Famous statement from earlier this week on Monday from the central bank, ‘There’s no plan to change the exchange rate at present‘. Governor Alaq and Dr Saleh both used almost exactly those words. Notice the two little words, ‘at present.’ The statement was 100% true this last Monday. But come this next Monday morning we will no longer be in the present. A quick history lesson…Dr Abadi, the legendary former governor …used the exact same phrase, ‘no plan at present’, in late 2011, right before the central bank made a small but important adjustment in early 2012. Central Banks often speak this way when the last pieces are falling into place…That present that existed on Monday last week is not the same present it’s going to be on this Monday.
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