This paper surveys the institutional and operational features of the six modern
currency boards. The survey is developed around three key aspects: organisation,
operations and legal foundation. By laying out the facts, this survey seeks to
shed light on how and why modern currency boards in practice are different from
the classic definition, and to distil from their features an updated definition
and the revised "rules of the game".
The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.
