This has brought down the cost of money for borrowers, whether personal or corporate. In this respect, we achieved a good convergence of high growth and low inflation. In addition, our external position was at its best in 2007. The overall BOP position closed 2007 with a surplus of $ billion, the highest on record.
It is still too early to gauge the full impact of the current technological progress on the banking sector. However, it is not untenable to say that there is potential for many of the services and products currently on offer by banks and other financial market players to be rendered obsolete by new tech-savvy entrants or more competitive processes.