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The currency board in effect promises, if need be, to swap dollars for pesos at the stated parity without limit.
»A currency board has as its sole mission guaranteeing the value of the currency.
Like most of the world's developed economies, the United States does not have a currency board. In the U.S., the Federal Reserve is a true central bank, which operates as a lender of last resort, engaging in forward contracts and trading Treasury securities in the open market. The exchange rate is allowed to float, and is determined by market forces as well as the Fed's monetary policies. By contrast, currency boards are rather limited in their power. They essentially hold the required percentage of pegged currency that has been previously mandated, and exchange local currency for the pegged (or anchor) currency, which is typically the U.S. dollar or the euro.
валютна рада; валютний комітет; орган валютно-грошового регулювання (без права емісії)