Abstract
There are almost as many currencies in the world as there are countries. Not all the latter, however, are independent and, therefore, not all are members of the United Nations, or the International Monetary Fund which had a membership of 181 at the end of April 1996. Two examples of countries which are not independent but have their own currencies are Hong Kong and the Cayman Islands.1 At the same time there are several independent states that use the same currency. For example, the CFA franc is issued by the Central Bank of West African States (BCEAO) and is the common currency in Benin, Burkina Faso, Côte D’Ivoire, Mali, Niger, Senegal, and Togo. The Eastern Caribbean dollar which is issued by the Eastern Caribbean Central Bank is used in Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts-Nevis, St Lucia and St Vincent and the Grenadines. Anguilla and Montserrat are not independent states. In certain countries (for example, Panama and the Bahamas) the US dollar circulates side by side with the local medium.
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Further Reading
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© 1988 Ramesh F. Ramsaran
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Ramsaran, R.F. (1988). The Foreign Exchange Market, Exchange Rate Determination and Exchange Rate Systems. In: An Introduction to International Money and Finance. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26356-1_4
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DOI: https://doi.org/10.1007/978-1-349-26356-1_4
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