Business and Personal Finance Dictionary

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• NEGOTIATED EXCHANGE RATE
  
  Systems with negotiated exchange rates, as opposed to fixed exchange rates (as were attempted in the former Soviet Union, and more successfully in small Time Dollars communities) under which the value of the currency is negotiated as part of the transaction itself. Currently under floating exchange rates, all national currencies have negotiated exchange rates among each other. Similarly, with ROCS the value of the HOUR is negotiated at the moment of a transaction: a dentist may charge 5 ROCS hours for each hour of work for example.
  
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