Questions are also raised about the accountability of CRAs, the potential for herding by investors and frequent changes in ratings causing volatility. Excessive reliance on CRAs is, under these circumstances to be eschewed and in any case the quality of ratings by CRAs continuously assessed.
•  So, there is the real danger that by intervening in the forex market, you could end up losing forex reserves, and not gaining on the currency. The lower your reserves dip, the more vulnerable you become. And the vulnerability can become quite serious if your reserves go below the level markets perceive as necessary to regain market access.