This study seeks to find, explain and propose an alternative strategy of the exchange rate policy. The exchange rate arrangement based on crawling pegged parity was characterized on the theoretical level and then the practical macroeconomic aspects were analysed considering a specification of the transition process and a prospect of the access the European Union. The proposal was based on fixed exchange rate anchored on specific basket in the first phase, consecutive releasing within the framework of arrangement with crawling pegged parity anchored on the euro within bands in the second phase and the exchange rate fixed on euro in the third phase characterized by the European integration process.