 1960, Dahomey gained full independence from France; the sovereign state has had a tumultuous history since with many different democratic governments, military coups, military governments. A Marxist–Leninist state called the People's Republic of Benin existed between 1975 and 1990. In 1991, it was replaced by the current multi-party Republic of Benin. During the colonial period and at independence, the country was known as Dahomey. On 30 November 1975, it was renamed to Benin, after the body of water on which the country lies—the Bight of Benin.
This had been named by Europeans after the Benin Empire in present-day Nigeria. The country of Benin has no connection to Benin City in modern Nigeria, nor to the Benin bronzes; the form "Benin" is the result of a Portuguese corruption of the city of Ubinu. The new name, was chosen for its neutrality. Dahomey was the name of the former Fon Kingdom of Dahomey, limited to most of the southern third of the present country and therefore did not represent Porto-Novo, central Benin, the multi-ethnic northwestern sector Atakora, nor the Bariba Kingdom of Borgu, which covered the northeastern district; the current country of Benin combines three areas which had distinctly different political systems and ethnicities prior to French colonial control. Before 1700, there were a few important city-states along the coast and a mass of tribal regions inland; the Oyo Empire, located to the east of modern Benin, was the most significant large-scale military force in the region. It conducted raids and exacted tribute from the coastal kingdoms and the tribal regions.
The situation changed in the 1600s and early 1700s as the Kingdom of Dahomey, consisting of Fon people, was founded on the Abomey plateau and began taking over areas along the coast. By 1727, king Agaja of the Kingdom of Dahomey had conquered the coastal cities of Allada and Whydah, but it had become a tributary of the Oyo empire and did not directly attack the Oyo allied city-state of Porto-Novo; the rise of the kingdom of Dahomey, the rivalry between the kingdom and the city of Porto-Novo, the continued tribal politics of the northern region, persisted into the colonial and post-colonial periods. The Dahomey Kingdom was known for its culture and traditions. Young boys were apprenticed to older soldiers, taught the kingdom's military customs until they were old enough to join the army. Dahomey was famous for instituting an elite female soldier corps, called Ahosi, i.e. the king's wives, or Mino, "our mothers" in the Fon language Fongbe, known by many Europeans as the Dahomean Amazons. This emphasis on military preparation and achievement earned Dahomey the nickname of "black Sparta" from European observers and 19th-century explorers such as Sir Richard Burton.
The kings of Dahomey sold their war captives into transatlantic slavery. They had a practice of killing war captives in a ceremony known as the Annual Customs. By about 1750, the King of Dahomey was earning an estimated £250,000 per year by selling African captives to European slave-traders. Though the leaders of Dahomey appear to have resisted the slave trade, it flourished in the region of Dahomey for three hundred years, beginning in 1472 with a trade agreement with Portuguese merchants; the area was named the "Slave Coast" because of this flourishing trade. Court protocols, which demanded that a portion of war captives from the kingdom's many battles be decapitated, decreased the number of enslaved people exported from the area; the number went from 102,000 people per decade in the 1780s to 24,000 per decade by the 1860s. The decline was due to the Slave Trade Act 1807 banning the trans-Atlantic slave trade by Britain and the United States following in
Senegal the Republic of Senegal, is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, Guinea-Bissau to the southwest. Senegal borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar; the unitary semi-presidential republic is the westernmost country in the mainland of the Old World, or Afro-Eurasia, owes its name to the Senegal River, which borders it to the east and north. Senegal covers a land area of 197,000 square kilometres and has an estimated population of about 15 million; the climate is Sahelian, though there is a rainy season. From a Portuguese transliteration of the name of the Zenaga known as the Sanhaja, or a combination of the supreme deity in Serer religion and o gal meaning body of water in the Serer language.
Alternatively, the name could derive from the Wolof phrase "Sunuu Gaal," which means "our boat." The territory of modern Senegal has been inhabited by various ethnic groups since prehistory. Organized kingdoms emerged around the seventh century, parts of the country were ruled by prominent regional empires such as the Jolof Empire; the present state of Senegal has its roots in European colonialism, which began during the mid-15th century, when various European powers began competing for trade in the area. The establishment of coastal trading posts led to control of the mainland, culminating in French rule of the area by the 19th century, albeit amid much local resistance. Senegal peacefully attained independence from France in 1960, has since been among the more politically stable countries in Africa. Senegal's economy is centered on commodities and natural resources. Major industries are fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair.
