• Twelve countries anchor their exchange rates to a currency composite. Three track the special drawingrights (SDRs) as the sole currency basket or as a component of a broader reference basket (Botswana, Libya,Syria). Morocco tracks a euro–U.S. dollar basket; Tonga tracks a composite that includes the Australian8 Monetary anchors are defined as the main intermediate target the authorities pursue to achieve their policy goal, which,overwhelmingly, is price stability. The inventory of monetary anchors is based mainly on members’ declarations in the contextof the yearly AREAER update or Article IV consultations. For the 2010 reporting year, country officials were asked for the firsttime to report specific information about the monetary policy framework, and as a result, the information provided by officialsimproved considerably.9 The officially announced monetary anchor may differ from the anchor implemented in practice, as a result of the de factoexchange rate arrangement.Annual Report on Exchange Arrangements and Exchange Restrictions 201414 International Monetary Fund | October 2014and New Zealand dollars in combination with major global currencies (Japanese yen and U.S. dollar); andthe remaining 5 countries do not disclose the composition of their reference currency baskets (Algeria, Fiji,Islamic Republic of Iran, Kuwait, Samoa, Singapore, Vietnam).
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