It is highly dependent on the specific analytical framework from which it is derived. In the light of model uncertainty and the unavoidable use of judgement in the forecasting process, the optimal interest rate path involves considerable communication challenges.
Going forward, we expect a special impetus to the growth of corporate debt market in our guidance to the banks to issue long term bonds to support infrastructure and housing projects. Further, in order to meet the capital requirements under the Basel III Framework, banks will tap the market with their Additional Tier 1 bonds, besides Tier 2 bonds.