A form of a fixed exchange rate regime that sets limits to the rate of change in the exchange rate, rather than setting the level of the exchange rate to any particular value. A ‘crawling peg’ could take several forms, among them the following. The authorities could pre-announce a trend rate of movement in par exchange rates by small regular changes in the same direction, for example ½ per cent a month. They could retain discretion to change par rates in either direction by up to a low limit, for example 1 per cent a month. Alternatively, they could announce that the par rate would be continually adjusted to be equal to the average of market rates over some period of the past, for example a year. In all cases it is assumed that market rates would be held within fixed limits around the par rates by intervention in the market.