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English definition of “parity”

parity

noun
 
 
/ˈpærəti/
[U] ECONOMICS, SOCIAL RESPONSIBILITY, WORKPLACE the state of being equal, especially in relation to pay and position: parity with sb In spite of many advances, women are far from achieving parity with men in many areas of employment. The union is campaigning to win the nurses pay parity with the drivers. They are confident that they will reach economic parity with other countries in the next decade.
[U] FINANCE, ECONOMICS a situation in which one unit of a currency has exactly the same value as one unit of another currency: The parity of the currencies has created a serious crisis in the trading figures.at parity The peso was pegged to the US dollar at parity, so that one dollar equaled one peso.
[C] (plural parities) FINANCE, ECONOMICS a measurement of the value of one unit of currency in comparison with another: The different currencies are all legal tender within each country or bloc, but parities are variable.the parity of sth against sth There was a 4% drop in the parity of the euro against the Swiss franc over the last twelve months. → See also fixed parity, interest parity, product parity, purchasing power parity
(Definition of parity from the Cambridge Business English Dictionary © Cambridge University Press)
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