* indicates monthly or quarterly data series

Exchange rate regimes, 2022:

The average for 2022 based on 186 countries was 5 index points. The highest value was in Albania: 7 index points and the lowest value was in Andorra: 1 index points. The indicator is available from 1999 to 2022. Below is a chart for all countries where data are available.

Measure: index points; Source: International Monetary Fund
Select indicator
* indicates monthly or quarterly data series


Countries Exchange rate regimes, 2022 Global rank Available data
Albania 7 1 2008 - 2022
Australia 7 2 2008 - 2022
Austria 7 3 1999 - 2022
Belarus 7 4 2001 - 2022
Belgium 7 5 1999 - 2022
Brazil 7 6 2008 - 2022
Canada 7 7 2008 - 2022
Chile 7 8 2008 - 2022
Colombia 7 9 2008 - 2022
Croatia 7 10 2007 - 2022
Cyprus 7 11 1999 - 2022
Czechia 7 12 2008 - 2022
Estonia 7 13 1999 - 2022
Finland 7 14 1999 - 2022
France 7 15 1999 - 2022
Georgia 7 16 2008 - 2022
Germany 7 17 1999 - 2022
Greece 7 18 1999 - 2022
Hungary 7 19 1999 - 2022
Iceland 7 20 1999 - 2022
India 7 21 2008 - 2022
Indonesia 7 22 2008 - 2022
Ireland 7 23 1999 - 2022
Israel 7 24 1999 - 2022
Italy 7 25 1999 - 2022
Japan 7 26 2008 - 2022
Kazakhstan 7 27 2007 - 2022
Latvia 7 28 1999 - 2022
Liberia 7 29 2008 - 2022
Lithuania 7 30 1999 - 2022
Luxembourg 7 31 1999 - 2022
Madagascar 7 32 2008 - 2022
Malaysia 7 33 1999 - 2022
Malta 7 34 1999 - 2022
Mauritius 7 35 2008 - 2022
Mexico 7 36 2008 - 2022
Moldova 7 37 2008 - 2022
Netherlands 7 38 1999 - 2022
New Zealand 7 39 2008 - 2022
Norway 7 40 2008 - 2022
Paraguay 7 41 2008 - 2022
Peru 7 42 2008 - 2022
Philippines 7 43 2008 - 2022
Poland 7 44 2008 - 2022
Portugal 7 45 1999 - 2022
Russia 7 46 2007 - 2022
Seychelles 7 47 1999 - 2022
Slovakia 7 48 2005 - 2022
Slovenia 7 49 2002 - 2022
Somalia 7 50 2008 - 2022
South Africa 7 51 2008 - 2022
South Korea 7 52 2008 - 2022
Spain 7 53 1999 - 2022
Suriname 7 54 2000 - 2022
Sweden 7 55 2008 - 2022
Switzerland 7 56 2008 - 2022
Thailand 7 57 2008 - 2022
Uganda 7 58 2008 - 2022
UK 7 59 2008 - 2022
Uruguay 7 60 1999 - 2022
USA 7 61 2008 - 2022
Yemen 7 62 2006 - 2022
Angola 6 63 2006 - 2022
Armenia 6 64 2008 - 2022
Azerbaijan 6 65 2005 - 2022
Bangladesh 6 66 1999 - 2022
Bolivia 6 67 1999 - 2022
Burma 6 68 1999 - 2022
China 6 69 1999 - 2022
Domin. Rep. 6 70 2008 - 2022
Ghana 6 71 2008 - 2022
Guatemala 6 72 2008 - 2022
Guinea 6 73 2002 - 2022
Guyana 6 74 2005 - 2022
Haiti 6 75 2008 - 2022
Honduras 6 76 1999 - 2022
Iran 6 77 1999 - 2022
Kuwait 6 78 1999 - 2022
Laos 6 79 2008 - 2022
Lebanon 6 80 1999 - 2022
Malawi 6 81 2007 - 2022
Maldives 6 82 1999 - 2022
Mozambique 6 83 2008 - 2022
North Macedonia 6 84 1999 - 2022
Pakistan 6 85 1999 - 2022
Papua N.G. 6 86 2008 - 2022
Romania 6 87 2001 - 2022
Serbia 6 88 2005 - 2022
Sierra Leone 6 89 2006 - 2022
Solomon Isl. 6 90 1999 - 2022
Sudan 6 91 2002 - 2022
Syria 6 92 1999 - 2022
Tajikistan 6 93 2007 - 2022
Tanzania 6 94 2008 - 2022
Tonga 6 95 1999 - 2022
Tr.&Tobago 6 96 1999 - 2022
Ukraine 6 97 2002 - 2022
Vanuatu 6 98 1999 - 2022
Venezuela 6 99 1999 - 2022
Vietnam 6 100 1999 - 2022
Zimbabwe 6 101 1999 - 2022
Afghanistan 5 102 2008 - 2022
Algeria 5 103 2008 - 2022
Argentina 5 104 1999 - 2022
Botswana 5 105 1999 - 2022
Burundi 5 106 2008 - 2022
Cambodia 5 107 2008 - 2022
DR Congo 5 108 2008 - 2022
Egypt 5 109 1999 - 2022
Ethiopia 5 110 2006 - 2022
Gambia 5 111 2008 - 2022
Jamaica 5 112 2008 - 2022
Kenya 5 113 2008 - 2022
Kyrgyzstan 5 114 2008 - 2022
Mauritania 5 115 2005 - 2022
Mongolia 5 116 2006 - 2022
Nicaragua 5 117 1999 - 2022
Nigeria 5 118 2006 - 2022
Rwanda 5 119 2006 - 2022
Singapore 5 120 2008 - 2022
Sri Lanka 5 121 1999 - 2022
Tunisia 5 122 1999 - 2022
Turkey 5 123 1999 - 2022
Uzbekistan 5 124 2006 - 2022
Zambia 5 125 2008 - 2022
Morocco 4 126 1999 - 2022
Aruba 3 127 1999 - 2022
Bahamas 3 128 1999 - 2022
Bahrain 3 129 1999 - 2022
Barbados 3 130 1999 - 2022
Belize 3 131 1999 - 2022
Benin 3 132 1999 - 2022
Bhutan 3 133 1999 - 2022
Burkina Faso 3 134 1999 - 2022
Cameroon 3 135 1999 - 2022
Cape Verde 3 136 1999 - 2022
C.A. Republic 3 137 1999 - 2022
Chad 3 138 1999 - 2022
Comoros 3 139 1999 - 2022
Denmark 3 140 1999 - 2022
Eq. Guinea 3 141 1999 - 2022
Eritrea 3 142 2000 - 2022
Fiji 3 143 1999 - 2022
Gabon 3 144 1999 - 2022
G.-Bissau 3 145 1999 - 2022
Iraq 3 146 1999 - 2022
Ivory Coast 3 147 1999 - 2022
Jordan 3 148 1999 - 2022
Lesotho 3 149 1999 - 2022
Libya 3 150 1999 - 2022
Mali 3 151 1999 - 2022
Namibia 3 152 1999 - 2022
Nepal 3 153 1999 - 2022
Niger 3 154 1999 - 2022
Oman 3 155 1999 - 2022
Qatar 3 156 1999 - 2022
R. of Congo 3 157 1999 - 2022
Samoa 3 158 1999 - 2022
S.T.&Principe 3 159 2008 - 2022
Saudi Arabia 3 160 1999 - 2022
Senegal 3 161 1999 - 2022
Swaziland 3 162 1999 - 2022
Togo 3 163 1999 - 2022
Turkmenistan 3 164 1999 - 2022
UA Emirates 3 165 1999 - 2022
Ant.& Barb. 2 166 1999 - 2022
Bosnia & Herz. 2 167 1999 - 2022
Brunei 2 168 1999 - 2022
Bulgaria 2 169 1999 - 2022
Djibouti 2 170 1999 - 2022
Dominica 2 171 1999 - 2022
Grenada 2 172 1999 - 2022
Hong Kong 2 173 1999 - 2022
Macao 2 174 2021 - 2022
Saint Lucia 2 175 1999 - 2022
St. Vincent & ... 2 176 1999 - 2022
Andorra 1 177 2020 - 2022
Ecuador 1 178 1999 - 2022
El Salvador 1 179 1999 - 2022
Kiribati 1 180 1999 - 2022
Micronesia 1 181 1999 - 2022
Montenegro 1 182 2006 - 2022
Palau 1 183 1999 - 2022
Panama 1 184 1999 - 2022
San Marino 1 185 1999 - 2022
Tuvalu 1 186 2010 - 2022



