December 2015
Intermediate to advanced
313 pages
16h 2m
English
Content preview from International Business, 2nd Edition by Pearson
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136 International Business
Currency Board Arrangement
The currency board arrangement is an example of
a hard peg. Under this system, a country commits
itself to converting its domestic currency on demand
into another currency at a fixed exchange rate. To
make this commitment credible, the currency board
holds reserves of foreign currency at the fixed
exchange rate equal to 100 per cent of the currency issued. The currency board can issue additional
domestic notes and coins only if it has foreign exchange reserves to back it. This limits the ability of
the government to print money and create inflationary pressures. Another advantage of this system ...
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