FX fact: Currency boards

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Currency boards -- institutions replacing central banks to ensure a country’s currency can be purchased upon demand at a given exchange rate versus another currency -- have been used for many years in nations experiencing financial indiscipline and instability.

The oldest board still in operation is in the small French African nation of Djibouti. The country has used a currency board arrangement -- first fixing its currency to the French franc, and then the US dollar -- since 1949.

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