Definition: The data are from the IMF Annual Reports on Exchange Arrangements and Exchange Restrictions. A higher value of the index indicates more exchange rate flexibility: 1 = the country has no independent legal tender; 2 = currency board; 3 = conventional peg; 4 = target zone; 5 = crawling peg; 6 = other managed exchange rate regimes; 7 = floating regime. The IMF categorization does not include currency unions. Instead, it assigns to the member country the regime of the union it is a part of. For example, all EMU members are assigned a floating exchange rate regime. The data begin with the latest change of the IMF categorization in 2008.
What explains the differences in exchange rate regimes across countries

Small open economies often opt for fixed exchange rate regimes. These countries import many of the goods they consume and exchange rate volatility would therefore translate into domestic price volatility. High, erratic, and unpredictable inflation is not good for economic growth and overall societal welfare. In fact, sometimes countries fix their exchange rates with the primary goal of sustaining low and stable inflation. Also, small economies often export a large fraction of what they produce and stability of the exchange rate reduces uncertainty for exporters. That is supposed to stimulate exports and enhance economic growth.

Large economies, in contrast, import and export a smaller share of their GDP and are therefore more isolated from currency risk. In addition, they may find it more difficult to maintain a fixed exchange rate even if they wanted to. A fixed exchange rate regime requires a substantial level of foreign exchange reserves so that the central bank can intervene in the foreign exchange market when necessary. When a currency market is vast, countries cannot counter currency fluctuations with limited foreign exchange reserves.

There are, of course, variants on those two basic regimes. Many countries do not fix their exchange rates but manage them within narrow bands or intervene occasionally to prevent large fluctuations. Some countries abandon their currencies altogether and join into currency unions or dollarize in an effort to promote trade and sustain financial stability.


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