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$592.2m at end-October 2018, are relatively low compared with the monetary base (approximately Rf10.7bn, or US$692m, at end-October based on MMA data). This renders the peg relatively vulnerable, particularly given the scale of 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.