Capital controls make that pretty difficult. There are government set controls on whether you can purchase foreign currency and even then to how much you are allowed to buy.
I remember back in like 2011 Kirchner did this in Argentina while I was living there. There was out of control inflation and capital controls. The government also covered their ear and said "lalalalala I don't care what the world markets say, our currency is worth $x.)
If you were traveling, you could get foreign currency, but you had to apply for it, prove you were traveling, and then accept that the government would allot how much they thought you needed on your trip. I had a friend get $75 per day for their trip to the states. This creates the black market (or in Argentina, the "dolar blue") where the government said that the exchange was 5:1, but economics and the black market said 15:1 (at one point).
Moral of the story - you can not just ignore basic economic principles and dictate the value of your currency. Focus on building a strong and diverse economy and promoting a free market.
Mexico did this in the 1980's. It didn't work. It is strange that countries make the same mistakes over and over. I suspect that the Netherlands went through this centuries ago.
"Those who cannot remember the past are condemned to repeat it." -George Santayana
But I guess there's an element of "they did it wrong, we'll do it right" or "it'll work for us this time" or "this time is different because of x" and so on.
I remember back in like 2011 Kirchner did this in Argentina while I was living there. There was out of control inflation and capital controls. The government also covered their ear and said "lalalalala I don't care what the world markets say, our currency is worth $x.)
If you were traveling, you could get foreign currency, but you had to apply for it, prove you were traveling, and then accept that the government would allot how much they thought you needed on your trip. I had a friend get $75 per day for their trip to the states. This creates the black market (or in Argentina, the "dolar blue") where the government said that the exchange was 5:1, but economics and the black market said 15:1 (at one point).
Moral of the story - you can not just ignore basic economic principles and dictate the value of your currency. Focus on building a strong and diverse economy and promoting a free market.