Monetary policy thrusts: In response, the BSP has opted to use a mix of monetary policy tools over the last year. These actions included increases in reserve requirements on bank deposits, upward adjustments in policy interest rates, a strategic presence in the FX market, alongside a clear communication plan, and other macroprudential measures.
The estimates for potential growth are from: Holston, Laubach, and Williams (2017), ‘Measuring the Natural Rate of Interest: International Trends and Determinants’, Journal of International Economics, 108, supplement 1 (May), S39–S75, updated at <https://www.newyorkfed.org/research/policy/rstar>; IMF World Economic Outlook; OECD Economic Outlook; and national source estimates by the European Commission, Bank of Canada, Bank of Japan, the US Congressional Budget Office and UK Office of Budget Responsibility.