currency

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Currency

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Currency

Money generally accepted in circulation in a certain jurisdiction. That is, currency is any form of money that businesses in a certain jurisdiction will accept in exchange for goods and services. Usually, the domestic government sets its own currency and provides penalties to persons and businesses in its jurisdiction that do not accept it. However, some countries (especially those experiencing hyperinflation) accept other countries' currencies informally. Alternatively, a country may use the currency of another (as some countries have done with the U.S. dollar) or pool resources to make an international currency accepted in several countries (the euro being the most prominent example). See also: Foreign exchange.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

currency

or

cash

the coins and bank notes which constitute the physical component of a country's MONEY SUPPLY, i.e. coins and notes have a physical identity, whereas the other assets comprising the money supply such as bank deposits, are book-keeping entries and have no tangible life of their own. See LEGAL TENDER, FOREIGN CURRENCY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

currency

the BANK NOTES and coins issued by the monetary authorities that form part of an economy's MONEY SUPPLY. The term currency’ is often used interchangeably with the term cash in economic analysis and monetary policy.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
"Today around 60% of all payments (between Russia and Kazakhstan) are made in national currencies, which is beneficial to our enterprises, our participants of foreign economic activities," he said, adding that the plan is to "bring that indicator to over 70%."
On Monday, the Kremlin said that Russiafavoured bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.
The conference was arranged by Nobel Prize-winning economist Robert Mundell, who, according to the Wall Street Journal, called for all national currencies to be "convertible into an international money, the dey [an acronym for dollar, euro, and yen] ...
Will the UK banks change national currencies into euro?
In accepting the Nobel award, Mundell noted that since Roman times gold has provided the standard for national currencies. It reduced the risk that inflation would decrease a currency's value and "provided a link between values in one generation and century to those in others." Since going off the gold standard, he pointed out, most national currencies have lost purchasing power.
Originally coined by Patrick Moynihan (I think) in the context of race relations, it has moved into economics to mean the polar opposite of "intense competition" particularly in the realm of national currencies. The late Susan Strange once referred to "the vulnerability of European exchange rates to U.S.
Between now and January 1, 2002, referred to as the "transitional period," these euro zone nations will be busy implementing the legal rules devised by the EU concerning the changeover from their national currencies to the new euro.
Effective July 1, 2002, the old national currencies of participating countries will cease to be legal tender.
On top of the billions that will be spent to address the Year 2000 problem, European businesses and governments will be forced to allocate billions of dollars to adjust their systems to run two different currencies - their own national currencies and the euro - until the phase out of their national currencies, scheduled for 2002.
Therefore, your transactions could be reported in national currencies or in euros, with details of other currencies referenced for each transaction.
Russia and Turkey are drafting an intergovernmental agreement on expanding settlements in national currencies between the two countries, Russian President Vladimir Putin said on Tuesday after the talks with Turkish President Recep Tayyip Erdogan,Trendreports citing TASS.

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