Pegged Currency

Mubtadi
Update shuda Jun 24, 2026

Eham Nukaat

  • Pegged currency ek aisi currency hai jis ka exchange rate government ya central bank ki janib se kisi aur currency, commodity, ya currrencies ki basket ke sath munsalik kiya jata hai, is practice ko currency pegging kaha jata hai.

  • Rate ko ek mutayen range ke andar rakhne ke liye central banks foreign exchange markets mein currencies ki khareed o farokht kar ke peg ko barqarar rakhte hain.

  • Crypto mein, stablecoins digital assets par currency pegging principles ka itilaaq karte hain, amoomi tor par value ko US dollar jaisi kisi fiat currency ke sath munsalik kar ke aisa kiya jata hai.

  • Jab central bank ke paas usse bachanay ke liye reserves khatam jo jaen, ya market pressure authority ki mudakhlat karne ki salahiyat se tajawuz kar jae to peg break ho sakta hai.

Pegged Currency kia hai?

Pegged Currency ek aisi currency hai ke jis ka exchange rate kisi aur asset ke sath fix hota hai, jaisa ke koi foreign currency, gold jaisi koi commodity, ya currencies ki basket. Governments aur central banks currency pegging ka istemal exchange rate ke utar charao ko kam karne, aur trade aur investment ko asani se plan karne ke liye karte hain.

International markets mein azadana tor par flow karne ke bajae, pegged currency issuing authority ki janib se mutayen karda narrow band ke andar trade karti hai. Misal ke tor par, US dollar ko peg karne walay mulk ki currency, wasee tar market ki movements se qata nazar ek muqarrara fiat currency exchange rate barqarar rakhe ge.

Currency Pegging kese kaam karti hai?

Jab koi currency apne target rate se door chali jati hai, to central bank foreign exchange markets mein mudakhlat karta hai taa keh usse wapas push kare. Agar currency kamzor ho jae, to bank foreign reserves ka istemal kar ke usse kharidta hai, demand barhata hai aur qeemat ko support karta hai. Agar currency mazboot hoti hai, to bank usse bechta hai, supply barhata hai aur rate kam karta hai.

Is process ke liye bohot zyada reserves rakhne ki zarurat hoti hai, isi liye currency pegging ko central bank reserve management ke sath munsalik kiya jata hai. Kuch mulk is se aagay barh kar currency board banate hain, jahan domestic money supply ki foreign reserves ke zariye mukammal tor par maawnat ki jati hai, aur azadana maliyati policy ke liye kam space bachti hai. Central bank digital currencies (CBDCs) ek modern development hai, jahan digital paisa barae rast central authority issue karti hai.

Pegs crisis, capital outflows, ya economic conditions ke muqablay mein bohat zyada overvalued ho jane par pressure mein aa jate hain. Jab central banks ne unsustainable rate ko defend karne ke liye reserves khatam kiye to to kai pegs break ho gae.

Pegged Currencies ki amoomi aqsaam

Fixed peg

Fixed peg ek currency ko kisi foreign currency ke sath ek fixed rate par lock kar deta hai. Issuing authority hamesha domestic currency ko us rate par exchange karne ka wada karti hai. Hong Kong dollar 1983 se is model par chal raha hai, aur HK$7.75 se HK$7.85 fee US dollar ke trading band barqarar rakhe hue hai, jo currency board se maawnat yafta hai. UAE dirham bhi ek misaal hai, jo US dollar ke sath fixed rate par pegged hai.

Crawling peg

Crawling peg target rate ko fix rakhne ke bajae marhala war adjust karne ki ijazat deta hai. Is approach se authorities afraate zar ke farq ya muaashi halaat ke tabdeeli ko achanak devaluation ke shock ke bagher handle kar sakti hain. Kuch Latin American economies ne zyada afraate zar ke environments mein currencies manage karne ke liye crawling pegs ka istemal kiya hai.

Basket peg

Basket peg ek currency ko kisi foreign currency ke bajaye kai foreign currencies ke mutawazan majmooay ke sath minsalik karta hai. Is reference ko diversify kar ke, authorities kisi bhi ek currency ki fluctuation ke khatray ko kam karti hain. International Monetary Fund ki janib se jari karda Special Drawing Right (SDR) ek mashhoor basket instrument hai, jo US dollar, euro, Chinese renminbi, Japanese yen aur British pound par mabni hai.

