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Reliable and stable globally-traded currency
In macroeconomics, hard currency, sound money, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable
Hard_currency
Money held by a central bank to pay debts, if needed
exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve currencies, mostly the United States
Foreign_exchange_reserves
Currencies held by monetary authorities as part of their foreign exchange reserves
reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency
Reserve_currency
Standardization of money
A currency is a standardized form of money, in use or circulation as a medium of exchange, for example banknotes, coins, electronic balances in online
Currency
Currency of Venezuela
first and the final letters of the plural form of the currency's name, bolívares). The value of the hard bolívar, pegged to the US dollar, did not stay stable
Venezuelan_bolívar
Monetary authority to maintain a fixed exchange rate
currency for each unit (or decided amount) of foreign currency it has in its vault (often a hard currency such as the U.S. dollar or the euro). The surplus
Currency_board
Type of monetary policy
of the West. He proposed a law requiring payment for federal land in hard currency only, which was defeated in Congress but later enshrined in an executive
Hard_money_(policy)
Obsolete unit of account of the European Community
creation of a 'hard' ECU, which different national currencies could compete against and, if the ECU was successful, could lead to a single currency. The move
European_Currency_Unit
Global decentralized trading of international currencies
market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines
Foreign_exchange_market
hard currency, that is, currency that was freely convertible. Because the ruble was not freely convertible, the Soviet Union could only acquire hard currency
Foreign trade of the Soviet Union
Foreign_trade_of_the_Soviet_Union
Bond issued by a government
bonds in the currency of a country with a more stable economy (i.e. a hard currency). International credit rating agencies provide ratings for each country's
Government_bond
Currency of Cuba
CUP) also known as moneda nacional (Spanish for 'national currency'), is the official currency of Cuba. The Cuban peso was established by a Cuban law on
Cuban_peso
Currency moving with commodity prices
[citation needed] Gold standard Silver standard Hard currency Private currency Representative money Reserve currency Commodity money Chen, Yu-Chin; Rogoff, Kenneth;
Commodity_currency
Currency of Iran
2013) the authorities weakened the national currency intentionally by withholding the supply of hard currency to earn more rial-denominated income, usually
Iranian_rial
source of hard currency through re-export of Soviet oil, which until 1981 was provided below world market prices; the resulting loss of hard currency income
Economy_of_East_Germany
Currency value as determined by foreign market events
group of other currencies. The idea of a fixed currency is to reduce currency fluctuations. In the modern world, most of the world's currencies are floating
Floating_exchange_rate
Foreign exchange trading indicator
can see the whole currency flow across the forex market. Relative currency strength Balance of trade Technical analysis Hard currency Revaluation Mises
Currency_strength
Chain of shops in Polish People's Republic
of hard-currency shops founded in 1972, during the Communist era in Poland that accepted payment only in the United States dollar and other hard currencies
Pewex
Currency of Zimbabwe from 2019 to 2024
introduction, where possible, most transactions were being done in hard currencies, such as the U.S. dollar, despite their illegality until March 2020
Zimbabwean_dollar_(2019–2024)
Currency of Yugoslavia
1992, seriously impacted its economy. People started to use foreign hard currency, such as Deutsche Marks, to mitigate some of the problems of hyperinflation
Yugoslav_dinar
East German postal service
(Mi #3364/5). Stamps were to some degree produced for sale to gain hard currency abroad, and while valid these stamps were not issued for circulation
Deutsche_Post_of_the_GDR
Polish-born Jewish American merchant (1740–1785)
the British for espionage. Salomon helped convert French loans into hard currency by selling bills of exchange on Morris' behalf, and also brokered large
Haym_Salomon
Armed uprising in western Massachusetts (1786–1787)
their counterparts in New England and insisted they pay for goods with hard currency, which was then in short supply in the United States. New England merchants
Shays's_Rebellion
Quotation of the relative value of two currencies
exchange market. The currency that is used as the reference is called the counter currency, quote currency, or currency and the currency that is quoted in
Currency_pair
Currency not backed by any commodity
Fiat money or fiat currency is a type of government-issued currency, generally created by a central bank, authorized by government regulation to be legal
Fiat_money
World War II Allied powers currency
damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be very problematic, risking
