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The system of currency boards originated in Britain in the 1800s. Soon the concept of currency boards spread among the British colonies in Africa, Asia, the Caribbean and the Pacific Islands. In the 1990s, this system was introduced in those countries, which were troubled by high inflation and financial instability. But gradually, the currency boards were replaced by the central banks. By 2002, 174 countries had established their own central banks. However other countries like Hong Kong, Estonia and Lithuania continued to have currency boards and they did not permit any monetary policies. This case helps to discuss the mechanism of currency boards of different countries. It also gives insight into the differences between the central bank and the currency board arrangement. A structured assignment ''204-046-4'' is available to accompany this case.