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In countries that adopt a fixed exchange rate system, the values of currencies are set against each other at some mutually agreed-on exchange rate.
What are fixed exchange rates?
A fixed exchange rate is a system used by a government or central bank that links the value of the nation's official currency to the currency of another nation or the price of gold. A fixed exchange rate system's goal is to maintain a currency's value within a specific range.
Fixed exchange rates are not allowed to move freely or adjust to daily shifts in supply and demand. The currency's exchange rate is set by the government.
A fixed exchange rate, sometimes known as a tagged exchange rate, is a type of exchange rate regime in which a monetary authority fixes or pegs the value of one currency to the value of another, a basket of other currencies, or another measure of worth, such as gold.
The values of currencies are set against one another at a mutually agreed-upon exchange rate in nations that use a fixed exchange rate system.
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