What is one of the two major exchange rate policies?

The fiscal rate does not pertain to exchange rate policies; rather, it relates to government spending and taxation decisions that influence a country's economic health. It is not a recognized term in the context of currency valuation or exchange rate mechanisms.

Matched rate is not a standard term used to describe exchange rate policies. It may refer to specific financial agreements or strategies in other contexts but does not represent one of the primary exchange rate systems employed by nations for managing their currencies.

The discount rate refers to the interest rate charged by central banks on loans to commercial banks and is an essential tool for monetary policy. However, it is not an exchange rate policy; instead, it influences economic activity and can indirectly affect exchange rates through interest rate differentials.