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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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A money-back guarantee, also known as a satisfaction guarantee, is essentially a simple guarantee that, if a buyer is not satisfied with a product or service, a refund will be made.

The 18th century entrepreneur Josiah Wedgwood pioneered many of the marketing strategies used today, including the satisfaction-or-money-back guarantee on the entire range of his pottery products. He took advantage of his guarantee offer to send his products to rich clientele across Europe unsolicited. The money-back guarantee was also a major tool of early U.S. mail order sales pioneers in the United States such as Richard Sears and Powel Crosley Jr. to win the confidence of consumers. (Full article...)

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The euro (symbol: EUR; code: EUR) is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the eurozone or euro area and includes about 343 million citizens . The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro. (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 spokesman 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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