In other words, we thought that the requisite real exchange rate depreciation would occur largely via the nominal exchange rate, but might also be assisted by a decline in domestic cost pressures. These developments were expected, at least in part, to reverse some of the effects on consumer price inflation seen during the investment phase of the boom.
I would also give thanks to all of our members for their hard work in tackling the difficulties arising from the global financial crisis. In the wake of Lehman Brothers' filing for bankruptcy protection in September last year, the financial markets and real economic conditions worsened significantly. Recently, however, the economy has been showing signs of improvement.