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1. Types of exchange rates

   • Fixed exchange rate
     • Advantage: A country with a fixed exchange rate system is attractive to foreign investors
     • Disadvantage: The government of a country following such a system has to maintain a huge amount of foreign exchange
   • Flexible exchange rate
     • Disadvantage: Floating rate systems are prone to greater volatility since they are determined by the market forces
     • Advantage: The rates under this system are determined by a self-sufficient mechanism

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