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Euro coins and banknotes
A United States dollar bill, two five-cent coins and a penny

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 primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity 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", in the case of the United States dollar.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) 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, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

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The present value of $1,000, 100 years into the future. Curves represent constant discount rates of 2%, 3%, 5%, and 7%.

The time value of money is the widely accepted conjecture that there is greater benefit to receiving a sum of money now rather than an identical sum later. It may be seen as an implication of the later-developed concept of time preference.

The time value of money is among the factors considered when weighing the opportunity costs of spending rather than saving or investing money. As such, it is among the reasons why interest is paid or earned: interest, whether it is on a bank deposit or debt, compensates the depositor or lender for the loss of their use of their money. Investors are willing to forgo spending their money now only if they expect a favorable net return on their investment in the future, such that the increased value to be available later is sufficiently high to offset both the preference to spending money now and inflation (if present); see required rate of return. (Full article...)
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The lari (Georgian: ლარი; ISO 4217: GEL) is the currency of Georgia. It is divided into 100 tetri (თეთრი). The name lari is an old Georgian word denoting a hoard, property, while tetri is an old Georgian monetary term (meaning 'white') used in ancient Colchis from the 6th century BC. Earlier Georgian currencies include the rouble (Georgian: მანეთი, maneti), abazi (აბაზი), and kuponi (კუპონი). (Full article...)

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In the news

16 September 2023 – Mexican drug war
Ovidio Guzmán López, the son of Joaquín "El Chapo" Guzmán, is extradited to the United States from Mexico on drug trafficking and money laundering charges. (Reuters)
2 September 2023 – Corruption in Ukraine
A Ukrainian court places billionaire Ihor Kolomoyskyi under arrest over fraud and money laundering charges as part of corruption-related activities. (Al Jazeera)


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