Real interest rates in double digits are much higher than the growth potential of GDP given structural constraints. Reform of the payments system The payments system plays a crucial role in any economy as a channel of inter-sector, interindustry and inter-company financial resource flows, thus, promoting economic growth.
However, the stance of investors toward firms with high credit risks remains severe and the lending attitudes of private banks are becoming more cautious. Hence, the developments in the behavior of financial institutions and corporate financing continue to require close monitoring. 2  BIS Review 37/2002