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Q: More than one currency used in a country ( Answered 5 out of 5 stars,   3 Comments )
Question  
Subject: More than one currency used in a country
Category: Business and Money
Asked by: bigben1-ga
List Price: $9.50
Posted: 17 Oct 2004 09:24 PDT
Expires: 16 Nov 2004 08:24 PST
Question ID: 416042
What countries have more than one currency as legal tender? What are
the currencies accepted in those countries? I am intersted in
countries that have legally instituted the use of two or more
currencies as equally acceptable for transactions in the country. One
example would be(and I do not know that this is correct) if shops in
Panama were to accept equally the US Dollar and the Colón.
Answer  
Subject: Re: More than one currency used in a country
Answered By: bobbie7-ga on 17 Oct 2004 09:43 PDT
Rated:5 out of 5 stars
 
According to the CIA World Factbook 2004 the following countries use
more than one currency.

Bhutan:         ngultrum (BTN)
                Indian rupee (INR)  

Cyprus:         Greek Cypriot area: Cypriot pound (CYP)
                Turkish Cypriot area: Turkish lira (TRL)  

Guatemala:      quetzal (GTQ)
                US dollar (USD)
 
Guernsey:      British pound (GBP); note - there is also a Guernsey pound  

Jersey:        British pound (GBP); note - there is also a Jersey pound  

Lesotho:       loti (LSL)
               South African rand (ZAR)  

Isle of Man:    British pound (GBP); note - there is also a Manx pound  

Namibia:        Namibian dollar (NAD); South African rand (ZAR)  

Panama:         balboa (PAB)
                US dollar (USD)  

Serbia and Montenegro:   In Serbia the Serbian dinar (CSD) is legal
tender, but the euro (EUR) is the de facto currency; in Montenegro and
Kosovo the euro is legal tender. (2004)

Tuvalu:         Australian dollar (AUD); note - there is also a Tuvaluan dollar  

West Bank:      New Israeli shekel (ILS)
                Jordanian dinar (JOD)  

Source: CIA World Factbook 2004
http://www.cia.gov/cia/publications/factbook/fields/2065.html

I hope this helps!


Search terms used:
CIA World Factbook: currency

Best Regards,
Bobbie7

Request for Answer Clarification by bigben1-ga on 17 Oct 2004 11:04 PDT
Great. May I know in how many of them the exchange rate is fixed
between two currencies. For example is the exchange rate of the
Guernsey pound to the British pound is fixed or floating?

Clarification of Answer by bobbie7-ga on 17 Oct 2004 11:19 PDT
Dear Bigben1,

Please understand the clarification goes beyond the scope of your
original question, and would involve many more hours of research.
I suggest you post a new Question regarding the countries where the 
exchange rate is fixed between two currencies.

Sincerely,
Bobbie7

Request for Answer Clarification by bigben1-ga on 17 Oct 2004 11:22 PDT
OK I do understand. Thanks very much

Clarification of Answer by bobbie7-ga on 17 Oct 2004 11:44 PDT
Thank you for the five stars!
bigben1-ga rated this answer:5 out of 5 stars

Comments  
Subject: Re: More than one currency used in a country
From: probonopublico-ga on 17 Oct 2004 09:52 PDT
 
In the UK, some places also accept the Euro and why not?
Subject: Re: More than one currency used in a country
From: probonopublico-ga on 17 Oct 2004 11:32 PDT
 
I suspect (but don't know) that, in the cases of Jersey, Guernsey &
the Isle of Man, the underlying currency is the British Pound and that
the local currency is just a cosmetic variation, like the Scottish
bank notes.

I wonder if someone is now going to shoot me down?
Subject: Re: More than one currency used in a country
From: neilzero-ga on 17 Oct 2004 18:43 PDT
 
With a few exceptions, boarder towns come in pairs. One on each side
of the border. Both townfolks and tourists visit and shop in both
directions. In these towns the other currency gets favorable treatment
from the merchants even if their governments forbid such exchange.
Strict enforcement is rare.
10 km = 6 miles from the border, half the merchants etc may refuse the
other currency or exact an unfair exchange rate.
 Even if the exchange rate is fixed officially, it floats in many
transactions. Again enforcement in the border towns is rare. Either
currency is acceptable, but there is typically a prefence, so "equally
acceptable" is rare almost to the vanishing point, and may last hours
rather than days.   Neil

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