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prashantakerkar prashantakerkar
wrote...
Valued Member
Posts: 1578
10 months ago

Can you highlight the main reasons as why some countries have changed their currencies ?

What will be the impact on their economy once they change their currency?

Are there countries records where they have rollback to their original currency after specific time?

Thanks & Regards,
Prashant S Akerkar
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Prashant S Akerkar
Replies
wrote...
Educator
10 months ago
Can you give an example of what you mean by changing currency?
wrote...
Valued Member
10 months ago
Thanks.

Example: Iran

https://www.nytimes.com/2020/05/04/world/middleeast/iran-currency-inflation-rial-toman.html

Reference:
https://en.wikipedia.org/wiki/Currency_substitution

Thanks & Regards,
Prashant S Akerkar
Prashant S Akerkar
Answer accepted by topic starter
bio_manbio_man
wrote...
Educator
Top Poster
Posts: 32140
9 months ago
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If inflation hits a country hard, something that was worth 5-dollars, and now is worth 10-dollars, would require people to carry twice as many 5-dollar bills. So to counter this, the government will rewrite the bills so that more 10-dollar bills are in circulation.

Does that make sense?
1

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wrote...
Valued Member
9 months ago
Thanks.

Other than Inflation, there could be some other factors which lead to changing currency by the country?

Thanks & Regards,
Prashant S Akerkar
Prashant S Akerkar
wrote...
Educator
9 months ago
Perhaps a change in government structure. For example, a transition from a monarchy to a republic, or a dictatorship to democracy.
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