12. Exchange Rate Arrangements of Respective Countries andRegions
| (May, 2001) |
|
| Exchange Rate Regime | Summary of the Regime | anchor, etc. | Countries and Regions | Number | |
| F i x e d R a t e | Exchange Arrangements with No separate Legal Tender | The currency of another country circulates as the sole legal tender or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union. | Euro Area | Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain | 12 | 39 |
| WAEMU (Note 1) | Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo | 8 | ||||
| ECCU (Note 2) | Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, and St. Vincent & the Grenadines | 6 | ||||
| CAEMC (Note 3) | Cameroon, C. African Rep., Chad, Congo, Rep.of, Equatorial Guinea, and Gabon | 6 | ||||
| Other Currencies | Ecuador, Kiribati, Marshall Islands, Micronesia, Palau, Panama, and San Marino | 7 | ||||
| Currency Board Arrangements | A monetary regime based on an explicit legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuing authority to ensure the fulfillment of its legal obligation. |
| Argentina, Bosnia and Herzegovina, Brunei Darussalam, Bulgaria, China, P.R. Hong Kong, Djibouti, Estonia, and Lithuania | 8 | ||
| P e g g e d R a t e | Conventional Fixed Peg Arrangements | The country pegs its currency (formally or de facto) at a fixed rate to a major currency or a basket of currencies where the exchange rate fluctuates within a narrow margin of at most ±1 percent around a central rate. | Against a single currency | Aruba, Bahamas, The Bahrain, Barbados, Belize, Bhutan, Cape Verde, China, P.R. Mainland, Comoros, Eritorea, El Salvador, Iran, Iraq, Jordan, Lebanon, Lesotho, Macedonia, FYR, Malaysia, Maldives, Namibia, Nepal, Netherlands Antilles, Oman, Qatar, Saudi Arabia, Swaziland, Syrian Arab Republic, Trinidad & Tobago, Turkmenistan, and United Arab Emirates | 30 | 43 |
| Against a composite | Bangladesh, Botswana, Fiji, Kuwait, Latvia, Malta, Morocco, Myanmar, Samoa, Seychelles, Solomon Islands, Tonga, and Vanuatu | 13 | ||||
| Pegged Exchange Rates Within Horizontal Bands | The value of the currency is maintained within margins of fluctuation around a formal or de facto fixed peg that are wider than ±1 percent around a central rate. | ERM II (Note 4) | Denmark(±2.25%) | 1 | 5 | |
| Other Currencies | Cyprus(±2.25%), Iceland(±9%), Libyan A.J.(±77.5%), and Vietnam(0.1% daily movement, one sided) | 4 | ||||
| Crawling Pegs | The Currency is adjusted periodically in small amounts at a fixed, preannounced rate or in response to changes in selective quantitative indicators. |
| Costa Rica, Nicaragua, Tunisia, Bolivia, and Zimbabwe | 5 | ||
| F l o a t i n g R a t e | Exchange Rates Within Crawling Bands | The Currency is maintained within certain fluctuation margins around a central rate that is adjusted periodically at a fixed preanounced rate or in response to changes in selective quantitative indicators. |
| Israel(± 22%), Honduras(±7%), Hungary(±2.25%), Sri Lanka(±1%), Uruguay(±3%), and Venezuela, Rep. Bolivariana(±7.5%) | 6 | |
| Managed floating with no preannounced path for exchange rate | The monetary authority influences the movements of the exchange rate through active intervention in the foreign exchange market without specifying, or precommitting to, a preannounced path for the exchange rate. |
| Jamaica, Slovenia, Czech Republic, Azerbaijan, Cambodia, Kyrgyz Republic, Kenya, Nigeria, Pakistan, Mauritania, Romania, Rwanda, Sudan, Tajikistan, Ukraine, Algeria, Belarus, Burundi, Croatia, Dominican Rep., Ethiopia, Guatemala, Lao PDR, Norway, Paraguay, Singapore, Slovak Republic, Suriname, and Uzbekistan | 31 | ||
| Independent Floating | The exchange rate is market determined, with any foreign exchange intervention aimed at moderating the rate of change and preventing undue fluctuations in the exchange rate, rather than at establishing a level for it. |
| Colombia, Gambia, The, Ghana, Guinea, Guyana, Mauritius, Malawi, Mongolia, Peru, Philippines, Sao Tome and Principe, Sierra Leone, Yemen, Austraria, Brazil, Canada, Chile, New Zealand, Poland, South Africa, Sweden, Thailand, United Kingdom, Albania, Angola, Armenia, Georgia, Haiti, Indonesia, Korea, Madagascar, Mexico, Moldova, Mozambique, Papua New Guinea, Russian Federation, Tanzania, Uganda, Zambia, Afganistan, Congo, Dem. Rep. of, India, Japan, Liberia, Somalia, Switzerland, United States, Turkey | 47 | ||
| Grand Total | 184 | |||||
| (Sources) International Financial Statistics(IMF), etc |
| (Note 1) WAEMU: West African Economic and Monetary Union |
| (Note 2) ECCU: East Caribbean Currency Union |
| (Note 3) CAEMC: Central African Economic and Monetary Community |
| (Note 4) ERM II: Exchange Rate Mechanism II |