adjustable peg exchange-rate system
‘adjustable peg’ exchange-rate systema form of FIXED EXCHANGE-RATE SYSTEM originally operated by the INTERNATIONAL MONETARY FUND, in which the EXCHANGE RATES between currencies are fixed (pegged) at particular values (for example, £1 = $3), but which can be changed to new fixed values should circumstances require it. For example, £1 = $2, the re-pegging of the pound at a lower value in terms of the dollar (DEVALUATION); or £1 = $4, the re-pegging of the pound at a higher value in terms of the dollar (REVALUATION).
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005