Monday, August 17, 2009


World Currencies
Currency history
EUR / Euro
World currency codes
Concept of currency:
country's monetary unit and its type (golden, silver, paper);
foreign countries banknotes as well as credit and payment instruments expressed in foreign monetary units (bills of exchange, cheques etc.) and used in international payments.
Currency types:
fully convertible currency has no restrictions on any financial transactions for both residents as well as non-residents and may be exchanged for any foreign currency (the US dollar, Canadian dollar, Swiss franc, etc.);
partially convertible currency has restrictions on certain foreign exchange transactionsas well as restrictions for non-residents. Partially convertible currencies are those of the majority of Western European countries (Great Britain, France, Italy, Belgium, the Netherlands, Sweden, Denmark, Norway, Finland and Austria). After abolishing in December 1958 foreign exchange restrictions for non-residents, it became possible for them to convert any amount of money in bank accounts into US dollars or other currencies;
inconvertible (weak) currency has restrictions on currency transactions for residents as well as for non-residents. This group consists of currencies of dependent and developing countries, which are pegged to the parent states? currencies. Weak currencies rates are set at levels profitable for foreign monopolies.
The main Forex currencies, which make up the main volume of all transactions:
USD US dollar also known as greenback, buck and dolly.
EUR Euro, common European currency (in use everywhere in the European area).
GBP Pound sterling or the pound (Great Britain pounds), sterling, cable.
CHF Swiss franc or swissy.
JPY Japanese yen.
Before the Euro was introduced, the German Mark (DEM) had a significant market share.
Other currencies:
CAD Canadian dollar.
AUD Australian dollar, or aussie.
NZD New Zealand dollar, or kiwi.

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