árfolyamrendszerekre

Árfolyamrendszerek refer to the different ways a country manages the value of its currency in relation to other currencies. These systems determine how exchange rates are set and how they fluctuate in the foreign exchange market.

There are broadly two main categories of exchange rate systems: fixed and floating. Under a fixed exchange rate system, a country pegs its currency to another currency, a basket of currencies, or a commodity like gold. The central bank intervenes in the foreign exchange market to maintain this predetermined rate. This provides certainty and stability for trade and investment but can limit a country's monetary policy independence. Examples include currency boards or pegs to a major currency.

In contrast, a floating exchange rate system allows the currency's value to be determined by market forces of supply and demand. The exchange rate fluctuates freely in response to economic factors such as interest rates, inflation, political stability, and trade balances. This system offers greater monetary policy flexibility but can lead to greater exchange rate volatility, which can be challenging for businesses. Most major economies today operate with some form of managed or dirty float, where the central bank may intervene occasionally to smooth out excessive fluctuations without committing to a specific target rate.

Intermediate systems also exist, such as crawling pegs or bands, which allow for gradual adjustments or fluctuations within a defined range. The choice of an árfolyamrendszer has significant implications for a country's economic policy, its international trade, and its overall financial stability.