Meaning of “currency board” in the English Dictionary

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"currency board" in Business English

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currency boardnoun [ C ]

uk us

ECONOMICS, FINANCE, GOVERNMENT a government organization in some countries that controls the value of its country's currency, often by setting a fixed exchange rate with the currency of another country:

The currency board in effect promises, if need be, to swap dollars for pesos at the stated parity without limit.

(Definition of “currency board” from the Cambridge Business English Dictionary © Cambridge University Press)