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DOCUMENT 1: NOTE ON CURRENCY


The currency unit is the sud (divided into 100 cents). Since 1993 the exchange rate has been market determined, and in 2001 the average rate for the years was US$1.00 = suds 30.90. So 1 sud = 3.1 US cents.

(Note that this is the market rate of exchange. A recent study by the Southland Bureau of Economic Research estimated that the Purchasing Power Parity rate of exchange was approx 20 suds to the US$.)

The graph below depicts evolution of the Consumer Price Index, the GDP Deflator and the Nominal Rate of Exchange.

REPUBLIC OF SOUTHLAND: INDICES OF THE CONSUMER PRICE INDEX, GDP DEFLATOR, AND THE NOMINAL EXCHANGE RATE, 1974 TO 2001

Source: National Bureau of Statistics


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