Exchange Rate Regimes



Currency Current Central Rate (if any) Notes
Czech Republic Koruna Free float/Inflation Targeting None Fixed exchange rate until May 1997
Hungary Forint Free float/Inflation Targeting None Previously crawling peg vs US$/DM basket
Poland Zloty Free float/Inflation Targeting None Previously crawling peg vs US$/DM basket
Slovakia Euro Membership of EMU Converted at
1 EUR = 30.126 SKK		 Central parity revalued twice within ERMII
Albania Lek Managed Float/Fix None Officially free float but de facto relatively stable against Euro
Bosnia Konvertible Marka Currency Board vs Euro 1 Marka = 0.51129 EUR Since 1998
Bulgaria Lev Currency Board vs Euro 1 EUR = 1.95583 BGN Since 1997
Croatia Kuna Managed Float None Since May 1994 kept relatively stable against DM/EUR
Kosovo Euro Unilateral euroization None Since 1999
Macedonia Denar Fixed to Euro 1 EUR = 61.3 Denars Formerly tied to DM
Montenegro Euro Unilateral euroization None Fixed to DM from 1999
Romania Leu Free float/Inflation Targeting None Formerly managing Leu to balance disinflation and REER appreciation
Serbia Dinar Free float/Inflation Targeting None Formerly managing Dinar to balance disinflation and REER appreciation
Slovenia Euro Membership of EMU Converted at
1 EUR=239.64 SIT		 Formerly managing Tolar to balance disinflation and REER appreciation
Armenia Dram Free float None  
Azerbaijan Manat Euro/US$ basket None Formerly crawling peg 2006 to Mar 2008. Increasing Euro weight in basket
Georgia Lari Free float None  
Belarus Rubel Fixed to
US$/Russian Ruble		 +/-5% band Previously
+/-4% vs Rb and
+/-2.5% vs US$
Moldova Leu Free float None De facto peg 2004-2006
Russia Ruble 55% US$
45% Euro basket		 None Currency corridor abandonned in August 1998. Upper bound of basket raised in successive steps to 41 during autumn 2008
Ukraine Hryvnia Managed Float None Previously fixed to US$ at 4.85
Kazakhstan Tenge Managed Float/Fix US$1=KZT 150 (+/-3%) Late 2007 to Feb 2009 fixed at 1 US$ = 120.5 tenge
Kyrgyz Republic Som Managed Float None
Tajikistan Somoni Managed Float None
Turkmenistan Manat Managed Float/Fix 1 US$ = 14,250 manat May 2008 dual exchange rates unified and manat devalued from 6,250 per US$
Uzbekistan Sum Managed Float None Gradual nominal depreciation against US$
Estonia Kroon Currency Board vs Euro 1 EUR = 15.6466 kroon Since 1992
Latvia Lat Fixed to Euro since Jan 2005 1 EUR = 0.7028 lats Pegged to SDR since Feb 1994 at 1XDR=0.7997 Lats
Lithuania Litas Currency Board vs Euro 1 EUR = 3.4528 litas Since Feb 1994