It's neither a good nor a bad idea. The point of pegging your currency to a foreign currency is to rebuild trust in your currency by guaranteeing a fixed excha

It's neither a good nor a bad idea. The point of pegging your currency to a foreign currency is to rebuild trust in your currency by guaranteeing a fixed exchange rate. But if you do that by pegging to multiple currencies that all have variable exchange rates, how do you handle the relative changes between them ? The only way would to be adjust it almost daily. Which is the same thing as letting it float. ++ PS: I'm talking about a somehow hard peg here. Most countries tend to use targets and will try to maintain some levels of rate. But they do so by operation on the market rather a peg by fiat.