Allied_Military_Currency
1998–2000 international conflict
independence. Despite sharing a currency union using the Ethiopian Birr, Eritrea ran exchange bureaux offering rates for hard currencies substantially higher than
Eritrean–Ethiopian_War
Rate at which one currency will be exchanged for another
is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as
Exchange_rate
Retail store in the GDR
Democratic Republic (GDR, East Germany) from 1962 until 1990 in which only hard currencies (and later Forum checks) could be used to purchase high-quality goods
Intershop
is partly in goods and partly in hard currency. Countertrade also occurs when countries lack sufficient hard currency, or when other types of market trade
Countertrade
Central bank of East Germany (1968–90)
was 4.25% per annum, access to the hard currency in the account was far from easy. Technically the foreign currency on deposit was only available for use
Staatsbank_der_DDR
Russian motor vehicle
required its vehicles be sold to the now-foreign Russian market for hard currency. Responding to this market opportunity, GAZ swiftly developed its own
GAZelle
Lankov, the country's illicit activities never developed into lucrative hard currency earners. Instead, these activities exposed the country to international
Illicit activities of North Korea
Illicit_activities_of_North_Korea
Use of a foreign currency in parallel to or instead of a domestic currency
Currency substitution, also known as dollarization, is the use of a foreign currency in parallel to or instead of a domestic currency. Currency substitution
Currency_substitution
Change of currency values relative to other currencies
Currency depreciation is the loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange
Currency appreciation and depreciation
Currency_appreciation_and_depreciation
Currency stored on electronic systems
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored
Digital_currency
Loan with a below-market rate of interest
developing countries. This contrasts with a hard loan, which has to be paid back in an agreed hard currency, usually of a country with a stable, robust
Soft_loan
Bilateral relation
trade based on bilateral deals between governments, and without using hard currency for payment. Bilateral trade agreements often aim to keep trade deficits
Bilateral_trade
American Founding Father and judge (1707–1785)
day was the use of paper money versus hard currency. His bitter political rival Samuel Ward championed hard currency, whereas Hopkins advocated the use of
Stephen_Hopkins_(politician)
Compensation payments made after a war by one side to the other
injury inflicted during a war. War reparations can take the form of hard currency, precious metals, natural resources, industrial assets, or intellectual
War_reparations
Physical currency and other immediately accessible liquid assets
form of currency, such as banknotes and coins. In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents
Cash
Form of hard currency in East Germany
Forum checks (German: Forumscheck) were a form of hard currency in East Germany. From April 1979, all East Germans were required by law to convert any
Forum_check
Grocery store chain in Soviet Union
desperate for foreign hard currency to buy goods and services from abroad. The Beryozka shops were an efficient source of this currency. One chain belonged
Beryozka (Russian retail store)
Beryozka_(Russian_retail_store)
One exchangeable between paricipants in a limited area
Local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local
Local_currency
East German luxury hotel chain
also allowed to shop at Intershop stores because East Germany needed hard currency from the West. 4-star hotels were mainly for guests from Comecon countries
Interhotel
defaulted on its loans except those from Japan. By the end of 1986, hard-currency debt had reached more than US$1 billion. It also owed nearly $2 billion
Economy_of_North_Korea
Polish communist state from 1947 to 1989
cities, where goods could only be bought with hard currency. It even introduced its own ersatz U.S. currency (bony PeKaO in Polish). This paralleled the
Polish_People's_Republic
American academic (1930–2025)
argued that a multinational corporation from hard currency area can borrow at lower rates in a soft currency country than can local firms.[citation needed]
Robert_Z._Aliber
Former Bulgarian company
Corecom (Bulgarian: Кореком) was a chain of hard-currency stores during the communist rule in Bulgaria. Goods were often priced cheaper than in the West;
Corecom
Currency of Syria
Arabic, historically also £S, and £Syr; ISO code: SYP) is the official currency of Syria. It is issued by the Central Bank of Syria. The pound is nominally
Syrian_pound
Range of values for the exchange rate
A currency band is a range of values for the exchange rate for a country’s currency which the country’s central bank acts to keep the exchange rate within
Currency_band
Currency of East Germany from 1948 to 1990
consumer goods; only hard currencies or Forum checks were accepted. Consequently the main purchasers of black market East German currency were Allied military
