A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target.
Read more about Currency Board: Features of "orthodox" Currency Boards, Consequences of Adopting A Fixed Exchange Rate As Prime Target, Pros and Cons, Examples in Recent History, Historical Examples
Famous quotes containing the words currency and/or board:
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“What happens in a strike happens not to one person alone.... It is a crisis with meaning and potency for all and prophetic of a future. The elements in crisis are the same, there is a fermentation that is identical. The elements are these: a body of men, women and children, hungry; an organization of feudal employers out to break the back of unionization; and the government Labor Board sent to “negotiate” between this hunger and this greed.”
—Meridel Le Sueur (b. 1900)