A FOREIGN EXCHANGE PEGGING process based on official CENTRAL BANK intervention activity that adjusts the value of the local currency through small preannounced changes or average target rates over a period of time. The crawling feature avoids sudden jumps or VOLATILITY characteristic of DEPRECIATION or DEVALUATION , but may still be difficult and expensive to maintain over the long term. See also MANAGED FOREIGN EXCHANGE RATE .
Black’s Law Online Dictionary
