2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The Canadian dollar is the currency of Canada and since 2011 has been ranked seventh in the list of the most traded currencies in the world, accounting for 5.3% of the daily trade turnover in the world. This unit is abbreviated as a dollar sign preceded by the letter C - C$.
The story of this money is as follows. In April 1871, the Uniform Currency Act was passed by the Canadian Parliament. He replaced the monetary units of the various provinces of the country with a single system - the Canadian dollar. By the beginning of World War II, the exchange rate against the US dollar was set at C $ 1.10=US $ 1.00. After some time, this quotation was changed, and the cost of monetary units equalized. In 1950, the Canadian dollar exchange rate was "released". The re-fixation occurred only in 1962 at the level of C $ 1.00=US $ 0.925, and it existed until 1970, after which the value of the currency again became free, remaining so to the present.
Today, the Canadian dollar is issued in the form of coins and banknotes. The former are made by the Royal Canadian Mint in Winnipeg, and are currently found in denominations of 5, 10, 25, and 50 cents, as well as one and two dollars. Previously, there was a one cent coin, the issue of which wasterminated on February 4, 2013. From now on, cash amounts can be rounded up to five cents, although the cent continues to be legal tender.
The external design of coins, as a rule, has Canadian symbols (usually representatives of the animal or plant world) on the reverse side and a portrait of Elizabeth II on the front. However, some cents that have remained in circulation from earlier times are notable for the portrait of George VI. Coins in denominations of fifty cents are quite rare in circulation and are often collected by collectors.
On July 3, 1934, a unified Bank of Canada was founded, bringing together ten financial institutions. Since that time, the issue of paper banknotes in denominations of 1, 2, 5, 10, 20, 25, 50, 100, 500 and 1000 dollars began. Significant changes in the design of banknotes took place in 1935, then new series were introduced in 1937, 1954, 1970, 1986 and 2001. In June 2011, the Canadian dollar received a new design, and began to be issued on a polymer basis, as opposed to the previously common cotton fiber.
As already noted, this currency has repeatedly had both a free and a fixed exchange rate. The value of this currency fell after 1960, which was also associated with the election of the prime minister in 1963. After free pricing was allowed in 1970, there was a positive impact on the Canadian dollar: the rate began to rise and amounted to $ 1,0443.
Further, the record low cost of this unit was noted at the beginning of the 2000s and amounted to only $0.6179. This was due to the technological "boom" that was concentrated in the United States. Since that time, the currency began to gradually rise, and this was due to the ever-increasing prices of commodities exported from Canada (mainly oil). Today, the quote is as follows: 1.0356 to the US dollar, Canadian dollar to the ruble - 0.032. Can be found in other values, as the value is constantly changing.
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