CURRENT AFFAIRS

Detailed explanation-1: -The first $1 notes (called United States Notes or “Legal Tenders") were issued by the federal government in 1862 and featured a portrait of Secretary of the Treasury Salmon P. Chase (1861-1864).

Detailed explanation-2: -Some countries, like India, do manufacture all their cash at home. For example, the US is legally obliged to print its banknotes within its territories. But for most it’s actually a common practice to print some of their money abroad, while others like Liberia don’t even have their own mint.

Detailed explanation-3: -After the collapse of the Ecuadorian currency in the end of 1990s, the government decided to adopt the US dollar in order to boosts its economy.

Detailed explanation-4: -Only a handful of African countries, like Nigeria, Morocco, and Kenya have enough resources to print their own currencies or mint their own coins, and even they sometimes supplement production with imports.