| 单词 | multiple exchange rates |
| 释义 | multiple exchange rates The system by which a country's currency has more than one exchange rate with any foreign currency. The rate which applies to any transaction may depend on the holder of the currency, or on the purpose for which it is being used. Multiple exchange rates may discriminate between resident and foreign holders of the currency, between export and import of different types of goods, or between current and capital account payments. Multiple exchange rates are criticized as distorting international trade. They require elaborate administration, and provide scope for political favouritism and corruption over deciding what rate should apply to any given transaction. Most of the world's leading economies do not use multiple exchange rates, but have unified foreign exchange markets. |
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