Canada is a fairly young state, which was founded in July 1867. Despite this, the currency of the North American country is one of the most stable and in demand in the world.
Money story
The monetary unit of Canada has a rather interesting history. Initially, the currency of the Spanish colonialists, the real, was in use in these lands.
Already in 1841, the Canadian pound was introduced into circulation, which was equivalent to the US dollar. After 16 years, it was renamed the Canadian dollar.
The bill, adopted by the country's leadership in 1854, ensured the binding of banknotes to the gold and foreign exchange reserve. According to the law, currency freely exchanged for gold. After the crisis in the economic sphere, in 1933, the link to the precious metal was canceled by the government.
Until the early 50s of the 20th century, the Canadian national currency rate was closely tied to the American dollar, so they were almost equal in value. But since 1951, a free course has been established. This went on for 11 years, after which it was decided to again tie the Canadian dollar to the US currency.
The final transition to a free course occurred in the 70s of the XX century, after which the decision has not changed anymore to this day.
The international name of the Canadian currency
The national money of Canada has an international designation: 1C $ or CAD. The currency takes 7th place in the world in popularity, although its liquidity and demand cannot be compared with the US dollar and the euro.
Canada is one of the largest suppliers of energy and raw materials, so the rate of national money depends on the cost of these resources in the international market. Many countries, including the United States, keep their foreign exchange reserves in CAD. The currency of Canada is one of the most stable in the world. This is due to the economic development of the country and the positive situation in the field of finance.
Currently in circulation are banknotes of 5, 10, 20, 50 and 100 Canadian dollars.
Change is a cent. Coins are of such denominations: 1,5,10,25, 50, as well as 1 and 2 dollars.
CAD is a currency that is very popular during trading on the Forex exchange. Daily trading with the Canadian dollar amounts to several tens of billions.
Bank of Canada is responsible for the stability of the national currency exchange rate and its issue.
Cash notes - appearance
Banknotes on one side depict the picturesque landscapes of Canada and other images related to the culture of the country. On the other - famous statesmen of different eras. Throughout its existence, the design of banknotes has undergone some changes. The colors of the money, as well as their size, changed. Only special designations and identification elements were invariable.
It is not surprising that Queen Elizabeth II is depicted on a 20-dollar bill. After all, it is she who is the head of state. The Queen ascended the throne on February 6, 1952 and became the royal monarch of the United Kingdom of Great Britain, Canada and other territories. The bulk of the authority of the monarch, during her absence, was vested in Governor General David Johnston.
Canadian dollar
In 2007, the Canadian currency slightly exceeded the US dollar in value, this figure was 1.0052. To date, the course is:
- 1CAD is 0.70 EUR.
- 1 CAD is 0.75 USD.
- 1 CAD is equal to 43.45 RUB.
The Canadian dollar is a fairly stable currency. She is considered one of the most protected in the world. The least influence on it has the money of China and Japan.
CAD is the currency in which it is safe to store your savings.