One of the mysteries of the English language finally explained.
A point on a scale of exchange rates in which a currency's value is allowed to go up or down frequently by small amounts within overall limits.
- ‘The administration of the compensated dollar is similar to the operation of a crawling peg in foreign exchange markets.’
- ‘The long term goal is a crawling peg, delivering some appreciation against the dollar, but this goal will be realized over 20 years or so.’
- ‘For elite classes, the middle class, and workers and peasants, the crawling peg provided critical economic benefits.’
- ‘This raises the question: are permanently fixed exchange rates within the euro zone preferable to a crawling peg system or managed float or to the more freely floating system in which the pound sterling operates, for example?’
- ‘The experience is that, sooner or later, a fixed currency or crawling peg arrangement leads to very large losses by the State as speculators pick off that currency.’
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