List of countries by exchange rate regime

This is a list of countries and territories by their exchange rate regime.

Table of Monetary Policy framework

De Facto Classification of Exchange Rate Arrangements and Monetary Policy Frameworks (2023)
Exchange rate arrangement (Number of countries and territories) Exchange rate anchor Monetary aggregate target (26) Inflation Targeting framework (45) Others (42)
US Dollar (38) Euro (25 + 5) Composite (8) Other (10 + 1)
No separate legal tender (14 + 3)
  • Ecuador
  • El Salvador
  • Marshall Islands
  • Micronesia
  • Palau
  • Panama (PAB)
  • Timor-Leste
  • Andorra
  • Kosovo
  • Monaco
  • Montenegro
  • San Marino
  • Vatican City
  • Kiribati
  • Liechtenstein
  • Nauru
  • Tuvalu
Currency board (12)
  • Djibouti (DJF)
  • Hong Kong (HKD)

ECCU

  • Bosnia and Herzegovina (BAM)
  • Bulgaria (BGN)
  • Brunei (BND)
  • Macau (MOP)
Conventional peg (40 + 3)
  • Aruba (AWG)
  • The Bahamas (BSD)
  • Bahrain (BHD)
  • Barbados (BBD)
  • Belize (BZD)
  • Curaçao & Sint Maarten (XCG)
  • Eritrea (ERN)
  • Iraq (IQD)
  • Jordan (JOD)
  • Oman (OMR)
  • Qatar (QAR)
  • Saudi Arabia (SAR)
  • Turkmenistan (TMT)
  • United Arab Emirates (AED)
  • Cabo Verde (CVE)
  • Comoros (KMF)
  • Denmark (DKK)
  • São Tomé and Príncipe (STD)

WAEMU

  • Benin (XOF)
  • Burkina Faso (XOF)
  • Côte 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)
  • Republic of Congo (XAF)

CFP franc zone

  • French Polynesia (XPF)
  • New Caledonia (XPF)
  • Wallis and Futuna (XPF)
  • Fiji (FJD)
  • Libya (LYD)
  • Bhutan (BTN)
  • Eswatini (SZL)
  • Lesotho (LSL)
  • Namibia (NAD)
  •   Nepal (NPR)

Samoa (SAT)

Stabilized arrangement (22)
  • Guyana (GYD)
  • Honduras (HNL)
  • Lebanon (LBP)
  • Maldives (MVR)
  • Trinidad and Tobago (TTD)
  • Ukraine (UAH)

North Macedonia (MKD)

Vietnam (VND)

  • Bolivia (BOB)
  • Guinea (GNF)
  • Myanmar (MMK)
  • Papua New Guinea (PGK)
  • Tajikistan (TJS)
  • Tanzania (TZS)
  • Armenia (AMD)
  • Guatemala (GTQ)
  • Romania (RON)
  • Serbia (RSD)
  • Azerbaijan (AZN)
  • Malawi (MWK)
  • Mozambique (MZN)
  • Sudan (SDG)
Crawling peg (3)

Nicaragua (NIO)

Botswana (BWP)

Argentina (ARS)

Crawl-like arrangement (24)

Cambodia (KHR)

Singapore (SGD)

  • Jamaica (JMD)
  • Kenya (KES)
  • Mongolia (MNT)
  • Sri Lanka (LKR)
  • Turkey (TRY)
  • Uzbekistan (UZS)
  • Egypt (EGP)
  • Kyrgyzstan (KGS)
  • Mauritania (MRO)
  • Tunisia (TND)
  • Zambia (ZMW)
Pegged exchange rate within horizontal bands (1)

Morocco (MAD)

Other managed arrangement (12)

Iran (IRR)

