Off the peg

MARKET VOICE

Pegged exchange rates have outlived their usefulness in Latin America. The alternative -- floating exchange rates -- provides hope for the region, says John Johnston, chief Americas economist at Royal Bank of Canada Capital Markets in Toronto

Only a few small countries maintain some form of exchange rate peg -- Costa Rica, El Salvador, Nicaragua, and Uruguay. The rest have opted for floating exchange rates or full dollarisation, though flexible exchange rates are the order of the day in the

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