They need to have the hedging instruments available to manage risk effectively and a degree of familiarity with the foreign currency. It also takes time for the home authorities to be comfortable allowing their currency to be freely bought and sold by non-residents. So internationalisation is not something that occurs quickly.
And I believe this conference will also provide clues to how to map out charts through troubled waters. Thank you for your attention. 2  BIS Review 41/2002