Exchange rate regimes

1. Other Conventional Fixed Peg Arrangements

1.1. The country pegs its currency at a fixed rate to a major currency or a basket of currencies , where the exchange rate fluctuates within a narrow margin or at most ±1% around a central rate.

2. Pegged Exchange Rates within Horizontal Bands

2.1. The value of the currency is main­tained within margins of fluctuation around a formal fixed peg that are wider than ±1% around a central rate.

3. Crawling Pegs

3.1. The currency is adjusted periodically in small amounts at a fixed, pre-announced rate or in response to changes in selective quantitative indicators.

4. Managed Floating with No Pre-Announced Path for the Exchange Rate

4.1. The mone­tary authority influences the movements of the exchange rate through active intervention in the foreign exchange market without specifying or pre-committing to a pre-announced path for the exchange rate.

5. No Separate Legal Tender

5.1. 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.

6. Currency Board Arrangements

6.1. A monetary regime based on an implicit 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.

7. Exchange Rates within Crawling Pegs

7.1. The currency is maintained within certain fluc­tuation margins around a central rate that is adjusted periodically at a fixed pre-announced rate or in response to change in selective quantitative indicators.

8. Independent Floating

8.1. The exchange rate is market determined, with central bank intervening only to moderate the speed of change and to prevent excessive fluctuations, but not attempting to maintain it at or drive it to any particular level.