Talk about the different monetary standards that are applied by many countries today ?

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Answer -
Monetary standard is the set of rules and regulations for controlling the quantity of money in the market and also regulates it's exchange value. Supply of money determines the growth rate of the economy.
Following are the different monetary standards.
1.Monometalism - In this standard single metal is used as standard currency or as a standard of monetary value.E.g. metals like gold or silver can be used.Coins are used for day today transactions.
2.Bimetallism - In this standard two types of metal is used. Two metals gold and silver are melted to make coins.There is fixed legal ratio for the value of silver and gold coins.Generally silver coins are used for small transactions and gold coins are used for big transactions.Both coins can be converted in to each other because of fix legal ratio of exchange between them.
3.Paper currency standard - In this standard bank currency notes are used issued by Central Bank of the country is used for regular and business transactions.It is more convenient and economical than abovementioned standards.Many countries use this paper currency standard.It is a system through which central bank control money supply and inflation in the country.

Rahul Sunny answered 8 months ago

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Talk about the different monetary standards that are applied by many countries today ?

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