That is a very important lesson. Trying to swim against market forces, makes you lose at the end and the spectators will laugh at you. Here, the fear, uncertainty and doubt caused quite a bit of capital flight and that will make recovery harder.If they had freed the dollar earlier, we could have saved a lot. Now brace brace brace!
This is not a special weakness of Pakistan alone. Stronger countries have tried it too with same disastrous consequence.
For example, this happened 30 years back:
How Soros Broke the British Pound
How Soros Broke the British Pound
Black Wednesday is known as the day that George Soros bet against the British pound, leading to one of the most catastrophic financial events in modern history
theeconreview.com