Can one country have multiple currencies?

Each country, or union, has its own official currency. However, a nation may have more than one in legal use, as have been the cases of Cuba and France. Usually, people are familiar with the currencies of most of each country, but few know that in several of these there may be, or accept, more than one.

What country does not use dollars and cents?

US dollar: Ecuador, East Timor, El Salvador, Marshall Islands, Micronesia, Palau, Turks and Caicos, British Virgin Islands, Zimbabwe.

Which two countries have the same currency?

the correct answer is option (b) pakistan and india…

Which country does not have coins?

Saudi Arabia is the only solid economy that effectively does not use coins. They have less than US$3 in coins per inhabitant and they are all almost worthless. The most valuable is worth 26.67 ¢ and there are 30 banknotes of that denomination for every coin.

Which country has no paper based money?

Sweden
In 2023, Sweden is proudly becoming the first cashless nation in the world, with an economy that goes 100 percent digital. Currently, about 80 percent of Swedes use cards with 58 percent of payments being made by card and only six percent made in cash, according to the Swedish Central Bank.

Do any countries still use non decimal currency?

Today, only two countries have non-decimal currencies: Mauritania, where 1 ouguiya = 5 khoums, and Madagascar, where 1 ariary = 5 iraimbilanja.

Why do some countries have multiple currencies?

Yet countries have found it generally in their interest to maintain different currencies even when their ability to create money, and in particular to create money at nationally differentiated growth rates, was severely limited-for example, during periods when currencies were pegged to the price of precious metals or …

Is there a country without money?

A Nation Without Cash: Norway’s the First Country to Go Cash Free.

Which countries don’t use their own currencies?

The map above shows which countries use their own currencies and which don’t. The best known example of countries not using their own currency is the Euro, which is used by 19 of the 28 member states of the EU.

What is the most widely accepted foreign currency?

Many countries in the world will happily accept foreign currency and the most widely accepted is the US dollar. In fact there are several countries in the world where the US dollar is the official exchange currency.

What currency does France use in other countries?

CFP franc: Used in the French overseas collectivities of French Polynesia, New Caledonia and Wallis and Futuna. Other countries will sometimes use their own currency but also allow have other currencies that are in wide circulation / widely accepted (often US Dollars, Euros and/or neighbouring country’s currency).

What currencies are used in dependent territories?

Additionally, some dependent territories that use some third country’s currency alongside its own or its sovereign state’s currency (i.e. Bermuda, a British Overseas Territory, uses both its own dollar and the US dollar; Saint Pierre and Miquelon, a French Overseas Collectivity, uses both euros and the Canadian dollars).