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Purchasing power parity ( PPP) [1] is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currencies. PPP is effectively the ratio of the price of a market basket at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the market ...
Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a credit card transaction is converted at the point of sale, ATM or internet to the currency of the card's country of issue. DCC is generally provided by third party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in ...
The ruble or rouble ( / ˈruːbəl /; Russian: рубль, romanized:rubl', IPA: [rublʲ]) was the currency of the Soviet Union. It was introduced in 1922 and replaced the Imperial Russian ruble. One ruble was divided into 100 kopecks ( копейка, pl. копейки – kopeyka, kopeyki ). Soviet banknotes and coins were produced by the Federal State Unitary Enterprise (or Goznak) in ...
A torque converter is a device, usually implemented as a type of fluid coupling, that transfers rotating power from a prime mover, like an internal combustion engine, to a rotating driven load. In a vehicle with an automatic transmission, the torque converter connects the prime mover to the automatic gear train, which then drives the load. It is thus usually located between the engine's ...
A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate. As of 2010, the average daily turnover of global FX spot transactions reached nearly US$1.5 trillion, counting ...
Currency pairs are generally written by concatenating the ISO currency codes (ISO 4217) of the base currency and the counter currency, and then separating the two codes with a slash. Alternatively the slash may be omitted, or replaced by either a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR / USD. The quotation EUR/USD 1.2500 ...
In 1973, the ISO Technical Committee 68 decided to develop codes for the representation of currencies and funds for use in any application of trade, commerce or banking. At the 17th session (February 1978), the related UN / ECE Group of Experts agreed that the three-letter alphabetic codes for International Standard ISO 4217, "Codes for the representation of currencies and funds", would be ...
The revalued currency was initially pegged to the US dollar at a rate of 12.50 dinars to the dollar. [12] In late 1971, this was revised to 17 dinars to the dollar. [13] Following the Nixon Shock, Yugoslavia adopted a market exchange rate system. A foreign exchange market was established in Belgrade in which only banks could participate; this set the exchange rates for the entire country. [14 ...
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