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Currencies


What is the EUR?

The euro -- the single European currency -- will replace the national currencies of 11 member countries* of the European Union (euroland) during a three-and-a-half year period that began on 1 January 1999. On this date, the exchange rates of the euroland countries were "irrevocably fixed" to the euro. The 11 national currencies and the euro will coexist until mid-2002, the date by which the national currencies must be completely withdrawn from circulation.

While marking a milestone in the European Union's economic integration process, the launch of the euro has significance beyond Europe. Some economists and financial experts believe the euro could become a major international currency to rival the US dollar.

The euro does not yet circulate in the form of notes and coins, but many banks, businesses and other institutions -- within and outside euroland -- already have begun denominating transactions in euro.

What is the CHF

The Swiss franc is the currency of Switzerland. This is one of the world's most stable currencies, thanks to the neutrality, fiercely conservative monetary policy and ample gold reserves of the Swiss national bank.

Swiss francs are shortened either with the official banking name CHF (from the latin name of the country Confederation Helvetica, CH) or sometimes just Fr. or Sfr.
On our website we list amounts and prices in Swiss francs and use CHF as sign.
For example, CHF.1,000 means "A thousand Swiss francs"

What is the GBP
The United Kingdom, the dominant industrial and maritime power of the 19th century, played a leading role in developing Western ideas of property, liberty, capitalism and parliamentary democracy - to say nothing of its part in advancing world literature and science

As a unit of currency, the term pound originates from the value of a troy pound of high purity silver known as
Sterling (with a basic currency unit of the
penny, rather than the pound) was introduced as the English currency by King Henry II, though the name sterling wasn't acquired until later.
The pound sterling, established in
156061 by Elizabeth I and her advisors, foremost among them Sir Thomas Gresham, brought order to the financial chaos of Tudor England that had been occasioned by the "Great Debasement" of the coinage, which brought on a debilitating inflation during the years 154351. By 1551,  The coinage had become mere fiduciary currency (as modern coins are), and the exchange rate in Antwerp where English cloth was marketed to Europe, had deteriorated. All the coin in circulation was called in for reminding at the higher standard, and paid for at discounted rates.

The pound sterling maintained its intrinsic value — "a fetish in public opinion" Braudel called it — uniquely among European currencies, even after the United Kingdom officially adopted the gold standard, until after World War I, weathering financial crises in 1621, in1694-96, when John Locke pamphleteered for the pound sterling as "an invariable fundamental unit" and again in 1774. Not even the violent disorders of the Civil War devalued the pound sterling in European money markets. Braudel attributes to the fixed currency, which was never devalued over the centuries, England's easy credit, security of contracts and rise to financial superiority during the 18th century. The pound sterling has been the money of account of the Bank of England from its inception in 1694.

 

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