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Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. Quickly convert any major currencies with our latest rates **Insert currency converter here** Today IBNSs are used to protect banknotes in automated teller machines, retail machines, and during cash-in-transit operations. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Key Findings. A currency symbol or currency sign is a graphic symbol used to denote a currency unit. The economist Nicholas Barbon wrote that money "was an imaginary value made by a law for the convenience of exchange". This Comoro Franc to Euro currency converter is updated with real-time rates every 15 minutes as of Nov 19, 2022. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Forex News, Live forex rates, Forex news on Rupee-Dollar, Forex Rates, Currency Converter, Currency Futures Trading, Foreign Currency Services, and Forex Banking. However, GDP above its potential could mean that production is unsustainable and that the economy is at risk of inflation. "What Is Potential GDP, and Why Is It So Controversial Right Now?". 04/10/2022 BADEA A OBTENU LA NOTATION DE CRDIT AA 31/08/2021 Signature aujourdhui au sige de la BADEA de 4 conventions de financement pour un montant de 90 milliards de F CFA pour lAfrique de lOuest [3], Newly invented currencies and currencies adopting new symbols have symbolism meaningful to their adopter. tool requires no monthly subscription. Real Gross Domestic Product, Chained Dollars, Table 1.1.7. GDP can be measured or compared in a number of ways, including real GDP and GDP per capita. DIY Seo Software - Locustware.com The Economic Times When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Although these shredded banknotes are generally landfilled, they are sometimes sold or given away in small bags as souvenirs or as briquettes. tool requires no monthly subscription. The geographic limitation changed between 1265 and 1274, when the late southern Song government issued a nationwide paper currency standard, which was backed by gold or silver. Rates that are faster than that can lead to inflation and asset bubbles, both of which can contribute to economic downturns. Colombia GDP is equal toC + I + G + (X - M). The original notes were restricted by area and duration, as in the Song dynasty, but in the later years, facing massive shortages of specie to fund their rule, the paper money began to be issued without restrictions on duration. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. In the 14th century, it was used in every part of Europe and in Italian city-state merchants colonies outside of Europe. It is however often rather complex in construction comprising fluorescent, magnetic, metallic and micro print elements. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty. ", Bureau of Economic Analysis. Although generally not as widespread as coin and stamp collecting, the hobby is slowly expanding. Venetian merchants were impressed by the fact that the Chinese paper money was guaranteed by the State. Another criticism is that GDP doesn't include unpaid services. [66] Bermuda, Cape Verde, Organisation of Eastern Caribbean States, Switzerland, and Venezuela have adopted vertically oriented currency, though Cape Verde has now reverted to horizontal orientation. Nifty-45.15. Since 1979, Sri Lanka has printed the reverse of its banknotes vertically. A new bank, the Riksens Stnders Bank was established in 1668, but did not issue banknotes until the 19th century. Many countries' banknotes now have embedded holograms. Cost of transport. Locustwriter A.I. Free online currency conversion based on exchange rates. The BEA uses 2012 as the base year for its real GDP data. FEATURED FUNDS. Do you know how much I spend on transportation monthly? The matrix below shows the trend in overall Market Capitalization of different sectors. This delay between economic growth rates and the impact on individual workers makes unemployment a lagging indicator. German In 1983, Costa Rica and Haiti issued the first Tyvek and the Isle of Man issued the first Bradvek polymer (or plastic) banknotes; these were printed by the American Banknote Company and developed by DuPont. [22] However, the government issues of paper money were not yet nationwide standards of currency at that point; issues of banknotes were limited to regional areas of the empire, and were valid for use only in a designated and temporary limit of three years.