Definition: The term "monitary" refers to a monetary unit or standard of value in which all other units are equal. Monetary systems often consist of currencies, such as dollars, euros, and yen, which are used by various countries around the world to measure goods, services, and money. Monetary systems also refer to the formal framework for conducting economic transactions, where financial institutions and individuals use standardized methods to settle their debts and exchange goods and services. Monetary systems can vary widely across different cultures
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