Crypto mein mojood Pegged Currencies: Stablecoins

Cryptocurrency markets mein, stablecoins pegging concept ka itilaaq digital assets par karte hain. Stablecoin ko kisi reference asset ke sath munsalik kar ke stable value ko barqarar rakhne ke liye design kiya gia hai jo zyada tar US dollar hota hai. USDT aur USDC jaise Fiat ki janib se maawnat yafta stablecoin peg ko support karne ke liye reference asset ke reserves ko hold karte hain. DAI jaise Collateralized stablecoins stability ko barqarar rakhne ke liye deegar crypto assets ke sath overcollateralization ka istemal karte hain.

2024 se yield-bearing stablecoins ziada mashhoor ho gaye hain. Misaal ke tor par, Ethena ka USDe 2024 mein launch hua aur ye staked ETH collateral ko short perpetual futures positions ke sath pair karke apna dollar peg barqarar rakhta hai. In designs ne reserve ki janib se maawnat yafta models se mukhtalif risk profile introduce karwaya hai kiun ke stability hedging strategy aur exchange counterparty exposure ke mechanics par inhisar karti hai.

Algorithmic stablecoins

Algorithmic stablecoins direct asset reserves ke bajae smart contract rules aur supply adjustments ke zariye apna peg barqarar rakhne ki koshish karte hain. Jab qeemat target se zyada hoti hai, to naye supply mint ki jati hai; jab ye kam hoti hai, to supply ko kam kar diya jata hai.

Ye mechanisms maazi ki stress conditions mein unstable rahe hain. TerraUSD (UST) aur LUNA ke 2022 mein collapse ke natijay mein taqreeban $40 billion ka nuksan hua kiun ke algorithmic mechanism mass selling pressure mein nakaam ho gia tha. Is scale ke Depegging events algorithmic designs ki zyada scrutiny ka baais banay, aur 2023 ke baad trend hybrid aur reserve ke bajae maawnat yafta models ki janib shift ho gaya.

FAQ

Currency ko peg karne ka kia matlab hai?

Kisi pegged currency ka exchange rate is ki issuing government ya central bank ki janib se foreign currency ya commodity jaise kisi aur asset ke sath fix hota hai. Is ka matlab hai ke rate international markets mein azadana tor par flow nahi karta; is ke bajae authorities isse mutayen range ke andar rakhne ke liye mudkhlat karti hain.

Central banks currency peg ko kaise barqarar rakhte hain?

Central banks foreign reserves ka istemal karte hue foreign exchange markets mein un ki apni currency ki khareed o farokht kar ke pegs ko barqarar rakhte hain. Agar currency kamzor hoti hai, to wo qeemat ko support karne ke liye isse khareed lete hain; agar ye mazboot hoti hai, to wo pressure ko kam karne ke liye isse farokht kar dete hain. Currency board nisbatan ek aisa strict version hai ke jahan pesay ki tamam supply mukammal tor par foreign reserves ki janib se maawnat yafta hoti hai.

Pegged currencies ki misaalein kia hain?

Hong Kong dollar ek established misaal hai jo 1983 se US dollar ke sath currency board ke zariye pegged hai. UAE dirham bhi US dollar ke sath fixed rate par pegged hai. Bulgaria ne 1 January 2026 ko euro adopt karne se pehle taqreeban 30 saal tak euro ke sath currency board peg rakha.

Pegged currency aur stablecoin ke darmiyan kia farq hai?

Dono fixed reference rate ka istemal karte hain, lekin wo mukhtalif contexts mein operate karte hai. Pegged currency ek aisi foreign currency hai jo exchange reserves ka istemal kar ke kisi government ya central bank ki janib se manage ki jati hai. Stablecoin ek aisi cryptocurrency hai jo reserves, collateral, ya algorithmic rules ka istemal kar ke digital tor par pegging mechanics ki naqal karti hai.

Ikhtatami khiyalaat

Currency pegging ek balancing act hai. Peg stability la sakta hai, trade ko asaan banata hai aur currency par trust build karta hai, lekin iske liye strong reserves aur mohtat nazamkari darkar hoti hai. Jab yeh sharaait puri na hon, to peg break ho sakta hai aur sangeen maali nuksan ka baais ban sakta hai.

Stablecoins crypto par bhi issi idea ka itilaaq karte hain. USDT aur USDC jaise reserve ki janib se maawnat yafta stablecoins riwayati pegs ki tarah he kaam karte hain, jab ke algorithmic stablecoins ne pressure mein apni value hold karne ke liye mushkil ka samna kiya hai. TerraUSD ka collapse is ki ek wazeh misal hai ke kia ghalt ho sakta hai.

Aya traditional finance ho ya crypto, ek he sawal ka itilaaq hota hai: darasal kya cheez fixed rate ki maawnat kar rahi hai? Kisi pegged asset ko hold ya trade karne se pehle, yeh samajhna zaruri hai ke peg kaise kaam karta hai aur kia cheez is ki nakami ki waja ban sakt hai.

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