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A currency is a unit of exchange, facilitating the transfer of goods and/or services.

Details

It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value.

How it works

A currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime.

Common usage

In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency.

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