Journal Issue

Appendix I. Exchange Rate Classification Codes

Paulo Drummond, Ari Aisen, Emre Alper, Ejona Fuli, and Sébastien Walker
Published Date:
July 2015
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Ilzetzki, Reinhart, and Rogoff (2010) [IRR] classification codes

1No separate legal tender
2Pre-announced peg or currency board arrangement
3Pre-announced horizontal band that is narrower than or equal to +/−2%
4De facto peg
5Pre-announced crawling peg
6Pre-announced crawling band that is narrower than or equal to +/−2%
7De factor crawling peg
8De facto crawling band that is narrower than or equal to +/−2%
9Pre-announced crawling band that is wider than or equal to +/−2%
10De facto crawling band that is narrower than or equal to +/−5%
11Moving band that is narrower than or equal to +/−2% (that is, allows for both appreciation and depreciation over time)
12Managed floating
13Freely floating
14Freely falling
15Dual market in which parallel market data are missing.

IMF classification codes1

(1985 – April 2008)(April 2008 – Present)
1Exchange arrangement with no separate legal tender1No separate legal tender
2Currency board arrangement2Currency board
3Conventional peg to a single currency3Conventional peg to a single currency
3.5Conventional peg to a composite3.5Conventional peg to a composite
4Pegged exchange rate within horizontal bands4Stabilized arrangement
5Crawling peg5Crawling peg
6Crawling band6Crawl-like arrangement
7Managed floating, no predetermined path for the exchange rate7Pegged exchange rate within horizontal bands
8Independently floating8Other managed arrangement
10Free floating

The change in classification methodology implemented with retroactive effect to April 2008 is explained in Habermeier and others (2009). Note that changes in the classification of EAC countries at this time followed from the methodological change rather than a judgment that there has been a substantive alteration in the countries’ de facto exchange-rate policies.

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