Here we would be discussing the modern currencies and their origin, usage, properties and much more. The modern currencies are the currencies which are a name of fashion in this high tech world. The modern currencies are being utilized all over the world in some of the world’s most famous and important regions. These modern currencies hold an important view and important part in the foreign exchange and the foreign investments. They hold a high international financial and the economic status. The modern currencies are the follows.
The world famous currency used all over the world- used in the famous countries all around the globe. It is often represented by the sign of $. The name dollar is gotten from coins named Joachimsthaler, named after the valley from which the silver used to make the coin was mined. It is the currency of twenty countries which are United States of America, Australia, Canada, Hong Kong, Singapore, Liberia, New Zealand, Jamaica, Namibia, Ecuador, East Timor, EL Salvador, Micronesia Palau, Caribbean, Panama and Marshall Islands. The dollar is being used in these countries in way or the other. There are some other countries which have previously used the currency of dollar but now switched to their own economy like Malaysia and on the other hand there are countries which are using it unofficially like Myanmar.
- Riyal or Rial:-
The word Riyal is originated from the word Regalis which means Royal. Surely it is a royal currency of the various countries, especially it is popular among the Islamic countries and is being used in most of the Middle Eastern Islamic countries. Its symbol is Symbol ر.س (Arabic), SR (Latin), ﷼ (Unicode). The countries which uses it are Saudi Arabia, Oman, Qatar, Yemen etc.
- Dinar or Denar:-
Dinar or Denar holds the third most important position and status in the ranking of modern currencies. The dinar or denar is a fundamental cash unit in advanced dissemination in seven for the most part Islamic and two generally Orthodox (Serbia and FYRM) nations, and has noteworthy use in a few more. The countries where this Denar is used are Iraq, Bahrain, Kuwait, Macadamia, Jordan and Tunisia.
Fourth one on the list is the Rupee or Rupaya which has derived its name from the Sanskrit Word Rupaya which means the wrought silver. This currency is important because it established by the Britishers and in the subcontinent. It is used in the countries of India and Pakistan and Indonesia. This was previously used in the various Middle Eastern Countries This is because before 1966 Gulf Rupee, at first presented by the then British government in India, was utilized as a money in Kuwait, Bahrain, Oman, Saudi Arabia, United Arab Emirates and Bahrain. Every one of them either made their own money or changed to other GCC monetary standards in the 1960’s.
The Word Dirham is derived from the word Dramcha which means the Handful. It is the currency of various of Middle Eastern Islamic Countries. It was made in the Ottoman and Persian Empires time. The dirham was a unit of weight utilized crosswise over North Africa, the Middle East, and Persia, with differing values. In the late Ottoman Empire (Ottoman Turkish ), the standard dirham was 3.207 g, 400 dirham square with one oka It was once used in the Middle East and Europe in the pre Islamic and even after that for the trade purpose but now a days it is not used as the trade currency.
- British Pounds:-
British Pound is the currency of the UK (United Kingdom). Pound is being used in many countries. But the pound currency of United Kingdom is Pound Sterling. So it has to be differentiated from the other currencies. It also has a nickname which is Quid or Nicker. Pound Sterling is the fourth most-exchanged money in the foreign exchange trade after the United States dollar, the euro, and the Japanese yen