Importance The problem posed by the President of the Russian Federation to enhance the international status of the Russian ruble and negotiations between Eurasian Economic Union members on possible adoption of common currency require to implement a relevant strategy and identify spheres and possible territorial boundaries of the Russian national currency internationalization. Therefore, it is crucial to investigate issues related to functions and hierarchy of international currencies. Objectives The aim of the study is to characterize functions and hierarchy of international monetary units based on the analysis of the need, evolution, and scale of international currencies circulation. Methods The study rests on historical, comparative analysis, classification method, statistical methods (tabular and graphic, absolute and relative indices technique). Results We demonstrate the benefits of using international currencies in trade and financial operations, the evolution of international monetary units, describe certain systems of international currency hierarchy, reveal existing approaches to differentiating the types of international currencies. The paper includes an analysis of the role of world and major regional currencies in performing their functions of a medium of payment and a means of hoarding in the global market. Conclusions and Relevance The paper underpins the practicability of applying the territorial approach to building the hierarchy of international monetary units, and the preference of categories of world and regional currencies in relation to currencies that serve as an international means of payment and means of hoarding outside the country of issue.
Keywords: international currency, world currency, regional currency, money functions, internationalization
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