> Was the investment in pound sterling?
> The pound has been going down steadily over the last year.
> And now we have a steep drop due to Brexit.

Am not speaking from a position of particular knowledge on this, but the
way I read original the email was simply that income was held in some kind
of depsit account in the currency in which it was received - so GBP income
remained in GBP until there was a need to spend GBP. WMF does after all
have significant expenditures in other currencies than dollars (e.g. grants
and salaries of overseas staff).


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