EFTA01449306.pdf

23 August 2013 Update: Asia's currency laggards need policy clarity and some breathing room contradictory. India carried out bond sales to tighten liquidity last month and then reversed its stance somewhat by doing open market sales this week. Indonesia has ostensibly tightened monetary policy by raising interest rates but simultaneously injected liquidity by doing USD-IDR swaps with banks. There is policy room is restore stability in the currency markets of all three economies, provided measures are taken expeditiously, and with clarity and credibility (Reserves in months of imports 8.0 i 7.0 6.0 5.0 I 4.0 I 3.0 2.0 1.0 0.0 India Indonesia Malaysia Sant a C DeUtiCh• Bfint Deutsche Bank AG/Hong Kong Pago 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104653 CONFIDENTIAL SDNY_GM_00250837 EFTA01449306