The absence of an efficient “bond-currency-derivative” construct, so called BCD nexus, is sometimes held against the entire market development process. However, the conception of a synergistic, harmonized BCD nexus implies a perfect seamless market with enormous possibilities of risk-payoff combinations using some basic instruments. Implicit behind it is the efficient market hypothesis which itself is being reinterpreted.
Ladies and gentlemen, dear colleagues, Since we last met at the presentation of the November Inflation Report, the NBS Executive Board has kept the key policy rate at 3.0%, its lowest level in the inflation targeting regime yet.