Advertisement
Online Test Banks
Score higher
See Online Test Banks
eLearning
Learning anything is easy
Browse Online Courses
Mobile Apps
Learning on the go
Explore Mobile Apps
Dummies Store
Shop for books and more
Start Shopping

Top Ten Traded Currencies of the World

The Australian Dollar

This currency has over 7.6 percent share in daily currency transactions. Prior to 1911, private trading banks were issuing currency in Australia.

In 1911, legislation established the Commonwealth Bank of Australia. However, at that time the bank was just like a commercial bank and did not assume the responsibilities of a central bank. Then, the Australian Department of the Treasury was in charge of issuing notes. In 1924, the Commonwealth Bank Act was amended and the Bank was given control over the note issue. From this time until 1945, the Bank gradually evolved its central banking activities.

In 1959, part of the Commonwealth Bank of Australia was renamed as the Reserve Bank of Australia (RBA) to fulfill the functions of a central bank. The commercial banking functions were kept by the Commonwealth Bank of Australia.

  • Add a Comment
  • Print
  • Share
blog comments powered by Disqus
Advertisement
Advertisement

Inside Dummies.com

Dummies.com Sweepstakes

Win an iPad Mini. Enter to win now!