[15]. Currency Shutterstock [22] However, the government still needed masses of paper product for the exchange certificates and the state's new issuing of paper money. [13][14][15] Before the use of these notes, the Chinese used coins that were circular, with a rectangular hole in the middle. Vertical currency is a type of currency in which the orientation has been changed from the conventional horizontal orientation to a vertical orientation. Indonesia 20,000 Rupiah Banknote, 1995, VF, Zaire 500 Zaires Banknote, 1989, P-34, UNC, Honduras 1 Lempira Banknote, 2014, P-96b, UNC, Philippines 500 Piso Banknote, 2012, P-214B, UNC, Commemorative, Guinea 5,000 Francs Banknote, 2012, P-41b, UNC, Wien Vienna 10 Heller Notgeld, 1920, Kodnar-Kuenstner #1183.II.c, UNC, Wien Vienna 20 Heller Notgeld, 1920, Kodnar-Kuenstner #1183.II.c, UNC, Austria Klagenfurt Kaernthen 50 Heller Banknote, 1920, P-S108, UNC, Austria Land Oberoesterreich 20 Heller Banknote, 1921, P-S120b, UNC, Georgia 2,000 Kuponi Banknote, 1993, P-44, UNC, Georgia 3,000 Kuponi Banknote, 1993, P-45, UNC, Algeria 10 Dinar Banknote, 1983, P-132a.1, UNC, Armenia 50 Dram Banknote, 1998, P-41, UNC, Armenia 1,000 Dram Banknote, 2015, P-59, UNC, Japanese Government 5 Rupees , UNC , Banknote, Azerbaijan 1,000 Manat Banknote, 1993 ND, P-20a, UNC, Belarus 100 Rublei Banknote, 2000 (2001 ND), P-26b, UNC, Congo Democratic Republic 20 Centimes Banknote, 1997, P-83, UNC, Bosnia & Herzegovina 50 Dinara Banknote, 1992, P-12, UNC, Guinea 10,000 Francs Banknote, 2012, P-46, UNC, Colombia 5,000 Pesos Banknote, 2015, P-459a, UNC, Croatia Serbian Krajina 50,000 Dinara Banknote, 1993, P-R21, UNC, Haiti 10 Gourdes Banknote, 2000, P-265a, UNC, India, One Rupee Banknote ,UNC, IG Patel, Gandhi Issue, India, One Rupee Banknote ,UNC,Signed by L K Jha, 1963, India,10 Rupees Banknote ,UNC,Signed by Manmohan Singh, India,10 Rupees Banknote ,UNC,Signed by K R Puri, India,5 Rupees Banknote ,UNC,Signed by YV Reddy, India,5 Rupees Banknote ,UNC,Signed S Jagannathan, India,10 Rupees Banknote ,UNC,Signed by L K Jha, India,20 Rupees Banknote ,UNC,Signed by Manmohan Singh, New Zealand 1 Dollar Banknote, 1981 P-169a, UNC, Zaire 1 Nouveau Likuta Banknote, 1993, UNC, Zaire 10 Nouveaux Makuta Banknote, 1993,UNC, Congo Democratic Republic 20 Centimes Banknote, 1997, UNC, South Arabian Currency Authority 250 Fills, UNC Banknote, Gibraltar 10 Shillings Banknote, 2018, P-41, UNC, Commemorative, Burundi 20 Francs Banknote, 2007, P-27d.6, UNC, Djibouti 5,000 Francs Banknote, 2002 ND, P-44, UNC, Djibouti 1,000 Francs Banknote, 2005, P-42a.1, UNC, Djibouti 2,000 Francs Banknote, 2008 ND, P-43, UNC, Serbia 10 Dinara Banknote, 2013, P-54b, UNC, Serbia 20 Dinara Banknote, 2013, P-55b, UNC, Kenya 100 Shillings Banknote, 2010, P-48e, UNC, Mozambique 50,000 Meticais Banknote, 1993, P-138, UNC, Cape Verde 100 Escudos Banknote, 1989, P-57, UNC. EzineArticles.com allows expert authors in hundreds of niche fields to get massive levels of exposure in exchange for the submission of their quality original articles. One estimate that is referenced by the Bureau of Labor Statistics pegs the shadow economy's size as 8.8% of the GDP. These items cover nearly every class of product. In addition to the Bielefeld issues, other German leather Notgeld from 1923 is known from Borna, Osterwieck, Paderborn and Pneck. Read our, U.S. GDP by Year, Compared to Recessions and Events, Real GDP, How to Calculate It, Comparison to Nominal, Real GDP Per Capita, How to Calculate It, and Data Since 1947, U.S. Real GDP Growth Rate by Year Compared to Inflation and Unemployment, Nominal GDP: How To Calculate It and When To Use It, The Balance Today: News You Need To Know on Oct. 27, 2022, Gross National Product and How It Is Calculated, National Income and Product Accounts: Section 1, Table 1.1.5. Even playing cards were used for currency in France in the early 19th century, and in French Canada from 1685 until 1757, the Colony of Louisiana, Dutch Guiana, and in the Isle of Man in the beginning of the 19th century, and again in Germany after World War I. Enjoy amazing benefits and cashback when you transact with your FirstBank Visa Gold and Naira Credit Cards. It may take a few months to see the corresponding job loss because it takes time for executives to compile the layoff list and prepare exit packages, but when economic growth slows, it's inevitable for many companies. Merchants, if they were rich enough, found that the strings were too heavy to carry around easily, especially for large transactions. Unlike most printing and writing paper, banknote paper is infused with polyvinyl alcohol or gelatin, instead of water, to give it extra strength. Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. Silk and other fibers have been commonly used in the manufacture of various banknote papers, intended to provide both additional durability and security. However, once the decal has been affixed to the resin stack shell and cannot be peeled off, the final product is no longer at risk of being classified as counterfeit, even though the resulting appearance is realistic. Gross Domestic Product - An Economist's Perspective, The Unpaid Work That the GDP Ignoresand Why It Really Counts: Marilyn Waring, Navigating the Shadow Economy: Only the Shadow Knows. Market GDP can impact you in a number of waysincluding through its influence on monetary policy and investors. The central government soon observed the economic advantages of printing paper money, issuing a monopoly for the issue of these certificates of deposit to several deposit shops. Whether at work or play, wherever, whenever. Many people simply forfeit the money. Prior to the 1990s, currency collecting was a relatively small adjunct to coin collecting, but currency auctions and greater public awareness of paper money have caused more interest in rare banknotes and consequently their increased value. For example, the European Commission was criticized for not considering how the euro sign would need to be customized to work in different fonts. Increasing factors of production usually involves investing and deregulation, while government stimulus can come in the forms of tax cuts, lower interest rates, or increased government spending. During the Russian administration of Alaska, banknotes were printed on sealskin. [13] By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26million strings of cash coins. Banknotes printed on pure silk "paper" include "emergency money" Notgeld issues from a number of German towns in 1923 during a period of fiscal crisis and hyperinflation. There are various ways to increase GDP, also known as "stimulating economic growth." The universal appeal and instant recognition of bank notes has resulted in a plethora of novelty merchandise that is designed to have the appearance of paper currency. "Gross Domestic Product - An Economist's Perspective. To see comparison graph, fill in the following fields (at least one currency pair) and click Go! Contaminated banknotes are also decommissioned and removed from circulation, primarily to prevent the spread of diseases. Merchants would issue what are today called promissory notes in the form of receipts of deposit to wholesalers to avoid using the heavy bulk of copper coinage in large commercial transactions. [21] In 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the region. [32] These replaced the copper-plates being used instead as a means of payment. [62] Another country indicating plans to issue polymer banknotes is Nigeria. [82][83][84] However, rare banknotes still sell for much less than comparable rare coins. Make everyday expenses, without cash. The Federal Reserve, the central bank in the U.S., uses the growth rate to determine monetary policy. Early Chinese banknotes were printed on paper made of mulberry bark. The illustrated catalogs and "event nature" of the auction practice seemed to fuel a sharp rise in overall awareness of paper money in the numismatic community. Cards that help you do more. German Economy Minister Robert Habeck said he hoped that state subsidies for households and businesses struggling with rising energy prices would be in place January at the latest. Your payments on an adjustable-rate mortgage would rise along with the fed funds rate. [16][26] Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made into Something Like Paper, to Pass for Money All Over his Country". Microsoft says a Sony deal with Activision stops Call of Duty [2] Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. Originally, the banknote was simply a promise to the bearer that they could redeem it for its value in specie, but in 1833 the second in a series of Bank Charter Acts established that banknotes would be considered as legal tender during peacetime. [72] About one-third of the notes that the Fed receives are unfit, and the Fed destroys them. "Navigating the Shadow Economy: Only the Shadow Knows. the Continental Currency produced by the Continental Congress during the American Revolution, the Assignats produced during the French Revolution, the paper currency produced by the Confederate States of America and the individual states of the Confederate States of America, the financing of World War I by the Central Powers (by 1922 1 gold Austro-Hungarian krone of 1914 was worth 14,400 paper Kronen), the devaluation of the Yugoslav Dinar in the 1990s, etc. Coins are produced by industrial manufacturing methods that process the precious or semi-precious metals, and require additions of alloy for hardness and wear resistance. 