List Of Fiat Currency Worldwide

 

A fiat currency is money that is accepted as payment for financial transactions because its value is supported by the government that printed it. The government has declared the fiat currency as legal tender which means it can be used as a medium of exchange. As legal tender, it has the complete backing and full faith of the government.

The United States Dollar and the Euro are prime examples of fiat currencies. Many other governments around the world print their own fiat currency.

A distinction should be made between fiat currency and a commodity currency. They are different. As the term implies, a commodity currency is backed by a physical good or commodity. The most popularly used commodities are gold and silver.

The commodity currency system was extensively used in the past. In some cases, the commodity itself, for example, gold was used as the medium of exchange. Other commodities that were used to support the value of a commodity currency included animal by-products.

Below is full global list of fiat currencies:

Country / TerritoryName Of CurrencyISO-4217 Name
AfghanistanAfghan afghaniAFN
Akrotiri and Dhekelia (UK)European euroEUR
Aland Islands (Finland)European euroEUR
AlbaniaAlbanian lekALL
AlgeriaAlgerian dinarDZD
American Samoa (USA)United States dollarUSD
AndorraEuropean euroEUR
AngolaAngolan kwanzaAOA
Anguilla (UK)East Caribbean dollarXCD
Antigua and BarbudaEast Caribbean dollarXCD
ArgentinaArgentine pesoARS
ArmeniaArmenian dramAMD
Aruba (Netherlands)Aruban florinAWG
Ascension Island (UK)Saint Helena poundSHP
AustraliaAustralian dollarAUD
AustriaEuropean euroEUR
AzerbaijanAzerbaijan manatAZN
BahamasBahamian dollarBSD
BahrainBahraini dinarBHD
BangladeshBangladeshi takaBDT
BarbadosBarbadian dollarBBD
BelarusBelarusian rubleBYN
BelgiumEuropean euroEUR
BelizeBelize dollarBZD
BeninWest African CFA francXOF
Bermuda (UK)Bermudian dollarBMD
BhutanBhutanese ngultrumBTN
BoliviaBolivian bolivianoBOB
Bonaire (Netherlands)United States dollarUSD
Bosnia and HerzegovinaBosnia and Herzegovina convertible markBAM
BotswanaBotswana pulaBWP
BrazilBrazilian realBRL
British Indian Ocean Territory (UK)United States dollarUSD
British Virgin Islands (UK)United States dollarUSD
BruneiBrunei dollarBND
BulgariaBulgarian levBGN
Burkina FasoWest African CFA francXOF
BurundiBurundi francBIF
Cabo VerdeCape Verdean escudoCVE
CambodiaCambodian rielKHR
CameroonCentral African CFA francXAF
CanadaCanadian dollarCAD
Caribbean Netherlands (Netherlands)United States dollarUSD
Cayman Islands (UK)Cayman Islands dollarKYD
Central African RepublicCentral African CFA francXAF
ChadCentral African CFA francXAF
Chatham Islands (New Zealand)New Zealand dollarNZD
ChileChilean pesoCLP
ChinaChinese Yuan RenminbiCNY
Christmas Island (Australia)Australian dollarAUD
Cocos (Keeling) Islands (Australia)Australian dollarAUD
ColombiaColombian pesoCOP
ComorosComorian francKMF
Congo, Democratic Republic of theCongolese francCDF
Congo, Republic of theCentral African CFA francXAF
Cook Islands (New Zealand)Cook Islands dollarnone
