In addition, some of the correlation may reflect the effect of the response of monetary policy to exchange rate developments. Perhaps reflecting the latter influence, the correlation between interest rates in the United States and Canada is higher, about 0.8, while that between the United States and Europe is lower, about 0.4.
This is no doubt a visible sign evidencing the growth and expansion of the Bank and the Banking Industry in general. I have no doubt that the Bank is now well poised to effectively discharge its responsibilities on savings mobilization and financing of investments both in the rural and urban sectors of our economy.