When did and exchange rate between currencies come into use? was it inuse during the renaissance
2006-11-02 18:46:28 · 4 answers · asked by ~Hanan~ 1 in Social Science ➔ Economics
I expect that some sort of exchange rate existed then, although it may not have been the same concept that is in use now. Whenever there is trade, it is necessary to find a medium of exchange. It doesn't have to be money, it can be swap etc. It's just that money is easiest to use. So when you have trade between areas or countries that use different monetary units, it becomes necessary to find a way of working out how much of one currency is equivalent to a specified amount of the other. This has become standardised now as we have central banks in each country which set the exchange rates.
2006-11-02 18:57:35 · answer #1 · answered by ladybird 3 · 0⤊ 0⤋
Currency exchange most likely dates back to the invention of different forms of currency. The Bible mentions that Jesus threw the money changers out of the temple.
2006-11-03 10:33:45 · answer #2 · answered by Adoptive Father 6 · 0⤊ 0⤋
When countries started to use their own currencies
2006-11-03 02:55:35 · answer #3 · answered by patti duke 7 · 0⤊ 0⤋
1944. Bretton Woods,U.K agreement.
2006-11-03 07:26:55 · answer #4 · answered by Latin Techie 7 · 0⤊ 0⤋