Chart 5 Key policy rate at a minimum  Chart 6 Monetary policy relaxation was also achieved through  (annual level, in %)  a reduction in the FX required reserves (in %)  26 24 22 20 18 16 14 12 10 8 6 4 2 0  35  Private Sector* Policy Rate Deposit Facility Lending Facility BELIBOR 1W  30  29,0  25  22,0  26,0  FX <2Y RSD <2Y FX >2Y RSD >2Y  19,0  20 15  8,7  13,0  10 5,0  5  3,0 2,4  1 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Sources: Thomson Reuters and NBS.
Having given a gist of the need to effectively manage change, let me now outline some of the areas which offer major challenges in the area of large scale technological upgradation. At the top of the pyramid of challenges is the choice of the right technological solution.