The forex reserves of the BSP, an independent central bank, are an essential part of this independence. Examining the BSP's actions in comparison with other central banks If you look at this table, we are the biggest mover in terms of [cumulative adjustments in] the policy rate at 425 bps.
It is with great pleasure that I welcome you this morning as we embark on a week-long journey towards gaining a better understanding and in turn, enhancing our ability to face challenges that can arise as a result of a bank failure.