Stats › Currencies and commodities › Currency pegs
Six in ten currencies are pegged or managed, not floating
| Country | When | What happened |
|---|---|---|
| United Kingdom | 16 Sep 1992 | Sterling fell to its ERM limit against the D-mark. Minimum Lending Rate was raised to 12% at 11:00 and to 15% at 14:15, and ERM membership was suspended just after 19:30. The clearing banks never implemented the 15%. |
| Thailand | 2 Jul 1997 | The baht was floated, triggering the Asian crisis. The IMF's crisis database dates the resulting currency crisis to 1998. |
| Switzerland | 15 Jan 2015 | The SNB discontinued the CHF 1.20 per euro minimum rate with no warning, three and a half years after setting it, and cut the sight deposit rate to -0.75%. |
| Mexico | 1995 | IMF currency crisis year. Mexico also has 1977 and 1982. |
| Indonesia, Korea, Philippines | 1998 | IMF currency crisis year for all three. Malaysia does not appear in the database at all. |
| Argentina | 2002, plus 2013 | IMF currency crisis years. The 2002 entry is the end of convertibility. Argentina also has 1975, 1981 and 1987. |
Sources: Bank of England Quarterly Bulletin 1992 Q4, the IMF news brief of 2 Jul 1997, the SNB, and Laeven and Valencia, IMF Working Paper 18/206, which covers 1970 to 2017 and counts 236 currency crises.
The IMF classifies every member's exchange rate regime by what the rate actually does, not by what the country calls it. Of 193 jurisdictions, roughly six in ten are pegged or managed rather than floating. A peg looks calm until the day it breaks.
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