As in most African nations, agriculture is a major sector, with Senegal producing several important cash crops, including peanuts, cotton, green beans, tomatoes and mangoes. Owing to its relative stability and hospitality are burgeoning sectors. With it being a multiethnic and secular nation, Senegal is predominantly Sunni Muslim with Sufi and animist influences. French is the official language, although many native languages are recognized. Since April 2012, Senegal's president has been Macky Sall. Senegal has been a member of the Organisation internationale de la Francophonie since 1970. Archaeological findings throughout the area indicate that Senegal was inhabited in prehistoric times and has been continuously occupied by various ethnic groups; some kingdoms were created around the 7th century: Takrur in the 9th century and the Jolof Empire during the 13th and 14th centuries. Eastern Senegal was once part of the Ghana Empire. Islam was introduced through Toucouleur and Soninke contact with the Almoravid dynasty of the Maghreb, who in turn propagated it with the help of the Almoravids, Toucouleur allies.
This movement faced resistance from ethnicities of the Serers in particular. In the 13th and 14th centuries, the area came under the influence of the empires to the east. In the Senegambia region, between 1300 and 1900, close to one-third of the population was enslaved as a result of captives taken in warfare. In the 14th century the Jolof Empire grew more powerful, having united Cayor and the kingdoms of Baol, Saloum, Futa Tooro and Bambouk, or much of present-day West Africa; the empire was a voluntary confederacy of various states rather than an empire built on military conquest. The empire was founded by Ndiadiane Ndiaye, a part Serer and part Toucouleur, able to form a coalition with many ethnicities, but collapsed around 1549 with the defeat and killing of Lele Fouli Fak by Amari Ngone Sobel Fall. In the mid-15th century, the Portuguese landed on the Senegal coastline, followed by traders representing other countries, including the French. Various European powers—Portugal, the Netherlands, Great Britain—competed for trade in the area from the 15th century onward.
In 1677, France gained control of what had become a minor departure point in the Atlantic slave trade—the island of Gorée next to modern Dakar, used as a base to purchase slaves from the warring chiefdoms on the mainland. European missionaries introduced Christianity to the Casamance in the 19th century, it was only in the 1850s that the French began to expand onto the Senegalese mainland after they abolished slavery and began promoting an abolitionist doctrine, adding native kingdoms like the Waalo, Cayor and Jolof Empire. French colonists progressively invaded and took over all the kingdoms except Sine and Saloum under Governor Louis Faidherbe. Yoro Dyao was in command of the canton of Foss-Galodjina and was set over Wâlo by Louis Faidherbe, where he served as a chief from 1861 to 1914. Senegalese resistance to the French expansion and curtailing of their lucrative slave trade was led in part by Lat-Dior, Damel of Cayor, Maad a Sinig Kumba Ndoffene Famak Joof, the Maad a Sinig of Sine, resulting in the Battle of Logandème.
On 4 April 1959 Senegal and the French Sudan merged to form the Mali Federation, which became independent on 20 June 1960, as a result of a transfer of power agreement signed with France on 4 April 1960. Due to internal political difficulties, the Federation broke up on 20 August, when
Sawfishes known as carpenter sharks, are a family of rays characterized by a long, flattened rostrum, or nose extension, lined with sharp transverse teeth, arranged in a way that resembles a saw. They are among the largest fish with some species reaching lengths of about 7–7.6 m. They are found worldwide in tropical and subtropical regions in coastal marine and brackish estuarine waters, as well as freshwater rivers and lakes, they should not be confused with sawsharks or the extinct sclerorhynchids which have a similar appearance, or swordfish which have a similar name but a different appearance. Sawfishes are slow breeders and the females give birth to live young, they feed on fish and invertebrates that are captured with the use of their saw. They are harmless to humans, but can inflict serious injuries when captured and defending themselves with the saw. Sawfish have been known and hunted for thousands of years, play an important mythological and spiritual role in many societies around world.
