List of countries by exchange rate regime

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

De facto exchange-rate arrangements in 2023 as classified by the International Monetary Fund.

  Floating (floating and free floating)

  Soft pegs ( conventional peg , stabilized arrangement, crawling peg , crawl-like arrangement, pegged exchange rate within horizontal bands )

  Hard pegs ( no separate legal tender , currency board )

  Residual (other managed arrangement)

Table of Monetary Policy framework

De Facto Classification of Exchange Rate Arrangements and Monetary Policy Frameworks (2023) ^[1]

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 [2] Montenegro San Marino Vatican City [2]		Kiribati Liechtenstein [3] Nauru Tuvalu
Currency board (12)	Djibouti (DJF) Hong Kong (HKD) ECCU Antigua and Barbuda (XCD) Dominica (XCD) Grenada (XCD) Saint Kitts and Nevis (XCD) Saint Lucia (XCD) Saint Vincent and the Grenadines (XCD)	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) [4] New Caledonia (XPF) [4] Wallis and Futuna (XPF) [4]	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)		Afghanistan (AFN) Algeria (DZD) Burundi (BIF) Democratic Republic of the Congo (CDF) Ethiopia (ETB) The Gambia (GMD) Nigeria (NGN) Rwanda (RWF)	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)

No legal tender of their own

US dollar as legal tender

• British Virgin Islands
• Caribbean Netherlands
• Ecuador
• El Salvador
• Marshall Islands
• Micronesia
• Palau
• Panama (PAB)
• Timor-Leste
• Turks and Caicos Islands

Euro as legal tender

• Andorra
• Kosovo
• Monaco ^[2]
• Montenegro
• San Marino
• Vatican City ^[2]

Australian dollar as legal tender

• Kiribati ^[5]
• Nauru ^[5]
• Tuvalu ^[5]

Swiss franc as legal tender

• Liechtenstein ^[3]

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) ^[4]
• Gabon (XAF)
• Guinea-Bissau (XOF)
• Mali (XOF)
• New Caledonia (XPF) ^[4]
• Niger (XOF)
• Republic of Congo (XAF)
• São Tomé and Príncipe (STD)
• Senegal (XOF)
• Togo (XOF)
• Wallis and Futuna (XPF) ^[4]

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

• Afghanistan (AFN)
• Algeria (DZD)
• Burundi (BIF)
• Democratic Republic of the Congo (CDF)
• Ethiopia (ETB)
• The Gambia (GMD)
• Nigeria (NGN)
• Rwanda (RWF)

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

References

1. "Annual report on exchange arrangements and exchange restrictions, 2023" (PDF). www.elibrary.imf.org. International Monetary Fund, 2023. p. 13. Retrieved 11 August 2025.
2. The euro outside the euro area
3. "FMA - Finanzmarktaufsicht Liechtenstein: Switzerland". Archived from the original on 2015-07-02. Retrieved 2015-07-02.
4. The euro in global foreign exchange reserves and exchange rate anchoring
5. "4. Exchange Rates | The Treasury". www.treasury.gov.au. Archived from the original on 2012-04-20.