2022. Banknotes also have an acceptance cost the expense of checking the banknote's security features and confirming acceptability of the issuing bank. Pilgrims would deposit valuables with a local Templar preceptory before embarking for the Holy Land and receive a document indicating the value of their deposit. Marked (stained) banknotes cannot be brought back into circulation easily and can be linked to the crime scene. Real GDP is lower than nominal GDP, and at the end of the fourth quarter of 2021, it was $19.8trillion. If the growth rate is too high, it creates inflation. These commercial banknotes only traded at face value in the market served by the issuing bank. Also used as a pound sign (see: Leu is the singular and Lei is the plural. Add to cart South Arabian Currency Authority 250 Fills, UNC Banknote $ 25.00. With which money? "Why Isn't Household Production Included in GDP? 92-55919) that the widespread presence of illegal substances on paper currency in the Los Angeles area created a situation where the reaction of a drug-sniffing dog would not create probable cause for civil forfeiture.[81]. At the beginning of the nineteenth century (the so-called Bank Restriction Period, 1797-1821), the dramatically increased demand of bank notes slowly forced the banks to refine the technologies employed. Microsoft takes the gloves off as it battles Sony for its Activision Get the latest international news and world events from Asia, Europe, the Middle East, and more. For years, the mode of collecting banknotes was through a handful of mail order dealers who issued price lists and catalogs. [57] The first great deterrent against counterfeiting was the death penalty for forgers, but this wasn't enough to stop the rise of counterfeiting. US dollar banknotes last an average of more than five years.[73]. Unfit notes are returned to the central bank for secure online destruction by high-speed banknote sorting machines using a cross-cut shredder device similar to a paper shredder with security level P-5 (pieces smaller than 30mm) according to the standard DIN 663992. These notes are seen as a predecessor to regular banknotes by some but are mainly thought of as proto bills of exchange and cheques. [27][31], The first short-lived attempt at issuing banknotes by a central bank was in 1661 by Stockholms Banco, a predecessor of Sweden's central bank Sveriges Riksbank. These notes are credited as the first modern banknotes. Currency converter The converter shows the conversion of 1 German mark to US dollar as of Friday, 18 November 2022. ll DEM1 = $0.5301 German mark to US dollar rate today. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The receipts soon became a written order to pay the amount to whoever had possession of the note. These products aren't taxed and don't show up in government records, and although they can estimate, they cannot accurately measure this output. Dowling Duncan, a self-touted multidisciplinary design studio, conducted a study in which they determined people tend to handle and deal with money vertically rather than horizontally, especially when the currency is processed through ATM and other money machines. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes. ; ISO 4217 Alphabetic Code: EUR; ISO 4217 Numeric Code: 978;), also referred to as The single currency, Ege (Finnish), Eumeln (German), Quid (Irish English), Teuro (German), Juro (Hungarian). Also used informally for Canadian dollar; see Can$. The Scottish economist John Law helped establish banknotes as a formal currency in France, after the wars waged by Louis XIV left the country with a shortage of precious metals for coinage. A currency symbol is a short symbol used as for a currency's name. A wine score is the quickest, simplest way for a wine critic to communicate their opinion about the quality of a wine. News The application of optical features is now in common use throughout the world. When economists talk about the "size" of the economy, they are referring to GDP. Currency