Governments, businesses and consumers have made financial choices and allocated resources with an understanding that a zero-interest-rate policy will remain in place indefinitely. The longer we leave interest rates at zero, the more asset values will be defined by these low rates and the greater the negative impact will be once the inevitable move up in rates begins.
*** Now, let me present to you a summary of the developments that characterized the country's economy and financial system during this year, based on the latest data available to the relevant sectors.