Honoured Guests: Implementation of monetary policy in the past year posed an interesting challenge. From a global perspective, there was sluggish demand, weak economic activity, lacklustre financial intermediation and benign inflationary pressures.
3 The Asian Bond Fund (ABF), established in 2003, is an index bond fund with a two-phase framework, namely, "ABF1," which invested in U.S. dollar bonds, and "ABF2," which invests in local currency bonds and is open to private sector investors. In 2016, because the EMEAP determined that ABF1 had achieved its original purpose, its proceeds were reinvested in ABF2.