Many valuable lessons were learnt from the crisis: •  Exchange rates should not be overvalued for long periods. •  Providing exchange guarantees by the central bank or government are best avoided.
•  On the external account, liberalising equity flows first is a better option followed by commercial credit and longer term debt , while limiting the access to foreign debt by the financial sector. •  Central bank funding of the government in the primary market should not be resorted to. •  Excessively high remuneration on reserve requirements erodes monetary control.