Such competition would, in turn, enable banks to alter their input and output mix, which when combined with technological developments facilitates increase in output that raises overall bank productivity and efficiency.
Turning to the monetary analysis, recent data confirm that the underlying pace of monetary and, in particular, credit expansion continues to be subdued. Annual growth in broad money, M3, increased in April to 3.2%, from 2.6% in March, mainly due to a base effect and special factors.