Only two exchange rate regimes can be considered hard pegs. These are:

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Currency boards and dollarization are the only two exchange rate regimes classified as hard pegs. Under a currency board, a country's central bank is required to back its monetary base fully with foreign reserves, ensuring that the exchange rate is fixed to a specific currency. In dollarization, a country completely adopts a foreign currency, such as the U.S. dollar, as its own legal tender, eliminating any discretion in monetary policy. Both regimes do not allow for independent monetary policy, making them hard pegs.

Only Two Exchange Rate Regimes Can Be Considered Hard Pegs