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The Bank of Spain (Spanish: Banco de España, pronounced [ˈbaŋko ðe esˈpaɲa]) is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998, issuing the Spanish peseta. Since 2014, it has also been Spain's national competent authority within European Banking Supervision. [3]
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
Following the fall of the value of silver in the late 1920s and the early 1930s, the Pahlavi government experienced a serious monetary crisis. The Pahlavi government first tried to redirect the gold standard by the March 28, 1930 law. But when faced with difficulties, the Qajars' short-term strategy was chosen; that is, to stay on the silver ...
The official currency of Spain since 2002 is the Euro. The basic and most prevalent unit of Spanish currency before the Euro was the Peseta . The first Peseta coins were minted in 1869, and the last were minted in 2011.
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
A semi-presidential republic is a government system with power divided between a president as head of state and a prime minister as head of government, used in countries like France, Portugal, and Egypt. The president, elected by the people, symbolizes national unity and foreign policy while the prime minister is appointed by the president or ...
The Government is responsible before the Parliament (Cortes Generales), and more precisely before the Congress of the Deputies, a body which elects the Prime Minister or dismisses them through a motion of censure. This is because Spain is a parliamentary system established by the Constitution of 1978.
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. [1]