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the determination of rates of exchange of foreign currencies, securities (stocks and bonds), or values of commodities on an exchange.
In capitalist countries the quotation service is generally carried out by a special body of a commodity, stock, or currency exchange (usually by a quotation commission); the quotations are published in exchange bulletins on wholesale prices for commodities, values of securities (stocks and bonds), and rates of exchange of foreign currencies. Only the securities of the limited number of joint-stock companies that control a major share of production in various sectors of the national economy are permitted to be quoted on the exchanges. For example, in the United States in the mid-1960’s, the securities of fewer than 0.1 percent of the total number of American corporations were quoted.
Rates of exchange of foreign currencies are established by state currency bodies. Black market exchange rates generally function side by side with the official currency rates. Two basic methods of quotation of foreign currency exist: direct and indirect. The more common is direct quotation, in which the unit of foreign currency is expressed in terms of national currency (for example, in mid-1973 in France US $1 equaled 4.6041 French francs). In indirect quotation, used mainly in Great Britain, the unit of national currency is expressed in terms of foreign currency (£1 equaled $2.58).
In the USSR, foreign currency rates are quoted by the Gos-bank (State Bank) of the USSR and are published monthly in a bulletin. Direct quotation is used.
M. IU. BORTNIK
a literal excerpt from a written work. A quotation is an authoritative statement that most precisely expresses an idea that a writer wishes to support. Quotations are also used to criticize an idea cited and as valuable factual material to illustrate a point. They are found mostly in scholarly works (usually in the humanities) and official and business texts. They are either enclosed in quotation marks or italicized and are accompanied by a reference to the source.
Provided that the quoted author’s ideas are not distorted, it is permissible to modernize the spelling and punctuation and to omit a word or words, marking the omission by a series of dots (ellipsis points).