As soon as the macroeconomic news is  released, expectations of the short-term interest rates will adjust in the equilibrating direction that markets expect to see implemented by the central bank. Such a credibility asset can turn out to be very beneficial in cases of major shocks and risks.
The average cost incurred by the Bank to sterilise the proceeds of forex purchases stood at 3.4% in the same year – that is ten times higher. 19. Central Bank losses were expected and very much at the heart of our initial reluctance to intervene.