multiple exchange rates
- The existence of more than one exchange rate for a given pair of currencies. Rare today, this used to be common in countries with extensive capital controls, which also set different exchange rates for different purposes.
- A currency system that involves a nation simultaneously having fixed and floating forex rates. Typically, each of the multiple exchange rates can be used when exchanging currencies within the country, although which one applies may depend on what product is being imported and its strategic importance to the country.