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Exchange Arrangements and Policies

In: Central Banking in Developing Countries

Author

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  • Anand Chandavarkar

Abstract

The conduct of foreign exchange policy involves six areas of interdependent responsibility: (1) the choice of the exchange rate regime (that is, fixed exchange rate, independent float, managed float); (2) the choice of parities in the regime; (3) specific directives to manage the float; (4) daily decisions on exchange rate interventions; (5) execution of intervention policy; and (6) management of the country’s foreign reserves. Typically, while the execution of intervention decisions and reserves management are vested in the central bank, the other responsibilities are usually divided under four basic patterns (Cottarelli, 1994, pp. 332–3). It is only in a few countries (for example, Sweden, Switzerland and Croatia) that the central bank is responsible for all aspects of foreign exchange policy. The others conform to one. of the following models.

Suggested Citation

  • Anand Chandavarkar, 1996. "Exchange Arrangements and Policies," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 4, pages 58-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_4
    DOI: 10.1057/9780230371507_4
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