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Exchange rate
Description Price in a given currency at which bills drawn in another currency may be bought (9). Exchange rates are classified by IMF into three broad categories, reflecting both the role of the authorities in the determination of the exchange rates and/or the multiplicity of exchange rates in a country. The descriptor market rate is used to describe exchange rates determined largely by market forces; the official rate is an exchange rate determined by the authorities, sometimes in a flexible manner. For countries maintaining multiple exchange arrangements, the third category, the rates are labeled principal rate, secondary rate and tertiary rate. For the period average rates, the data are either the monthly average of market rates or of official rates of the reporting country, or, if those are not available, monthly average rates in New York, or, if those are not available, estimates derived on the basis of a simple average of the end-of-month market rates in the markets of the reporting country. (16, Introduction, sect. 1)
Source Oxford University Press (1982). The Concise Oxford Dictionary of Current English, Seventh Edition (London). International Monetary Fund (IMF, annual). International Financial Statistics Yearbook. (Washington, D.C.).
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