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Home >> North America Hotels >> Canada >>Currency Canada
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Canada is well known and well visited nation that occupies most of northern North America. This is one of the most popularly visited nations of the western world. Every year apart from tourists, there are several students as well as businessmen land on Canadian soil. The currency of Canada plays a very important role in shaping the nation's economy.
Canada undoubtedly is one of the world's wealthiest nations. The Canadians enjoy a high per-capita income and this particular nation is also a member of the Organization for Economic Co-operation and Development (OECD). Canada in addition is also part of the hallowed Group of Eight. The Canadian economy has been growing at a rapid pace and has featured low unemployment and large government surpluses on the federal level.
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All this progress has been happening in Canada since the early 1990s. Presently, Canada closely resembles the US in its market-oriented economic system, pattern of production, and high living standards.
The primary currency of Canada is the Canadian Dollar (CAD). The Canadian Dollar or the CAD is divided into 100 cents. Thus simply put one CAD equates a hundred cents. One-dollar coins are also known as loonies. The interesting fact about this fascinating name is all thanks to the picture of a loon, a type of bird. The two-dollar coins are known as toonies. All the banks and bureaux de change will change money and travelers cheques. some hotels, but the rate will not be as good.Canada happens to be the 7th largest country in the world. The nation's GDP was valued at $700billion in 2001. Canada has been growing consistently since 1991. Canada is also currently the world's 5th largest producer of gold and the 14th largest producer of oil.The Province of Canada declared that each and every account would be kept in dollars and cents as of first January of 1858. Canada also ordered the issue of the first official Canadian coins in the same year. The dollar was valued at par with its U.S. counterpart.A gold standard of 1 dollar is equivalent to 23.22 grains gold. Canadian coins are produced by the Royal Canadian Mint, in Winnipeg, Manitoba. This place issues denominations of 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢, $1 (loonie), and $2 (toonie). The currency of Canada thus we see comprises of both dollar as well as cents.
To know more about Canada, Browse through World Hotels Guide Online.
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