The liquidity management was further refined in 2004 with the introduction of a market stabilisation scheme (MSS) under which the Reserve Bank was allowed to issue government securities as part of liquidity sterilisation operations in the wake of large capital inflows and surplus liquidity conditions.
The global economy suffered the worst crisis since the Great Depression of the 1930s, and was long unable to recover from the recession that followed. Fortunately, the global economy is now reemerging from the aftermaths of the crisis: growth has gained momentum, and the markets have stabilized. This is a result of many countries’ work in cooperation to make their financial systems more stable.