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U.S.' Lew says UK authorities need time to probe pound crash
October 7, 2016 / 9:00 PM / a year ago

U.S.' Lew says UK authorities need time to probe pound crash

WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew said on Friday it was necessary to give British authorities some time to determine what drove a steep drop in the pound before jumping to conclusions.

Jack Lew, United States Secretary of the Treasury, is seen during a meeting with students at Autonomous Technological Institute of Mexico (ITAM), in Mexico City, Mexico, September 29, 2016. REUTERS/Edgard Garrido

“Based on our own experience, it takes some time to find out why such movements occur,” Lew told a news conference at the International Monetary Fund and World Bank Meetings in Washington.

The pound’s fall by more than 10 percent against the dollar to below $1.15 was not in line with a largely stable exchange rate picture in recent weeks, Lew said.

“In general, we’ve seen exchange rates behaving in a stable way globally responding to macro-economic movements,” he said.

Reporting by David Lawder and Leika Kihara; Editing by Andrea Ricci

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