At an average inflation for the year of 9.3%, this still compares favorably against ASEAN-5 range of 5.5 to 10.3%. Also, inflation has started to recede faster than expected.
BIS Review 2/2008  1  We found ourselves better-situated than others at the end of 2008 precisely because we came into that downturn prepared and with buffers, including a forward-looking monetary policy framework; a healthier reserves level for insurance; and a sound banking system. 2008 – what buffers have we stored? Let me quickly run through these buffers with some detail.