Once common, sawfish have experienced a drastic decline in recent decades, the only remaining strongholds are in Northern Australia and Florida, United States. The five species are rated as Endangered or Critically Endangered by the IUCN, they saw. They face habitat loss. Sawfish have been listed by CITES since 2007, restricting international trade in them and their parts, they are protected in Australia, the United States and several other countries, meaning that sawfish caught by accident have to be released and violations can be punished with hefty fines. The scientific names of the sawfish family Pristidae and its type genus Pristis are derived from the Ancient Greek: πρίστης, translit. Prístēs, lit.'saw, sawyer'. Despite their appearance, sawfish are rays; the sawfish family has traditionally been considered the sole living member of the order Pristiformes, but recent authorities have subsumed it into Rhinopristiformes, an order that now includes the sawfish family, as well as families containing guitarfish, banjo rays and the like.
Sawfish quite resemble guitarfish, except that the latter group lacks a saw, their common ancestor was similar to guitarfish. The species level taxonomy in the sawfish family has caused considerable confusion and was described as chaotic. Only in 2013 was it established that there are five living species in two genera. Anoxypristis contains a single living species, included in Pristis, but the two genera are morphologically and genetically distinct. Today Pristis contains four valid species divided into two species groups. Three species are in the smalltooth group, there is only a single in the largetooth group. Three poorly defined species were recognized in the largetooth group, but in 2013 it was shown that P. pristis, P. microdon and P. perotteti do not differ in morphology or genetics. As a consequence, recent authorities treat P. microdon and P. perotteti as junior synonyms of P. pristis. In addition to the living sawfish, there are several extinct species that only are known from fossil remains.
The oldest known is the monotypic genus Peyeria where the remains are about 100 million years old from the Cenomanian age, though it may represent a rhinid rather than a sawfish. Indisputable sawfish genera emerged in the Cenozoic age about 60 million years ago soon after the Cretaceous–Paleogene mass extinction. Among these are Propristis, a monotypic genus only known from fossil remains, as well as several extinct Pristis species and several extinct Anoxypristis species. Palaeontologists have not separated Anoxypristis from Pristis. In contrast, several additional extinct genera are listed, including Dalpiazia, Onchopristis and Mesopristis, but recent authorities include the first two in the family Sclerorhynchidae and the last two are synonyms of Anoxypristis. Fossils of sawfish have been found around the world in all continents; the extinct family Sclerorhynchidae resemble sawfish. They are known only from Cretaceous fossils, reached lengths only of 1 m; some have suggested that sawfish and sclerorhynchids form a clade, the Pristiorajea, while others believe the groups are not close, making the proposed clade polyphyletic.
Sawfish are dull brownish, greenish or yellowish above, but the shade varies and dark individuals can be black. The underside is pale, whitish; the most distinctive feature of sawfish is their saw-like rostrum with a row of whitish teeth on either side of it. The rostrum is an extension of the chondrocranium, covered in skin; the rostrum length is about one-quarter to one-third of the total length of the fish, but it varies depending on species, sometimes with age and sex. The rostral teeth are not teeth in the traditional sense, but modified dermal denticles; the rostral teeth grow in size throughout the life of the sawfish and a tooth is not replaced if it is lost. In Pristis sawfish the teeth are found along the entire length of the rostrum, but in adult Anoxypristis there are no teeth on the basal one-quarter of the rostrum; the number of teeth varies depending on the species and can range from 14 to 37 on each side of the rostrum. It is common for a sawfish to have different tooth counts on each side of its rostrum (difference typica
Dakar is the capital and largest city of Senegal. It is located on the Cap-Vert peninsula on the Atlantic coast and is the westernmost city on the African mainland; the city of Dakar proper has a population of 1,030,594, whereas the population of the Dakar metropolitan area is estimated at 2.45 million. The area around Dakar was settled in the 15th century; the Portuguese established a presence on the island of Gorée off the coast of Cap-Vert and used it as a base for the Atlantic slave trade. France took over the island in 1677. Following the abolition of the slave trade and French annexation of the mainland area in the 19th century, Dakar grew into a major regional port and a major city of the French colonial empire. In 1902, Dakar replaced Saint-Louis as the capital of French West Africa. From 1959 to 1960, Dakar was the capital of the short-lived Mali Federation. In 1960, it became the capital of the independent Republic of Senegal. Dakar is home to multiple national and regional banks as well as numerous international organizations.
