árfolyampolitikával

Árfolyampolitika refers to the set of actions and strategies employed by a country's central bank or government to influence the exchange rate of its currency against other currencies. The primary goal of exchange rate policy is to achieve macroeconomic objectives such as price stability, economic growth, and a sustainable balance of payments.

There are several approaches to exchange rate policy. A fixed exchange rate system involves pegging the domestic currency to another currency or a basket of currencies. This provides stability and predictability but limits the central bank's ability to conduct independent monetary policy. A floating exchange rate system allows the currency's value to be determined by market forces, offering flexibility in monetary policy but potentially leading to greater volatility. Between these two extremes lie managed float or dirty float systems, where the central bank intervenes in the foreign exchange market to smooth out excessive fluctuations without committing to a specific exchange rate level.

Governments may intervene in the foreign exchange market directly by buying or selling their own currency. For example, if a central bank wants to weaken its currency to boost exports, it might sell its currency and buy foreign currency. Conversely, to strengthen its currency, it could buy its own currency using foreign reserves. Other tools include adjusting interest rates, which can attract foreign capital and thus influence the exchange rate, or implementing capital controls, which restrict the flow of money in and out of the country. The choice of exchange rate policy depends on a country's economic structure, its integration into the global economy, and its specific policy priorities.