Currencies are a part of the monetary system and governance of monetary system is left with the central banks of individual countries. The US Federal Reserve governs the monetary system of United States. The Federal Reserve system was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system. The US dollar has been the world’s principal reserve currency since the end of World War II and is the most widely used currency for international trade. Until the recent past, US dollars was the most commonly held ... (full story)