At the same time, we wanted to inhibit the transmission of the interest rate signal from the short end to the long end as that  BIS central bankers’ speeches  5  would hurt flow of credit to the productive sector of the economy. So, we instituted an Indian version of “operation twist”. 37.
While Australia’s terms of trade increased further over this period, the relative strength of Australia’s economy, as evidenced by relative unemployment rates, was also consistent with an appreciation of the Australian dollar. However, growth in Australia began to slow from early 2012.