Currency of Canada – Overview
The Canadian dollar is also widely issued among the most traded currencies throughout the world and is situated at sixth place worldwide. It is a preferred currency at a top central bank level, thanks to the dependability of the Canadian economy, the strong position of the Canadian government, as well as the stability of the country on the political and legal side. This is also referred to as commodity currency which is associated with plenty of production of raw materials, and significant raw material exports.
The Canadian dollar is regarded as a hard currency, which means that the currency appears to be relatively stable (over shorter periods) because it comes from a nation that is economically and politically stable. The CAD’s also become more common as a reserve currency kept by international central banks since the financial crisis of the late 2000s.
Other Details About Canadian Dollar: Currency of Canada
The following are some of the significant details related to the Canadian dollar currency:
Aspects |
Details |
---|---|
Currency subunits |
Cent = 1/100 |
Symbols |
$, CA$, Can$, C$ |
Nicknames |
Piastre, loonie, huard, buck |
Central bank |
Bank of Canada |
Countries using this currency |
Canada |
Denominations |
|
Identification Feature |
On the reverse of each bill is a picture of a Canadian bird set against a landscape that is meant to evoke the natural habitat of that bird. |
Issuing Bank |
Bank of Canada |
In Circulation Since |
March 11, 1935 |
INR Exchange Rate |
61.14 INR |
Currency of Canada: Canadian Dollar (CAD)
Currency of Canada: The Canadian dollar was issued in 1858 in Canada and made the official currency of the country Canada. It is denoted by the dollar sign – $. Unlike others, there is no universal designation; however, Can$, CA$, or C$ are often applied to clear up any potential confusion with other dollar-based currencies.
Nowadays, it has become the fifth place recognizing the reserve currencies in the world after the US dollar, Euro, British Pound Sterling, and Japanese Yen. Read ahead to find more regarding the Canadian dollar.