Exchange Rate Arrangements

The IMF publishes a report annually on exchange rate arrangements and restrictions for all its members. This document is surprisingly not oft-quoted. You may find it very useful.

The full report Annual Report On Exchange Arrangements And Exchange Restrictions can be obtained via courier from the IMF bookstore – it is a protected pdf on a CD and has about 3000 pages. The smaller version for 2013 (released December 2013) is here on the IMF website.

Interesting things: there are a few more currency unions other than the Euro Area and the central bank in those unions have a different arrangement than floating. So there’s ECCU (currency board with the US dollar as the anchor currency) and WAEMU, CAEMC (conventional pegs with the Euro as the anchor) in addition to the EMU (whose currency floats freely versus other currencies)

Table 1 (pages 16-17 in pdf view or pages numbered as 5-6) is very useful and lists all IMF members and the arrangements. There are 10 classifications: No separate legal tender, currency board, conventional peg, stabilized arrangement, crawling peg, crawl-like arrangement, pegged-exchange rates within horizontal bands, other managed arrangements, floating and free floating.

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