Governors, notwithstanding these achievements on the domestic scene, allow me to underscore the consequences of the fragile international economic environment for our economies. The medium to long-term prospects for the global economy remain very uncertain.
Meanwhile, growth in lending by private financial institutions has continued to be slow, owing both to weak corporate demand for new funds and to an increase in capital market financing. Monetary aggregates in terms of M2 + CDs average outstanding, however, have continued to grow at over 3.0 per cent. 3.