Wrong analysis, worse remedies

World Money

 I have been making a living as a consultant in currency and interest rate risk management for a quarter century now. From the revised regulations on external commercial borrowings (ECBs) issued by the ministry of finance (MoF) last month, it seems that I now have an extremely formidable competitor in my profession.

 The MoF has, as part of the new policy, got involved in the hedging policies of corporations. Quite apart from the weak logic of the hedging regulations as propounded,