  • Kuwait (KWD)
  • Syria (SYP)
  • Angola (AOA)
  • Bangladesh (BDT)
  • China (CNY)
  • Sierra Leone (SLL)
  • Zimbabwe (ZWL)
  • Dominican Republic (DOP)
  • Ghana (GHS)
  • Haiti (HTG)
  • Laos (LAK)
  • Pakistan (PKR)
  • Solomon Islands (SBD)
  • South Sudan (SSP)
  • Tonga (TOP)
  • Vanuatu (VUV)
  • Venezuela (VED)
Floating (32)
  • Belarus (BYR)
  • Liberia (LRD)
  • Madagascar (MGA)
  • Seychelles (SCR)
  • Suriname (SRD)
  • Yemen (YER)
  • Albania (ALL)
  • Brazil (BRL)
  • Chile (CLP)
  • Colombia (COP)
  • Costa Rica (CRC)
  • Czech Republic (CZK)
  • Georgia (GEL)
  • Hungary (HUF)
  • Iceland (ISK)
  • India (INR)
  • Indonesia (IDR)
  • Israel (ILS)
  • Kazakhstan (KZT)
  • Mauritius (MUR)
  • Moldova (MDL)
  • New Zealand (NZD)
  • Paraguay (PYG)
  • Peru (PEN)
  • Philippines (PHP)
  • South Africa (ZAR)
  • South Korea (KRW)
  • Thailand (THB)
  • Uganda (UGX)
  • Uruguay (UYU)
  • Malaysia (MYR)
  •  Switzerland (CHF)
Free floating (33)
  • Australia (AUD)
  • Canada (CAD)
  • Japan (JPY)
  • Mexico (MXN)
  • Norway (NOK)
  • Poland (PLN)
  • Russia (RUB)
  • Sweden (SEK)
  • United Kingdom (GBP)
  • European Union (EUR)
    • Austria
    • Belgium
    • Croatia
    • Cyprus
    • Estonia
    • Finland
    • France
    • Germany
    • Greece
    • Ireland
    • Italy
    • Latvia
    • Lithuania
    • Luxembourg
    • Malta
    • Netherlands
    • Portugal
    • Slovakia
    • Slovenia
    • Spain
  • Somalia (SOS)
  • United States (USD)
  • British Virgin Islands
  • Caribbean Netherlands
  • Ecuador
  • El Salvador
  • Marshall Islands
  • Micronesia
  • Palau
  • Panama (PAB)
  • Timor-Leste
  • Turks and Caicos Islands
  • Andorra
  • Kosovo
  • Monaco
  • Montenegro
  • San Marino
  • Vatican City
  • Kiribati
  • Nauru
  • Tuvalu
  • Liechtenstein

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)

Singapore dollar as exchange rate anchor

  • Brunei (BND)

Hong Kong dollar as exchange rate anchor

  • Macau (MOP)

Conventional peg

US dollar as exchange rate anchor

  • Aruba (AWG)
  • The Bahamas (BSD)
  • Bahrain (BHD)
  • Barbados (BBD)
  • Belize (BZD)
  • Bermuda (BMD)[citation needed]
  • Curaçao & Sint Maarten (XCG)
  • Eritrea (ERN)
  • Iraq (IQD)
  • Jordan (JOD)
  • Oman (OMR)
  • Qatar (QAR)
  • Saudi Arabia (SAR)
  • Turkmenistan (TMT)
  • United Arab Emirates (AED)

Euro as exchange rate anchor

  • Benin (XOF)
  • Burkina Faso (XOF)
  • Cabo Verde (CVE)
  • Cameroon (XAF)
  • Central African Republic (XAF)
  • Chad (XAF)
  • Comoros (KMF)
  • Côte d'Ivoire (XOF)
  • Denmark (DKK)
  • Equatorial Guinea (XAF)
  • French Polynesia (XPF)
  • Gabon (XAF)
  • Guinea-Bissau (XOF)
  • Mali (XOF)
  • New Caledonia (XPF)
  • Niger (XOF)
  • Republic of Congo (XAF)
  • São Tomé and Príncipe (STD)
  • Senegal (XOF)
  • Togo (XOF)
  • Wallis and Futuna (XPF)

Composite exchange rate anchor

  • Fiji (FJD)
  • Libya (LYD)

Rand as exchange rate anchor

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

Indian Rupee as exchange rate anchor

  • Bhutan (BTN)
  •   Nepal (NPR)

Monetary aggregate target

  • Samoa (SAT)

Stabilized arrangement

US dollar as exchange rate anchor

  • Guyana (GYD)
  • Honduras (HNL)
  • Lebanon (LBP)
  • Maldives (MVR)
  • Trinidad and Tobago (TTD)
  • Ukraine (UAH)

