Some memorable facts about the Most Traded Currencies of The World

As per the turnover and liquidity of the currency traded, following are the top 5 currencies of the world:
  1. US Dollar
  2. Euro
  3. Japanese Yen
  4. British Pound
  5. Swiss franc

Some Facts:

  1. The US dollar is the most dominant currency unit today as all currencies are measured using the US dollar as the standard.
  2. About 90 per cent of transactions worldwide involve the US dollar.
  3. US dollar also is the world’s foremost reserve currency.
  4. This process of using one country currency in a different economy is called ‘dollarization’.
  5. Some examples of Dollarization are British Virgin Islands, East Timor, Ecuador, El Salvador, Marshall Islands, Federated States of Micronesia, Palau, Panama, Pitcairn Islands, and Turks and Caicos Islands.
  6. The euro is the official currency of 16 of the 27 member states of the European Union which are collectively called Eurozone.
  7. The Eurozone includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
  8. Eurozone is the world’s second largest economy till 2008.
  9. Japanese Yen is the third largest heavily traded currency of the world.
  10. Yen means ’round object’ in Japanese.
  11. The official name of British Pound is Pound Sterling.
  12. Swiss franc is the currency and legal tender of Switzerland and Liechtenstein as also in the Italian exclave Campione d’Italia.
  13. This is the only version of the franc still issued in Europe.

The Above Article is Summary of This News on Rediff Business

Comments