Costa RicaCosta Rican colonCRC
Cote d'IvoireWest African CFA francXOF
CroatiaCroatian kunaHRK
CubaCuban pesoCUP
Curacao (Netherlands)Netherlands Antillean guilderANG
CyprusEuropean euroEUR
Czech RepublicCzech korunaCZK
DenmarkDanish kroneDKK
DjiboutiDjiboutian francDJF
DominicaEast Caribbean dollarXCD
Dominican RepublicDominican pesoDOP
EcuadorUnited States dollarUSD
EgyptEgyptian poundEGP
El SalvadorUnited States dollarUSD
Equatorial GuineaCentral African CFA francXAF
EritreaEritrean nakfaERN
EstoniaEuropean euroEUR
Eswatini (formerly Swaziland)Swazi lilangeniSZL
EthiopiaEthiopian birrETB
Falkland Islands (UK)Falkland Islands poundFKP
Faroe Islands (Denmark)Faroese kronanone
FijiFijian dollarFJD
FinlandEuropean euroEUR
FranceEuropean euroEUR
French Guiana (France)European euroEUR
French Polynesia (France)CFP francXPF
GabonCentral African CFA francXAF
GambiaGambian dalasiGMD
GeorgiaGeorgian lariGEL
GermanyEuropean euroEUR
GhanaGhanaian cediGHS
Gibraltar (UK)Gibraltar poundGIP
GreeceEuropean euroEUR
Greenland (Denmark)Danish kroneDKK
GrenadaEast Caribbean dollarXCD
Guadeloupe (France)European euroEUR
Guam (USA)United States dollarUSD
GuatemalaGuatemalan quetzalGTQ
Guernsey (UK)Guernsey PoundGGP
GuineaGuinean francGNF
Guinea-BissauWest African CFA francXOF
GuyanaGuyanese dollarGYD
HaitiHaitian gourdeHTG
HondurasHonduran lempiraHNL
Hong Kong (China)Hong Kong dollarHKD
HungaryHungarian forintHUF
IcelandIcelandic kronaISK
IndiaIndian rupeeINR
IndonesiaIndonesian rupiahIDR
International Monetary Fund (IMF)SDR (Special Drawing Right)XDR
IranIranian rialIRR
IraqIraqi dinarIQD
IrelandEuropean euroEUR
Isle of Man (UK)Manx poundIMP
IsraelIsraeli new shekelILS
ItalyEuropean euroEUR
JamaicaJamaican dollarJMD
JapanJapanese yenJPY
Jersey (UK)Jersey poundJEP
JordanJordanian dinarJOD
KazakhstanKazakhstani tengeKZT
KenyaKenyan shillingKES
KiribatiAustralian dollarAUD
KosovoEuropean euroEUR
KuwaitKuwaiti dinarKWD
KyrgyzstanKyrgyzstani somKGS
LaosLao kipLAK
LatviaEuropean euroEUR
LebanonLebanese poundLBP
LesothoLesotho lotiLSL
LiberiaLiberian dollarLRD
LibyaLibyan dinarLYD
LiechtensteinSwiss francCHF
LithuaniaEuropean euroEUR
LuxembourgEuropean euroEUR
Macau (China)Macanese patacaMOP
Macedonia (FYROM)Macedonian denarMKD
MadagascarMalagasy ariaryMGA
MalawiMalawian kwachaMWK
MalaysiaMalaysian ringgitMYR
MaldivesMaldivian rufiyaaMVR
MaliWest African CFA francXOF
MaltaEuropean euroEUR
Marshall IslandsUnited States dollarUSD
Martinique (France)European euroEUR
MauritaniaMauritanian ouguiyaMRU
MauritiusMauritian rupeeMUR
Mayotte (France)European euroEUR
MexicoMexican pesoMXN
MicronesiaUnited States dollarUSD
MoldovaMoldovan leuMDL
MonacoEuropean euroEUR
MongoliaMongolian tugrikMNT
MontenegroEuropean euroEUR
Montserrat (UK)East Caribbean dollarXCD
MoroccoMoroccan dirhamMAD
MozambiqueMozambican meticalMZN
Myanmar (formerly Burma)Myanmar kyatMMK
NamibiaNamibian dollarNAD
NauruAustralian dollarAUD
NepalNepalese rupeeNPR
NetherlandsEuropean euroEUR
New Caledonia (France)CFP francXPF
New ZealandNew Zealand dollarNZD
