As already mentioned above, there are a few important distinctions between countries that peg their national currencies to another. We will discuss these examples in the sections below. 

Oil Currencies Pegged To The United States Dollar (USD)

Some of the largest oil producers in the world have pegged their currencies to the USD at a stable rate. This is due to their dependence on their oil exports and consequently, the stability of the dollar. Such countries and currencies include:

• Bahrain: The Bahraini dinar (BHD) is pegged to the USD at a fixed rate of 0.376. Bahrain is the 35th largest oil producer in the world, with daily production output of 188,469 barrels per day (2022)
• United Arab Emirates: The Emirati dirham (AED) is pegged to the USD at a fixed rate of 3.6725. The UAE is the world’s 7th largest oil producer, with a daily production output of 3,467,870 barrels (2022)
• Qatar: The Qatari riyal (QAR) is pegged to the USD at a fixed rate of 3.64. Qatar is the world’s 14th largest oil producer, with a daily output of 1,321,192 barrels (2022)
• Saudi Arabia: The Saudi riyal (SAR) is pegged to the USD at a fixed rate of 3.75. Saudi Arabia is the 2nd largest oil producer in the world, behind only the United States, with a daily production output of 10,644,394 barrels (2022)
• Azerbaijan: The Azerbaijani manat (AZN) is pegged to the USD at a fixed rate of 1.70. Azerbaijan is the 23rd largest oil producer in the world, with a daily production output of 666,869 barrels (2022)
• Oman: The Omani rial (OMR) is pegged to the USD at a fixed rate of 0.38449. Oman is the 18th largest oil producer in the world, with a daily production output of 1,063,251 barrels (2022)

Other Currencies Pegged To The United States Dollar (USD)

Aside from major oil producers, some other notable countries that have pegged their currencies to the U.S dollar include:

• Hong-Kong: The Hong-Kong dollar (HKD) is pegged to the USD at a variable rate of 7.75-7.85
• Cuba: The Cuban peso (CUP) is pegged to the USD at a fixed rate of 24
• The Maldives: The Maldivian rufiyaa (MVR) is pegged to the USD at a variable rate between 10.28-15.42
• Panama: The Panamanian balboa (PAB) is pegged to the USD at an exact fixed rate of 1
• Lebanon: The Lebanese pound (LBP) is pegged to the USD at a rate of 15,000. The currency was pegged at a stable rate of 1,500, but the 2020 economic crisis in Lebanon has largely made currency exchange services unavailable in the country 
• Jordan: The Jordanian dinar (JOD) is pegged to the USD at a fixed rate of 0.709
• The Bahamas: The Bahamian dollar (BSD) is pegged to the USD at an exact fixed rate of 1

This is an incomplete list of countries that have pegged their currencies to the USD. There are also examples of countries removing their peg from the currency, such as China in 2015. 

Currencies Pegged To The Euro (EUR)

Contrary to the USD, currencies pegged to the euro (EUR) are from countries that are either members of the Schengen area, or are prospective members of the European Union, to which they have direct economic ties. 

Countries that have pegged their currencies to the euro include:

• Bosnia and Herzegovina: The Bosnia and Herzegovina convertible mark (BAM) is pegged to the euro at a fixed rate of 1.95583
• Bulgaria: The Bulgarian lev (BGG) is pegged to the euro at the same fixed rate as Bosnia and Herzegovina - 1.95583
• Denmark: The Danish krone (DKK) is pegged to the euro at a fixed rate of 7.46038
• North Macedonia: The Macedonian dinar (MKD) is pegged to the euro at a rate of 61.3644

Countries outside of Europe that have pegged their currencies to the euro include Cape Verde, The Comoros, and Sao Tome and Principe, which are all countries heavily dependent on tourism revenues. 

Currencies Pegged To The British Pound (GBP)

When it comes to the British pound, the currencies that are pegged to it are all crown dependencies of the United Kingdom, such as Gibraltar, Guernsey, Isle of Man, Falkland Islands, etc. 

Each of their respective currencies are also called the pound and are pegged to GBP at an exact and constant rate of 1. 

Currencies Pegged To The South African Rand (ZAR)

Neighboring countries of South Africa have pegged their currencies to the rand. A total number of three countries have pegged their currencies to ZAR, which are Namibia, Eswatini, and Lesotho.

All three of these countries have a direct peg to ZAR, at a fixed rate of 1. 

Currencies Pegged To The Australian Dollar (AUD) And The New Zealand Dollar (NZD)

Similarly to the British pound, the currencies that are pegged to either the AUD or NZD are pegged at an exact exchange rate of 1. 

All of the currencies pegged to the two represent dependencies and overseas territories, or small island nations, such as:

• Australia: Tuvalu, Kiribati
• New Zealand: Niue, Pitcairn Islands, Cook Islands

Other Currency Pegs

Other notable currency pegs include:

• Indian rupee: Bhutanese ngultrum (BTN) and Nepalese rupee (NPR) are both pegged to the INR at fixed rates of 1 and 1.6, respectively
• Singapore dollar: The Brunei dollar (BND) is directly pegged to the SGD at a fixed rate of 1
• Hong-Kong dollar: The Macanese pataca (MOP) is pegged to the HKD at a fixed rate of 1.03

• Currency pegs are widespread methods for countries to stabilize their exchange rates by directly tying their national currencies to a more stable one
• The currency with the most pegs is the USD, with pegs from the likes of Saudi Arabian riyal, UAE dirham, Qatari riyal, etc 
• Some currencies are pegged at a fixed exchange rate, while other are variable and oscillate within a set range
• Currency pegs come at a tradeoff between autonomy and economic stability