East_German_mark
W. (1991). Intergirl: a hard currency hooker. New York: Bergh Publishing, Inc. ISBN 0930267079. "Intergirl: A Hard Currency Hooker by Vladimir Kunin"
Vladimir_Kunin
Ability of money to be transformed into other stores of value
and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency.[citation needed] Some countries pass laws
Convertibility
Exchange rate regime where a currency's value is fixed against another value
amount of gold. Currency board arrangements are the most widespread means of fixed exchange rates. Currency boards are considered hard pegs as they allow
Fixed_exchange_rate
of internal resources and hard currency. Another significant factor was the elimination of a ready source of hard currency through re-export of Soviet
History_of_East_Germany
Topics referred to by the same term
Look up hard money in Wiktionary, the free dictionary. Hard money may refer to: Hard currency, globally traded currency that can serve as a reliable and
Hard_money
Portugal Slovakia Slovenia Spain Somalia (SOS) United States (USD) Reserve currency Managed float regime The bulgarian lev was replaced by the euro on 1 January
List of countries by exchange rate regime
List_of_countries_by_exchange_rate_regime
Country in Central Europe (1949–1990)
time, barter, and hard currencies. The socialist economy became steadily more dependent on financial infusions from hard currency loans from West Germany
East_Germany
Foreign exchange reserves of various countries
exchange reserves, also called Forex reserves, in a strict sense, are foreign-currency deposits held by nationals and monetary authorities. However, in popular
List of countries by foreign exchange reserves
List_of_countries_by_foreign_exchange_reserves
Standard defining codes for currencies
numeric codes for the representation of currencies, and provides information about the relationships between currencies and their minor units. This data is
ISO_4217
Business where a currency can be exchanged for another
SHONZH; British English) or currency exchange (American English) is a business where people can buy or sell a foreign currency. Originally French, the term
Bureau_de_change
Chain of stores in socialist Czechoslovakia
established under the name Darex to sell goods to foreigners for foreign (hard) currency only (based on the earlier Torgsin shops in the Soviet Union). Later
Tuzex
Name of monetary currency
the name of more than 25 currencies and their base units. The United States dollar, named after the international currency known as the Spanish dollar
Dollar
Former hotel in Berlin, Germany
seats. It was closed to all East German guests, as one had to pay in hard currency instead of the local East German mark. Between 1990 and 1992 the hotel
Palasthotel
American businesswoman (1887–1973)
and former Russian aristocrats after the Russian Revolution to earn hard currency for its industrialization and military armament programs. Critics[who
Marjorie_Merriweather_Post
State-run hard-currency stores that operated in the USSR between 1931 and 1936
Torgsin (Russian: Торгсин) were state-run hard-currency shops that operated in the USSR between 1931 and 1936. Their name was an acronym of the phrase
Torgsin
Type of futures contract
A currency future, also known as an FX future or a foreign exchange future, is a futures contract to exchange one currency for another at a specified date
Currency_future
Currency of Switzerland and Liechtenstein
The Swiss franc or simply the franc, (currency code: CHF, symbols: Fr. and fr.) is the currency and legal tender of Switzerland and Liechtenstein. It
Swiss_franc
Money designed to lose purchasing power
" This implies that money that is great for storing wealth, such as hard currency, is bad for functioning as a medium of exchange, even though the latter
Demurrage_currency
Shops for tourists in communist Romania
Comturist was the name of the hard currency luxury shops that existed in Communist Romania, managed by the Ministry of Tourism. After the 1989 Romanian
Comturist
Currency of Germany from 1924 to 1945
Reichsmark (German: [ˈʁaɪçsˌmaʁk] ; sign: ℛ︁ℳ︁; abbreviation: RM) was the currency of Germany from 1924 until the fall of Nazi Germany in 1945, and in the
Reichsmark
Mining company in Erdenet, Mongolia
Mongolian state-owned enterprises and accounts for a majority of Mongolia's hard currency income. Erdenet mines 22.23 million tons of ore a year, producing 126
Erdenet_Mining_Corporation
Currency of the European Union
The euro (symbol: €; currency code: EUR) is the official currency of 21 of the 27 member states of the European Union. This group of states is officially
Euro
1985 international agreement on fiscal policy
Mark, the Japanese yen and the British pound sterling by intervening in currency markets. The U.S. dollar depreciated significantly from the time of the
Plaza_Accord
1991–1993 Kenyan gold export political scandal
than their annual foreign currency earnings. Although it notionally appears that the scheme was intended to earn hard currency for the country, it is estimated
Goldenberg_scandal
Cuban government shop that sold goods for hard currency