NicaraguaNicaraguan cordobaNIO
NigerWest African CFA francXOF
NigeriaNigerian nairaNGN
Niue (New Zealand)New Zealand dollarNZD
Norfolk Island (Australia)Australian dollarAUD
Northern Mariana Islands (USA)United States dollarUSD
North KoreaNorth Korean wonKPW
NorwayNorwegian kroneNOK
OmanOmani rialOMR
PakistanPakistani rupeePKR
PalauUnited States dollarUSD
PalestineIsraeli new shekelILS
PanamaUnited States dollarUSD
Papua New GuineaPapua New Guinean kinaPGK
ParaguayParaguayan guaraniPYG
PeruPeruvian solPEN
PhilippinesPhilippine pesoPHP
Pitcairn Islands (UK)New Zealand dollarNZD
PolandPolish zlotyPLN
PortugalEuropean euroEUR
Puerto Rico (USA)United States dollarUSD
QatarQatari riyalQAR
Reunion (France)European euroEUR
RomaniaRomanian leuRON
RussiaRussian rubleRUB
RwandaRwandan francRWF
Saba (Netherlands)United States dollarUSD
Saint Barthelemy (France)European euroEUR
Saint Helena (UK)Saint Helena poundSHP
Saint Kitts and NevisEast Caribbean dollarXCD
Saint LuciaEast Caribbean dollarXCD
Saint Martin (France)European euroEUR
Saint Pierre and Miquelon (France)European euroEUR
Saint Vincent and the GrenadinesEast Caribbean dollarXCD
SamoaSamoan talaWST
San MarinoEuropean euroEUR
Sao Tome and PrincipeSao Tome and Principe dobraSTN
Saudi ArabiaSaudi Arabian riyalSAR
SenegalWest African CFA francXOF
SerbiaSerbian dinarRSD
SeychellesSeychellois rupeeSCR
Sierra LeoneSierra Leonean leoneSLL
SingaporeSingapore dollarSGD
Sint Eustatius (Netherlands)United States dollarUSD
Sint Maarten (Netherlands)Netherlands Antillean guilderANG
SlovakiaEuropean euroEUR
SloveniaEuropean euroEUR
Solomon IslandsSolomon Islands dollarSBD
SomaliaSomali shillingSOS
South AfricaSouth African randZAR
South Georgia Island (UK)Pound sterlingGBP
South KoreaSouth Korean wonKRW
South SudanSouth Sudanese poundSSP
SpainEuropean euroEUR
Sri LankaSri Lankan rupeeLKR
SudanSudanese poundSDG
SurinameSurinamese dollarSRD
Svalbard and Jan Mayen (Norway)Norwegian kroneNOK
SwedenSwedish kronaSEK
SwitzerlandSwiss francCHF
SyriaSyrian poundSYP
TaiwanNew Taiwan dollarTWD
TajikistanTajikistani somoniTJS
TanzaniaTanzanian shillingTZS
ThailandThai bahtTHB
Timor-LesteUnited States dollarUSD
TogoWest African CFA francXOF
Tokelau (New Zealand)New Zealand dollarNZD
TongaTongan pa’angaTOP
Trinidad and TobagoTrinidad and Tobago dollarTTD
Tristan da Cunha (UK)Pound sterlingGBP
TunisiaTunisian dinarTND
TurkeyTurkish liraTRY
TurkmenistanTurkmen manatTMT
Turks and Caicos Islands (UK)United States dollarUSD
TuvaluAustralian dollarAUD
UgandaUgandan shillingUGX
UkraineUkrainian hryvniaUAH
United Arab EmiratesUAE dirhamAED
United KingdomPound sterlingGBP
United States of AmericaUnited States dollarUSD
UruguayUruguayan pesoUYU
US Virgin Islands (USA)United States dollarUSD
UzbekistanUzbekistani somUZS
VanuatuVanuatu vatuVUV
Vatican City (Holy See)European euroEUR
VenezuelaVenezuelan bolivarVES
VietnamVietnamese dongVND
Wake Island (USA)United States dollarUSD
Wallis and Futuna (France)CFP francXPF
YemenYemeni rialYER
ZambiaZambian kwachaZMW
ZimbabweUnited States dollarUSD

