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Foreign Exchange Auctions and Fixings: A Review of Performance

Flexible exchange rates regimes have become more apparent in developing countries during the 1980s, and a number of developing countries have adopted floating exchange rates within the context of interbank markets, but occasionally auction markets have been used. This study concentrates on developing countries where floating exchange rate regimes have been implemented in the form of auction markets. Its purpose is to assess how these arrangements have performed and whether they have provided a useful means of facilitating further development of foreign exchange markets. We also review the official fixing systems used by some countries with floating exchange rates.