What is the role of currency in the economy of a country?
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In the economy today money performs several functions. Money serves as a standard of value in which other values are measured. ... However, the most important function of money which distinguishes it from other goods is that it serves as a medium of exchange. That is, money is a means of payment for goods and services.
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Absence of common measure of value: In a monetary economy, money plays the role of a measure of value of all goods, making it possible to measure the values of goods against each other. This is not possible in a barter economy.
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