Instruct: Given a question, retrieve passages that answer the question.
Query: What is the currency of Italy?
The term originates from the value of a pound weight (Latin: libra) of high purity silver and as such is a direct cognate of the British pound sterling; in some countries, such as Cyprus and Malta, the words lira and pound were used as equivalents, before the euro was adopted in 2008 in the two countries. "L", sometimes in a double-crossed script form ("₤"), was the symbol most often used. Until the Second World War, it was subdivided into 100 centesimi (singular: centesimo), which translates to "hundredths" or "cents".
There are some complementary currencies which are regional or global, such as the Community Exchange System, WIR and Friendly Favors, Tibex in the Lazio region in Italy or the proposed global currency terra.
It is well recognized that traditional "textbook" theory does not price cross currency (basis) swaps correctly, because it assumes the funding cost in each currency to be equal to its floating rate, thus always giving a zero cross currency spread. This is clearly contrary to what is observed in the market. In reality, market participants have different levels of access to funds in different currencies and therefore their funding costs are not always equal to LIBOR.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency (disallowed for countries in the International Monetary Fund), currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, which is essentially a form of promissory note: a promise to exchange the note for "money" under certain circumstances. Historically, this was often a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes.
In 1690, Massachusetts became the first colony to issue paper currency. This currency was employed as a means to finance its share of the debt from King William’s War. Other colonies quickly followed suit, and by 1715 ten of the thirteen had resorted to the issuance of paper currency. Economist Stanley Finkelstein highlights the advantage of paper currency, “that unless it is backed by specie it is cost free currency.” The paper currency depreciated quickly because the colonies printed more than what was taxed out of circulation. By 1740, Rhode Island bills of exchange were only four percent of face value and those of Massachusetts were eleven percent. The money supply was growing at a much faster rate than that of the overall colonial economy, which led to hyperinflation and the corresponding reduction in purchasing power per unit of money. British merchants were forced to accept this depreciated currency as a repayment of debts. This led to the Currency Act of 1751.
The Am-Allied Military Currency or lira was the currency that AMGOT put in circulation in Italy after the landing in Sicily on the night between 9 and 10 July 1943. The value was 100 "am-lire" for a U.S. dollar. Totally interchangeable with the normal Italian lira for military decision, it contributed to high inflation that hit Italy towards the end of World War II.
The lira (Italian:[ˈliːra]; plural lire [ˈliːre]) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814.
John Currence was born in New Orleans, Louisiana. The majority of his childhood was spent in the American South, but in the early 1970s his family moved to the United Kingdom. His mother, a history teacher, took Currence and his brother out of school for four-day weekends to travel around Europe and experience the cuisines of Italy, Germany, and France. After returning to the Carolinas and graduating high school, Currence attended Hampden-Sydney College and the University of North Carolina. One of his part-time jobs while at the university was as a dishwasher at Bill Neal's Crook's Corner restaurant, which had recently been profiled by "The New York Times".
A government may officially set the rate of exchange of its currency with that of other currencies, typically the US dollar. When it does, the peg often overvalues the local currency relative to what its market value would be if it were a floating currency. Those in possession of the "harder" currency, for example expatriate workers, may be able to use the black market to buy the local currency at better exchange rates than they can get officially.
Particularly this system was kept during the Middle Ages and Modern Age in England, France, and Italy. In each of these countries the "libra" was translated into local language: pound in England, livre in France, "lira" in Italy. The Venetian lira was one of the currencies in use in Italy and due to the economic power of the Venetian Republic a popular currency in the Eastern Mediterranean trade.
Currency risk is the risk that foreign exchange rates or the implied volatility will change, which affects, for example, the value of an asset held in that currency. Currency fluctuations in the marketplace can have a drastic impact on an international firm's value because of the price affect on domestic and foreign goods, as well as the value of foreign currency denominate assets and liabilities. When a currency appreciates or depreciates, a firm can be at risk depending on where they are operating and what currency denominations they are holding. The fluctuation in currency markets can have effects on both the imports and exports of an international firm. For example, if the euro depreciates against the dollar, the U.S. exporters take a loss while the U.S. importers gain. This is because it takes less dollars to buy a euro and vice versa, meaning the U.S. wants to buy goods and the EU is willing to sell them; it's to expensive for the EU to import from U.S. at this time.
The lira was made the official currency of Italy in 1861 after the Italian unification, however stopped being used in 2002. The euro coinage system entered circulation in Italy in 2002 and is currently the official currency.
