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The value of the money income, in terms of buying goods and services, is referred to as your money's Purchasing power.
Purchasing power is the value of the currency expressed in terms of the number of goods and services that one unit of money can buy. It can weaken over time with respect to inflation. That's because increasing prices effectively decrease the number of goods and services you can buy. Purchasing power is also known as the currency's buying power. Central banks used to adjust interest rates and try to keep prices stable and maintain the purchasing power. Globalization has linked the currencies more closely than ever protecting therefore purchasing power worldwide is crucial.
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