Money of the world

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The World reserve currency

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The world reserve currency

Reserve currency

Some currencies of the world are used on a history extent as international interchange means. The currency which is available at the command of the governments of many countries and institutes, and used by them for settlement of the international debts or influencing their exchange rates, is known as the reserve currency . Throughout many years, and especially after the Second World War, the US dollar became the most widely used reserve currency, because of the reputation of stability, along with other reasons. Many goods which are used all over the world, such as gold and petroleum, are evaluated in US dollars that does effective practice for the countries to keep on hands dollars, to acquire these goods.

Any currency which is widely known and enjoys the deserved trust, can serve as the reserve currency. The idea of the reserve currency exists in this or that form throughout many centuries. Nevertheless, the modern international banking system has fixed necessity for reserve currency use for much bigger degree, than old economic structures. Central banks worldwide can keep the funds in set of reserve currencies, in addition to own. They do it, mainly for preservation of value and reserve copying of own currency. Any of the foreign exchanges, used thus, can be considered as the reserve currency.

Traditionally, the US dollar was the preferable reserve currency of the world. Approximately two thirds of universal currency reserves are spent in dollars. Recently the euro began to be applied more widely as the reserve currency. It occurs because many currencies of the countries which now make the European union, have been used as reserve currencies before acceptance of euro for wide use. Because of popularity of euro, there is debate and assumptions, whether there will be it in the issue replacement of dollar as the most preferable reserve currency of the world.

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