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)
“She hears me strike the board and say
That she is under ban
Of all good men and women,
Being mentioned with a man
That has the worst of all bad names.”
—William Butler Yeats (1865–1939)