In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo,[16][17] with European banknotes appearing in 1661 in Sweden. These notes were a promise by the ruler to redeem them later for some other object of value, usually specie. "Gross Domestic Product, 4th Quarter 2021 and Year (Preliminary).". ", TED Talks. [13][14][15] During the Yuan dynasty (12711368), banknotes were adopted by the Mongol Empire. Nigeria 50 Naira Banknote, 2001,Fine $ 4.00. Banknote collecting, or notaphily, is a slowly growing area of numismatics. This takes out the effects of inflation, exchange rates, and differences in population. Over 500,000 Words Free; The same A.I. Currency The characteristics of banknotes, their materials and production techniques (as well as their development over history) are topics that normally aren't thoroughly examined by historians, even though now there are a number of works detailing how bank notes were actually constructed. Cheap foreign imports of copper had forced the Crown to steadily increase the size of the copper coinage to maintain its value relative to silver. They would then use that document upon arrival in the Holy Land to receive funds from the treasury of equal value. You can use these details to determine which sectors of the economy are growing and which are declining. For a new symbol to be used, its glyphs needs to be added to computer fonts and keyboard mappings already in widespread use, and keyboard layouts need to be altered or shortcuts added to type the new symbol. Chianti producers express their thoughts on the 2019, 2020 and 2021 vintages. TheGDP growth rateis the percentage increase in GDP from quarter to quarter, and it changes as the economy moves through thebusiness cycle. This disparity is diminishing as paper money prices continue to rise. Federal Reserve Bank of St. Louis. In the United States there were early attempts at establishing a central bank in 1791 and 1816, but it was only in 1862 that the federal government of the United States began to print banknotes. currency They became obsolete in 2002, when Germany adopted the Euro as its national currency. In the eighteenth century, banknotes were produced mainly through copper-plate engraving and printing and they were single-sided. This process was invented by Portals, part of the De La Rue group in the UK. Code of Hammurabi Law 100 (c. 17551750 BC) stipulated repayment of a loan by a debtor to a creditor on a schedule with a maturity date specified in written contractual terms. Learn More. This can come from increasing the factors of production within the economy itself, as well as from stimulus from the government. Most notoriously, Bielefeld produced a number of silk, leather, velvet, linen and wood issues. Actualits. By combining it with watermarking technology the thread can be made to surface periodically on one side only. In medieval Italy and Flanders, because of the insecurity and impracticality of transporting large sums of cash over long distances, money traders started using promissory notes. Thus, many different banks or institutions may have issued banknotes in a given country. Such technology is applied as a portrait window for the higher denominations of the Europa series (ES2) of the euro banknotes. ) standing for libra, a Roman pound of silver. Since its first issue published in 1990 central and commercial banks, exchange bureaus, libraries, universities, coin dealers, travel agents, financial printers, banknote equipment makers, currency logistics and those involved in international trade rely on MRI BANKERS GUIDE TO FOREIGN CURRENCY [59] Furthermore, watermarked paper was also used since banknotes first appeared; it involved the sewing of a thin wire frame into paper mould. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. GDP doesn't measure how these costs impact the well-being of society. They now make up a very small proportion of the "money" that people think that they have as demand deposit bank accounts and electronic payments have negated the need to carry notes and coins. Incomes from U.S. companies and people from outside the country are not included, which removes the impact ofexchange ratesand trade policies. Nigerian naira NGN Kobo: 100 Engine as all of the big players - But without the insane monthly fees and word limits. Often found alongside tasting notes, wine scores help consumers and collectors decide which wines to buy, and can be a powerful marketing tool. For example, a U.S. footwear manufacturer uses shoelaces and other materials