We at the Bank will do as much as we can to support their efforts in this regard, through supervision and other means, whenever the occasion presents itself. V.  Issues for 2004  2004 is the final year of preparation for the removal of blanket protection of demand deposits in April 2005.
Such a framework allows the BSP to intervene only if volatility in the foreign exchange market is perceived to adversely affect the inflation outlook. Our policy toolkit now encompasses macroprudential regulations that can be targeted against specific sources of risks, contingency measures such as liquidity-enhancing facilities, and regional firewalls that boost the flexibility and effectiveness of our actions.