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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".[better source needed] 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. (Full article...)

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The British farthing (derived from the Old English feorthing, a fourth part) was a British coin worth a quarter of an old penny (1960 of a pound sterling). It ceased to be struck after 1956 and was demonetised from 1 January 1961.

The British farthing is a continuation of the English farthing, struck by English monarchs prior to the Act of Union 1707 which unified the crowns of England and Scotland into the Kingdom of Great Britain. Only pattern farthings were struck under Queen Anne as there was a glut of farthings from previous reigns. The coin was struck intermittently under George I and George II, but by the reign of George III, counterfeits were so prevalent the Royal Mint ceased striking copper coinage after 1775. The next farthings were the first struck by steam power, in 1799 by Matthew Boulton at his Soho Mint under licence. Boulton coined more in 1806, and the Royal Mint resumed production in 1821. The farthing was struck fairly regularly under George IV and William IV. By then it carried a scaled-down version of the penny's design, and would continue to mirror the penny and halfpenny until after 1936. (Full article...)

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Lari banknotes.png
The lari (Georgian: ?; ISO 4217: GEL) is the currency of Georgia. It is divided into 100 tetri (). The name lari is an old Georgian word denoting a hoard, property, while tetri is an old Georgian monetary term (meaning 'white') used in ancient Colchis from the 6th century BC. Earlier Georgian currencies include the maneti, abazi, and Georgian coupon or kuponi (, and , respectively). (Full article...)

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In the news

7 September 2021 -
The Supreme Court of Cape Verde approves the extradition of Alex Saab to the United States for alleged money laundering on behalf of the Venezuelan government. Saab was arrested in Cape Verde in June 2020, when his plane stopped there for refuelling while flying to Iran. (Reuters)
31 August 2021 - Corruption in Peru
The Peruvian judiciary kicks off a preliminary court hearing against Popular Force leader Keiko Fujimori to decide whether to prosecute her for money laundering and her involvement in the Odebrecht scandal. (RPP)
29 August 2021 - Afghanistan conflict
Taliban spokesperson Suhail Shaheen blames former president Ashraf Ghani for the "chaos" in Kabul. Shaheen says that Ghani must return the money that he allegedly stole and says that it was not necessary for Ghani to leave the country as the Taliban "just wanted a peaceful transfer of power". (Hindustan Times)
16 August 2021 - War in Afghanistan
Russia accuses President Ashraf Ghani of fleeing the country with "four cars and a helicopter full of cash" and that he also left money behind that could not be transported with him. Ghani's whereabouts are still unknown although multiple sources say that he is currently in Tajikistan. (Reuters)
13 August 2021 -
Nicaraguan police raid the offices of national newspaper La Prensa after the government announces an investigation into allegations of customs fraud and money laundering by its directors. La Prensa had published several critical stories against current president Daniel Ortega, whom they have called a "dictator" numerous times. (Reuters)


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