All variables show expressive changes in the periods of international financial crises, with the exception of the exchange rate in the period of a crawling peg
exchange rate system.
The actual choices may include using foreign currency as legal tender; introducing a currency board; announcing a peg to a foreign currency or a basket of currencies in a less rigid way; announcing a crawling peg
with a particular rate of crawl; specifying a fluctuation band; combining the latter two arrangements in a crawling band; a managed float without specifying (or committing to) an exchange rate target; or an independent float.
Ertel, who all along declared "there was no plan B", took the blame for endorsing the crawling peg
regime in the first place and then for mishaps in defending it.
Because inflation has slackened and because the nominal anchor of the crawling peg
has decreased in importance with a further widening of the bands, Poland, like the Czech Republic, has adopted inflation targeting as the framework for its monetary policy.
Fitch notes that the central bank's intention to move toward the exchange rate bands system from the crawling peg
regime in the coming months could improve its ability to implement monetary policy.
Medium-term: For the three years after that, approximately 2009-11, re-peg the renminbi to a basket of currencies of China's major trading partners, and use a crawling peg
system, like those of Taiwan and Singapore, to allow currency flexibility.
Since the beginning of 1990 and until March 1995, it pursued an adjustable peg and since then a crawling peg
In January 1989, the peg was changed to a crawling peg
and a moving target zone was introduced in December 1991.
This, combined with the country's crawling peg
exchange rate regime, limited 'usable' international reserves as well as a relatively weak banking sector have increased the vulnerability of Costa Rica to external shocks.
Even without sufficient public discussion, devaluation with a crawling peg
for the forint, tariffs, and state-sector wage ceilings have led to rapid export growth.
The Negative Outlook and the ratings reflect Fitch's concerns over Costa Rica's persistently high fiscal deficits and the high level of dollarization of its banking system, which in the context of a crawling peg
regime increases the country's financial vulnerability.
The Negative Outlook reflects the high fiscal deficits and high level of dollarization of the banking system in the context of a crawling peg
exchange rate regime that increases Costa Rica's financial vulnerability.