Legally determined quantity of gold equivalent to a unit of currency. Since there was no longer a gold currency, gold parities were determined fictitiously, estimated by the International Monetary Fund. In 1971, gold was replaced by special drawing rights, so that today’s currencies are regularly determined in terms of an SDR parity. – See devaluation, revaluation, nominal gold value, parity. – For the value of the SDR, see the Bundesbank’s quarterly booklet “Devisenkursstatistik” (“Exchange Rate Statistics”), under the heading “Values of the Special Drawing Right”; see also the explanatory notes.
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