Monetary Unit


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Monetary Unit

 

the weighed quantity of pure monetized metal that is established as the unit of currency on which the monetary system of a given country is based. Divided into its multiples, the monetary unit converts into a standard of value. Most countries employ the decimal system for such multiples (1 : 10 : 100), but in some countries a quartile system is used (1:2 : 4).

In Russia from 1897 to 1914 the gold ruble contained 0.77423 g of pure gold; a decimal system (1 ruble, 10 kopeks, 1 kopek) was combined with a quartile system (1 ruble, 50 kopeks, 25 kopeks). The gold content of the Soviet ruble since Jan. 1, 1961, has been fixed at 0.987412 g of pure gold.

References in periodicals archive ?
Sri Lanka's renaissance after terrorist war in 2008 invites for radical changes in many areas and changing the monetary unit is an essential change that should be effective from 2012 to boost the economy as well as to give due international recognition to Sri Lanka
We want to convert these time units into monetary units,' he said.
In celebration of DXB Cucumber Day, Hendrick's Gin transformed the green fruit into exchangeable monetary units on May 17 2017.
This includes all subsidiaries and branches of banks, including currency exchange offices which carry out the sale of monetary units of other states.
Google will also let users convert monetary units, too.
The Bank of Namibia Act of 1997, Part IV, signed by the president on 5 December 1997, under Section 17: Monetary units and symbols, states that, "The president may, by proclamation in the Gazette determine the monetary units and the symbols to be used for such units which shall, with effects from the date specified in such proclamation, be the currency of Namibia."
As oil is traded in the US currency, a stronger dollar makes the commodity more expensive to holders of other monetary units, dampening demand and leading to higher prices.
Recognizing the objective qualities of monetary measures, consolidating the multiple payback measures may involve the extra step of converting to monetary units.
During the game, participants are given 30 monetary units, which they can give some or all to another in the knowledge the amount will be trebled.