This growth rate was well above the Bank’s target range of 12.5 - 14.5 percent, which had been judged to be consistent with the economy’s underlying growth potential and the inflation objective.
Maintaining a flexible and market-determined exchange rate can better insulate our economy from external shocks that could disrupt the pace of economic 2/4  BIS central bankers' speeches  growth. In this regard, we have embarked on more ambitious FX reforms to achieve more efficiency and ease of doing business.