* indicates monthly or quarterly data series

Exchange rate regimes, 2021:

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



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.


Selected articles from our guide:

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