The use of the various monetary policy instruments (the placement of securities at fixed and floating rates, the repo market, the reserve requirement policy, and the collection of rediscounts) is reflected in the evolution of the means of payment. The M2 shows a downward trend, with a significant drop vis-à-vis growth rates in 2003 and 2004.
Once again, we are pleased to have you here and please do take the opportunity to learn about this unique institution. Lastly, let me take this opportunity to invite you back to this room where your burning questions should be asked and possible responses given. Thank you for your attention. MAY GOD BLESS YOU ALL. BIS Review 73/2007  3