To date, we have not seen these risks materialise, but we have to prevent them. Once the second round effects materialise, it is too late. Signals for risks in the medium to long term can be deducted from our monetary analysis. For example, loans to the private sector are growing quite rapidly.
Further, remittances now represent a prime source of external finance for low- and middle-income countries relative to other types of flows, such as foreign direct investment (FDI), official development assistance (ODA), and portfolio investment flows.