Definition, Meaning & Synonyms
demonetize
verb
/ˌdiːˈmɒnɪtaɪz/
Definition
To remove the status of being legal tender or currency from a certain form of money.
Examples
- The government decided to demonetize the old currency notes to curb black money.
- After the demonetization process, many people found it challenging to exchange their old currency.
- Some countries have demonetized coins that are no longer in use.
Meaning
Demonetization is when a currency unit ceases to be accepted as a medium of exchange. This usually happens when a government decides to withdraw its banknotes or coins from circulation.
Synonyms
- Invalidate
- Withdraw
- Discontinue