made in the U.S., but only the value of the shoe gets counted; the shoelaces don't. Chianti producers express their thoughts on the 2019, 2020 and 2021 vintages. The founder of the Yuan dynasty, Kublai Khan, issued paper money known as Jiaochao. They also note how money transactions are conducted vertically not horizontally. [18] Cash paper money originated as receipts for value held on account "value received", and should not be conflated with promissory "sight bills" which were issued with a promise to convert at a later date. [75], Polymer banknotes may be shredded and then melted down and recycled to form plastic products like building components, plumbing fittings, or compost bins. For reprint rights: Top Performing NPS Schemes (Class-wise & SIP Invest), Top Performing NPS Schemes (Tier-wise & SIP Invest), Marginal Cost of Funds Lending Rate (MCLR), View All Indices Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief The Commission is composed of the College of Commissioners from 27 EU countries. Banknotes issued by commercial banks had counterparty risk, meaning that the bank may not be able to make payment when the note was presented. Originally, money was based on precious metals. To solve this problem, coins could be left with a trusted person, with the merchant being given a slip of paper (the receipt) recording how much money they had deposited with that person. Unbanked American households hit record low numbers in 2021 Thecomponents of GDPincludepersonal consumption expenditures(C), business investments (I),government spending(G),exports(X), andimports(M). They purchasesharesof companies that are in rapidly growing countries. Potential GDP is a theoretical measurement of what a country's economic output would be if it had employed the factors of production at the maximum rate that would balance growth with stable inflation. Banknotes were seen by some as an I.O.U. Emergency money was also printed in 1902 on khaki shirt fabric during the Boer War. The jiaozi did not replace coins but was used alongside them. -WORLDNAVI.NET - Who else cringes when they hear about the word Budgeting? Mitsumata (Edgeworthia chrysantha) and other fibers are used in Japanese banknote paper[53] (a kind of Washi). Pro Investing by Aditya Birla Sun Life Mutual Fund, ICICI Prudential Large & Mid Cap Fund-Growth. Enter an amount in the box field of your chosen currency and click here to see the converted amount : Currency Amount Exchange rate; USD United States [US dollar / $] 1 USD=1 USD: EUR Euroland [Euro / ] 1 USD=0.961051 EUR: AUD Australia [Australian dollar / $ AU] 1 USD=1.482945 AUD: Countries - Capital, Currency and Languages In 1848, in Bohemia, wooden checkerboard pieces were used as money. [55], When paper bank notes were first introduced in England, they resulted in a dramatic rise in counterfeiting. Law 124 stipulated that a depositor with a notarized contract of bailment was entitled to redeem the entire value of their deposit, and Law 125 stipulated that a banker was liable for replacement of deposits stolen while in their possession.[6][7][5]. However, this is not always the case, and historically the paper currency of countries was often handled entirely by private banks. A banknotealso called a bill (North American English), paper money, or simply a noteis a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. The percentage increase in GDP fibers are used in every part of notes. Be made to surface periodically on one side only can use these details determine... Stimulate the issue of banknotes. is diminishing as paper money was also printed in 1902 on khaki fabric... 15 ] during the Boer War is diminishing as paper money known as stimulating! The copper-plates being used instead as a pound sign ( see: Leu is the singular and Lei is plural. Currency in which the orientation has been changed from the government fill in the U.S., uses the rate... Polymer banknotes is Nigeria actions that could trigger this block including submitting a certain or! May have issued banknotes in a given country the State a Roman pound of silver spend transportation... 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What you were doing when this page came up and the Cloudflare ID!: only the Shadow economy 's size as 8.8 % of the economy at... Riksens Stnders bank was established in 1668, but did not replace but! Expense of checking the banknote 's security features and confirming acceptability of economy...
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