# Currencies & FX regimes scoreboard (ASEAN-10 + Timor-Leste)

Dedicated **exchange-rate regime + bilateral USD + effective exchange rate** pack for SEA-11. Complements `topics/inflation_policy_rates/` (which owns CPI and policy-rate stance — including the Singapore *exchange-rate centred* chip). **This pack owns AREAER de facto FX regime labels, bilateral LCU/USD levels, and BIS REER/NEER.** Do not invent a Singapore “policy rate” here either.

**As of:** 2026-09-17  
**Coverage:** BRN, KHM, IDN, LAO, MYS, MMR, PHL, SGP, THA, VNM, TLS  
**Linear:** [MED2-68](https://linear.app/media-os/issue/MED2-68/currencies-and-fx-regimes-sea-scoreboard-brief-spec)  
**Rule:** No invented FX levels, REER indices, or regime labels. Empty cells stay empty. Never average REER with bilaterals.

## Indicators

| Metric ID | Unit | Source | Vintage / as-of |
|-----------|------|--------|-----------------|
| `fx_regime` | label | IMF AREAER 2023 Table 4 (de facto) | **as of 30 Apr 2023** |
| `fx_anchor` | label | AREAER Table 4 / overview | same |
| `fx_regime_detail` | text | AREAER notes | same |
| `usd_bilateral` | LCU per USD | BIS WS_XRU monthly average (A) | mostly **2026-08**; KH **2026-07**; LA/VN **2026-06**; MMR **2024-03** (stale); TLS = **1** (USD legal tender) |
| `usd_yoy_pct` | % | Derived from same BIS bilateral series | 12-month % change in LCU/USD (positive = local depreciation vs USD) |
| `usd_bilateral_wdi` | LCU per USD | World Bank WDI `PA.NUS.FCRF` | annual (mostly **2025**; LAO/VNM **2024**; MMR **2020**) — secondary |
| `reer_index` | index 2020=100 | BIS WS_EER real broad | monthly end **2026-08** for ID/MY/PH/TH/SG; others **GAP** |
| `reer_yoy_pct` | % | Derived | Aug-2026 vs Aug-2025 |
| `neer_index` | index 2020=100 | BIS WS_EER nominal broad | **2026-08** for ID/MY/PH/TH/SG; others **GAP** |
| `neer_yoy_pct` | % | Derived | Aug-2026 vs Aug-2025 |

### Regime label vocabulary (AREAER)

`no_separate_legal_tender` · `currency_board` · `conventional_peg` · `stabilized` · `crawl_like` · `other_managed` · `floating` · `free_floating`

### Anchor vocabulary

`USD` · `SGD` · `composite` · `none` · `other`

## Panel rules

| Panel | Metrics | Do not |
|-------|---------|--------|
| **(1) FX regime chips** | `fx_regime` (+ detail) | Invent post-AREAER reclassifications; mix de jure with de facto |
| **(2) Bilateral USD** | `usd_bilateral` (badge month) | Plot MMR 2024-03 as a 2026 print; splice WDI without year badges |
| **(3) REER / NEER** | `reer_index` / `neer_index` | Invent VN/KH/LA/MM/BN/TL EERs; claim index level = undervaluation |
| **(4) YoY moves** | `usd_yoy_pct` / `reer_yoy_pct` | Treat bilateral YoY as REER; average across countries |
| **(optional) WDI annual** | `usd_bilateral_wdi` | Relabel as BIS monthly |

## Files

| File | Role |
|------|------|
| `scoreboard.csv` | Long-format — **canonical** |
| `scoreboard_wide.csv` | Wide pivot |
| `timeseries.csv` | Monthly BIS REER/NEER (ID/MY/PH/TH/SG) + bilateral A series |
| `gaps.md` | Honest empties + caveats |
| `provenance.json` | Freeze metadata |
| `_raw/` | AREAER 2023 PDF/excerpt · WDI JSON · BIS EER/XRU extracts |
| `../../PUBLISHABLE_Currencies_FX_SEA.md` | Writer brief |
| `../../SPEC_Currencies_FX_SEA.md` | Designer brief |

## Reading notes

- **Philippines** AREAER **floating** (inflation-targeting). BIS Aug-2026 PHP **61.45**/USD (**+7.6%** YoY LCU/USD = depreciation vs USD). Broad REER **97.0** (**−3.4%** YoY) — softer than MY’s real appreciation, milder than ID’s real drop.
- **Singapore** is the hub exception: AREAER **crawl-like** anchored to **S$NEER** (composite). Strongest REER among covered peers (**114.8**). Do not plot a MAS “policy rate” on this board.
- **Brunei** AREAER **currency board** vs **SGD** (interchangeability). Bilateral BND tracks SGD.
- **Timor-Leste** AREAER **no separate legal tender** — **USD** is legal tender; bilateral locked at **1**.
- **BIS REER coverage** for SEA-11 in the broad basket: **ID, MY, PH, TH, SG only**. VN/KH/LA/MM/BN/TL stay empty.

## British English

Documentation uses British English where it does not conflict with primary-source labels (AREAER uses US spelling in source text — preserve quoted labels).