Nobody could conceivably track the almost infinite variables muddling our floating fiat monetary policy.

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The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

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There are two draft bills floating around Congress, and policy recommendation reports are coming soon from the Federal Trade Commission and the Commerce Department.

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"We have had a tough year, but through stringent fiscal policy, the new floating exchange rate regime, and extensive structural reforms, we have come out of intensive care unit, " Mr Dervis said.

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But Mexico is alone among the big Latin economies in having a freely floating currency, which gives it more policy flexibility.

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In an effort to obtain loans to service its debt, Seychelles in November 2008 signed a standby arrangement with the IMF that mandated floating the exchange rate, removing foreign exchange controls, cutting government spending, and tightening monetary policy.

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