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Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
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Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency. [1] Most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be very problematic, risking severe inflation.
Example of GNP-weighted nominal exchange rate history of a basket of 6 important currencies (US Dollar, Euro, Japanese Yen, Chinese Renminbi, Swiss Franks, Pound Sterling Bilateral exchange rate involves a currency pair, while an effective exchange rate is a weighted average of a basket of foreign currencies, and it can be viewed as an overall ...
The LMU adopted the specifications of the French gold franc, which had been introduced by Napoleon I in 1803 and was struck in denominations of 5, 10, 20, 40, 50 and 100 francs, with the 20 franc coin (6.45161 grams or 99.5636 grains of .900 fine gold struck on a 21-millimetre or 0.83-inch planchet) being the most common.
The lira pesante would have redenominated the currency at 1,000:1, removing 3 zeroes. However the project went dormant for several years before being revived in 1984. Ongoing heavy inflation saw the lira pesante pushed back until it was permanently abandoned in 1991 because of plans for a single European currency.
In 1935, the Belgian franc was devalued by 28% to 150.632 mg fine gold per Belga and the link between the Luxembourg and Belgian francs was revised to 1 Luxembourg franc = 1.25 Belgian francs. [ 4 ] Following Belgium's occupation by Germany in May 1940, the franc was fixed at a value of 10 Reichspfennige , reduced to 8 Reichspfennige in July 1940.
Until the 1930s and the Turkish alphabet reform, the Arabic script was used on Turkish coins and banknotes, with پاره for para, قروش for kuruş and ليرا for lira (تورك ليراسي for 'Turkish lira'). In European languages, the kuruş was known as the piastre, whilst the lira was known as the livre in French and the pound in ...