List of countries by exchange rate regime explained

This is a list of countries by their exchange rate regime.^[1]

Table of Monetary Policy framework

De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks^[2]

Exchange rate arrangement (Number of countries)					Monetary aggregate target (25)	Inflation Targeting framework (45)	Others (43)
	US Dollar (37)	Euro (28)	Composite (8)	Other (9)
No separate legal tender (16)	Ecuador El Salvador Marshall Islands Palau Panama (PAB) Timor-Leste	Andorra Monaco San Marino Montenegro		Kiribati Nauru
Currency board (11)	Djibouti (DJF) Hong Kong (HKD) ECCU Antigua and Barbuda (XCD) Dominica (XCD) Grenada (XCD) Saint Kitts and Nevis (XCD) Saint Lucia (XCD)	Bulgaria (BGN)		(BND)
Conventional peg (40)	Aruba (AWG) (BSD) Bahrain (BHD) Barbados (BBD) Belize (BZD) (ANG) Eritrea (ERN) Jordan (JOD) Oman (OMR) Qatar (QAR) Saudi Arabia (SAR) Turkmenistan (TMT) United Arab Emirates (AED)	(CVE) Comoros (KMF) Denmark (DKK) (STD) WAEMU Benin (XOF) Burkina Faso (XOF) Cote d'Ivoire (XOF) Guinea-Bissau (XOF) Mali (XOF) Niger (XOF) Senegal (XOF) Togo (XOF) CEMAC Cameroon (XAF) Central African Republic (XAF) Chad (XAF) Equatorial Guinea (XAF) Gabon (XAF) (XAF)	Fiji (FJD) Libya (LYD)	(SZL) Lesotho (LSL) Bhutan (BTN) Nepal (NPR)	Samoa (SAT)
Stabilized arrangement (24)	Guyana (GYD) Cambodia (KHR) (IRR) Maldives (MVR) Lebanon (LBP) Trinidad and Tobago (TTD)	(MKD)			Bangladesh (BDT) (DZD) (BOB) (GMD) Nigeria (NGN) Papua New Guinea (PGK) Suriname (SRD) (TZS) Tajikistan (TJS)	Guatemala (GTQ) Serbia (RSD)	Azerbaijan (AZN) Mongolia (MNT) Sudan (SDG) Egypt (EGP)
Crawling peg (3)	Honduras (HNL) Nicaragua (NIO)		Botswana (BWP)
Crawl-like arrangement (24)			(VND)		(AFN) Burundi (BIF) China (CNY) Ethiopia (ETB) Rwanda (RWF)	Costa Rica (CRC) Ghana (GHS) Philippines (PHP) Romania (RON) Uzbekistan (UZS)	Argentina (ARS) (LAK) Mauritania (MRO) Mozambique (MZN) Switzerland (CHF) (SSP) Tunisia (TND) Zambia (ZMW)
Pegged exchange rate within horizontal bands (1)			Morocco (MAD)
Other managed arrangement (12)			Kuwait (KWD) (SYP)		Liberia (LRD) Myanmar (MMK) Sierra Leone (SLL) Zimbabwe (ZWL)	Kenya (KES)	Haiti (HTG) Kyrgyzstan (KGS) Tonga (TOP) Vanuatu (VUV) (VEF)
Floating (32)					Angola (AOA) Belarus (BYR) Madagascar (MGA) Yemen (YER)	Albania (ALL) Armenia (AMD) Brazil (BRL) Colombia (COP) Georgia (GEL) Hungary (HUF) Iceland (ISK) India (INR) Indonesia (IDR) Israel (ILS) Jamaica (JMD) Kazakhstan (KZT) (KRW) (MDL) New Zealand (NZD) Paraguay (PYG) Peru (PEN) Seychelles (SCR) Sri Lanka (LKR) South Africa (ZAR) Thailand (THB) Turkey (TRY) Uganda (UGX) Ukraine (UAH) Uruguay (UYU)	Malaysia (MYR) Mauritius (MUR) Pakistan (PKR)
Free floating (33)						Australia (AUD) Canada (CAD) Chile (CLP) Czech Republic (CZK) Japan (JPY) Mexico (MXN) Norway (NOK) Poland (PLN) (RUB) Sweden (SEK) United Kingdom (GBP)	Somalia (SOS) United States (USD) (EUR) Austria Belgium Croatia Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain

No legal tender of their own

US dollar as legal tender

• • • Ecuador
• El Salvador
• Marshall Islands
  • Palau
• Timor-Leste
• Turks and Caicos Islands

Euro as legal tender

• Andorra^[3]
  • Monaco
• Montenegro
• San Marino

Australian dollar as legal tender

• Kiribati^[4]
• Nauru
• Tuvalu

Swiss franc as legal tender

• Liechtenstein^[5]

Currency board

US dollar as exchange rate anchor

• Antigua and Barbuda (XCD)
• Djibouti (DJF)
• Dominica (XCD)
• Grenada (XCD)
• Hong Kong (HKD)
• Saint Kitts and Nevis (XCD)
• Saint Lucia (XCD)
• Saint Vincent and the Grenadines (XCD)

Euro as exchange rate anchor

• Bosnia and Herzegovina (BAM)
• Bulgaria (BGN)
• French Polynesia (XPF)

Singapore dollar as exchange rate anchor

• (BND)

Hong Kong dollar as exchange rate anchor

• (MOP)

Conventional peg

US dollar as exchange rate anchor

• Aruba (AWG)
• Azerbaijan (AZN)
• (BSD)
• Bahrain (BHD)
• Barbados (BBD)
• Belize (BZD)
• Bermuda (BMD)
• (ANG)
• Eritrea (ERN)
• Jordan (JOD)
• Oman (OMR)
• Panama (PAB)
• Qatar (QAR)
• Saudi Arabia (SAR)
• (ANG)
• (SSP)
• Turkmenistan (TMT)
• United Arab Emirates (AED)

Euro as exchange rate anchor

• Benin (XOF)
• Burkina Faso (XOF)
• (CVE)
• Cameroon (XAF)
• Central African Republic (XAF)
• Chad (XAF)
• Comoros (KMF)
• Cote d'Ivoire (XOF)
• Denmark (DKK)
• Equatorial Guinea (XAF)
• Gabon (XAF)
• Guinea-Bissau (XOF)
• Mali (XOF)
• Niger (XOF)
• (XAF)
• (STD)
• Senegal (XOF)
• Togo (XOF)

Rand as exchange rate anchor

• (SZL)
• Lesotho (LSL)
• Namibia (NAD)

Composite exchange rate anchor

• Fiji (FJD)
• Kuwait (KWD)
• Libya (LYD)
• Morocco (MAD)
• Samoa (WST)

Indian Rupee as exchange rate anchor

• Bhutan (BTN)
• Nepal (NPR)

Other

• Solomon Islands (SBD)

Stabilized arrangement

US dollar as exchange rate anchor

• Guyana (GYD)
• Iraq (IQD)
• Kazakhstan (KZT)
• Lebanon (LBP)
• Maldives (MVR)
• Suriname (SRD)
• Trinidad and Tobago (TTD)

Euro as exchange rate anchor

• (MKD)

Composite exchange rate anchor

• Singapore (SGD)
• (VND)
• Mehr euro

Monetary aggregate target

• Bangladesh (BDT)
• Burundi (BIF)
• (CDF)
• Guinea (GNF)
• Sri Lanka (LKR)
• Tajikistan (TJS)
• Yemen (YER)

Other

• Angola (AOA)
• Azerbaijan (AZN)
• (BOB)

Crawling peg

US dollar as exchange rate anchor

• Nicaragua (NIO)

Composite exchange rate anchor

• Botswana (BWP)

Crawl-like arrangement

US dollar as exchange rate anchor

• Honduras (HNL)
• Jamaica (JMD)
• Papua New Guinea (PGK)

Monetary aggregate target

• China (CNY)
• Ethiopia (ETB)
• Uzbekistan (UZS)

Inflation-targeting framework

• Armenia (AMD)
• Dominican Republic (DOP)
• Guatemala (GTQ)

Other

• Belarus (BYR)
• Haiti (HTG)
• (LAK)
• Switzerland (CHF)
• Tunisia (TND)
• Argentina (ARS)