Fiat Currency: The Risks

danger sign

Unlike a fiat currency where the value is essentially the faith and credit backing of the government that issues it, the value of a commodity currency is based on the value of the commodity that supports it.

Thus, if economic conditions turn sour, the fiat currency will be at danger of losing its value. For example, if a country goes through a period of hyperinflation, the fiat currency could end up worthless.

Case in point is the nation of Zimbabwe. Under the administration of President Robert Mugabe, Zimbabwe’s inflation hit 500 Billion percent in the year 2008. The Zimbabwe Dollar lost its value.

How bad was it? One trillion Zimbabwe dollars would have only gotten you US$0.40.

Another good example of economic conditions diminishing the value of a fiat currency is Venezuela. Its inflation rate is at 833,997% but is estimated by the International Monetary Fund (IMF) to hit 1,000,000% within a few months.

The Venezuelan Bolivar, similar to the Zimbabwe Dollar, has lost a lot of its value. At the current levels of inflation, 1,000,000 Venezuela Bolivars will only get you US$0.29 – and a cup of café con leche (coffee with milk).

In the cases of Zimbabwe and Venezuela, the fiat currency suffered because the government mismanaged its resources.

With Zimbabwe, Mugabe started a land reform program which took away farmland from white farmers and gave them to the country’s black citizenry. Because the black people who were given the land where not experienced in farming, they could not maximize agricultural yield.

Thus, Zimbabwe’s export earnings from the agricultural sector fell. Mugabe and the Central Bank proceeded to print more money to cover the country’s shortfall in paying off its debts. The Zimbabwe government also wanted to use the fiat money to manage rising prices of commodities.

Venezuela’s problems started during the regime of Hugo Chavez. Greed, inexperience, and poor management practices during the first quarter of the new millennium caused Venezuela to miss out on the skyrocketing prices of oil.

Just when the price of oil began to rise in 2007, Chavez became greedy and sought to change the provisions in the refining agreements Venezuela had with foreign oil companies. Chavez wanted to earn more money and demanded that Venezuela’s government – owned oil company take control of the projects.

When the oil companies agreed, Chavez expropriated these companies’ assets. The move incensed the oil companies and kept international refineries away from Venezuela. Lack of expertise in the refining business led to the industry’s downfall.

Under Chavez’ successor, Nicholas Maduro, Venezuela’s economy has spiralled out of control. Maduro has proposed a plan to generate $5 Billion by monetizing on Venezuela’s supply of gold.

The United States under President Donald Trump has called for sanctions on Venezuela’s gold and has issued directives prohibiting U.S companies and individual traders from getting involved with Maduro’s proposed “Gold Rush”.

With the fiat currency, its risks are tied in the ability of the government to manage the economy. An economy that is mismanaged will see its currency value drop to a free fall.

Fiat Currency: How It Helps The Economy

In the case of the United States, the fiat currency has proven to be the more valuable type of currency in managing the economy.

The Federal Reserve is the central bank of the United States and serves a dual mandate: to keep unemployment levels and inflation rates low. It can manage economic conditions simply by manipulating money supply or the amount of money circulating in the economy.

economy newspaper

For example, if the U.S. government decides it wants higher inflation rates, it can print and circulate more U.S. dollars. Keep in mind that the value of fiat money is not tied into any physical good or commodity. This means the government can control its supply as it sees necessary to control specific economic variables.

Other than the inflation rate, the government can manipulate money supply in order to manage interest rates, money velocity, liquidity, and credit supply.

Thus, having greater financial flexibility is the biggest advantage of having a fiat currency. The central bank can use money supply to soften the blow of powerful economic shocks.

us presidents carved into rock face

An example of financial flexibility in action was the 2008-2009 economic crisis which many economists point to as the shining example on how expert management of money supply lessened its impact on the United States’ economy.

There are critics of the fiat currency who believe money that is backed by the value of a physical commodity is more stable. They point to the oil crisis and global recession that hit the 1980s. During that time, the prices of gold soared to record levels What they fail – or forget – to tell you is that once the overall economic situation improved, gold prices collapsed.

In fact, during the Great Depression, U.S President Franklin D. Roosevelt disallowed the practice of converting U.S. money and debt into gold because it could impact the flow of money, business profitability, and made recessions worse.

When the link between currency and gold was dissolved, the government through the Federal Reserve was able to effectively manage economic difficulties.

Conclusion

The bottom line is people tend to hoard high- value commodities such as gold and silver during times of economic crisis which will result in an increase in demand and pricing.

A government that runs on commodity currency will then have limited supply at its disposal to try and manage adverse economic conditions. The government will have constricted money flows and will not be able to address large-scale situations.

Fiat currency will allow the government to have greater financial flexibility and have more options at its disposal to help a country navigate through times of great financial difficulty.