I have also flagged the RBI moves to bring orderliness in the market and shared with you the thinking process that went behind these measures. In concluding, I want to leave the thought that we expect greater responsibility on the part of corporates in managing their risks which calls for greater understanding of their actions from a macro perspective.
We raised our key policy interest rate three times between April and July 2002, by a total of three-quarters of a percentage point. By last autumn, inflation in Canada was on the rise.