January 2015
Beginner
480 pages
31h 42m
English
Content preview from Financial Management: Core Concepts, Third EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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18.2 Foreign Exchange
Each country around the world issues currency for use in economic transactions.
In England, the currency is the pound sterling (symbol £); in Japan, the yen (¥); in Mexico, the peso; and so on. Nearly every country around the world has its own currency. The exception is the euro (€), a currency that presently eighteen members of the European Union (EU) use, as do six nonparticipating members of the EU. Nine EU members (most notably, the United Kingdom, Sweden, and Denmark) continue to use their own currencies. Introduced in 1999, the euro is now the second-most-traded currency in the world, behind the U.S. dollar. As any world traveler knows, when you go from one country to another, you need to exchange your current currency ...
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