monetary unit


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monetary unit

one of the units of CURRENCY used in a country as the basis of payments and lending and borrowing transactions. The units of currency used in the UK, for example, are pounds and pence, while in the USA they are the dollar and cent. The monetary units of different countries are related to each other for INTERNATIONAL TRADE and INVESTMENT purposes through their EXCHANGE RATE values.

monetary unit

the standard unit of CURRENCY that forms the basis of a country's domestic MONEY SUPPLY, e.g. the pound (UK), or dollar (USA). The monetary units of countries are related to each other for international trade and investment purposes through their EXCHANGE RATE values. See MONEY.
References in periodicals archive ?
Since precious metals have invariant properties worldwide, there was no need for international bodies to regulate currency exchange rates, since gold and silver were the de facto global currencies to which all national monetary units were "pegged," in modern parlance.
1) The UF (Unidad de Fomento) is an inflation-indexed, Chilean peso-denominated monetary unit.
Dubai: A common monetary unit being discussed by the six-nation Gulf Cooperation Council (GCC) will emerge as a global currency like the dollar and the euro, according to a top Dubai official.
As for the common Gulf monetary unit talked about for 2010, Maratheftis said, "A common currency will take much longer; 2010 is only an indication of intent.
Each profile begins by identifying country name, capital, national anthem, monetary unit, systems of weights and measures, holidays, and time zone.
As Harvard professor of economics Gregory Mankiw points out, "When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful.
There are only a few "standards of value" that do not need to be linked to--or defined in terms of--some other monetary unit.
Furthermore, students have also learned taxation, fiscal budgeting, accounting and economics by creating an economic system in each country, complete with its own monetary unit, department of the treasury, secretary of the treasury, payroll and taxation system.
For every dollar, euro, pound, peso, rupee or other monetary unit donated, Flint Ink Foundation contributed two more, thus tripling the amount of employee donations.
WHILST it is far too early to decide whether the euro - the European monetary unit - has been a success or not, the early signs are encouraging.
While the adverse effects of shocks to the financial sector can never be eliminated, their disruptive influence can be minimized if monetary authorities continue to provide a stable monetary unit.
Agreements underlying the adoption of the European Monetary Unit require EU countries to reduce their budget deficits to 3% of GDP.