APPENDIX 2A: CURRENT EXCHANGE PRACTICES OF SPECIFIC COUNTRIES
APPENDIX 2A: CURRENT EXCHANGE PRACTICES OF SPECIFIC COUNTRIES
Table 2A.1 Exchange Rate Practices of IMF Member Countries; April 30, 2011
Monetary Policy Framework Exchange rate
Inflation- Other 1 arrangement
Monetary
targeting (33) (number of
aggregate
framework countries)
Exchange rate anchor
U.S. dollar (48)
No separate legal Ecuador
Palau
Kosovo
San Marino
Kiribati
tender (13) El Salvador
Fed. States of Currency board
ECCU
St. Vincent
Bosnia and
Lithuania 2 Brunei
(12) Antigua and
Dominica Grenada
Djibouti
St. Kitts and
Hong Kong
Nevis
SAR
St. Lucia Conventional peg
Aruba
Jordan
Cape Verde
Senegal
Fiji, Rep. of
Comoros 2 Togo
Kuwait
Lesotho
3 Bahrain Namibia Saudi Arabia Latvia CAEMC Morocco Nepal Barbados
The
Qatar
Denmark 2 Libya
Turkmenistan
Sa˜o Tome´ and
United Arab
Prı´ncipe
Central
Curac¸ao and
Burkina Faso
Rep.
Coˆte d’Ivoire
Stabilized Cambodia
Burundi 5 Azerbaijan 5 arrangement (23)
Pakistan 5 Bolivias 5
(Continued)
Table 2A.1 (Continued)
Monetary Policy Framework Exchange rate
Inflation- Other 1 arrangement
Monetary
targeting (33) (number of
aggregate
framework countries)
Exchange rate anchor
U.S. dollar (48)
Rep. of
Ukraine 4,5
Lao People’s
Trinidad and
Syrian Arab
Dem. Rep.
Crawling peg (3) Nicaragua
Botswana
Uzbekistan 5
Crawl-like Ethiopia
Egypt 4,6 arrangement (12)
(03/09) Bangladesh 5 Haiti 4,5
(03/10) Congo, Dem.
Rep of. 5 (05/10)
China 5 (06/10) Dominican Rep. 4,5 (02/10)
Rwanda 4,5 (01/10) Sri Lanka 4,5 (03/10)
Pegged exchange
Tonga
rate within horizontal bands (1) Other managed
Costa Rica arrangement (17)
Kyrgyz Rep. Sudan
Russian Federation
(Continued)
Table 2A.1 (Continued)
Monetary Policy Framework Exchange rate
Inflation- Other 1 arrangement
Monetary
targeting (33) (number of
aggregate
framework countries)
Exchange rate anchor
U.S. dollar (48)
Yemen, Rep.
India Mauritius
Islamic
Armenia 6
Rep. of
The Kenya
Guatemala Mozambique Hungary Papua New
Sierra Leone
Israel
Tanzania
Korea, Rep.
Mexico Moldova Peru
(04/11) Philippines Romania Serbia South
Africa Thailand Turkey
(10/10) Uruguay
(Continued)
Table 2A.1 (Continued)
Monetary Policy Framework Exchange rate
Inflation- Other 1 arrangement
Monetary
targeting (33) (number of
aggregate
framework countries)
Exchange rate anchor
U.S. dollar (48)
Free floating (30) Australia Japan Canada
Somalia Chile
Switzerland Czech Rep.
(06/10) New
United States Zealand Norway
EMU Poland
Austria Sweden
Belgium United
Cyprus Kingdom
Estonia (01/11)
Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovak
Republic Slovenia Spain
Source: IMF staff. International Monetary Fund, April 30, 2011; http://www.imf.org/external/pubs/ft/ar/2011/eng/pdf/a2.pdf ). Note: If the member country’s de facto exchange rate arrangement has been reclassified during the reporting period, the date of change is indicated in parentheses. 1
2 Includes countries that have no explicitly stated nominal anchor, but rather monitor various indicators in conducting monetary policy. 3 The member participates in the European Exchange Rate Mechanism (ERM II). Within the framework of an exchange rate fixed to a currency composite, the Bank Al-Maghrib (BAM) adopted a monetary policy framework in 2006 based on various inflation indicators with the overnight interest rate as its
operational target to pursue its main objective of price stability. Since March 2009, the BAM reference interest rate has been set at 3.25%. 4 5 The exchange rate arrangement was reclassified retroactively, overriding a previously published classification.
6 The de facto monetary policy framework is an exchange rate anchor to the U.S. dollar. 7 The de facto monetary policy framework is an exchange rate anchor to a composite. The central bank has taken preliminary steps toward inflation targeting and is preparing for the transition to full-fledged inflation targeting.
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