It is also expected to assume the responsibility for policy coordination, a role that has, until now, been played by the G8. After years of virtually fruitless discussions, there are now signs of progress in the long overdue reforms to the governance and functions of the Bretton Woods institutions, the World Bank and International Monetary Fund.
This is in the mid-range of other EMs currencies, some of which have depreciated by over 30 per cent (such as Brazilian real) and others by around 3 per cent (such as the Indian rupee). The most recent inflation forecasts point to an average inflation rate of 4.7 per cent in 2015.