The last time the Bank of England intervened in the currency markets, supposedly, was Black Wednesday, when George Soros broke sterling. On that single day, September 16, 1992, the government spent $28 billion of its foreign currency reserves propping up the pound. It was the culmination of a month of operations that totalled $40 billion, one of the biggest currency gambles to date. The great lesson from this nation’s humiliation was that states should never interfere in currency markets. They are so big, they can chew up governments, as Britain found out to its cost.

Source: The Times March 23, 2019 00:04 UTC