Euro as exchange rate anchor

  • North Macedonia (MKD)

Composite exchange rate anchor

  • Vietnam (VND)

Monetary aggregate target

  • Bolivia (BOB)
  • Guinea (GNF)
  • Myanmar (MMK)
  • Papua New Guinea (PGK)
  • Tajikistan (TJS)
  • Tanzania (TZS)

Inflation-targeting framework

  • Armenia (AMD)
  • Guatemala (GTQ)
  • Romania (RON)
  • Serbia (RSD)

Other

  • Azerbaijan (AZN)
  • Malawi (MWK)
  • Mozambique (MZN)
  • Sudan (SDG)

Crawling peg

US dollar as exchange rate anchor

  • Nicaragua (NIO)

Composite exchange rate anchor

  • Botswana (BWP)

Other

  • Argentina (ARS)

Crawl-like arrangement

US dollar as exchange rate anchor

  • Cambodia (KHR)

Composite exchange rate anchor

  • Singapore (SGD)

Monetary aggregate target

Inflation-targeting framework

  • Jamaica (JMD)
  • Kenya (KES)
  • Mongolia (MNT)
  • Sri Lanka (LKR)
  • Turkey (TRY)
  • Uzbekistan (UZS)

Other

  • Egypt (EGP)
  • Kyrgyzstan (KGS)
  • Mauritania (MRO)
  • Tunisia (TND)
  • Zambia (ZMW)

Pegged exchange rate within horizontal bands

Composite exchange rate anchor

  • Morocco (MAD)

Other managed arrangement

US dollar as exchange rate anchor

  • Iran (IRR)

Composite exchange rate anchor

  • Kuwait (KWD)
  • Syria (SYP)

Monetary aggregate target

  • Angola (AOA)
  • Bangladesh (BDT)
  • China (CNY)
  • Sierra Leone (SLL)
  • Zimbabwe (ZWL)

Inflation-targeting framework

  • Dominican Republic (DOP)
  • Ghana (GHS)

Other

  • Haiti (HTG)
  • Laos (LAK)
  • Pakistan (PKR)
  • Solomon Islands (SBD)
  • South Sudan (SSP)
  • Tonga (TOP)
  • Vanuatu (VUV)
  • Venezuela (VED)

Floating

Monetary aggregate target

  • Belarus (BYR)
  • Liberia (LRD)
  • Madagascar (MGA)
  • Seychelles (SCR)
  • Suriname (SRD)
  • Yemen (YER)

Inflation-targeting framework

  • Albania (ALL)
  • Brazil (BRL)
  • Chile (CLP)
  • Colombia (COP)
  • Costa Rica (CRC)
  • Czech Republic (CZK)
  • Georgia (GEL)
  • Hungary (HUF)
  • Iceland (ISK)
  • India (INR)
  • Indonesia (IDR)
  • Israel (ILS)
  • Kazakhstan (KZT)
  • Mauritius (MUR)
  • Moldova (MDL)
  • New Zealand (NZD)
  • Paraguay (PYG)
  • Peru (PEN)
  • Philippines (PHP)
  • South Africa (ZAR)
  • South Korea (KRW)
  • Thailand (THB)
  • Uganda (UGX)
  • Uruguay (UYU)

Other

  • Malaysia (MYR)
  •  Switzerland (CHF)

Free floating

Inflation-targeting framework

  • Australia (AUD)
  • Canada (CAD)
  • Japan (JPY)
  • Mexico (MXN)
  • Norway (NOK)
  • Poland (PLN)
  • Russia (RUB)
  • Sweden (SEK)
  • United Kingdom (GBP)

Other

  • European Union (EUR)
    • Austria
    • Belgium
    • Croatia
    • Cyprus
    • Estonia
    • Finland
    • France
    • Germany
    • Greece
    • Ireland
    • Italy
    • Latvia
    • Lithuania
    • Luxembourg
    • Malta
    • Netherlands
    • Portugal
    • Slovakia
    • Slovenia
    • Spain
  • Somalia (SOS)
  • United States (USD)

See also

  • Reserve currency
  • Managed float regime

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