World Currencies & Exchange Rates

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Summary about world currencies and exchange rates
Teresa Nadal
Slide Set by Teresa Nadal, updated more than 1 year ago
Teresa Nadal
Created by Teresa Nadal about 7 years ago
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Slide 1

    World Currencies
    The foreign exchange market works through financial institutions, and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as “dealers,” who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the “interbank market”, although a few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, forex has little (if any) supervisory entity regulating its actions.

Slide 4

    The Pound
    The pound sterling is the official currency of the United Kingdom and some other regions such as Jersey, Guernsey and the Isle of Man. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous usage since its inception.The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. 
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