Abstract
August 1971 marked the end of fixed exchange rates and convertible currencies. Although exchange rates since 1973 are described as a floating system, central banks often intervene to obtain desirable exchange rates. Some countries let their currencies to float freely, while others maintain a fixed value (peg) relative to a single currency and others peg to a basket of currencies. Opinion is mixed on the desirability of floating or fixed exchange rates: Countries choose fixed or floating exchange rates depending upon several factors In summary, an exchange regime is to be preferred to anather if
• More policy instruments are available
• These instruments have more powerful effects on the target variables
• There is greater certainty attaching to the effects of each instrument.

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