What are the primary functions of currency used in different countries worldwide?
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Currency used in different countries worldwide serves as a medium of exchange, unit of account, and store of value . It facilitates domestic trade by pricing goods and services and storing purchasing power for future use . Additionally, some countries peg their currency to major currencies like the US dollar to maintain stable monetary policies . Furthermore, certain regions have adopted foreign currencies like the US dollar as legal tender alongside their local currency . The US dollar, in particular, plays a significant role internationally, being used for pricing goods, settling debts, and holding reserves . Overall, currencies worldwide must be durable, portable, divisible, and difficult to counterfeit to effectively fulfill their functions .
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Open access•Posted Content 01 Jan 2003 2 Citations | The primary functions of currency in different countries include legal tender status, investment, and market transactions, with some countries adopting the US dollar alongside their local currency. |
01 Jan 1988 | The primary functions of currency in different countries include serving as a medium of exchange, unit of account, and store of value, facilitating international trade and economic transactions. |
| The primary functions of currency in different countries are as a medium of exchange, unit of account, and store of value, facilitating domestic trade and storing purchasing power. | |
8 Citations | The primary functions of currency worldwide are as a medium of exchange, unit of account, store of value, and standard of deferred payment, ensuring efficient transactions and financial stability. |
| National currencies serve as legal tender for goods and services, with some countries pegging their currency to others like the US dollar for stability and aligning inflation rates. |
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