Currency quote

determination of foreign exchange rates relative to one currency (as a rule, national) in accordance with the current legislative norms and established practice. Currency quotes are produced by state (national) or major commercial banks. The quotation is made in a direct or indirect way. With the direct quotation method, adopted by all countries except England, the exchange rate of a foreign currency unit is expressed in a certain number of units of the national currency. Indirect quotation of foreign currencies is practiced in England, where the pound sterling is taken as a unit and is expressed in a certain amount of foreign currency.