The country’s external payments position remains manageable and we have built up a strong liquidity buffer against external shocks. At $ billion as of end-October, our GIR level can cover 8.4 months’ worth of imports of goods and payments of services, even exceeding the outstanding external debt amounting to $ billion as of end-June 2017.
We also have in place substantial regional safety net arrangements. The banking system is strong and stable. Banks are lending more, and to productive sectors. Outstanding loans of universal and commercial banks as of end-September 2017 are up by 21.1 percent year-on-year. But the non-performing loans (NPL) ratio stood at a mere 1.4 percent.