The ceiling and the floor of the “corridor” were expected to move in the same direction, and with the same magnitude, as the changes in the Repo Rate. Currently, the Repo Rate stands at 9.00 per cent. BIS Review 31/2008  3  The experience so far with the new monetary policy framework has been a mixed one.
We therefore have to carefully channel what is left of the original momentum. I join those calling for an end to the development phase and a turn to the implementation phase of regulatory reforms.