However, sharp growth of credit in  16  BIS Review 50/2006  the past couple of years has also led to some areas of policy concern and dilemmas, as discussed later.
Chart 4: Credit-GDP Ratio  50 45  Per cent  40 35 30 25 20 15 2004-05  2002-03  2000-01  1998-99  1996-97  1994-95  1992-93  1990-91  1988-89  1986-87  1984-85  1982-83  1980-81  1978-79  1976-77  1974-75  1972-73  1970-71  10  How did the monetary policy support the growth momentum in the economy?