IMF and Currency Boards

I AM sure that D N Ghosh and Ranjit Sau will respond appropriately to Deena Khatkhate (April 18). It is not clear what exactly is Khatkhate's own stand on the so-called Currency Board recipe. Obviously he endorses IMF's action in supporting Argentina's adoption of this recipe, even though did not initiate the move". Every-one knows that the Currency Board system was adopted by colonialist powers to transfer surpluses generated through trade and other external transactions in the colonies and not out of their great love for monetary and price stability in the colonies,