This is about Black wednesday 1992,
Although it stood apart from European currencies, the British pound had shadowed the German Deutschmark (DEM) in the period leading up to the 1990s. This left Britain with low interest rates and high inflation. Britain entered the ERM with hopes of keeping its currency above 2.7 DEM to GBP. This was fundamentally unsound, primarily because Britain's inflation rate was many times that of Germany's.
The existing problems—stemming from the pound's inclusion into the ERM—were compounded by significant economic strain resulting from Germany's reunification. This, in turn, put pressure on the Deutschmark as the core currency for the ERM.
The drive for European unification also hit bumps along the road during the passage of the Maastricht Treaty, which was meant to create the euro.4 Speculators began scrutinizing the ERM, which resulted in questions about how long fixed exchange rates could fight natural market forces. Although the central banks around the world initiated protocols, to operate floating exchange rates with systems in place to enable forex traders to trade their currency in order to reflect on strength of all nations in international trade. This is backed by SWAP Agreements and other financial tools used amongst governments in trading blocs and beyond to avoid currency value fluctuations that happened on black Wednesday.
To add to this, fairly recently Malaysia also had a similar problem by the same maniac who is up to no good and Mahathir Mohamed administration had to take protectionist measures to guard the country from going in to chaos.
I hope Ajith Nivard knows what he is doing while sailing Sri Lankan financial market through this ocean full of bandits now expanding their horizon towards cyber warfare.