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English definition of “currency board”

currency board

noun [C]    
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. A currency board has as its sole mission guaranteeing the value of the currency.
(Definition of currency board noun from the Cambridge Business English Dictionary © Cambridge University Press)
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