Exchange rate fluctuations among major currencies are now an everyday fact of life, and it is important for all entities with foreign exchange exposures to resort to “hedging” with appropriate risk management of assets and liabilities. On balance, the benefits of the suggested alternatives to the present system are not very clear. The present system is by no means an ideal one.
We have several examples of top class performance, and those involved can bear testimony to the wonderful spirit associated with these events. As we embarked on this journey, with the help of consultants skilled in the new technologies of management, we became aware that we had achieved something essential for the development of this country at our relatively advanced state of human development.