A B C D E F G H I K L M N O P R S T U V
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Par value

An official fixed rate of exchange between two currencies, or between a currency and a basket of currencies or a specific weight of gold.

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Parity

Exchange relationship of a currency to a legally binding reference, i.e., to a specific amount of gold or to other currencies.

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Payee

The party to receive payment of a negotiable instrument. In a cheque or draft, it is the party shown after the words “pay to the order of”. See negotiable instrument; payer.

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Payer

The party primarily responsible for the payment of the amount owed as evidenced by a given negotiable instrument. See negotiable instrument; payee.

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Paying bank

The bank designated in a letter of credit as the party that will honour drafts drawn under the L/C.

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