Trade · 6 pages · 12 min
A currency board holds a fixed conversion by paying out foreign reserves whenever people sell the local currency.
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A currency board promises to convert its local notes and bank money into a foreign anchor currency at a fixed rate. When people sell the local currency, the board pays out reserves, and when they buy it, the board takes reserves in. The opening covers conversion stays at a fixed rate, selling local money pays out reserves, and the base shrinks as reserves fall.
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