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:
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
“And they heaved a mighty breath, every soul on board but me,
As they saw her nose again pointing handsome out to sea;
But all that I could think of, in the darkness and the cold,
Was just that I was leaving home and my folks were growing old.”
—Robert Louis Stevenson (1850–1894)