In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the aim of discovering the true foreign exchange regime followed by the monetary authorities during the 1965–1998 period. The study's perspective emphasizes the divergence between de jure and defacto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.
