Lim, members and officers of FINEX, colleagues in the financial services industry and the Government, esteemed guests, ladies and gentlemen, a pleasant good afternoon to all. I wish to thank FINEX, our reliable partner in financial deepening and capital market development, for inviting me to be a part of your 53rd Anniversary celebration.
Over the past four years, the US dollar has depreciated, but after fifteen years of cumulative deficits, the effective exchange rate of the US dollar is similar to what it was at the start of that period. The important point is that, despite widespread predictions to the contrary, it has not been difficult for the United States to finance its deficit.