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I mean who gives a toss about the transfer between funds to reflect the straight line devaluation of the fixed asset.
If the price of pounds is higher than the market can bear, central bank intervention will eventually fail to prevent a devaluation.
It had a similar massive devaluation against the dollar.
Always a maverick, he had called for a sharp devaluation of the Russian ruble before the August 1998 financial meltdown.
Credibility demands that the realignment be large enough to make negligible the risk of a further, early devaluation of the pound.
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