From 1978 to 2007, it was the traditional finishing point of the Dakar Rally. Dakar will host the 2022 Summer Youth Olympics, making it the first African city to host the Olympics; the Cap-Vert peninsula was settled no than the 15th century, by the Lebou people, an aquacultural ethnic group related to the neighboring Wolof and Serer. The original villages: Ouakam, Ngor and Hann, still constitute distinctively Lebou neighborhoods of the city today. In 1444, the Portuguese reached the Bay of Dakar as slave-raiders. Peaceful contact was opened in 1456 by Diogo Gomes, the bay was subsequently referred to as the "Angra de Bezeguiche"; the bay of "Bezeguiche" would go on to serve as a critical stop for the Portuguese India Armadas of the early 16th century, where large fleets would stop, both on their outward and return journeys from India, to repair, collect fresh water from the rivulets and wells along the Cap-Vert shore and trade for provisions with the local people for their remaining voyage. The Portuguese founded a settlement on the island of Gorée, which by 1536 they began to use as a base for slave exportation.
The mainland of Cap-Vert, was under control of the Jolof Empire, as part of the western province of Cayor which seceded from Jolof in its own right in 1549. A new Lebou village, called Ndakaaru, was established directly across from Gorée in the 17th century to service the European trading factory with food and drinking water. Gorée was captured by the United Netherlands in 1588; the island was to switch hands between the Portuguese and Dutch several more times before falling to the English under Admiral Robert Holmes on January 23, 1664, to the French in 1677. Though under continuous French administration since, métis families, descended from Dutch and French traders and African wives, dominated the slave trade; the infamous "House of Slaves" was built at Gorée in 1776. In 1795, the Lebou of Cape Verde revolted against Cayor rule. A new theocratic state, subsequently called the "Lebou Republic" by the French, was established under the leadership of the Diop, a Muslim clerical family from Koki in Cayor.
The capital of the republic was established at Ndakaaru. In 1857 the French established a military post at Ndakaaru and annexed the Lebou Republic, though its institutions continued to function nominally; the Serigne of Ndakaaru is still recognized as the traditional political authority of the Lebou by the Senegalese State today. The slave trade was abolished by France in February 1794. However, Napoleon reinstated it in May 1802 finally abolished it permanently in March 1815. Despite Napoleon's abolition, a clandestine slave trade continued at Gorée until 1848, when it was abolished throughout all French territories. To replace trade in slaves, the French promoted peanut cultivation on the mainland; as the peanut trade boomed, tiny Gorée Island, whose population had grown to 6,000 residents, proved ineffectual as a port. Traders from Gorée decided to move to the mainland and a "factory" with warehouses was established in Rufisque in 1840. Large public expenditure for infrastructure was allocated by the colonial authorities to Dakar's development.
The port facilities were improved with jetties, a telegraph line was established along the coast to Saint-Louis and the Dakar-Saint-Louis railway was completed in 1885, at which point the city became an important base for the conquest of the western Sudan. Gorée, including Dakar, was recognised as a French commune in 1872. Dakar itself was split off from Gorée as a separate commune in 1887; the citizens of the city elected their own mayor and municipal council and helped send an elected representative to the National Assembly in Paris. Dakar replaced Saint-Louis as the capital of French West Africa in 1902. A second major railroad, the Dakar-Niger built from 1906–1923, linked Dakar to Bamako and consolidated the city's position at the head of France's West African empire. In 1929, the commune of Gorée Island, now with only a few hundred inhabitants, was merged into Dakar. Urbanization during the colonial period was marked by forms of racial and social segregation—often expressed in terms of health and hygiene—which continue to structure the city today.
