![]() But currency translation mainly deals with the tradable currencies. There are also other currency types, such as branded currencies and local currencies. For example, cryptocurrencies such as bitcoin are an example of these currencies. Nowadays, there are also currencies, which are not tied to any specific country or monetary union. A number of European countries, such as France and Germany, use the Euro, for example. While most countries in the world use their unique currency, there are some instances where different legislations might use the same currency. Some of the most known official currencies and their countries include: Most countries of the world have their own currency. It is issued by a specific government and circulated within the government’s jurisdiction.Ĭurrency is used as the medium of exchange when people deal with goods and services. What are currencies?Ĭurrency is a generally accepted form of money, which includes both coins as well as paper notes. ![]() ![]() Below is a break down of the three key terms: currency, financial statements and exchange rates. WHAT IS CURRENCY TRANSLATION?īefore we look at the definition of currency translation, it is a good idea to define some of the key terms used in the process. In particular in this article, you will learn 1) what is currency translation, 2) why currency translation is needed and used, 3) the three steps of currency translation, 4) how the rates are determined, 5) avoiding the common mistakes, and 6) how to mitigate the risks of currency translation.
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