Árfolyampolitika

Árfolyampolitika, a Hungarian term, translates to "exchange rate policy" in English. It refers to the set of strategies and actions undertaken by a country's government or central bank to influence the value of its national currency in relation to other currencies. The primary goals of exchange rate policy typically include maintaining price stability, promoting economic growth, and ensuring a country's international competitiveness.

There are several approaches to exchange rate policy. A fixed exchange rate system involves pegging the national currency to another currency or a basket of currencies. This provides stability and predictability but can limit a central bank's ability to respond to domestic economic shocks. A floating exchange rate system allows the currency's value to be determined by market forces, offering more flexibility for monetary policy but potentially leading to greater volatility. Managed floats, or dirty floats, combine elements of both, where the central bank intervenes in the foreign exchange market to smooth out excessive fluctuations while generally allowing market forces to dictate the trend.

The tools used in exchange rate policy can include direct intervention in the foreign exchange market, where the central bank buys or sells its own currency to influence its value. Other tools involve adjusting interest rates, as higher rates can attract foreign capital and strengthen the currency, while lower rates can have the opposite effect. Capital controls, which restrict the flow of money into or out of a country, can also be employed to manage exchange rate pressures. The specific choice of exchange rate policy depends on a country's economic structure, its international trade patterns, and its overall economic objectives.