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The Money Portal

Euro coins and banknotes
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.

The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

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In the news

19 September 2019 –
Over the last three days, the Federal Reserve Bank of New York adds more than US$200 billion liquidity to the money market, countering a spike in the repo rate on Tuesday. (Business Day)
28 August 2019 – 2019 Amazon rainforest wildfires
Brazilian President Jair Bolsonaro announces all Amazon-region nations except Venezuela will meet to discuss a coordinated response to the disaster. He also reiterates rejection of G7 money to assist the efforts unless French President Emmanuel Macron issues him an apology, but after meeting with Chilean President Sebastián Piñera accepts an offer of four firefighting aircraft from Chile. (BBC)
21 August 2019 –
Indian senior opposition Rajya Sabha MP and former Cabinet Minister Palaniappan Chidambaram is arrested by the Central Bureau of Investigation on charges of corruption and money laundering during his term as Minister of Finance. Chidambaram says to the Supreme Court that the government is practicing a "politically-motivated vendetta" against him and his son Karti, who is also an opposition MP. (BBC)

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