the bulgarian central bank uses a peg, and it was very effective for the last 15 years, the romanian currency, the Leu, i think it was "backed by euros" and it fell by 50% in the same period, 12 years ago the Leu and the Lev were both parity at 50% to the euro

the board that does it in bulgaria basically all they have to do is buy euros to push the price up and sell them to lower it

i think the key difference is that "backed by" means more steps to the same end

when i say "buy and sell" i think that mainly means eurobonds to back their loan issuance, so if it goes up, they close out loans in leva and vice versa