Following a plague epidemic in 1914, the authorities forced most of the African population out of old neighborhoods, o
A currency union involves two or more states sharing the same currency without them having any further integration. Three types of currency unions exist: Informal – unilateral adoption of foreign currency Formal – adoption of foreign currency by virtue of bilateral or multilateral agreement with the issuing authority, sometimes supplemented by issue of local currency in currency peg regime Formal with common policy – establishment by multiple countries of a common monetary policy and issuing authority for their common currencyThe theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Note: Every customs and monetary union and economic and monetary union has a currency union. Zimbabwe is theoretically in a currency union with four blocs as the South African rand, Botswana pula, British pound and US dollar circulate, the US Dollar was until 2016 official tender.. Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union, common market and currency union with the mainland and in regards to third countries through the trade pacts signed by the mainland state.
Between Bahrain and Abu Dhabi using the Bahraini dinar between Bahrain, Oman and the Trucial States, using the Gulf rupee from 1959 until 1966 between Aden and South Arabia, Kenya, Oman, British Somaliland, the Trucial States, Uganda and British India using the Indian rupee between Belgium and the Grand-Duchy of Luxemburg using the Belgian/Luxembourgish franc from 1921 to the Euro between British India and the Straits Settlements using the Indian rupee between Czech Republic and Slovakia using the Czechoslovak koruna between Ethiopia and Eritrea using the Ethiopian birr between France and Andorra using the French franc between the Eastern Caribbean, Barbados and Tobago and British Guiana using the British West Indies dollar between the Eastern Caribbean, Barbados and Tobago and British Guiana using the Eastern Caribbean dollar between Italy, Vatican City, San Marino using the Italian lira between Jamaica and the Cayman Islands using the Jamaican pound and Jamaican dollar between Kenya and Zanzibar using the East African rupee between Kenya and Zanzibar using the East African florin between Kenya and Zanzibar, South Arabia, British Somaliland and Italian Somaliland using the East African shilling Latin Monetary Union between France, Belgium and Switzerland, involving Greece, Romania and other countries.
Between Liberia and the United States using the United States dollar between Mauritius and Seychelles using the Mauritian rupee between Nigeria, the Gambia, Sierra Leone, the Gold Coast and Liberia using the British West African pound between Prussia and the North German states using the North German thaler between Russia and the former Soviet republics using the Soviet ruble between Qatar and all the emirates of the UAE, except Abu Dhabi using the Qatari and Dubai riyal between Saudi Arabia and Qatar using the Saudi riyal between Samoa and New Zealand using the New Zealand pound Scandinavian Monetary Union, between Denmark and Sweden between the Solomon Islands, Papua New Guinea and Australia using the Australian dollar South German guilder between Spain and Andorra using the Spanish peseta between Trinidad and Tobago and Grenada using the Trinidad and Tobago dollar between Brunei and Singapore using the Malaya and British Borneo dollar between Cambodia and Vietnam using the French Indochinese piastre between South Africa and Botswana using the South African rand between Egypt and Sudan using the Egyptian pound – until 1956 between West Germany and East Germany between 1 July 1990 and 3 October 1990, as part of a temporary, so-called "Monetary and Social Union" prior to German reunification.
Between what became the Republic of Ireland and the United Kingdom, between 1928 and 1979. The Irish Pound was held at the same value as Sterling for this period, although it was not accepted for payments in the UK. proposed pan-American monetary union – abandoned in the form proposed by Argentina proposed monetary union between the United Kingdom and Norway using the pound sterling during the late 1940s and early 1950s proposed gold-backed, pan-African monetary union put forward by Muammar Gaddafi prior to his death List of pegged currencies North American Currency Union Acocella, N. and Di Bartolomeo, G. and Tirelli, P. ‘Monetary conservatism and fiscal coordination in a monetary union’, in: ‘Economics Letters’, 94: 56-63. Bergin, Paul. "Monetary Union". In David R. Henderson. Concise Encyclopedia of Economics. Indianapolis: Library of Economics and Liberty. ISBN 978-0865976658. OCLC 237794267. CS1 maint: Extra text: editors list West Africa opts for currency union Economist- Antipodean currencies Reasons for the collapse of the Rouble Zone OECD Development Centre – the Rand Zone