Pegged exchange rate within horizontal bands

Composite exchange rate anchor

• Tonga (TOP)

Other managed arrangement

US dollar as exchange rate anchor

• Cambodia (KHR)
• Liberia (LRD)

Composite exchange rate anchor

• Algeria (DZD)
• (IRR)
• (SYP)

Monetary aggregate target

• (GMD)
• Myanmar (MMK)
• Nigeria (NGN)
• Rwanda (RWF)

Inflation-targeting framework

• Czech Republic (CZK)

Other

• Costa Rica (CRC)
• Kyrgyzstan (KGS)
• Malaysia (MYR)
• Mauritania (MRO)
• Pakistan (PKR)
• Sudan (SDG)
• Vanuatu (VUV)
• (VED)

Floating

Monetary aggregate target

• Afghanistan (AFN)
• Kenya (KES)
• Madagascar (MGA)
• Malawi (MWK)
• Mozambique (MZN)
• Seychelles (SCR)
• Sierra Leone (SLL)
• (TZS)
• Ukraine (UAH)
• Uruguay (UYU)

Inflation-targeting framework

• Albania (ALL)
• Brazil (BRL)
• Colombia (COP)
• Georgia (GEL)
• Ghana (GHS)
• Hungary (HUF)
• Iceland (ISK)
• Indonesia (IDR)
• Israel (ILS)
• (KRW)
• (MDL)
• New Zealand (NZD)
• Paraguay (PYG)
• Peru (PEN)
• Philippines (PHP)
• Romania (RON)
• Serbia (RSD)
• South Africa (ZAR)
• Thailand (THB)
• Turkey (TRY)
• Uganda (UGX)

Other

• Pakistan (PKR)
• Mauritius (MUR)
• Mongolia (MNT)
• Zambia (ZMW)

Free floating

Inflation-targeting framework

• Australia (AUD)
• Canada (CAD)
• Chile (CLP)
• Japan (JPY)
• Mexico (MXN)
• Norway (NOK)
• Poland (PLN)
• Sweden (SEK)
• United Kingdom (GBP)
• India (INR)

Other

• (EUR)

• • Austria

• • Belgium

• • Croatia

• • Cyprus

• • Estonia

• • Finland

• • France

• • Germany

• • Greece

• • Ireland

• • Italy

• • Latvia

• • Lithuania^[6]

• • Luxembourg

• • Malta

• • Netherlands

• • Portugal

• • Slovakia

• • Slovenia

• • Spain
• Egypt (EGP)
• (RUB)^[7]
• Somalia (SOS)
• United States (USD)

See also

• Reserve currency
• Managed float regime

Notes and References

1. Web site: Monetary Policy Framework. Annual report on exchange arrangements and exchange restrictions 2014. International Monetary Fund. October 2014. 6.
2. Web site: IMF Staff . Annual report on exchange arrangements and exchange restrictions, 2021 . International Monetary Fund, 2022 . 27 September 2022 . https://web.archive.org/web/20220927075407/https://www.elibrary.imf.org/downloadpdf/book/9781513598956/9781513598956.pdf . 27 September 2022 . Washington DC, USA . 9 . English . pdf.
3. Web site: Euro area. 2021-07-20. European Commission - European Commission. en.
4. Web site: 4. Exchange Rates The Treasury . www.treasury.gov.au . dead . https://web.archive.org/web/20120420143641/http://www.treasury.gov.au/PublicationsAndMedia/Publications/2010/Monetary-and-exchange-rate-policy/working-paper-2010-05/Exchange-rates . 2012-04-20.
5. Web site: FMA - Finanzmarktaufsicht Liechtenstein: Switzerland . 2015-07-02 . dead . https://web.archive.org/web/20150702184413/http://www.fma-li.li/en/international/bilateral-cooperation/switzerland.html . 2015-07-02 .
6. News: 2015-01-01. Lithuania joins Baltic neighbours in euro club. en-GB. BBC News. 2021-07-20.
7. News: Russian central bank abandons rouble trading band, floats rouble. 30 November 2017. Reuters. 10 November 2014.