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Q.

Choose the given statement is true/false

Fixed rate is the system where the government decides the exchange rate.

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a

False

b

True

answer is A.

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Detailed Solution

The above statement is true. The fixed rate is the system where the government and financial institutions fix the exchange rate. It determined the power of the market. Currency was devalued and revalued as the currency changed. Foreign exchange reserves would maintain. Government banks determine the exchange rate. A fixed exchange rate is the nominal exchange rate set by the monetary authorities in connection with a foreign currency or a foreign currency basket. The fixed exchange rate system is not free to fluctuate or react to daily changes in supply and demand.

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