This restructuring, combined with the onrush of technology and the heavy emphasis across all business sectors on competitiveness, cost reduction and efficiency, could accelerate the substitution of electronic for paper based payments at the consumer as well as business level.
Excluding this, however, consumer prices have remained stable at a level slightly above that of the previous year. Monetary aggregates, measured in terms of year-to-year growth of M2 + CDs average outstanding, declined somewhat in October to 2.7 per cent. Regarding money market rates, the overnight call rate (uncollateralized) has moved at a level slightly below the official discount rate.