As has long been the case with our regulatory capital rules, we expect that adjustments or improvements will have to be made from time to time to address market developments. There is already work underway in the Basel Committee on Banking Supervision to consider the Basel II framework in light of recent events.
In particular, the latest economic data reflect strong growth prospects, single digit inflation since April 2018, and three consecutive years of record trade surpluses which has enhanced prospects of additional reserves build-up. Monetary policy implementation has remained prudent to critically deal with inflationary risks in the outlook in support of broader macroeconomic objectives. 6.