was a government-owned shop that sold goods solely in exchange for hard currency, originally mainly to foreigners and tourists, in the same way as a
Dollar_store_(Cuba)
Confederate diplomat and spy during the American Civil War (1823–1901)
commerce raiders that provided the Confederacy with its only source of hard currency. Bulloch arranged for the purchase by British merchants of Confederate
James_Dunwoody_Bulloch
1956 document
the right to sell her uranium freely at world market prices to obtain hard currency. We demand complete revision of the norms operating in industry and
Demands of Hungarian Revolutionaries of 1956
Demands_of_Hungarian_Revolutionaries_of_1956
organization in the Soviet Union which handled trade in imported goods for hard currency. It was mostly known for its Beryozka chain of shops. Vneshposyltorg
Foreign Parcel Trading Company
Foreign_Parcel_Trading_Company
2009 international summit in Yekaterinburg, Russia
world’s gross domestic product and held about 40 percent of the gold and hard currency reserves. Political dialogue between the BRIC countries began in New
1st_BRIC_summit
American art dealer (1901–1985)
a buyer for the treasures of the Hermitage Museum as a way to earn hard currency. Victor was responsible for acquisitions for Hammer Galleries, including
Victor_Hammer_(businessman)
Food tax
with the establishment of hard currency in the USSR. However bad harvests combined with the increased needs for hard currency to support the industrialization
Prodnalog
Retail store in Pyongyang, North Korea
official tourist stops in the city. Department Store No. 1 accepts only local currency. According to the pro-North-Korean newspaper Choson Sinbo, it is a popular
Pyongyang Department Store No. 1
Pyongyang_Department_Store_No._1
Type of finance contract
the USD as the reference currency, and the settlement amount is also in USD. Below is a (non-exhaustive) list of currencies where non-deliverable forwards
Non-deliverable_forward
Development strategy based on global trade
markets. By implementing that strategy, countries hope to gain enough hard currency to import commodities manufactured more cheaply elsewhere. From the
Export-oriented industrialization
Export-oriented_industrialization
dual-use technology. In later years, Iraq manipulated the OFFP to generate hard currency for illegal transactions, while some neighboring countries began to
International sanctions against Iraq
International_sanctions_against_Iraq
death sentence. In the Soviet Union fur trade was a major source of hard currency. The case started in 1972 by an accident when during an investigation
Soviet_fur_mafia
Monetary policy relating to currency exchange rates
is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely
Exchange_rate_regime
Russian aircraft designer (1929–2011)
coordinated the Su-27's sale to foreign governments, providing badly needed hard currency to the Russian government. In recognition of his achievements, he was
Mikhail_Simonov
1987 international agreement
on February 22, 1987, in Paris, that aimed to stabilize international currency markets and halt the continued decline of the US dollar after 1985 following
Louvre_Accord
American journalist and writer (1894–1993)
liberty in economic decision-making. Hazlitt was a strong proponent of hard currency and a vocal critic of inflationary practices and government intervention
Henry_Hazlitt
Soviet military equipment subsidies ended and Vietnam began the use of hard currency and barter to buy weapons and equipment. Vietnam prioritizes economic
List of equipment of the Vietnam People's Ground Forces
List_of_equipment_of_the_Vietnam_People's_Ground_Forces
Monetary policy operation
Currency intervention, also known as foreign exchange market intervention or currency manipulation, is a monetary policy operation. It occurs when a government
Currency_intervention
Chinese store chain
development. Friendship Stores allowed the government to collect foreign currency from tourists, diplomats, and foreign workers while limiting their access
Friendship_store
International conference in New Hampshire, US in 1944
"fundamental disequilibrium". Member countries pledged to make their currencies convertible for trade-related and other current account transactions.
Bretton_Woods_Conference
Corruption and smuggling scandal in the Soviet Union
cheap fish. The involved officials amassed large fortunes of foreign hard currency via the smuggling operations, which they hid in foreign European banks
Fish_case
Alternative currency whose unit of account is a measure of time
In economics, a time-based currency is an alternative currency or exchange system where the unit of account is the person-hour or some other time unit
Time-based_currency
were required to change a minimum of DM25, or its equivalent in other hard currency, into GDR marks every day of their stay at the standard rate of 1:1
Tourism_in_East_Germany
Illegal method for gain from release of prisoners
over 3.4 billion DM—nearly $2.3 billion at 1990 prices—in goods and hard currency. Those ransomed were valued on a sliding scale, ranging from around
Ransom
travel, tourism, insurance
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