Exchange rateIn finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 131 Japanese yen to the United States dollar means that ¥131 will be exchanged for or that will be exchanged for ¥131.
Deutsche MarkThe Deutsche Mark (ˈdɔʏtʃə ˈmaʁk; English: German mark), abbreviated "DM" or "D-Mark" (ˈdeːˌmaʁk), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the "Deutschmark" (ˈdɔɪtʃmɑrk). One Deutsche Mark was divided into 100 pfennigs. It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as the Federal Republic of Germany's official currency from its founding the following year.
Petrodollar recyclingPetrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major petroleum-exporting states, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of US dollars per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not.
Panic of 1837The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded. The panic had both domestic and foreign origins. Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Britain were all factors.
Philippine pesoThe piso, often called the peso in English (Philippine English: ˈpɛsɔː , ˈpiː- , plural pesos; piso ˈpiso, pɪˈso; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos. The peso has the symbol "₱", introduced during American rule in place of the original peso sign "$" used throughout Spanish America. Alternative symbols used are "PHP", "PhP", "Php", or just "P". The monetary policy of the Philippines is conducted by the Bangko Sentral ng Pilipinas (BSP), established on July 3, 1993, as its central bank.
Gresham's lawIn economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation. The law was named in 1860 by economist Henry Dunning Macleod after Sir Thomas Gresham (1519–1579), an English financier during the Tudor dynasty. Gresham had urged Queen Elizabeth to restore confidence in then-debased English currency.
Egyptian poundThe Egyptian pound (جنيه مصرى ge.neːh masʕ.ri; abbreviations: £, E£, £E, LE, or EGP in Latin, and ج.م. in Arabic, ISO code: EGP) is the official currency of Egypt. It is divided into 100 piastres, or ersh (قرش ʔerʃ; plural قروش ʔo.ruːʃ; abbreviation: PT (short for "piastre tarif")), or 1,000 milliemes (مليم mal.liːm; millième, abbreviated to m or mill). The new 10- and 20-pound notes are made out of polymer plastic paper as of July 6, 2022.
German mark (1871)The German mark (Goldmark ˈɡɔltmaʁk; sign: M︁) was the currency of the German Empire, which spanned from 1871 to 1918. The mark was paired with the minor unit of the pfennig (₰); 100 pfennigs were equivalent to 1 mark. The mark was on the gold standard from 1871 to 1914, but like most nations during World War I, the German Empire removed the gold backing in August 1914, and gold coins ceased to circulate.
Spanish pesetaThe peseta (pəˈseɪtə, peˈseta) was the currency of Spain between 1868 and 2002. Along with the French franc, it was also a de facto currency used in Andorra (which had no national currency with legal tender). The name of the currency originally comes from peceta, a Catalan diminutive form of the (Catalan) word peça (lit. piece, i.e. a coin), not from the Spanish peso (lit. weight). The word peseta has been known as early as 1737 to colloquially refer to the coin worth 2 reales provincial or of a peso.
Central bankA central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory and/or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and in some cases also to enforce policies on financial consumer protection and against bank fraud, money laundering, or terrorism financing.
