Portal:Money

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The Money Portal

Euro coins and banknotes
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private".[better source needed] Counterfeit money can cause good money to lose its value.

The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

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In the news

28 July 2020 – 1Malaysia Development Berhad scandal
Former Malaysian Prime Minister Najib Razak is found guilty by the Malaysian High Court and sentenced to 12 years' imprisonment and fined RM210 million (US$47 million). The High Court convicted Najib on all seven counts of abuse of power, money laundering and criminal breach of trust over misappropriating over RM42 million (US$ 10 million) from 1Malaysia Development Berhad's former subsidiary SRC International to his personal bank accounts. (Malay Mail) (BBC) (Channel News Asia)
6 July 2020 –
Spain's Audiencia Nacional agrees to extradite former CEO of PEMEX Emilio Lozoya Austin to Mexico where he is wanted on charges of bribery and money laundering. He denies any wrongdoing. (Reuters)

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