Last Updated: Thu Mar 15, 2012 19:43 pm (KSA) 16:43 pm (GMT)

Assads’ Inbox: On ‘never bucking the market’

Subject: The Central Bank strategy
From: fawaz akhras
Date: 1/25/2012 7:31 PM
To: sam , AK

Hi
I read in the news that the Central Bank will return to the money market and issue auction to sell foreign currencies to maintain the value of the SP. This obviously at the cost of using the bank reserve. I remember the pound sterling going as low as 0.87 cent to the dollar and Mrs Thatcher was under tremendous pressure to interven in the
market but she resisted and I refer to her response to the parliament whe she said "Never buck the market". The test of time and experience proved that she was correct.

Warmest with my unreserved respect
Love u xx

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