Sri Lanka is practicing three slabs of the USD/LKR for the usual exchange at 203.00, for remittance at 210.00 at the formal banking channel, while informal channels exchange of USD to LKR has been from 240.00 to 260.00. The public has been continued to expect the more free float of the LKR, but monetary authorities have not allowed it despite heavy criticism over the strategy.
Russia that has been engaging in a war with Ukraine is one recent example of letting the value of domestic currency determine the market forces. Especially the remittance and exports proceeds have slowdown dramatically to generate required FX flows to the country as a result of keeping the artificial exchange rate