It was a while ago …
- “Black Wednesday” in October 1992
- The Bank of England raised rates from 10 to 12 and then 15% to defend sterling’s target exchange rate against the Deutschmark
- George Soros wasn’t buying it (see whatIi did there?), though … he kept selling GBP
- So the BoE capitulated, and allowed the pound to finally fall … then the next day cut rates to 9 per cent
Russian central bank governor Elvira Nabiullina
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Different time and circumstances, of course …
