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The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century. [1] However, by the middle of the 20th century, the United States dollar had become the world's dominant reserve currency.
Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. [3] The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4]
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]
The Pakistani rupee was pegged to the pound sterling until 1982, when the government of General Zia-ul-Haq, changed it to a managed float regime. As a result, the rupee devalued by 38.5% between 1982/83, and many of the industries built by his predecessor suffered a huge surge in import costs.
From 1850 to 1947, India's GDP in 1990 international dollar terms grew from $125.7 billion to $213.7 billion, a 70% increase, or an average annual growth rate of 0.55%. This was a higher rate of growth than during the Mughal era (1600–1700), when it had grown by 22%, an annual growth rate of 0.20%, or the longer period of mostly Maratha ...
For example, Dandekar and Rath in 1971 suggested a measure of poverty rate that was based on number of calories consumed. [50] In 2011, Alkire et al. suggested a poverty rate measure so-called Multi-dimensional Poverty Index (MPI), which only puts a 6.25% weight to assets owned by a person and places 33% weight on education and number of years ...
The Q2 of 2022 saw 20.57 billion transactions worth ₹36.08 trillion as per Worldline SA. P2P accounted for 49% in volume and 67% in value while P2M accounted for 34% in volume and 17% in value. [102] As per CEO Dilip Asbe of NPCI, P2M as of November 2022 accounts for more than 50% of UPI transaction volumes. [103]
By the mid-1990s under President Rafael Caldera, Venezuela saw annual inflation rates of 50 to 60% from 1993 to 1997, with an exceptional peak of 100% in 1996. [23] The percentage of people living in poverty rose from 36% in 1984 to 66% in 1995, [26] with the country suffering a severe banking crisis in 1994. In 1998, the economic crisis had ...