And the reduction of the policy rate to a record low of -0.75 per cent in early 2015 was necessitated by very strong capital inflows following the decision of the Swiss National Bank to discontinue the ceiling on the Swiss Franc and the subsequent announcement of a large scale asset purchase programme by the ECB.
In the wake of the recent financial crisis, there is renewed focus on availability of information and statistical gaps globally. The department is actively engaged with other international bodies such as the IMF, G20, BIS and FSB in strengthening our financial statistics and adopting international best practice. Notwithstanding various achievements, there are challenges.