For a precise definition of what constitutes a currency board, including past examples, see:
Lietaer devotes the latter part of the book to outlining the variety of currencies that have existed in the past and exist today, with an outline of how they can be optimized towards what he describes as "sustainable abundance", the most preferable outcome of the five scenarios listed in the first part. Complementary currencies are divided into work enabling currencies, such as the Worgl Stamp Scrip, Wära, and Ithaca Hour, and community enabling currencies, such as LETS, and also gives examples of corporate currencies, such as Frequent Flyer Miles. 
Coins came late to the Republic compared with the rest of the Mediterranean, especially Greece and Asia Minor where coins were invented in the 7th century BC. The currency of central Italy was influenced by its natural resources, with bronze being abundant (the Etruscans were famous metal workers in bronze and iron) and silver ore being scarce. The coinage of the Roman Republic started with a few silver coins apparently devised for trade with the Greek colonies in Southern Italy, and heavy cast bronze pieces for use in Central Italy.
In addition to requiring a certain stage, each human item or alien class must be purchased using currency earned in game. The aliens are awarded "frags" for killing their foes which may be used to evolve (these points are commonly called "evolution points" or "evos" by players). The Humans gain "credits". Players earn currency by killing enemy players or by destroying enemy spawn or power structures ("Reactor" and "Overmind"); the amount of received currency depends on what class the opponent was (or what structure was destroyed) and how much of the target's total damage was dealt by the killing player. As a mechanism to encourage builders, who naturally don't engage in combat, players are also rewarded currency every two minutes by simply staying alive.
The lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate is 1,936.27 lire to the euro.
All lira banknotes in use immediately before the introduction of the euro, as all post WW2 coins, are still exchangeable for euros in all branches of the Bank of Italy until 29 February 2012.
The following table shows the main economic indicators in 1980–2017. Inflation under 5% is in green.
The parallel exchange rate is what Venezuelans believe the Venezuelan currency is worth compared to the US$. In the first few years of Chávez's office, his newly created social programs required large payments in order to make the desired changes. On 5 February 2003, the government created CADIVI, a currency control board charged with handling foreign exchange procedures. Its creation was to control capital flight by placing limits on individuals and only offering them so much of a foreign currency. This limit to foreign currency led to a creation of a currency black market economy since Venezuelan merchants rely on foreign goods that require payments with reliable foreign currencies. As Venezuela printed more money for their social programs, the bolívar continued to devalue for Venezuelan citizens and merchants since the government held the majority of the more reliable currencies.
Similarly, the no-difference principle applies to foreign exchange: There are no currency conversions, so that what is claimed in one currency is owed in that currency.
The currency, if adopted, would be the sole legal tender in Saudi Arabia, Kuwait, Bahrain and Qatar. Oman and the UAE have announced that they will not adopt the new currency until further notice. It would be seen as a further step in the expanding remit of what was originally intended as an organization for security cooperation between the GCC states, which then grew into an economic agreement and a customs union in 2001 and 2003. The terms of what would be called the "GCC Monetary Agreement" followed shortly after that, with the convergence criteria of the single currency being decided in 2005. Oman became the first state to pull out of the union, in 2006, and the UAE, in 2009, the second and so far last state to withdraw from this tentative agreement to create a single Gulf currency.
Three types of currency unions exist:The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency.
The cost of currency hedges—and thus "certainty what importers and exporters' money is worth"—has nothing to do with volatility whatsoever, as this cost is exclusively determined by the interest rate differental between two currencies. Nevertheless, as Tobin said, "If ... [currency] is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive."[4][5]
Three of the rolls used in Spain are different from the ones used in the rest of the eurozone.
Until 2009, two of the rolls used in Italy were different from the ones used in the rest of the eurozone.
Currency: Honduran lempira
Currency: Indonesian rupiah
Currency: Israeli new shekel
Currency: Japanese yen
The AM-lira (Allied-Military Currency) was the currency issued in Italy by AMGOT after the invasion of Sicily in 1943. 100 AM-lire were worth 1 US dollar.
Governments often borrow money in a currency in which the demand for debt securities is strong. An advantage of issuing bonds in a currency such as the US dollar, the pound sterling, or the euro is that many investors wish to invest in such bonds. Countries such as the United States, Germany, Italy and France have only issued in their domestic currency (or in the Euro in the case of Euro members).