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Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [2]
The euro is the second-largest reserve currency in the world. Beginning in the year 1999 with some EU member states, now 20 out of 27 EU states use the euro as official currency in a currency union. The remaining 7 states continue to use their own currency with the possibility to join the euro later. The euro is the most widely used currency in ...
The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances of US$100 billion in 2022, [311] highest in the world, were contributed to its economy by 32 million Indians working in foreign countries. [312]
For a more exhaustive discussion of countries using the U.S. dollar as official or customary currency, or using currencies which are pegged to the U.S. dollar, see International use of the U.S. dollar#Dollarization and fixed exchange rates and Currency substitution#US dollar. Countries using the U.S. dollar as their official currency include:
The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund, which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of ...
Cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate that is defined when the system is created and that is publicly stated. In centralized banking and economic systems such as the US Federal Reserve System, corporate boards or governments control the supply of currency.
Historians Elliot and Dowson say in their book The History of India, as Told by Its Own Historians, that the first ship bearing Muslim travellers was seen on the Indian coast as early as 630 CE. H. G. Rawlinson in his book Ancient and Medieval History of India [29] claims that the first Arab Muslims settled on the Indian coast in the last part ...