But setting exchange rate targets might, for example, imply that a central bank has to increase its interest rates in a situation of weak demand and downward pressures on prices, just because of a depreciation in the exchange rate. I think you will agree with me that this might not be appropriate.
In addition, ONB has responded positively to Bangko Sentral’s policy to encourage technological innovations that translate to more efficient and convenient ways of facilitating access to banking services. For instance, ONB paved the way for the investments by rural and cooperative banks in Automated Teller Machines.