vaihtokurssipolitiikkaa

Vaihtokurssipolitiikka, or exchange rate policy, refers to the set of actions and strategies employed by a government or central bank to influence the value of its national currency relative to foreign currencies. The primary objectives of such policy typically include achieving price stability, fostering economic growth, managing inflation, and maintaining competitiveness in international trade. Governments may adopt either a fixed exchange rate system, where the currency is pegged to another currency or a basket of currencies, or a floating exchange rate system, where market forces determine the currency's value. Under a fixed regime, authorities intervene in currency markets by buying or selling foreign reserves to keep the exchange rate within a designated band, often using tools such as monetary policy adjustments and diplomatic agreements. In a floating regime, the central bank may still intervene selectively to curb excessive volatility, but generally allows market mechanisms to set the rate, adjusting monetary policy primarily to meet domestic economic targets. Hybrid approaches, such as a managed float or crawling peg, combine elements of both systems to balance flexibility with stability. Exchange rate policy decisions are closely linked to broader macroeconomic objectives, and misalignment can lead to issues such as currency mismatches, inflationary pressure, or trade deficits. Policymakers must therefore weigh the trade-offs between exchange rate stability and domestic policy autonomy when crafting their strategies.