The rufiyaa is pegged to the US dollar. The midpoint of the exchange rate is Rf12.85:US$1, and the rate is permitted to fluctuate within a band of 20% either side of this level. In recent years the currency has consistently tested the weak edge of the exchange-rate band. Gross international reserves, at US$778m at end-April 2019, are relatively low compared with the monetary base (approximately Rf13.4bn, or US$870m, at end-April based on MMA data). This renders the peg relatively vulnerable, particularly given the scale of the country's other external liabilities. There is a significant risk that the government could look to revise the peg in 2019-20, with a view to weakening the currency. However, a substantial depreciation does not form part of The Economist Intelligence Unit's core forecast.