.......... Well, there are really three ways you can address adverse currency dynamics in the short term. One is direct intervention, which clearly is an avenue down which there is a bank which chosen not to go and when you look back at the previous episodes in the last two-three years, the view has been that if it is in irresistible force, if it is too strong to effectively manage with intervention, then it is not really worth drawing down reserves to do it because as the governor himself has said failed defence is worse than no defence. That is a very legitimate position...............
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