Fixed exchange rate

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  • Fixed exchange rate is an exchange rate that is set by the central bank's willingness to buy and sell the domestic currency for foreign currencies at a predetermined price. (Cf. floating exchange rate.)

Definition

According to Macroeconomics by Mankiw (7th edition),

Fixed exchange rate. An exchange rate that is set by the central bank's willingness to buy and sell the domestic currency for foreign currencies at a predetermined price. (Cf. floating exchange rate.)
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